Anchorage, Alaska Be Sure to Check the Square Footage if you're a buyer (or seller if you want to reduce liability)!

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Real Estate Agent with Real Estate Brokers of Alaska 907-720-4663 17724

I met a really nice man and his family at their garage sale. They called me a couple weeks after meeting because they wanted to put their home on the market. They bought the house for over $300,000 in 2006.  They wanted to be able to sell and get their $$$ money back (mainly their huge down payment). That may have been possible if the square footage of the home is actually what they thought thay bought it for. However, keep in mind that here in Anchorage, Alaska we have not experienced a substantial increase in home prices since 2006. Thank goodness, prices have not dropped dramatically like in some parts of the USA.

 

Let me explain their situation. When they bought their home they were told that the house was almost 2000 square feet. The house was a for sale by owner and unfortunately for them, they didn't use a realtor either. Well, when I was over at his house I could tell it was not almost 2000 square feet. And according to the city records, the house had a bit over 1700 square feet which is  a big discrepancy.

 

While I was at the house, he showed me some of the docs from their purchase. I noticed that the appraisal report said that the house had about 1720 square feet which is pretty close to what the Municipality of Anchorage records had. Unfortunately for the potential sellers, they didn't catch that at the time.  I know that they don't want to lose any money when they sell.  So I guess that they will just have to hold on a bit longer. It's just a sad situation because when they bought the house they thought they were paying less per square footage than they actually did pay. Lesson: make sure you check the appraiser's report... square footage can be a big factor when buying/selling a home....

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Alaska Anchorage County
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Rainmaker
807,039
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Lesson: make sure you check the appraiser's report... square footage can be a big factor when buying/selling a home....-Great lesson learned. This is why you always need a licensed real estate professional whenever you are buying and/or selling your home. Great post.

Jun 06, 2009 10:42 PM #1
Rainer
75,263
Vanna Siackhasone
Real Estate Brokers of Alaska 907-720-4663 - Anchorage, AK
Anchorage Real Estate 907-720-4663

Yes Lanre, I agree. This is where having a real estate professional would have prevented this mistake.

Jun 07, 2009 02:39 PM #2
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Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

Nice reminder Vanna ... now where in Anchorage is that Pyramid located ?!?!?!??!?!!?!

:o)

Cheers Vanna !

Sheldon

Jun 19, 2009 06:02 AM #3
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Vanna- I always check the MLS and the county data to see if they match when I am showing property and of course I always tell my buyers they should measure if they want exact.  (Of course all this before they pay for an appraisal)

Jun 19, 2009 06:53 AM #4
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551,847
Julie Dumaine-Russell
RE/MAX Alliance - Branford, CT

Vanna - I always check the town records for the square footage when I'm listing a property or have a buyer buying a property.  I can't even count on the MLS as sometimes agents put in their own numbers and what the owner thinks the square footage is.

Jun 19, 2009 12:17 PM #5
Rainer
75,263
Vanna Siackhasone
Real Estate Brokers of Alaska 907-720-4663 - Anchorage, AK
Anchorage Real Estate 907-720-4663

Tammy & Donna,

It's always a good idea to see what the town reacords show. I do the same thing.

Jun 19, 2009 12:40 PM #6
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Rainer
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Vanna Siackhasone

Anchorage Real Estate 907-720-4663
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