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Old 07-16-2014, 10:23 AM
 
Location: deep woods
404 posts, read 898,019 times
Reputation: 574

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Total square footage
usually is
Total square footage.


The lesser amount is
Living Area square feet
or
Air Conditioned square feet
or etc
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Old 07-16-2014, 11:42 AM
 
Location: Austin
7,244 posts, read 21,808,870 times
Reputation: 10015
Did the house change in some way? Did a room all of a sudden vanish? Did someone wave a wand and make space in the house disappear? It's the same house, right?

You either like the house or you don't. If you don't like the house, back out, but it's the same house you fell in love with. The seller didn't take any rooms away from the house.

And why would the earnest money be in the seller's hands? It should be in an escrow account.
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Old 07-16-2014, 12:13 PM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,055,006 times
Reputation: 5532
Quote:
Originally Posted by FalconheadWest View Post
Did the house change in some way? Did a room all of a sudden vanish? Did someone wave a wand and make space in the house disappear? It's the same house, right?

You either like the house or you don't. If you don't like the house, back out, but it's the same house you fell in love with. The seller didn't take any rooms away from the house.

And why would the earnest money be in the seller's hands? It should be in an escrow account.
I think the issue for a buyer would be purchasing a home based on a market analysis of $x per sqft, which is how every Realtor I know calculates a CMA to recommend an offer price, but later having to sell a smaller house than they bought. At some cutoffs the difference can have a disproportionate impact on resale. 2,000 sqft is a pretty hard cutoff for many buyers. So if a home drops from 2,150 sqft to 1,925 sqft, that will in fact substantially change value whereas 2,375 to 2,150 sqft not so much.

If a CMA at the reduced square footage produces the same value range, or pretty close, I agree with you. And your points are exactly what the courts have said when buyers in this situation have tried to sue, that the contract is for a house that a buyer has seen and been inside, contracted for a certain price, and it's not a "per sqft" price in the contract.

Steve
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Old 07-17-2014, 08:29 AM
 
Location: Raleigh, NC
19,437 posts, read 27,832,770 times
Reputation: 36098
I think there's more to this story. //www.city-data.com/forum/austi...ion-house.html
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