You'll see boilerplate language in every home listing saying "buyer to verify" all information.
And you should, though verifying some details – like square footage – won't usually occur until a deal is made and you're at the inspection stage. Then, if you've got a sharp inspector or appraiser, someone may notice…
You'll see boilerplate language in every home listing saying "buyer to verify" all information.
And you
should, though verifying some details – like square footage – won't usually occur until a deal is made and you're at the inspection stage. Then, if you've got a sharp inspector or appraiser, someone may notice that some listing data was inaccurate.
Whoever takes an interest in
528 6th St. (click for details via Redfin) had better
ask for the verification up front. Because there's a pretty great discrepancy between the square footage listed when the home was built and sold 2-3 years ago and the number found in the current listing.
Right now the home is said to offer
4168 sq. ft. However, when it was sold in Feb. 2006 – one year after it was completed – the size was listed as
3321 sq. ft. Click here for the
old listing info, and
here for the current listing. (
Click the little graphic for a snapshot of the listing; we're putting this in just in case the sq. footage changes later.) Records held by the city of MB
definitively establish the square footage at 3305. The home was newly built in Feb. 2005, and there have been no additions since then. Simply put, the 4168 sq. ft. figure is wrong –
high by 25%.To be fair to the sellers and listing agent, this 4168 sq. ft. figure is exactly what the county assessor shows.
(Click graphic to enlarge; see the bottom-right portion.) Can't we trust gubmint sources for stuff like this? No, apparently not. In fact, we're told the assessor makes mistakes like this more often than we'd like to think.
How does the error affect the potential sale of 528 6th? There are some obvious answers, but here's a key consideration – the price per square foot right now looks like a relative bargain at $827/PSF. When 528 6th first hit MBC's radar (see "6th St. is Turning Over"), we compared this home against two others on the same block, each of which had a PPSF near $1,000.
If we recalculate the PPSF for this listing, which is currently asking $3.449m, it jumps to $1,044/PSF. Now it's average or a tad high, no longer the bargain. Could that affect a deal? Sure. And what if the buyer only discovers this issue after escrow begins? That's a mess.
MBC has made 2 inquiries to the listing agent, asking for an explanation of the discrepancy. No reply. Too bad. The listing needs to be fixed ASAP.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of May 4th, 2024 at 6:15am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.