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Hi everyone,
We are in the final stages of purchasing a house. It was originally listed for $335k and then after a few months dropped to $329k.
It was listed as 2750 square feet. We settled on an asking price of $321,500. We were satisfied with the price per square foot which was slightly less than average for the area.
We had our first appraisal done and it came out to $286k. Turns out they forgot a room and the seller's agent insisted they used the lowest comps.
We had another appraisal done and it came out to $325k but the square footage was only 2527. We asked to see what the seller's appraisal was when they bought the house 3 years ago and it was 2599 square feet.
The sellers believe this over 200 square foot difference is no big deal. However, it increases the price per square foot over $10 and when we eventually sell we'll have to list it in the 2500-2600 range as that's what it really is. And if you look back at the listings, the family room and master bedrooms dimensions have increased dramatically.
Our agent has tried to renegotiate a lower sales price to $315k but they are refusing and say we have to take the deal as is or we will lose our earnest money.
The seller's agent refuses to tell us the source of the 2750 square footage on the listing. I am trying to sort through past listings and it looks like she might have copied it from the listing a few years ago but I am not sure.
We don't love the house and would be happy to walk away. I just hate the thought of overpaying in this market and honestly, I feel completely duped. Are we completely out of luck?
You'll have to have your agent or a real estate attorney help you because it depends on what your contract states.
If I were your agent, I would go the misrepresentation route with the sellers. They have an appraisal that states that square footage as less and they misrepresented their listing.
There was a lawsuit in Texas where the buyers won over a misrepresented square footage. Maybe the listing agent needs to get a copy of it...
You'll have to have your agent or a real estate attorney help you because it depends on what your contract states.
If I were your agent, I would go the misrepresentation route with the sellers. They have an appraisal that states that square footage as less and they misrepresented their listing.
There was a lawsuit in Texas where the buyers won over a misrepresented square footage. Maybe the listing agent needs to get a copy of it...
In California, square footage hasn't been listed in years. They now list approximate square footage, just to eliminate such problems. Have ten different people measure your home, and you will get ten different answers..!.
Hi everyone,
We are in the final stages of purchasing a house. It was originally listed for $335k and then after a few months dropped to $329k.
It was listed as 2750 square feet. We settled on an asking price of $321,500. We were satisfied with the price per square foot which was slightly less than average for the area.
We had our first appraisal done and it came out to $286k. Turns out they forgot a room and the seller's agent insisted they used the lowest comps.
We had another appraisal done and it came out to $325k but the square footage was only 2527. We asked to see what the seller's appraisal was when they bought the house 3 years ago and it was 2599 square feet.
The sellers believe this over 200 square foot difference is no big deal. However, it increases the price per square foot over $10 and when we eventually sell we'll have to list it in the 2500-2600 range as that's what it really is. And if you look back at the listings, the family room and master bedrooms dimensions have increased dramatically.
Our agent has tried to renegotiate a lower sales price to $315k but they are refusing and say we have to take the deal as is or we will lose our earnest money.
The seller's agent refuses to tell us the source of the 2750 square footage on the listing. I am trying to sort through past listings and it looks like she might have copied it from the listing a few years ago but I am not sure.
We don't love the house and would be happy to walk away. I just hate the thought of overpaying in this market and honestly, I feel completely duped. Are we completely out of luck?
Were you in the house before you offered to buy it? Did you look at the rooms and determione that they were of a size that worked for you? Did you offer to buy a HOUSE in which you were going to live, or did you offer to buy a box of a particular size?
It may be different in your market, but here in my part of NJ, the total sq. footage of the house is almost never looked at. Sizes of particular rooms are noted & compared, to be sure furniture will fit etc. But if you've beenin the hoiuse, and seen the rooms, and decided that it works for you, what is it that's changed about that?
I guess that price per square foot is emphasized a lot here. A lot of listings boast "lowest price per square foot in this neighborhood" or "great deal - price per square foot lower than similar homes".
When buying a house, you compare the price you are paying per square foot to similar homes in the area. I know there are differences in upgrades, lot, etc. but you kind of get an idea of where you stand.
My issue is that if our situation changed and we had to sell the house say even next year, we would list it at the correct square footage and automatically take ~ $20k loss. To price it at the price they want us to buy it at is out of the range for this neighborhood. The houses in this neighborhood are very similar. Why would someone pay more for pretty much the same house down the street? I thought we were buying a bigger house than the ones on the street which I didn't get to go in.
Maybe I am too sensitive about the resale situation because we lost a lot of $ when we sold 2 yrs ago and I don't want it to happen again?
I guess that price per square foot is emphasized a lot here. A lot of listings boast "lowest price per square foot in this neighborhood" or "great deal - price per square foot lower than similar homes".
When buying a house, you compare the price you are paying per square foot to similar homes in the area. I know there are differences in upgrades, lot, etc. but you kind of get an idea of where you stand.
My issue is that if our situation changed and we had to sell the house say even next year, we would list it at the correct square footage and automatically take ~ $20k loss. To price it at the price they want us to buy it at is out of the range for this neighborhood. The houses in this neighborhood are very similar. Why would someone pay more for pretty much the same house down the street? I thought we were buying a bigger house than the ones on the street which I didn't get to go in.
Maybe I am too sensitive about the resale situation because we lost a lot of $ when we sold 2 yrs ago and I don't want it to happen again?
Maybe my thinking is wrong
"Although real estate agents are not required by the Real Estate License Law or Real Estate Commission rules to report the square footage of properties offered for sale (or rent), when they do report square footage, it is essential that the information they give prospective purchasers be accurate. At a minimum, information concerning square footage should include the amount of living area in the dwelling. The following guidelines and accompanying illustrations are designed to assist real estate brokers and salespersons in measuring, calculating and reporting (both orally and in writing) the living area contained in detached and attached single-family residential buildings. When reporting square footage, real estate agents should carefully follow these Guidelines or any other standards that are comparable to them, including those approved by the American National Standards Institute, Inc. (ANSI) which are recognized by the North Carolina Real Estate Commission as comparable standards.* Agents should be prepared to identify, when requested, the standard used."
This came from: Sqft which is www dot ncrec dot state dot nc dot us slash publications-bulletins slash Sqft dot com (hehe)
In my part of NC we list a Square foot range i.e. 2100-2200 in our MLS. If you claim an exact measurement it better be right.
Everybody who measures will get a different number but it sounds like a large descrepancy in your house. I can see being off 100 but not over 200 sq. ft.
Were you in the house before you offered to buy it? Did you look at the rooms and determione that they were of a size that worked for you? Did you offer to buy a HOUSE in which you were going to live, or did you offer to buy a box of a particular size?
It may be different in your market, but here in my part of NJ, the total sq. footage of the house is almost never looked at. Sizes of particular rooms are noted & compared, to be sure furniture will fit etc. But if you've beenin the hoiuse, and seen the rooms, and decided that it works for you, what is it that's changed about that?
I personally agree with this sentiment, but I do have a few of my buyers that look at $ per sq foot as a means of determining a good value and price.
It was also the argument used by the Texas situation.
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