Something that surprises many homebuyers is there is nothing in our contracts that states the size of a home you are buying.
Home sizes are usually quoted using a 3rd party measurement. The Realtor listing the home will say the home is 3,000 square feet and then state the source of that measurement, usually the tax appraisal office. The tax office appraisal is not always accurate. Even two experienced appraisers may come up with different measurements.
Your mortgage company will have the home measured by an appraiser. Because the home measurement isn’t part of the contract if the mortgage company appraiser measurement comes in smaller than expected that doesn’t give you the right to terminate your contract.
This is an interesting article talking about how differences in measurements can come about:Â
https://www.wsj.com/articles/how-big-is-your-house-that-depends-1489073247.
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Posted by Eric Peterson on
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