We found a great home on a lake. Made an offer over asking, covering the appraisal gap. I based this offer on the listing’s square footage using a range from some local comps, and was very confident that the appraisal would be very close to the asking price. Offer was accepted.
Came to find out later that the square footage that had shown in the listing included a (nicely) finished basement. The square footage on the listing has since changed back to the non-basement figure.
First appraisal came back so low that it threw off my financing goal, and I saw that it was appraised based on that smaller square footage. I decided to switch lenders and order a new appraisal. Second appraisal came in just over the asking price.
That said, the dollars-per-square-foot number difference between what I thought I was offering and what I actually offered was significant ($272 vs $385).
I close next week and, although we love the house, I can’t help but think the seller snuck in a change to the listing after offers were finalized to fetch higher offers. Unfortunately, I have no way of proving this.
Should I relax and be ok with including the (nice) basement as part of my offer? Should I have expected my agent to communicate the discrepancy in square footage (they said nothing)? How could the second appraisal have been so different from the first? Did I get bamboozled? Is there anything I can do?