All Forum Posts by: James Weddington

Hi. Mike. Thanks for the fast reply. Apparently the bank sent their appraiser and he measured it twice. The bank notified me today. I am hoping the seller will lower the price by at least $35,000 or more. My agent is working on it now. I was just curious on the different scenarios that might play out. I really want the house.  I did feel the square footage seemed small, but went with the listing's measurements. I know the current seller has been paying taxes on a 1920 sq ft home for many years. 

I live in California. I purchased a home for $285,000, 3 bd 2 bth 1920 sq ft. My new property is in escrow and closes on Oct 10, 2017. I used my 1031 towards the purchase. My bank has come up with a different square footage of the property than the seller/agent listed, short 500 sq ft. If I back out, I will loose $20,000 in taxes because of the time limit on my 1031. What advice would you give me?