Housing Square Footage is it Right?

Hi Lexie, that is the danger of buying the wrong home with the appraisal and lending methods.  Buyers may love the home but the value won't be there in the future.  Thanks for the comments Lexie.

Hi Lane, good information, many can use the municipality records ... but as we know they are now always accurate.  Thanks for the comments Lane.

Hi Judith, I see the same carry over methods in my market and I have a feeling most agents and brokers will agree this hasn't been a big issue.  It certainly can be.  Thanks for the comments Judith.

Hi Kenneth, seems like this ruling would create more questions than help the situation.  Thanks for the comments and sharing another wrinkle in the measurement equation.

Hi Joetta, you certainly can advertise, the key is whether the value for the home is going to be comparable to other homes with layouts that get fully appraised based on living space.  Thanks for the comments Joetta.  Others will have the same question.

Hi Diane, I lived in Florida five years...can't say I seen a basement either...but the measurement issue seems to be universal.  Thanks for the comments Diane.

Hi Dianne, during the building boom...and having all the custom homes being build the square footage issue and plan changes are very real.  The numbers rarely are correct unless it was a track builder.  Thanks for the comments Dianne.

Hi Karen, selling track homes makes the process easier the footprint is the same the rooms move to opposite sides or they have three to five versions with varying price points and square footage.  Thanks for the comments Karen.

Hi Lynn, looking at the records and comparing reality is part of what we do.  Thanks for the information and comments Lynn.

Hi Martin, that was a buyer with an eye for numbers.  Most would have never spotted the error.  The other issue is the tax base.  Interesting..thanks for the comments Martin.

Hi Elizabeth, I share several committees with appraisers and the ones I rub elbows with I have nothing but respect.  Michigan has 15% unemployment, short cuts are being taken.  Interpretations and leeway, as you mentioned offer variances when anything is a judgment call.  The changes here happen to be how the lenders are using the guideline to tighten lending...it has nothing to do with the appraisal process.  As you stated the rule hasn't changed.  The lending use of the rule has changed.  Thanks for your great input on this subject Elizabeth. 

Hi Bob, this is a universal issue based on home owner's doing the remodeling themselves.  Thanks for the comments Bob.

Hi Jennifer, I couldn't agree more, the how and why things are done in real estate is always the question.  Thanks for the comments Jennifer.

Hi Myrl, I think rarely does a reputable appraiser miss this step.  Like any industry...time and money become issues and compromises are make.  The best issue is it doesn't happen often.  Thanks for the comments Myrl.  Have a great year!