When we purchased our personal home the appraisal listed the SF as 3028 and was apprised and compared as such. 3 years later we refinanced. Again the SF came in at 2975 and was compared and appraised as such. We just went to refinance again because our market has been rising quickly and we wanted to fund some deals. To our surprise our appraisal came in very low. To be specific the exact same as when we bought it 6 years ago in a market that has been on fire ever since.
After comparing the 3 appraisals and doing my own measurements it is clear the first 2 appraisals that were done by the same company have a critical measurement error. This error caused the house to be drastically overvalued both times. The first time had it been done correctly it should have never even made the purchase price level to finance.
Now I am about sick realizing my house likely just took almost a 30% loss because of the bad appraisals. Has anyone else had anything like this? Is there any recourse that can be taken since the error is very factual and not part of the "opinion of the appraiser at the time"?
Thanks for any help in advance.
What are you measuring? And are you measuring the same way the appraisal companies did? ie, outside dimensions, inside dimensions? Did you account for the secret staircases?
What does the county or your taxing authority say the square footage is?
@John Teachout I am comparing measurements on the appraisals. The original two have a very glaring error. However six years ago we were moving from out of state so had only been in the house twice for showings so from 2000 miles away we couldn’t double check the measurements. The second one was online with the first so we didn’t question it then.
So what's the square footage difference between the current appraisal measurements and the original one?
@John Teachout the new one is 2275. Which after measuring my house and comparing to it is correct. The original two literally added 15 ft through the center of the house causing it to be much larger than it actually is.
Wow, that's a huge difference. Was there no data on the tax records? (that could have indicated a disparity?)
@John Teachout yeah it now looks like taxes reflect 2550
Here in Georgia, our municipality taxes different types of space differently. ie, they have a rate for heated space (normal house inside) a rate for unfinished basement, a rate for finished basement, a rate for uncovered porch, a rate for covered porch, etc etc. So on the tax statement there's lists of the footage of all these types of space.
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