Home Buying in 33137>Question Details

Arjun Thapa-…, Home Buyer in Chicago, IL

I am in contract to buy a property which was listed as 4 bed room 2.5 bath, 2000 sq foot town house. Now i find property is condo, with 1538 SQ foot.

Asked by Arjun Thapa-chhetri, Chicago, IL Thu Dec 19, 2013

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Answers

14
Good Morning Arjun,

Is your purchase in the State of Florida?

Did you receive the Condo Documents and did you read them?

Did you visit the property with your Realtor? Was inspection done?

Did the appraisal reveal the square footage and that's when you found out about the difference in square footage?

These are all questions that need an answer prior to closing, you are paying per square foot, so are you paying for non existing sq. ft.?

Your Realtor if not his/her BROKER should be able to help you. I would contact the BROKER to your REALTOR.. I hope this helps.

Iris N Cortez, P.A.
CDPE
Beachfront Realty
1 vote Thank Flag Link Fri Dec 20, 2013
First of all: was a Real Estate Agent helping you? If not, were you able to visit the property before signing the contract? If not and right after signing it, did you get the Seller's disclosure and the Condo Docs from the owner? There you should have been able to see that it was a condo and have access to the ByLaws, Rules and Regulations, etc. Are you still within the Inspection period?
My advice: f you are not represented by a Realtor, consult a Lawyer to see if you still have time to withdraw.

Hope this helps!!

Happy Holidays!

Maria A Ballestrin
Elite Miami Realty, LLC
Tel: 305-283-5912
1 vote Thank Flag Link Thu Dec 19, 2013
It sounds like the square footage wasn't verified prior to listing. Condo just means the property is governed by a board of managers. There are many types of condos and town homes are one form, although they can be PUD as well or just single family. All of this should have been clearly listed. I would speak with your attorney or agent to find out what your options are. /without knowing the language in your contract nobody can properly advise you aside from those that do.

Chris
0 votes Thank Flag Link Fri Dec 20, 2013
If you have not done your inspections yet, call me 3054011587
0 votes Thank Flag Link Fri Dec 20, 2013
You can get your money back because that's an unexpectable mistake.
0 votes Thank Flag Link Thu Dec 19, 2013
Our MLS indicates that the information is deemed reliable but not guaranteed. Buyer to verify information. Most listings are pulled directly from the county records.

Tammy Hayes, Realtor
Re/Max Palm Realty
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remaxagent.com/
0 votes Thank Flag Link Thu Dec 19, 2013
Typical mistake, condos do come in a variety of styles and whenever a condo is 2 story, many agents tend to comment that the property is a townhouse instead of commenting it is a townhouse style condo. However, when a property is placed on MLS for sale, tax records are auto-populated to the listing and the word CONDO is present on this property type legal description all the time, whether the condo is low rise, high rise or townhouse style. In addition to that MLS clearly states that all information contained is believed to be accurate but not warranted.

In conclusion, how would you like to proceed in regards to your purchase? You obviously liked the place when you saw it and apparently the difference in living area was over-looked.

I see that everyone is advising to get out of contract and to hire an attorney...but is that even the course of action that you are considering?
0 votes Thank Flag Link Thu Dec 19, 2013
I am trying to buy, property in Roger park Chicago, IL. I am first time home buyer. We have professional inspection, he did not find about condo. I found about condo when my bank got title for financing. I got information about less square foot when i saw appraisal on last Tuesday. Bank is planing to close on Monday.
What will be best option for me.
0 votes Thank Flag Link Thu Dec 19, 2013
Arjun, Something doesn't seem right. As I stated in my previous response, did you not visit the property, get a Seller's property disclosure? If it is a condo, were you not provided with condo docs? And how is it that your inspector does not know what type of property it is? How can he do an inspection and not know about the property? I agree with Yanoska in her response. You need to determine first what you would like to do: e.g. buy they property or not. If you visited the property and liked it apparently the size of the home was OK with you when you signed the contract. However, again we don't know if you are working with a Realtor or not. We also don't know where you got your information from; was it on your own/Realtor etc. If you have a Realtor and you feel you were pushed into purchasing and deceived then you would need to get an attorney and let him guide you and provide you with your options. We as Realtors are not legal advisors. I hope this helps.
Flag Fri Dec 20, 2013
You can cancel the contract because the information you have to present an offer is incorrect.
0 votes Thank Flag Link Thu Dec 19, 2013
Sounds like you're an investor and are buying sight unseen.

Contact an attorney immediately to see if you have any legal recourse to exit the contract.
0 votes Thank Flag Link Thu Dec 19, 2013
No i am a first time home buyer.
Flag Thu Dec 19, 2013
Hi Arjun, Please confirm where you are buying. Your Realtor should be able to assist you with this. However, the property could legally be considered a condo under its legal description, but have the look and feel of a Townhouse. Did you not visit the property, receive a Seller's Property disclosure and do inspections on the property? If you don't have a Realtor and needs some additional guidance you can contact me at your earliest convenience. Thanks,
0 votes Thank Flag Link Thu Dec 19, 2013
Your Realtor should help you with this. If you do not have a Realtor then you should contact an attorney. Have a copy of your sales contract, the MLS listing, and your appraisal.

It's very suspicious that you would get this close to closing without finding this out. Did you also elect not to get a private inspection done? That should have uncovered the discepancy as well.

If there was true misrepresentation then you should hopefully be able to back out and get your earnest money back. You are likely out any monies you have spent on inspections and appraisals, since those were conditions of your lender and the seller did not require you to get those.

Best of luck!
0 votes Thank Flag Link Thu Dec 19, 2013
Hello,

It might be listed as a condo because of the property's legal description.

It could be fairly well a townhouse.

If you need anything else, feel free to contact me.

Regards,


Pablo Torres
AF Realty,LLC
786-205-6988
pabtorres@aol.com
http://www.miamibuyproperties.com
0 votes Thank Flag Link Thu Dec 19, 2013
? how did this happen? call me to discuss. pardon my short amswer but I am on the expressway. my number is 786 277 8425
0 votes Thank Flag Link Thu Dec 19, 2013
Wow! I wish I was that talented :) hope you weren't driving though...
Flag Thu Dec 19, 2013
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