Do not use Measured BAS or face the consequences

By
Real Estate Agent with Coldwell Banker F I Gray and Sons Residential, Inc.

Story.

NOT ME but I observed this in the office.

Realtor A does a listing appointment.  Seller wants to use "measured  square feet".   Property appraiser shows 1200 feet but there was an illegal conversion and now there is 500 feet more of living area.

Realtor A says no, you can't do that.  It has to be the actual sq footage.  Seller believes that the price per sq foot at 1200 sq feet will make property appear to be more expensive than comparable properties with 1700 sq feet.

Seller picks another Realtor, Realtor B, for Bad.   Realtor B lists the home as 1700 sq feet.  Price per sq foot goes down 30%.

Realtor A is livid.  Realtor A is newish and calls the legal hot line, talks to numerous seasoned agents and stews.

Then Realtor A turns in the home to the Property Appraiser as having un permitted work.  Though this seller bought the home as it sits today, and in no way did the unpermitted work, the current owner is always responsible for the current state of the home and the codes and permits required.  (this is a big deal unpermitted work can be condemned).

Realtor A, then turns in Realtor B to the Board, for a violation.  (not sure of the details here).

End of story.

Conclusion:  Realtor B should have councelled the seller regarding the implications of marketing a 1200 sq foot product as 1700 sq feet.   The illegal sq footage is a lawsuit waiting to happen if the buyer realizes they have been duped.  Realtor B having colluded with the seller to effectively defraud the buyer is looking at a "guilty" verdict if it comes to it.  Or perhaps the seller disclosure says 500 sq feet of illegal bas.  Hmm.  That is another blog post topic.   Disclose. Disclose. Disclose.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Sales and Marketing
Tags:
bas

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
231,757

Randal Jenkins

Ask me a question
*
*
*
*
Spam prevention