4 plex square footage less than MLS listed
Hi all,
Advice would be appreciated! We are currently in escrow to purchase a 4 plex, which will be owner occupied. The units were listed on the MLS as 850 sq ft but are actually only 750 sq ft (based on appraisal measurements and records). However, the appraisal came back at the sale price. We are planning on asking for a reduction, but need advice on how to phrase it. Our rental comps were based on the units being 850 sq ft, but with the appraisal coming back at the sale price do we have a reasonable argument (other than misrepresentation of the property)? The difference in size is ~13% and my thought was to ask for a 5% reduction in sale price. I'm concerned about the validity of our rental comps given the smaller size, and given that there are 900 sq ft units in the area we will be competing with. Anyone with experience in this issue?
Thanks,
Sarah