Checking sq footage

Have you often thought to yourself, how big is this house, you’re going to be listing it? Are you going to be buying it? And you want to know how large the home is? And then you think to yourself, well, yeah, the agent told me how big it is.

And then you think, well, how did the agent know you’re like Bob? Because the person one home told him, you know, who told them? And is this game telephone in? Doesn’t that happen weird sometimes. So often these numbers could be off.

You know, what I find interesting is people do not really go into a home and worry so much about the exact square footage, right. They’re looking at the number of bedrooms and bathrooms and the space and how they would utilize the space.

But it comes down to. You know, when they go to closing and there and they maybe they get their appraisal back and it’s like this is two hundred square feet less, I don’t want to pay that price per foot, you know, on an extra two hundred square feet where really is they were not looking at this until that time.

So, you know, people get very protective of their money and what they’re spending, especially in this market. So you want to be very careful. So a lot of times we pull our source for square footage is what we pull from the tax records as we know the tax records, especially if they are the original owner of the property. And it was a bill job, they may not be accurate.

So so like our here at our home, I think it’s off by a thousand square feet or something like that, left off a whole corner of our home. Who likes that? Yeah. So something that we do for all of our clients is, you know, as we do the matter, poor floorplan. So if we can pull this floorplan over, I’m going to give you. I’m going to make sure that you guys know that this also figures this square footage.

Ok, so if you see when you get this that the square footage is off, you should be checking this. You as the agent, not Stacey or our support, you as the listing agent. So say on this one, for example, you have a property that’s twenty five hundred square feet. I use this one as an example.

And we look at the matador. It’s like 18, 60 square feet. So if you see a discrepancy there and a gap, you know, of that magnitude, then you probably need to double check somewhere along the way and see where you know, where that goes, where the difference is, because when you again have a buyer that comes in, it maybe gets an appraisal.

Eighteen hundred to twenty five hundred square feet really can put it in a different pricing category. So you don’t want to learn about this at that point in time, because if you’re then battling over, you know, this size and they’re wanting a discount or want you to reduce the price because it’s less, you know, we want to avoid that, that’s not fun.

So one of the main things that we do is we we complete the matter report on every home and we also pay for the export of the actual floor plan. So in doing that, they calculate a bunch of items. It’s an extra expense that we run through as brokerage.

One of the things and with this, it gives you all of the different dimensions related to it. Now, what we do have to understand is that it’s not always 100 percent accurate because it could be things that are potentially missing here.

So the possible that you don’t have certain clauses that are put inside here. So if as an agent you don’t have the closet cleaned out and Logan can’t go into the closet to do this matter, for there’s also missed space that does come up as well because there’s heating and cooling vents that kind of go on in their space between the walls. And there’s some items.

The whole idea for this is to get the measurements of each of the rooms, but also to give you a whole a general guide as far as how much space is on the first floor and second floor within a reasonable distance. So you want to make sure this is accurate and then you would look down and see the square footage and then realize that there’s something that’s potentially missing.

But if this ever came in larger than your home, you would know that there’s potentially an issue. So you have to dissect it. You have to realize that things that were potentially not captured with this for certain reasons. Right.

But it gives you an indication of, OK, there’s quite a bit of a gap here. Let me research it further. You know, ideally, the best source for square footage would be from a prior appraisal that the homeowner had received, whether when they purchased the home or refinanced.

But an appraisal is a very accurate source. If you see up front that there’s a huge discrepancy from tax before you even get to the matter, report from tax to what you know what they say, then there is a company that we use that you can go out and just do a an appraisal square footage measurement, only anything to do with values. But Gedda’s and it is an official source. So this matter is not an official source for square footage. We can’t use that, but that’s for you and for potential buyers to see what the room sizes are.

That’s and then to see how it played out. There’s quite a few things to it that I think are incredibly helpful to see orientation, see what’s kind of going on here. And it does show you a lot of information. So make sure that you realize that side note, you should definitely be taking the measurements from here, comparing them to what you have, and then you put them into the MLS and you have as accurate of information as you possibly could.

Yeah. So we’re going to pull over another document as well, document number that I think it’s very beneficial for us to use. And it may be something that we implement as mandatory in the near future, but it’s notice of information from other sources. So if you this is where you can disclose where you’ve got the source for the square footage.

So if you actually have a company come out and in remeasure and give you an official appraisal with that, with that square footage, then you could put that in here and say, hey, this is how we obtained the information on the square footage. And that way it’s kind of protecting us against some fallout happening, you know, later in the transaction.

Yeah, I think it should be mandatory. Is there a way we can put this in?

It is in your zip forms and we put it in in the template.
Yeah, it’s in the template.

Nice. All right. Mandatory. OK, there you go. That element of that problem, we’ll be talking about this at fanfares. Oh, my word. So this is one of my favorite announcements ever. Go to the airport and you’re sitting there and then this lady comes on and she has like this robot voice. And it’s actually used all across the country in all these different places. Right as we go, we hear all over and it’s effective immediately.

And she goes through the I don’t know where she exactly says, but like the loading and unloading zone is not is used for only this or whatever. Right. And but that’s one of my favorite phrases, is effective immediately. Any time there’s an announcement and it’s as effective immediately, I just get my juices flowing so strongly. Do you want to go ahead with effective immediately, effective immediately?

Everyone should be utilizing this notice of information from other sources. If you just brought up a good point. Also, we’re footages are going to be off and there is a tolerance. So if you’re, you know, a hundred hundred and fifty square feet off, just know that some appraisers would measure from the exterior wall and some from the interior wall. So there could be a little, you know, variation there, but it shouldn’t be greater than one hundred square feet,

Really, depending on the size of the whole site and the size and thickness of the walls. But you could see how you get a dramatically different reading if you’re not measuring the wall the whole way, because the exterior wall would be x thickness and it’s around the whole perimeter. Yeah.

So I would say 100 to 150 square feet or less, you know, don’t worry about that. But anything greater than that, then it should trigger another conversation and, you know, investigate it a little further. Mm hmm.

Ladies and gentlemen, that was a really good topic, and we got an effective immediately we got some information and from Stacy, I hope that helps you guys out.

If you have any further questions on that, please check that in and maybe we’ll cover that. And that’s a wrap. That’s the idea there. If anything comes up, just hit us up and we’ll get it answered, OK?

Episode Links

Sq footage , Mike Acquisto, Shana Acquisto, Acquisto Real Estate, TNT

Episode Recorded Live on YouTube 8.19.21

Omkar Dnyanmothe

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