Incorrect lot size on the listing that we won the bid on.

[Joe S.]

Incorrect lot size on the listing that we won the bid on. So we made an offer on a house on a property and in the listing it had .59 acre. So it’s basically a little over half an acre. So we thought we were buying a house with big piece of land. It was from a bank and there were other people bidding according to the listing agent and we were the highest bidder. The seller had us sign an addendum that basically said that they could cancel the contract for any time for any reason etc. etc. etc. Whereas it appeared that we had a good deal and the bank could care less if it was us or someone else about the property we signed and moved forward in good faith. We did not get a survey, because all we knew was at the bank with rip the rug out from under us at any time if they should decided to.We now get a call from the attorney of the closing title company and is wanting us to know that we are only getting .29 acre. He said there was some land next to it that the Original seller owned  and the county tax Apprasier had taxed them both together and it appeared to be one parcel on the surface, but it was really two and we were only going to get a half of what was advertised in the listing. At this point I’m not sure what to do. If it was an individual seller I could possibly go back and see what could be done to lower the purchase price or simply walk.

Will banks renegotiate if they realize they made an error or do they simply tell somebody to go fly a kite they have back up offers?
The challenge could be convincing the bank that the back up offers thought that they were buying .59 acres as well.

[Jay Hinrichs]

Texas if this is where it is  .. my exprerience buyers always survey properties.. which is weird because in many markets no one surveys anything.  sounds like a take it or leave it situation.. good luck