Newsflash: Appraisal measurements 20% larger than city property records [PA]

We are about two weeks from closing on our first home in Philly and have run into an interesting issue. I was always under the impression that the house we were purchasing was 784 square feet based on the city property records.We just got our appraisal and the appraiser measures the house as 965 square feet. While this seems like a good thing overall and the house has appraised for higher than what we are purchasing for, I’m curious if anyone can think of some of the potential downsides of this.If the city finds out the square footage is larger, can they come back to us with some type of back taxes? If the house was extended without the proper permits, are we somehow obligated to get the permits at some point? Our real estate agent and our lender are making it sound like this isn’t an issue, but I’d rather go into this with both eyes open. We’ve already put a second deposit on the house and are past the inspection point, so I don’t know if we can legally back out anyway.Thanks in advance.



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s