Buyers Are Suing Their Agents (RE agent, Realtors, brokers, housing)

[BloggerQueen]

Oh-oh, now the realtors are being sued...

"...Real estate lawyers and brokers say the case...is likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase..."

Read more at
http://www.nytimes.com/2008/01/22/bu...2agent.html?hp

[seeriously]

Originally Posted by BloggerQueen

Oh-oh, now the realtors are being sued...

"...Real estate lawyers and brokers say the case...is likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase..."

Read more at
http://www.nytimes.com/2008/01/22/bu...2agent.html?hp

Whatever happened to "Let The Buyer Beware?"

[KCfromNC]

Originally Posted by verobeach

Whatever happened to "Let The Buyer Beware?"

It's probably hiding in the same place that the "Realtor Code of Ethics" has been hanging out.

Seriously, though, if the claims are true and the agent hid or misrepresented neighborhood price data this seems like a reasonable case. Proving that claim could be tough - hopefully the agent didn't put any sort of comps on paper.

Maybe one victim of the housing bust will be the death of dual-agency, or at least a stricter definition of what the buyer's agent's responsibility is. There's a lot of moral hazards inherent in those positions and not everyone is mature enough to handle the responsibility without some oversight.

[surfingatwork]

Originally Posted by BloggerQueen

Oh-oh, now the realtors are being sued...

"...Real estate lawyers and brokers say the case...is likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase..."

Read more at
http://www.nytimes.com/2008/01/22/bu...2agent.html?hp

wow! I'm not surprised that someone has decided to sue. I hope they lose. How was the agent involved suposed to know the property down the street would sell for less (that's not public information until it's recorded). Lastly, if they were so concerned about the purchase price why didn't they have their own appraisal done prior to closing.

[Captain Bill]

What the agent needed was a crystal ball

[DMenscha]

I'd LOVE to be on that jury. I don't see where they've proved damages.

[pghquest]

Originally Posted by BloggerQueen

Oh-oh, now the realtors are being sued...

"...Real estate lawyers and brokers say the case...is likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase..."

Read more at
http://www.nytimes.com/2008/01/22/bu...2agent.html?hp

When I first heard this on the radio this morning I almost wrecked my car. What BS, sue the realtor because you lost money?

Then.. the more I thought about it, people sue their stock brokers and win, why not the realtors, especially the ones who act as buyers agents?

I pay my lawyer to act upon my behalf, but I also expect them to not mis-lead me on the facts and not to lie to me about the winnability of the case or transaction we're doing before I Pay them.

While I still think its BS, I recognize that people can sue for anything, and since realtors are supposibly "experts", then perhapse in some situations they should not be exempt.

[2bindenver]

It's not clear whether they lost money in reality or on paper.

How does an adult not understand that real estate is an invesment and investments go up and down?

What were the local papers spouting before the sale? Here they have been doom and gloom for 7 years.

[Bob The Builder]

Originally Posted by pghquest

When I first heard this on the radio this morning I almost wrecked my car. What BS, sue the realtor because you lost money?

Then.. the more I thought about it, people sue their stock brokers and win, why not the realtors, especially the ones who act as buyers agents?

While I still think its BS, I recognize that people can sue for anything, and since realtors are supposibly "experts", then perhapse in some situations they should not be exempt.

PGH

You are right. It is not a black and white as some of the RE agents are wishfully thinking.

During litigation, the RE agent's attorneys will instead be arguing that the agent had little expertise at all.

Should this go to jury trial, the jury will not be loaded with real estate agents.

[DMenscha]

Originally Posted by Bob The Builder

Should this go to jury trial, the jury will loaded with real estate agents.

The plaintiff's attorney could have anyone in the real estate industry excused from the jury pool.