Square Footage

[Don Yocum]

We are currently in escrow for an existing home in Oregon. In the title papers we signed it said that the square footage of the house was 3168, in reality when the appraisal came back today it showed 2850 square footage. We want to know what our rights are to void the contract, amend the contract, and if voided who is stuck with appraisal costs, title fees, etc. We feel strongly that this house is not worth as much as we originally thought.

 

[HomeGuru]

If your contract to purchase was not based on purchase of the home at a specified square footage, then you can not just cancel. The value of the property is based on the value as determined by the certified real estate appraisal and not by your "thought" valuation.
You need to talk to your real estate agent and a real estate attorney.