Listing Square Footage V.S Appraisals Footage

[Tomas Lam]

I am in the process of closing on a duplex and I am reviewing the home Appraisals and notice that living space square footage is 1809 sqft and not 2263 sqft as listed (454 sqft less). I am in California and the market is just crazy so I waived all home inspection contingency when signed the agreement and didn't get a chance to do much research on the duplex when since the offer was due five days from listing. The duplex has 2 small garages attached to a total of 516 sqft combine but it is not considered living space. I know it is my fault for not doing research and before buying and my real estate agent also didn't do any research also provide me with a property valuation at 2263 sqft. Is there anything I can do? Should I hire a lawyer?

[Kevin Sobilo]

@Tomas Lam, in order to have something actionable I think you would first need to show a "loss".

For example, the house appraised for less than the contracted sale price causing the deal to fall apart. So, as the buyer you have a loss of the appraisal fee plus liquidated damages for the lost opportunity to buy the house (you have to go through the time and expense to find another).

The listing agent being lazy or making an error probably isn't legally actionable unless you can show you lost something. I believe most MLS listing data comes with a caveat that it is not guaranteed to be accurate. So, an error alone would probably not be cause for action in my opinion.

You can ask a lawyer, but that is my guess and reasoning.