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Updated about 5 years ago on . Most recent reply

User Stats

84
Posts
35
Votes
Lior Golan
  • Investor
  • Tel Aviv, Israel
35
Votes |
84
Posts

Bought a property with eventually less sqft than it was stated

Lior Golan
  • Investor
  • Tel Aviv, Israel
Posted

Hey,

I just closed on a property for a flip a few days ago. in the county records, it says that the property is 1,611 sqft.

So now because I am flipping it and we are gutting the place and adding another bathroom, I am using a designer to do a plan for the rehab. She went to the property to do a simple plan of the house and she apparently told that the sefo of the house is between 1250 and 1300. I was shocked when I heard that...

Because the former owner even added an extension to the property so I assumed that this one hs even more than 1,611...

Now I am afraid that when I will re sell the property (it's a flip), I won't get the money I want because the buyer appraisal will measure the house and will say that the property is lower than stated, hence the price is lower...


What would you do instead of me? try and measure it with other professional companies?

Thanks

Most Popular Reply

User Stats

2,368
Posts
2,245
Votes
Jonathan R McLaughlin
  • Rental Property Investor
  • Boston, Massachusetts (MA)
2,245
Votes |
2,368
Posts
Jonathan R McLaughlin
  • Rental Property Investor
  • Boston, Massachusetts (MA)
Replied

@Lior Golan make sure you are comparing apples and find out how the designer measured first, what they included and what they didn’t. “Designer” isn’t a technical title so I wouldn’t put too much stock in it without further research.

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