GLA discrepancy: Builder's MLS vs Realist vs My Measurements . . .

[ZZGAMAZZ]

If it has a two car garage my bet is take the 2127 Gross GLA less the garage -400 Sq.Ft and you have 1,727 Sq.Ft. and so thats where the discrepancy is . Now report what you measured and try to find some 1,826 square foot comps and dont make any GLA adjustments unless there is a varaince of 100 square feet or more. Also if the MLS is showing smaller sizes than the Builder use the MLS my guess is the builder used Total Gross Building Size not GLA. Double check your sketch I bet that bad boy is nearer 1,800 Sq..Ft.

I explained the reason for my return trip to the borrower today. She said, "Oh, well, the builder marketed our house as the wrong house, but cancelled the listing when I told them, without changing the info because we already closed escrow. And because it was a cancelled listing, we're still getting calls from Realtors today, 3 years later, who see the cancelled listing and went to help us to sell; they even call the cell phone of my teenage son although we have no idea where they obtain his contact info." [Big Data strikes again.]

As almost always, sufficient due diligence brings the scenario into focus. More to follow . . .

 

[ZZGAMAZZ]

Re: builder - prob used GLA from their 'base model' plans... doesn't account for semi-custom chgs, may have incorrectly incl garage or OPEN SPACE areas (i.e. 2-story foyer or family room); bottom line - have no idea if what they reported is creedible, accurately or even measured...

Re: Realist -- no actual measuring done by them... regurgitation of what they find in MLS, assessor, etc.

Re: Yourself -- since you have no way to determine how every other expert/source determined their GLA (was it measured correctly, what did they use to measure, rounding, etc.) or if what has been reported is even accurate/reliable... the only one YOU SHOULD RELY UPON IS YOURSELF!

Yes, agreed. However, I posted because of my concern over the accuracy of the comps, although I have compared the MLS of each with Realist, finding a discrepancy in either GLA or bedroom count for four of the comps.

 

[Tim The Enchanter]

As almost always, sufficient due diligence brings the scenario into focus. More to follow . . .

Keep on digging. But at some point you will have to make some kind of assumptions I suspect.
The new owners of the comps probably don't want to let you measure their houses.
I personally would not want to go to that length even if they invited me.

If you figure it out, maybe you can use the info on another deal down the road.
Or maybe use that info to decline that next deal.

 

[TC]

Seems all the info from Realtist is gleaned from local county records. Having spent some time working with the county, I would not trust that data.

 

[apprtech]

Measuring the houses and finding that they are smaller than what is listed on MLS or the County Property Appraiser's site is frustrating. On average each house I appraise is smaller than what they have listed, and that includes condos that are 40 years old. The county property Appraiser's office just pencil whips houses, rarely getting out of their car to look at the house much less measure. There was one guy on the field crew that was afraid of birds and would not get out of the car if he saw one. Realtors are not going to measure their own listings, they don't want to be sued so they pass the buck to the County Property Appraisers. I tell Realtors all the time, take the sketch on the county records and walk around with a tape measure and see if they are even close, yet many can't be bothered to find themselves between bushes and the house in the hot sun with a tape measure.

The better the data, the better the valuations.

 

[ZZGAMAZZ]

Measuring the houses and finding that they are smaller than what is listed on MLS or the County Property Appraiser's site is frustrating. On average each house I appraise is smaller than what they have listed, and that includes condos that are 40 years old. The county property Appraiser's office just pencil whips houses, rarely getting out of their car to look at the house much less measure. There was one guy on the field crew that was afraid of birds and would not get out of the car if he saw one. Realtors are not going to measure their own listings, they don't want to be sued so they pass the buck to the County Property Appraisers. I tell Realtors all the time, take the sketch on the county records and walk around with a tape measure and see if they are even close, yet many can't be bothered to find themselves between bushes and the house in the hot sun with a tape measure.

The better the data, the better the valuations.

1) One would think that the Assessor would err on the upside in order to maximize revenue.

2) It amazes me anew each time I read a MLS listing that says "accuracy of information is not guaranteed." I'm tempted to call and ask "WTF Not? What else do you do?

 

[ZZGAMAZZ]

Seems all the info from Realtist is gleaned from local county records. Having spent some time working with the county, I would not trust that data.

Always amazes me that the appraiser's primary source of data is public records, although the accuracy of public records is questioned anytime a potential discrepancy exists. (At least I presume that thousands of others rely on Realist or other online sources.)

 

[apprtech]

1) One would think that the Assessor would err on the upside in order to maximize revenue.

2) It amazes me anew each time I read a MLS listing that says "accuracy of information is not guaranteed." I'm tempted to call and ask "WTF Not? What else do you do?

I know right? Seems that if you are selling a product that you have the right information about it. I mean the things that give it value are important to the process or should be. I had a Broker tell me that we shouldn't get paid unless everyone in the process got paid. I laughed and hung up on him, this dude has been selling real estate for 30 plus years. Not sure he understands what an appraisal is for anymore. Tells me how they work in a business that they don't get paid in for a month or two on each house, I said if you don't like it work somewhere you get a paycheck every two weeks. I also said his paycheck when he sales a property percentage wise is much larger than what I got appraising that one house.

 

[ramrcdk]

Measuring the houses and finding that they are smaller than what is listed on MLS or the County Property Appraiser's site is frustrating.

Realtors are not going to measure their own listings, they don't want to be sued so they pass the buck to the County Property Appraisers.

The better the data, the better the valuations.

Agents: through rules, education, & CE dire circumstance examples, it is found here the majority of agents DO obtain measurements. Most often those sketches are MLS attachments. Just for S & G, I always ask the List Agent if (per rules NCREC) the property was measured for the
Primary GLA indicated on their MLS data information. Performing duties as an appraiser for disclosures & documentations & hopefully curing potential GLA discrepancies along the way.

 

[ZZGAMAZZ]

Agents: through rules, education, & CE dire circumstance examples, it is found here the majority of agents DO obtain measurements. Most often those sketches are MLS attachments. Just for S & G, I always ask the List Agent if (per rules NCREC) the property was measured for the
Primary GLA indicated on their MLS data information. Performing duties as an appraiser for disclosures & documentations & hopefully curing potential GLA discrepancies along the way.

Here in SoCal I would estimate that the agent is personally aware of the accuracy of the GLA in 1 of every 200 appraisal assignments.