In a national news article that came out recently about how an agent is being sued because he did not show the buyer all the homes in the area that were available and they purchase one that they felt was over market value Vs those that were for sale. I am aware that as an agent/broker we run the risk daily, of being in some legal entanglement. So, after reading about this current turn of events, I went to my professional association and looked for a legal form that I could use to protect myself from something of this nature happening to me. I found nothing. In a couple of forms it state that the future value of your home is hard to predict. I am writing today to say that is not enough.
I am writing today to NAR my state agency CAR and the Commissioner of the Dept of Real Estate in California. We need a legal form that addresses this issue of pricing when an offer is presented. So, when a buyer places an offer they are aware that the offer and acceptance of said offer price wise may change either either up or down along with a recently CMA.
I find it is always in your best interest to be proactive and I suspect that many of you have brokers that are taking a pro-active stance on this most current hot topic. I for one think that we all need to be on our toes. I know that many agents say that they have the buyers and sellers sign a CMA report. I wonder if this information would not carry more weight if it had a legal form attached of which both the agent and buyer/seller would have to acknowledge.
A good friend of mine is in mediation in Orange, Ca by her sellers. She took the listing and told then up front that the home was over priced, unfortunately they are saying that they were never told this information, so they are going mediation because they the sellers are saying that had she price the home correctly it would have sold. The home did not sell and it was on the market for six months.
What are your thoughts?
Lorraine
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