Researching Facts on a Property (Don't just trust the listing)

It doesn't hurt to double-check facts on any property you look at. Sometimes important information can be missing or incorrect.

I recently checked out a house my investor had inquired about based on a listing he saw online. The listing agent had the square footage listed as almost 3,000 sq ft, which for the price made the property an absolute steal! But when my realtor and I walked through it, I said "How many square feet does that say?" Both the local listing AND every other site I looked at including Trulia and RealtyTrac had the same facts. I could tell the place couldn't be even HALF that size. Turns out it was actually only 1100 sq ft. There are often discrepancies in listings. Just human error. Don't be afraid to carry your own measuring tape and figure out sq footage for yourself if it seems off. Who cares if you take a little extra time.

Another story recently involved a listing saying there was a double lot included with an REO. Turns out the extra lot actually did NOT go with the house, but since the buyer had been told it was, the bank/seller actually had to PURCHASE the extra lot from a different owner to include it with the sale of the property. I doubt that happened without a big stink from the buyer, either.

Sometimes it can be an error in your favor. There was one house I had under contract about which the listing agent gave some NEGATIVE information that was inaccurate, therefore turning off potential buyers. Now, I don't know if that was intentional, but by ignoring it and looking anyway, I came out a winner.

I guess what I am saying is this: realize that agents/brokers/PEOPLE are human, and don't take everything at face value. Check it out for yourself. You might be glad you did.