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Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33708
Experience:  15 years real estate, Realtor. Landlord 26 years
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What is my recourse if I learn from my appraisal that the

Customer Question

What is my recourse if I learn from my appraisal that the square footage is 300 sq. ft. less than represented by the seller verbally as well as in his MLS besides walking from the deal that is ready to close.
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Barrister replied 8 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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At this point, since the sale hasn't closed yet, you would have legal grounds to terminate the sale based on this being a material fact that was not disclosed or was a mistake on the part of the seller. Either way you can walk away from the sale and receive your earnest money back.

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However, you can't force the seller to come down on the price based on the mistake/omission if they refuse to do so. The fact that the appraisal came in high enough to justify the price based on the actual sq footage would support the seller's position of not reducing the price and staying firm.

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You could threaten to sue them for misrepresentation for any costs that you have incurred in the sale up to date, but that is your only measure of damages and that still wouldn't force the seller to reduce his price..

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As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 12 years...

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

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