Unfinished basement counted in sq ft

[Sam Abe]

We just offered on a house with all contingencies waived and after the depositing the initial deposit we realize they are counting 300 sqft of completely unfinished room with no ceiling hvac huge  unit in it and with all sorts of pipes taking floor space and ceiling space as a room of 300 sq ft.

This is misrepresentation as it makes the house so much smaller in the basement and we are already paying above asking by 50K. The listing matches the public records but that area is in no way livable. Doesn’t have heating/cooling and is junk space with the electricals no flooring no finished walls .

can we cancel this contract and get our money back. 

[Cole Bossert]

Technically, since you waived contingencies, it can be challenging to back out without risking losing your deposit. However, this sounds like a potential misrepresentation of the property, and if there was a material misstatement in the listing that led you to make an offer (like including non-livable space as part of the square footage), you might have grounds to cancel.

Here’s what I’d recommend:

1. Document everything: Take clear pictures of the space, including the unfinished areas and any issues with HVAC, electrical, or plumbing. This will be important if you have to present your case.

2. Review the contract: Sometimes there’s a clause about “misrepresentation” or “failure to disclose material facts,” which might give you a way out.

3. Communicate with the seller or agent: Reach out to discuss this discrepancy and see if they’re willing to renegotiate the deal or offer a solution (sometimes they’ll adjust the price, or in rare cases, they’ll let you out of the deal).

4. Talk to your attorney: Since you’re in a tricky situation, having legal advice can give you clarity on your best course of action.

Worst-case scenario, you may have to eat the deposit if there’s no clause in your favor, but definitely push back and see if you can get a solution that works for you.