Is lot size from public record always correct?

USCTrojanCPA said:
USCTrojanCPA said:
flipper said:
Check the following listing:http://www.redfin.com/CA/Irvine/11-Columbus-92620/home/4795244

The lot size from the description is 7000SF. At the bottom, the public record for the lot size is only 5250SF, a huge difference.
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Just another Mike Dunn estimation.  Btw, Mike has gotten into the flipping business....saw a few Mike Dunn flips in South OC recently.
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Is agent liable for misrepresentation of the lot size?

He has been flipping for more than two years.
 
He is flipping houses he is buying from his sellers?  Seems a bit odd.  If someone hires a RE agent and says help me sell this for $X, can the agent just buy it from them directly or do they have to tell the seller that they can get more?
 
rkp said:
He is flipping houses he is buying from his sellers?  Seems a bit odd.  If someone hires a RE agent and says help me sell this for $X, can the agent just buy it from them directly or do they have to tell the seller that they can get more?
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He has many regular listings in Northwood like this one. On the side, he is part of an investor group that buys foreclosure properties to flip.
 
Lot size and house size are represented incorrectly most of the time. The agents sometimes used the brochure info but don't know th elevation specific known as the plan x condition such as the second floor cantilever. The appraiser rarely get the measurement right on the second floor area right since the second floor often don't stack over the footprint of the ground floor.
 
flipper said:
USCTrojanCPA said:
USCTrojanCPA said:
flipper said:
Check the following listing:http://www.redfin.com/CA/Irvine/11-Columbus-92620/home/4795244

The lot size from the description is 7000SF. At the bottom, the public record for the lot size is only 5250SF, a huge difference.
Click to expand...
Click to expand...
Just another Mike Dunn estimation.  Btw, Mike has gotten into the flipping business....saw a few Mike Dunn flips in South OC recently.
Click to expand...

Is agent liable for misrepresentation of the lot size?

He has been flipping for more than two years.
Click to expand...
First time I came across a Mike Dunn flip but it's not surprising, I'm sure he's got plenty of cash to do so because he's the super agent of Northwood.
 
rkp said:
He is flipping houses he is buying from his sellers?  Seems a bit odd.  If someone hires a RE agent and says help me sell this for $X, can the agent just buy it from them directly or do they have to tell the seller that they can get more?
Click to expand...
He (probably with some investor group) picks up the properties at the foreclosure auction 10-25% below market comps and then lists them for sale.  He is not buying from his own sellers.  If you got the cash, you can play in that sandbox. 
 
would there be anything stopping an agent from buying the property from his seller for the price seller is happy to sell even if the agent knows its very underpriced?
 
rkp said:
would there be anything stopping an agent from buying the property from his seller for the price seller is happy to sell even if the agent knows its very underpriced?
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No. Agents occasionally buy their own listings.
(but if the agent had failed to present other offers, identify reasonable comps, or market the home sufficiently, there would be a good case for a lawsuit for failing to fulfill his or her fiduciary duty)
-IR2
 
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