Buyer Beware

Note: This post is a revised version of one originally posted March 3.

In running comparable property searches with clients of mine two living area discrepancies jumped out at me.

Approx. Living Area: 700 sq. ft.
Living Area Disclosures: public record=637

and

Approx. Living Area: 1000 sq. ft.
Living Area Disclosures: Acual is 940.

These are pulled from two MLS sheets. Now when buyers search by square footage these properties come up in searches they don't belong in.

While this practice is clearly out there in the public domain all buyers must be aware of the fact that this information does not get properly circulated to the sites that have been developed to promote access to listing information. While many consumers are now aware of the fact that listing information is readily accessible on many different websites, it is critical that all buyers (and sellers) know what information is being put out there. Three years ago Massachusetts formalized "buyer agency" as a practice and built in certain protections. These include, amongst many others, to verify to the best of anyone's ability that the buyer has all of the relevant information needed to make an informed decision about purchasing a property.

While I do not in any way condone or encourage the practice exhibited above, it is out there. There are boundaries which I do not see the merit of crossing personally as a listing agent. However, as a buyers agent I would hope that this would immediately raise a red flag in my mind and would therefore put my buyers in a position in which they are armed with current, accurate and complete information to the best of my ability.