I landed myself in a pickle. We made an offer on a house, went through inspections, and agreed upon a resolution for repairs with the seller.
Fast forward to the appraisal. The home meets the financing conditions (barely), but the appraisal revealed the home is 500 sq ft smaller than it listed for.
We thought we were buying a 3500 sq ft home. In fact that the value of the home (price per sq ft) is what attracted us to the property. The seller very specifically called out in the listing what a great value the property was because it had over 3500 sq ft for under X dollars, but it is only 3000 sq ft.
We informed the seller of the discovery and our desire to cancel the contract more than 2 weeks in advance of the scheduled closing date.
The listing agent has been a grade A douchebag saying the only acceptable remedy is for us to purchase the house. We are fine to lose the earnest money and possibly pay even more to get out of this deal.
He is threatening litigation, and refuses to communicate with my real estate agent as the closing date nears.
He is inrltentionally waiting for the closing date to pass so we will be in breach instead of attempting to negotiate.
I am pissed because he has been 100% unapologetic about his listing mistake and said if I had cared about the square footage being accurate (or apparently in the realm of reality), I should have made it a contingency.
I have already reached out to a real estate attorney, but have been slow to get a response.
I think the letter of the law really screws me, but I do not know how likely the courts are in a suit for specific performance against a buyer.
FWIW, the part of TN I am in has a red hot market. I cannot even begin to fathom why they don't just take the earnest money and relist, or at least state what would be an acceptable remedy.
I am also highly certain the listing agent is not consulting with his elderly client, but with the daughter who DOES NOT have power of attorney.