Lot size is wrong

5 Replies

Hi All,

I am trying to purchase this SFR and the lot size is listed to be 9,500 sq ft. The seller has accepted my offer and we have done the inspection. However, when I was there for inspection, I felt the lot size is not as big as they listed and it should be around 6,500 (there is a similar house around with same dimension). Appraisal will not be conducted until this coming Thursday which may be too late as it will be passed the 17 days contingenc. MLS and property tax both show the lot size is 9,500 Sq ft. What are my options here? Please help

Tony

You need a new SURVEY to determine the correct size.

MLS and property tax will say something like information deemed to be reliable but not guaranteed. This means you will not have legal recourse against them later on because you have your " right to your own inquiry" as a buyer.

This means when you go to court the judge would ask if you ordered a survey etc. ( reports ) to determine what the actual lot size is?? If you say NO or I didn't want to spend the money then poof your case is dismissed.

At this point you need to get an extended contingency period signed right away to get more time for due diligence.

No legal advice given.  

Why don't you measure it to get a approximate idea?

Does the difference in measurements affect the value ?  It doesnt sound like a deal breaker to me , sounds like too small of a property to subdivide .  I bought a rental on an acre and later found out it was 3/4 of an acre , It didnt change  the rent or the value . Just less grass to cut .

You "felt" the lot size was smaller?  Really?  Look at at plat/legal description...no need for guesses.

I've run into that a few times, like others said, it's usually not a big deal, so long as the entire house is on the lot your buying and not half on the neighbors lot...

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