BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated almost 2 years ago on . Most recent reply
Are we out of luck? Inaccurate listing square footage
We bought a MLS-listed distressed property sight unseen through our local real estate agent. We live in Mexico and bought in NJ and moved fast because we know the community and believe the home is a good BRRRR prospect. The listing square footage was 1,748. We've learned, well post purchase, that the actual livable square footage is 1,549, 11% less. Naturally, this difference meaningfully impacts our originally projected after repair value.
Anyone here experience this and successfully pursued legal recourse with the seller, listing agent or buying agent? Or are we simply out of luck because we bought it as-is and did no inspections?
Most Popular Reply
@Bob Stevens Thanks for weighing in. Yes, bought as is. No, we didn't measure to verify the listed SF. Yes, we do have a local team, but they missed it. This said, the measurement didn't feel off when we walked through. Lesson learned.
@Abel Curiel Thanks for weighing in. Disclosure said nothing as home was left to grandchild when grandparent living there passed. Reviewed contract and found no options. Lesson learned.
@Harris Miller Thanks for weighing in. Makes sense. Lesson learned.
All: Our silver lining is that we purchased for $260k, expect to reno at $125K and still expect to ARV at $475, so we're still ahead--just not as ahead as we'd originally expected. We appreciate the advice!