Need help with a home problem.

[cannon_fodder]

K, maybe I must not be very clear.

When ever I have bought real estate, I have had an inspection done as part it.  This was required of me by my lender.  The inspectors check all kinds of things from termite damage, roof, to leaky faucets, to making sure the water heater is in code.  Every real estate transaction I know of has involved such an inspection.

Now I'm not saying it is the practice, but wouldn't it make sense to have "estimate sq footage" as one of the things to check?  That's what I was wondering.  I understand the banks appraiser is a drive by.

In the end it doesn't really matter.  If he thought $1mil was a fair price and was willing to pay it for the house, then I guess it's still a fair price.  Just seems odd that after paying ~$5k in fees no one checks it.  Closings are such a damn scam.

[waterboy]

quote:Originally posted by cannon_fodder

K, maybe I must not be very clear.

When ever I have bought real estate, I have had an inspection done as part it.  This was required of me by my lender.  The inspectors check all kinds of things from termite damage, roof, to leaky faucets, to making sure the water heater is in code.  Every real estate transaction I know of has involved such an inspection.

Now I'm not saying it is the practice, but wouldn't it make sense to have "estimate sq footage" as one of the things to check?  That's what I was wondering.  I understand the banks appraiser is a drive by.

In the end it doesn't really matter.  If he thought $1mil was a fair price and was willing to pay it for the house, then I guess it's still a fair price.  Just seems odd that after paying ~$5k in fees no one checks it.  Closings are such a damn scam.

The inspection is separate from the appraisal. More commonly called EMP now, (electrical, mechanical, plumbing). They would have no interest in verifying the sq. footage.

The price does matter to the mortgagor. Even though the two parties may agree to $1mil for a 75k home, the bank relies on the appraisal to make sure their loan to buy the home is backed up with a reasonable value according to comparable properties. That is where the shakiness begins. Ft.Worth loans could still be made if the appraiser isn't totally independent. In fact, I know of one made in my very neighborhood.

[tulsa_fan]

You can't really rely on courthouse either.  When I went through my protest hearing, the guy did an appraisal and he did a measurement, but somehow he miscalculated and was 200 sq feet more than what I had.  If I hadn't noticed, it would have stayed wrong, likely forever.

[inteller]

quote:Originally posted by tulsa_fan

You can't really rely on courthouse either.  When I went through my protest hearing, the guy did an appraisal and he did a measurement, but somehow he miscalculated and was 200 sq feet more than what I had.  If I hadn't noticed, it would have stayed wrong, likely forever.

well, I had a tight donkey appraiser appraise my old home and it came up about 80 st ft short of what it said on paper.  Of course he stuck by his measurement.  Then he said that the builder's appraisal rounds up to the nearest half foot and he rounds to the nearest inch, hence the discrepency.