When you’re in a transaction there are so many factors to consider. Lately appraisals and appraisers have come under a lot of scrutiny. This quick video will give you an overview of the process. Be sure and click through the links above to find out more from the Appraisal Institute.
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{ 2 comments… read them below or add one }
Our bank did the appraisal last week and we just got the results. The house we put an offer on is 3162 square feet. The appraisal says it’s 1620 sq ft.
We have 2 days left on our 10 day ‘inspection period’ before we lose our $10,000 earnest money. The bank has promised to get back to me today about the discrepancy. The only possiblity I can come up with is that for some reason the appraiser didn’t include the basement in the square footage. The basement is heated, and covered in linoleum. There is a bedroom and bathroom down there but neither is included in the appraisal.
Have your agent contact the appraiser to verify how they were calculating the sq. ftg. Did the appraiser have access to the interior of the house? Is there unpermitted sq. ftg. they may not be able to claim? This is a common problem. That is almost 1/2 your sq. ftg. I rarely ever see such a wide “miscalculation”. Do plead your case as not every appraisal is correct, it’s a bit of an art meets science. Keep me posted on how this pans out.