New Home Buyer-Pasco County-Please Help. Listing Misrepresentation (Rio: loan, how much) - Tampa Bay - Florida (FL) -Tampa - St. Petersburg - Clearwater - City-Data Forum

VagusX · 01-01-2013, 08:24 AM

Greetings

I am new to the area looking for homes. I put an offer into this house and it has just been pointed out that there is a problem.

I was getting some feedback on this particular listing. The part of the listing that concerns me the most is the garage as square footage is INCLUDED in the total square footage. Details about the garage are that it was converted at one point to an office since it was a builders model. It was returned back to a garage once it was put on the market. The garage has a cooling unit built into it and it has an extra entrance from a rear bedroom. I recognize that the listing price does not necissarily equate to the square footage, but the listing indicates that there is over 2400 square feet WITH a two car garage. A garage is normally not included in the total square footage. It is being sold on every listing site and MLS directory as 2400 square feet WITH two car garage.

I am likely going to retract my offer unless I can get some adjustments made. What do you guys think?

I included the listings and schematics below.

MortonR · 01-01-2013, 04:42 PM

Consider that every listing is disclaimered to the hilt, so I doubt you're going to see any change in the price. The way the market has been of late I suspect they'll offer a mea culpa and let you out of the deal if you want.

You have to decide how much you want this property. Get some comps and come back with a reasonable offer.

Do consider that since this is a builder's model it will probably be better constructed and have higher quality or better upgrades than the surrounding properties. Builders typically pay a lot closer attention to detail in their models, since this is supposed to exemplify the homes that they're building/selling.

The additional AC unit over the garage is a significant upgrade in itself. If that area is heated/cooled separately, it adds to the value.

Looking at other homes in the immediate neighborhood and considering the "true" square footage, this is a little overpriced, I think. There are a number of realtors on the forum who will weigh in and are far better versed to comment directly, however.

RM

gulfer · 01-01-2013, 05:01 PM

Every listing site is picking up what ever was entered into the MLS. You will normally see it specifically stated at XXXX heated square feet.

Your wording in the orignal post "It was returned back to a garage once it was put on the market" has it looking like word games. Was it converted PRIOR to MLS Entry over AFTER MLS Entry?

EngGirl · 01-01-2013, 05:04 PM

Three out of four listings I am looking at have the same problem. And it's always shown more sq. ft. for some reason... Most listings also have a note saying the buyer supposed to confirm all sizes and relative to sizing info.
I don't think it's right.

I looked at this house... Did you offer less than asking price?

VagusX · 01-01-2013, 06:49 PM

The permit on the house was never changed to indicate that the office space was converted back. It has been listed as the 2400 square feet for years. There has been a reported 2 previous owners. One of which used the garage an office and the other as a living space. We will be putting in a counter offer and wait for the appraisal. I am not sure about when the garage door got put in.

Thanks everybody for the help.

bentlebee · 01-01-2013, 07:59 PM

I don't agree that model homes are build better...I believe they are similar but the only difference is the amount of upgrades...no builder cares about the quality but just the cosmetics part which is a selling point.

The wear and tear on the A/C is higher since the builder will have it running 24/7 and many people walk through the model home.

Less wear and tear on plumbing since nobody will use the shower and bath for the time frame the home is used as a model home.

I don't think the realtor is at fault since there should be a line stating where sqft. Is coming from and usually it is disclosed it is copied from the property appraisers website.

You can try to negotiate but lately it is becoming a sellers market...in the end you want the house or not...that is what is important as well as an appraisal and home inspection.

In the community I live in, one if the formal model homes has more issues than any other home..probably build too fast to get other lots sold.

VagusX · 01-01-2013, 08:31 PM

It is hard for me to believe that the realtor had no knowledge that the house was including the garage as total square feet which was indicated to us after we threw out an offer. From my discussion with the neighbors there have been a few low-ball offers that were turned down, likely due to the valuation based somewhat more closely to $/sqft. And with 2000 being pretty far off from 2400, I could imagine that most potential buyers were no willing to make an offer on a home with 400 less livable space and still be paying for it like it was.

I don't see how the comps in the area will allow it to be priced up where it is right now. I guess we will see how the appraisal goes.

Thank you again

bentlebee · 01-02-2013, 05:09 AM

Quote:

Originally Posted by VagusX

It is hard for me to believe that the realtor had no knowledge that the house was including the garage as total square feet which was indicated to us after we threw out an offer. From my discussion with the neighbors there have been a few low-ball offers that were turned down, likely due to the valuation based somewhat more closely to $/sqft. And with 2000 being pretty far off from 2400, I could imagine that most potential buyers were no willing to make an offer on a home with 400 less livable space and still be paying for it like it was.

I don't see how the comps in the area will allow it to be priced up where it is right now. I guess we will see how the appraisal goes.

Thank you again

Btw if garage has A/C than it is correct to incl. it in sqft even though it is now a garage again...sqft of a house is measured by the heated/ac area....I don't think the listing agent did anything wrong.

Neighbors and assumptions are the worst to go by...neighbors are nice to be nice to but not to get accurate info about an offer.

Why someone else backed out is only for that person to know and for anybody else a guess since even the realtor may not know the real reason unless the buyer was disqualified for a loan.

I don't think you should buy this home since you will never loose the feeling of being scammed and you better look else where...but that is just my opinion.

Many posters replied and you still don't trust it so why would you move forward?

Keep in mind that neighbors can be honest about the info given to them but how do you know who gave it and how reliable it is...

EngGirl · 01-02-2013, 06:10 AM

Quote:

Originally Posted by VagusX

It is hard for me to believe that the realtor had no knowledge that the house was including the garage as total square feet which was indicated to us after we threw out an offer. From my discussion with the neighbors there have been a few low-ball offers that were turned down, likely due to the valuation based somewhat more closely to $/sqft. And with 2000 being pretty far off from 2400, I could imagine that most potential buyers were no willing to make an offer on a home with 400 less livable space and still be paying for it like it was.

I don't see how the comps in the area will allow it to be priced up where it is right now. I guess we will see how the appraisal goes.

Thank you again

I just don't see how they are planning to sell this house for their asking price. Investors bought in not too long ago and now trying to sell it. Another thing to watch for is an appraisal. How will you get one? Don't you have to pay for it? There is no way that house will be appraised that high, and to be honest this house doesn't cost as much as they are asking. I would never buy something like that.
Let us know what's going on with your story. It's interesting since this situation is common.

VagusX · 01-02-2013, 06:33 AM

You make a good points bentlebee.

Quote:

Many posters replied and you still don't trust it so why would you move forward?

I am moving forward with the process because I value the house in more ways than the square footage. "Your house is worth as much as you are willing to pay for it" is a common saying that I have been hearing. Another comment was "What is different about this house now since the offer has been made?

I don't feel like I am getting scammed over 400 feet. I am looking for accuracy. I think that it is accurate to list one or the other in the listing; either 2400 square feet or 2000 square feet with a 2 car garage. Will I make my mother sleep between my two cars parked in the heated garage?

As a first time home buyer I like to be thorough; part of that process is asking people outside of my Realtor and family for their opinions and observations. I will process those observations and opinions however my brain is going to process them.

I do appreciate all the valuable responses.