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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33791
Experience:  15 years real estate, Realtor. Landlord 26 years
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I'm having an issue where it took a really long time to get

Customer Question

I'm having an issue where it took a really long time to get my home appraisal and the appraisal came back with a 300 sqft difference on the home. Because the appraisal took so long, I'm past all my contingency dates, but I'm looking for advice on how to rescind the contract, if possible.
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..What is the advertised sq footage of the house?.And what is it actually?.Who provided you with the information about the sq footage? the seller, the realtor, public records ?..thanksBarrister
Customer: replied 8 months ago.
The originally advertised square footage was 5227. The realtor then amended that to 5115, I was told based on tax records. The measured square footage was 4831 provided by the appraiser.
Expert:  Barrister replied 8 months ago.
Ok, then your recourse here is to proceed under a claim that this is a material misrepresentation of the condition of the house so as to constitute fraud and breach of contract. You bargained and negotiated based on a house that was either 5227 or 5115 sq feet, not the 4831 it turned out to be. From the original amount, that is almost a 400 sq foot difference. If the realtor and seller weren't sure what the sq footage was, then they shouldn't have represented it as a certain amount and had someone in to professionally measure it..So you would turn this on them and claim that they are the ones in breach for not providing what you agreed to purchase and this is misrepresentation and possibly fraud if it was intentionally deceptive..With that said, if they try to sue you to force you to continue on with the purchase, then you will have to decide whether it is worth the thousands on attorneys and the year it will take to defend the case and show that they are the ones who are in breach..But typically, in these types of situations, nobody sues and the matter is settled with the seller backing down and agreeing to let the buyer off the hook if the buyer is threatening to sue as well..As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 12 years.....thanksBarrister

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