Rounding Error

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Another installment of someone wants to get sued. True Story: There’s a condo on the market that was originally built a few years ago. On the original listing the sqft was listed as 1376. Now several years later it is being sold at 1300 sqft. Sucks for the sellers. Here’s what else sucks for the sellers. The 1300 sqft has been “rounded up” from 1289. This is an 800lb Gorilla Realty listing, not some rogue mom and pop. Here’s what could happen:

1) Buyer finds out before the close, gets a refund for the price per square foot difference.
2) Buyer finds out after close, sues realtors and sellers.
3) Buyers finds out and bids on the smaller size. Bid is rejected for another that is using the larger size. Buyer sues sellers and sellers’ realtor.

Now it is rumored that 800lb Gorilla has bought its way out of similar “embarrassing situations”. But why is this even an option? If a realtor can’t tell the truth or do a smidge of due diligence, why do people hire them?

I don’t get it. In today’s economy where everyone is feeling the pinch, people are going to be that much more likely to pull the legal trigger for a few pennies. Why would “professionals”expose their broadsides over the dumbest things? ….I’m calling my lawyer.

Hoboken Real Estate
Condos
Price changes last 30 days: 119
Information deemed reliable but not guaranteed

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