compensation for misrepresentation ?

[rk53]

Hi..I currently have a contract on a 3/2/1 cbs ranch home in a rural subdivision in florida.Price was 137k

and dropped to 117k after 3 mos.We settled at 104k.Upon the 2nd visit for inspection, I thought the sq

footage was incorrect.Stated in mls as 1359 living,1690 total sq footage.According to my measurements and the

home's blueprints from 1996,its 1059 living,1329 total.Error is with the county appraisers office and the

depth is overstated by 5-7 ft.Actual value is 125-135,insurance co says 138.Owner cant accept my original

offer of 100k as she needs a certain amount of money,a prime reason for selling.I feel that there was

misrepresentation,although no one directly is at fault.Home is not in foreclosure and needs light tlc(excess

contents and some landscaping).Although it is intended for personal use,is this a good deal regardless,should

I use a more creative approach,or reject it? Thanks in advance.

[Malok]

That sounds more like a question for an attorney.

I'm not an attorney. Consult one.

That being said:
It has been my experience that as long as the square footage is within 10% of the stated amount, most courts don't find for any additional compensation for either party.

Since it appears that you are over that threshold, you may have a case.
If you wanted to proceed in this vein, you would be better off having an independent person to do the measuring. [There are companies that only measure square footages - or an appraiser can do it.]



As far as interpreting whether or not it is a good deal, you would need a person in the locale in question to evaluate it on your behalf.


Are you not getting an appraisal? That can provide some guidance as to value (though it is not the end all, be all that some people believe it to be).

Are you not represented by a Realtor? They can provide a CMA (Comparative Market Analysis) that would evaluate such things as past sales history, market conditions, current comparable properties on the market, and market value of the subject property.

[FortHoodRealEstate]

It's unfortunate that these issues come up from time to time. As a realtor, I do not measure homes. I use the Central Appraisal District as the authority on square footage. If there is a discrepancy, it will be resolved when the lender's appraiser measures the property. Buyer can renegotiate the price, back out of the transaction or take the property at the original terms. You need to decide what works best for you. Talk to an attorney to get legal advice and then proceed with the best course of action that works for you.

[ltcobretti]

Those measurements from the realtor's end are not usually guaranteed. The appraiser should measure the exterior and find this. You may be able to get lower property taxes and maybe even some back - try that before spending on a lawyer.