Home Buying in 86406>Question Details

Redhatter, Home Buyer in 86406

what if the lot is smaller than listed?

Asked by Redhatter, 86406 Sat Dec 25, 2010

should the value be lower? How to get monies back if canceled?

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Answers

6
Lynn911.com Dallas Realtor’s answer
Return of any money is based on your executed sales agreement. Have your buyers agent review those terms and conditions with you.

If the lot is smaller BY HOW MUCH? Did the property appraiser for within the sales agreement amount. If yes where is the problem

Many properties owners don't know the size of home OR lot why best to tax roll the data

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Dec 26, 2010
Again this is the same question as the other one, but it is simple, ask the listing agent or Realtor as to where they got their lot measurements from and ask why the actual and list size are different. You can ask to see the document or copy of the document that the size was taken from. If the size is smaller than the listed size and you have proof in the form of a property card or tax description, please get a copy and show it to the listing agent, the pwner, and the title company or closing agent involved and mention that this is a deal breaker for the purchase of the property since false advertising was in play on the listing information! You may want to check into the local Realtor Ethics Board as to the severity of this matter!
1 vote Thank Flag Link Sat Dec 25, 2010
If you're within your inspection period and you don't want to purchase because of this, get your agent to complete the Buyer Inspection Notice Seller Response (BINSR) form and forward to the seller. In any event, contact your agent asap! Good luck!
0 votes Thank Flag Link Sun Dec 26, 2010
If your contract is contingent upon obtaining a mortgage, and teh appraisal comes in lower, the seller will have to lower the price to teh appraised value or you have to pay the difference in order to get a mortgage, if you can not or do not want to, you can ask your lender for a denial letter base don teh appraisal and as long as you are within your dates on your contract for the contingincy, you should get your money back. As far as the size, where did they get the lot size, your agent or you if you dont have an agent should have checked the tax card prior to buying as part of your due diligince and would have seen what the lot size is.

At this point you need to check teh dates of yoru contract and decide if you want to ask the seller to lower the price or ask for the denial letter and get out
0 votes Thank Flag Link Sat Dec 25, 2010
In a lot of places it really does not matter what the lots size is, only that it will allow the building of one house. It really does not matter if the lot is 100x90 or 100x95 or 95x95. Now if the error is larger then you might have a point of asking if there is a difference in value. Missing the lot size by an acre or 20,000 sq ft might be different but without you telling us the difference I can only say if its close it probably won't really matter. Even in a subdivision with 1 and 2 acre lots, where only one house can be built and no lots subdividing is allowed, the 2 lots are worth pretty much the same but the 2 acre one will always sell first and will have a perceived higher value.
0 votes Thank Flag Link Sat Dec 25, 2010
What is your agent advising...much will depend on how much smaller is the lot size and how/who determined the lot to be smaller--as for getting your money back--much wiil rely on exactly what your contract states, therefore review the document, as more than likely the answer can be found in it--also consider consulting with an attorney who specializes in real estate and see exactly what options you may have.
0 votes Thank Flag Link Sat Dec 25, 2010
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