I represent a seller whose existing appraisal has one number for the square footage while the appraisal district has another number. How should I report this to potential buyers?
If you list the square footage of a property, you should always quote the information source and let prospective buyers know if you have any reason to know that the information is false or inaccurate. Use the Notice of Information from Other Sources (TXR 2502) to report this information. In this scenario, you could report both square footage numbers and cite the source for each number.
How can you report “both” square footage numbers? In our MLS in Houston, it only allows for one entry of information for home square footage.
You put a notice in the property’s narrative
Would like further guidance on how that would be worded and I’m guessing you’re saying to put it in the agent’s comment section? I’ve never seen any agent put square footage comments in the listing itself. Could you point to an example of that?
Property description gives space to put both.
Asking the same questions as above? Do you have an example that you could provide to show how that’s been reflected in a listing?
Sounds like you’re looking for legal advice here.
We have the buyer pull a copy of their appraisal and use that as the correct sq foot and cite that as the source. If they feel that in incorrect, they hire an appraiser for a measurement.
I always go with the one which I believe to be the most accurate and name the source, then state the other sources with the SF they provide. This is followed with a statement that if it’s of concern to you please, do your due diligence. The property will show the same whether the SF is accurate or not, and if it feels off it probably is. A lot of times it’s as small as a hall closet which may not impact the outcome.
Sounds like someone is avoiding the problem, how does this help the consumer and protect there interest. Have we failed in our fiduciary responsibility?
I will take what county reported.
Another comment on above “Notice of Information from other Sources”. The buyer does not see what the seller signs so how would that information get to the buyer? Would like an official answer on this.
I have buyers and sellers sign that form
Be the source of the source. I would give the seller the option to purchase an appraisal, unless they have an appraisal on file when they bought the home. Enter the most reliable source on the MLS, or select other if unknown. At the same, I would document both square footages and source if known, on the TXR 2502 notice and provide to the broker, seller and prospective buyer to sign and date as acknowledgment. The market will determine the final price per square footage.