Updating the square footage on your home in Tulsa County

By
Real Estate Agent with Coldwell Banker Select

 

If you are planning to sell a home, in Tulsa it is acceptable to use the courthouse records as the basis for your home square footage or an appraisal.  So you may not have to change the courthouse records.  It is quite common for the courthouse records to be off by several hundred feet, the home in question may have had qualified additions or the measurement may have been wrong to start with. 

Consider a home selling for 100$/square foot being off by 200 square feet = $20,000.  Yes, that's right, it may be worth the effort to verify square footage.  Most appraisors offer a measure only service for +- $100.  If you want to update the square footage on your home, you may want to have the appraisal that shows the discrepancy, call the Tulsa County Assessor's office (Real Estate Dept.) 918-596-5166 and schedule an appraisor to come out and remeasure.  Good luck!

Square footage is a hot potato right now, it is the primary determinant for home value but the reality is, if you hire six appraisors to measure your home, you may get six different numbers. 

Here is very interesting verbiage from the Oklahoma contract:

Square Footage-Buyer shall not rely on any quoted square footage and shall have the right to measure the Property.

Yet, later:  After expiration of the time periods in INVESTIGATIONS, INSPECTIONS and REVIEWS Provision, any square footage calculation of the dwelling, including but not limited to appraisal or survey, indicating more or less than quoted, shall not relieve the Buyer of the obligation to close this transaction.

One problem is that the appraisal ordered by the lender will have a square footage measurement, but usually the appraisal is ordered and completed after the ten day period for investigations, inspections and reviews.  The other issue is how do you know which measurement is more accurate?  The first one, or the second one?  Would you like to get a third measurement?

A good precaution to take is if an appraisal square footage is provided, ask to see the copy of the appraisal from the seller.  If you have any doubt as to the accuracy of the square footage, get it measured yourself during the ten day period, or time period specified by your realtor of the time periods in Investigations, inspections and reviews. 

Understand that the new square footage may increase the basis for your property tax, as the saying goes, be careful what you wish for...

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Comments (3)

Stacey Smith
Keller Williams Realty - Aliso Viejo, CA
Your Orange County Beach Cities Realtor

Good luck with that Peter.

May 30, 2010 09:12 AM
Olympus Executive Realty Inc.
Olympus Executive Realty INC. - Orlando, FL
Home Of The Top Producers

In many smaller Florida homes, people convert the garage, put up the walls so it is a legit room, If the room has a/c and the appraiser is aware of that, they add the square feet to the total. a single bay on average is 200- 250 sq ft and a double bay is double that. so imagine what that can do for an appraisal.

May 30, 2010 09:39 AM
Peter Tamura
Coldwell Banker Select - Tulsa, OK
BANNOCHIE TEAM

Vick, thanks for your comment.

The garage conversion issue is a crazy one, ostensibly you can increase the value of a home by converting the garage to living space, although most people would prefer the garage, at least in my area. 

I went to an appraisor forum where they were discussing this very topic, it goes round and round, it's incredible!

http://appraisersforum.com/showthread.php?t=164078

May 30, 2010 02:17 PM