Misstated Square footage - off by 50%?

Question

My wife and I purchased a home in 2006, that was listed at 1427 square feet (this was calculated by the seller's appraiser).  This is the square footage listed on our mortgage documents, the MLS listing, all of that.  When I attempted to contact my bank to see about a ReFi a few weeks ago, they stated, and the local assessor's office verified, that the local assessor's office had the property listed at 977.

The reason behind the discrepancy is that the appraiser counted the partially-finished basement as part of the living space, which is a "non-standard and invalid" (words of the city assessor, not mine) practice.

Do I have grounds for redress, either through a professional standards board or the courts?

This home is in St. Louis, Missouri - if you have specific informaton on the practices within the state of missouri, your advice is six steps past welcome.

real estate guy · Accepted Answer

first, mortgage docs do NOT have sq foot listed.
2nd, you are also wrong: it's not 50%, but the numbers are 32% off.  If you are looking for "true" answers, I suggest that you also you true facts.

Recourse for what?  In fact, you have benefited because your tax bill has been lower.

You would have to show that this difference created damages for you.  I can't see any.  You didn't purchase the house based on sq footage.  You purchased on what you had seen.

You are making the assumption that the city assessor is correct and that the appraisal was wrong.  For damages, you will have to prove that the appraiser made an error AND that it has cost you.  I don't see this.

golferwhoworks · Answer

I think in almost all cases you had 1 year to address this. Most homes are measured by agents andthey have no clue as to how to measure a home. They miss it 95% of the time. What dis your appaisal say the footage was when you purchased the home. The seller does not get an appraisal in 99% of the time.Sorry

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Misstated Square footage - off by 50%?

2 Answers