Home Buyers Demand Accurate Home Measurements
One might think that there is a law that requires the disclosure of the exact finished floor area in a house, no there’s not. Will, the sellers, and their agents get out the measuring tape? The State of Michigan has responded to this demand by passing some laws which require more real estate disclosures.
The total floor area of a house is one of the most important things a seller and buyer needs to know. For years real estate agents, have been using a hodge-podge of methods to estimate residential floor area.
The top Multiple Listing Services (MLS) area that received high errors include either no buildings or room descriptions, or no dimensions. And the most important measurement of all, the above and below ground square footage was part of this list as well.
Some buyers think this is just another way that real estate salespeople are trying to trick them. Without knowing the floor area, the home buyer does not get accurate or consistent information to use in comparing houses. This means that the State Licensed and Certified Real Estate Appraisers can’t make the correct adjustments to the COMPS (comparable sales) and the lenders backing the loan have less accurate estimates of market value on which to base their investments.
We want you to know that our clients can rely on Trust Real Estate Appraisal Services PLC, for the correct footage Buildings and room dimensions. We use the ANSI Z765-2003 defacto standard for Single-Family Residential Buildings Square Footage Method for Calculating your homes Gross living Area and Total Square footage area.
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