I'd love opinions on what, if anything, can or should be done in this situation. (aka - What Would You Do?)
It's been a very, very bumpy road to be under contract - and past the due dilligence period - on a new build we are purchasing with the intent to use it as a STR (and some personal use). Property was listed in a highly desirable zipcode in a tourist area on 1.02 acres. At showing, we were given a plat showing property was 2.11 acres. Seller/Builder was present at showing and told us the listing was wrong; it was 2.11 acres. He had listing agent change MLS listing to 2.11 acres. Two days later our offer to purchase the property + adjacent empty lot was accepted. Address is listed as Street Name, Lot #, Desirable City, State + Zip
Something about the plat seemed off to me and I discovered a calculation error and that it was actually 1.02 acres. Seller changed listing back to 1.02 acres. We asked for a new survey as we no longer trusted the lot markers we had been shown. Seller refused. Listing agent told him that he needed to put in writing that the lot markers he has in place are correct, but he hasn't done that. (We didn't want to pay for a survey and couldn't get one done during the two week DD period.)
Post-inspection negotiations really tried our patience with seller going back on his word on things and niggling over other things. For example, part of the exterior of the house wasn't stained. He's placing the money owed the painter to complete the staining in esrow since weather won't allow it to be done before closing. The amount is a fraction of what we would have to pay to hire someone. He insisted that a phrase be added that the money is to be released upon completion "and not upon approval by the seller." So he can do a crappy job and still get the funds. What little trust I had in the seller disappeared during this process.
Now, three days after finalizing all that, I get a text from my agent that they have assigned a street address. It is a different street name than we were told and in the neighboring - and less desirable - city and zip. I feel like the builder had to have known this. He's also the developer and this is the first house in Phase II of this development. Phase I of the development was in the more desirable city + Zip. He's listed this cabin on AirBnB as being in the less desirable city. I mistakenly assumed that was an error because the place didn't have an official street address yet. The Property Management website lists it as "approximate location: Street Name on contract." (They have other properties throughout the area listed as "approximate location" and not just this one, but most are listed as "location" with development name, street name or near an attraction.)
We really like the cabin, but I feel like the value is less than what I made an offer on; I'm overpaying for 1.02 acres in a less desirable zip code. We were not the only offer received, but we were the highest. We went in with what we hoped would be the winning offer because this is the one that checked the most boxes of everything we'd seen in months and we really like it.
Am I even under contract for this property with everything in the address being wrong? As for the info being wrong - I know that filing a complaint against the listing agent for misrepresentation could be an option. We can also walk and lose EM (and the money we've put into inspections and PE consultation.) Would you do either? Any other options I should consider?
