For the most part, I love Real Estate. I like being an agent, I love my clients, and I work with lots of great agents. Sometimes I work with agents that aren’t great and things don’t go smoothly.

Recently I had a wonderful client buying a great home that she was in love with. Inspections on the property went really well, the mortgage process went smoothly, and we feel that we negotiated a pretty good contract. Last week things changed a bit.

The mortgage appraisal came back and though the value was listed the same as our contract price, there was a significant discrepancy from the measured square footage and what was listed in the MLS entry. The appraisal stated that the home is about 25% smaller than we thought. That is a pretty big difference. Price per square foot significantly shot up.

A little more info for you about where the MLS data comes from. We populate several of the fields with information gathered from the appraisal districts which automatically feeds via the agent side of HAR. The source of your square footage can be changed to be from the seller or builder. For this home the source was listed as the seller. I phoned the agent to find out how the seller got his square footage. The agent didn’t know and admitted to me he didn’t verify his client’s information. The client told him a number and that is what he entered.

The discussions with the other agent quickly deteriorated to “my client doesn’t measure square footage for a living and it is the buyer’s responsibility to verify square footage during the option period.” And you know what. He was right. As unfair as it is, it is the buyer’s responsibility to verify the information provided in the listing and I am certainly here to help with that verification process.

What are your options if this happens? As your Realtor I try to renegotiate. And sometimes a seller will compromise. Ultimately though, the house hasn’t changed and the price hasn’t changed and in this case we have an independent valuation in the appraisal. It can be frustrating but price per square foot is only one part of determing the value of a home. After looking at all the information again you can decide to terminate the contract or we can resolve to continue with the process and move to closing as this buyer did.

When I meet with a buyer I go over several documents that many people pause at signing. In the state of Texas, agent representation defaults to the seller. Meaning, if I don’t have a written agreement with you, I technically represent the seller when we see homes. I know that most people are leery of signing things but these documents actually protect the buyer more than the agent. They provide valuable information including warnings to verify information provided. They are important and should be read carefully. So be aware of your responsibilities as the buyer, verify information, and choose a Realtor you trust to work hard for your best interests.