Question for real estate pros

[4DAY4PLAY]

Can anyone give me some advice on this situation....I bought a brand new house in 2001, the builder said it was 2580 square feet, and so have a few appraisers that have "measured" my house in the past few years. Heres the problem, I just found out my tax records show the house at 2350 square feet, and heres what i think happened. When the house was built, there were options like a super family room or extra bedroom instead of a 4 car garage....the 4 car garage option would have made it 2350 square feet, but mine has the super family room and 3 car garage....thus adding 230 sq feet..does this error really matter? My concern is comps pulled with my tax records if i ever sell. What can i do about it? Thanks.

[voodoomedman]

Can anyone give me some advice on this situation....I bought a brand new house in 2001, the builder said it was 2580 square feet, and so have a few appraisers that have "measured" my house in the past few years. Heres the problem, I just found out my tax records show the house at 2350 square feet, and heres what i think happened. When the house was built, there were options like a super family room or extra bedroom instead of a 4 car garage....the 4 car garage option would have made it 2350 square feet, but mine has the super family room and 3 car garage....thus adding 230 sq feet..does this error really matter? My concern is comps pulled with my tax records if i ever sell. What can i do about it? Thanks.
The appraiser sets the comps. They will measure it and put that down. Just make sure you have somebody that measures it and doesn't use the tax records. The tax records are never exactly correct anyway as that is what the house was designed to be by the builder but it obviously varies by a few feet. Now when appraisers do comps they can't measure other peoples houses so that is where the records would come into place but they will usually pull the MLS and that will more closely reflect the actual footage. Of course if others show the same price with a smaller square footage it will make yours seem under priced.

[Ivan Dan]

Can anyone give me some advice on this situation....I bought a brand new house in 2001, the builder said it was 2580 square feet, and so have a few appraisers that have "measured" my house in the past few years. Heres the problem, I just found out my tax records show the house at 2350 square feet, and heres what i think happened. When the house was built, there were options like a super family room or extra bedroom instead of a 4 car garage....the 4 car garage option would have made it 2350 square feet, but mine has the super family room and 3 car garage....thus adding 230 sq feet..does this error really matter? My concern is comps pulled with my tax records if i ever sell. What can i do about it? Thanks.
It happens quite frequently actually. I can't tell you how many new homes I've sold that don't even show any sq/ft size on the tax records. I wouldn't really worry about it too much if I was you. If you were really worried about it you you can call the county assesor's office but you might take the risk that they re-assess your property and raise your property taxes. I know I know its minimal but more than likely several hundred $$'s a year. When you go to sell your home in the future (first thing you do is call me to help you LOLOL Sorry couldn't resist :crossx: ) just make sure you tell your agent the situation and have them comp it out that way. You have documentation to prove the real size so I wouldn't worry about it if I was you.
If you have any other questions feel free to PM me.

[al cole'holic]

..you can have the county change to reflect the actual sq' as a result of the error made, of course you will be reassessed but on 230sq' no big dealio. You should get all the info and paperwork needed at the county. Most likely they will send someone out...otherwise you could leave it be, but your getting skimped outta the extra '...

[4DAY4PLAY]

To all that answered, thank you, sounds like i dont have too much to worry about at this point, and probably wont sell for a while, i couldnt afford to by my own house in todays market!

[Outnumbered]

I'm an appraiser and this is a fairly common thing when the builder offers floor plan options like yours did. Everyone above pretty much covered the issue with accurate info. The only time you may get the short end of the deal is if your lender does a "drive-by" or "desk top" appraisal on your home for a refi or equity line. Be sure to ask them to upgrade to an interior inspection so you get credit for the extra sqft if you have value concerns. Other than that I would leave it be until you go to sell.
When you decide to sell just contact the assessor and have it corrected a few months before you sell. Get some proof of the correction to show the buyers because it may take up to a year for the county records to refect the correction. You may also go to the local building and safety and have them pull the original permits. Give copies of these, along with any builder literature you can get ahold of showing the option, to the assessor to help streamline the process. You may want to collect this stuff now and save it for that day. The longer you wait the harder it may be to get documents back from 2001.

[FREIND OF AA AND TA]

Do nothing, when it comes time to sell just use the footage you think it is and ignore tax records. The buyer has the responsibility to measure the house. If it has truly been measured by the appraiser it wont matter. In 15 years I have never seen a buyer back out of a deal because the footage varied a little. If it was a huge difference I have seen them bail. Tax records mean nothing! Don't call them or they might ding ya!!

[jxr02]

As far as the county is concerned, for tax purposes, the smaller the better. Inform them that there was a mistake and the actual square footage of the structure is really 680 sq ft, and that the lot is really 2350 sq ft. In addition, tell them you expect a rebate of the property tax over payments you made in the preceeding years.
when you list your home for sale, estimate square footage at "7,000 ft, more or less" and make sure there is a standard good faith disclaimer at the bottom of the listing.
As for the home equity apraisal. Hire your own apraisor and submit the result with the equity line request. Just find a seedy apraisor and let him know that for an extra fee he might want to know "how much you think the house is worth".
Hope this helps,
Me

[Wmc]

..you can have the county change to reflect the actual sq' as a result of the error made, of course you will be reassessed but on 230sq' no big dealio. You should get all the info and paperwork needed at the county. Most likely they will send someone out...otherwise you could leave it be, but your getting skimped outta the extra '...
If you do this just know that your property taxes will go up with the increased size.

[essexjet]

If you do this just know that your property taxes will go up with the increased size.
Yes it will so I would leave it along until you are ready to sell and then get it corrected.