Feeling Misled on Home Price, Buyers Are Suing Their Agent
January 22, 2008 by Robyn Hardy
Interesting New York Times article sent to me by a friend.
By DAVID STREITFELD
Published: January 22, 2008
CARLSBAD, Calif. — Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing boom.
What makes Ms. Ummel different is that she is suing her agent, saying it was all his fault.
Ms. Ummel claims that the agent hid the information that similar homes in the neighborhood were selling for less because he feared she would back out and he would lose his $30,000 commission. Read the entire article>
E-mail this Print this
Posted in: Agency Buying & Selling A Home Disclosure Economy & Housing Bubble Education & Training Ethics General Legal Property Disclosure
Well, Anon, I don't know that I'd come to the same conclusion about realtors, in general, not being clean on the basis of this single case. I think buyers have a duty, themselves, to scrutinize the value of any transaction on which they are making an offer. Numerous contingencies exist--including an appraisal contingency--to protect both parties. And, the jury's still out on the culpability of the agent... or the buyer.
This case does, however, raise an interesting thought about perhaps agents considering the value of getting buyer signatures on the CMA as part of the transaction folder.
Post new comment