I'm buyer, have closed, appr sf under by ~750 sf

[johnnyboygirl]

We've already closed on a lovely home in a buyer's market. Now that we're in the home I went back to my appraisal as I've realized some things from the it aren't jiving with the actual house. The largest issue is a very wrong sf calculation (to our advantage). The exterior width of the lower level was measured at 14' when it's actually 26', so the square footage is very wrong and under calculated. I haven't had time to actually calculate the figure, but I know it's under 1000 sf so I ballparked it at 700. However, the miscalcalation accounts for roughly a quarter of the sf of the house.

My question regards what happens if I bring this up, along with other concerns, with the appraiser. We've already closed and since correcting the mistake would result in a higher home value will I be creating any problems by "reversing" the closing? We had a contract with a price that was required to be met by appraisal without any stipulation about the house appraising high above the price. It met the selling price and we closed. But, is there a rule that says if I find errors in the appraisal the closing, which has already taken place, will be affected? It would be just my luck that I bring this up and some bizarre regulation throws everything into chaos!

Many years ago I worked for an appraiser as his secretary. I realize the appraisal industry has changed, especially post 2008-ish, but I do have some other issues that I confuse me with this appraisal. Obviously at some point an appraisal is "in the eyes of the beholder," but there are some things that aren't subjective. If one of you has the time to engage me on the forum I would love to understand the modern appraisal market better!

Thank you in advance!

 

[Ken B]

If I were in your shoes, I would do three things:

1. Put the appraisal in a folder
2. Put that folder in a box in the garage or basement
3. Go have an adult beverage of choice for the evening.

 

[Lobo Fan]

I realize that one mistake can make the entire report suspicious. A 12 foot error on one wall is significant. There are 2 basic types of errors in a report. First there are errors of fact such as missing a fireplace or a half bath or something. Then there are errors in research, such as using inappropriate comps or missing a declining or increasing market. Since you were not harmed, I guess this is just for your own edification? You could measure it yourself and see what you get.

 

[johnnyboygirl]

If I were in your shoes, I would do three things:

1. Put the appraisal in a folder
2. Put that folder in a box in the garage or basement
3. Go have an adult beverage of choice for the evening.

That's crossed my mind, as well. Part of me wants to secretly enjoy my good fortune, but the other part really wants to know what the house is worth!

OK, so I'm working on the beverage part now...

 

[Michigan CG]

Are you sure that the appraiser measured a main wall at 14 feet causing a 700 SF error? I have never seen a home that is 14' wide.

 

[gregb]

Are you sure that the appraiser measured a main wall at 14 feet causing a 700 SF error? I have never seen a home that is 14' wide.

Single wide 14' wide ?

 

[Dan Umstead]

I have also not seen a 14 foot wide house. Can you post a copy of the sketch?

 

[Blueprint]

Something seems haywire. Is any part of the lower level below grade? What was the square footage on the MLS listing, what does your public records say? An appraisal being 750 off should have raised red flags to the lender(assuming it was not cash).

 

[KHS445]

Wheat is behind that 12' difference? A garage, unheated storage, etc.? Does the drawing look out of shape? Was the opposite wall also measured incorrectly? Maybe just a case of mislabeling.

 

[Jim Onderisin]

If I were happy with my purchase, I would not bother drawing this to my lender's attention. If, out of curiosity, I contacted the appraiser, I'd take the chance an overly-scrupulous appraiser might attempt to correct the error. That might get back to my lender. If I discovered the error caused my real estate taxes to increase, I MIGHT appeal to the assessor. However, the assessor probably has the correct gross living area and they may NOT have information I'd rather not provide...like features which would increase my taxes.