Being an Exclusive Buyer's Agent and a member of the National Association of Exclusive Buyer Agents (Disclosure: I'm also on the Board of Directors), I was excited to see the following article on FoxBusiness.com:
Buyer Agent Organization Comments on Ummel Home Buying Case
The Association's position is simply that part of a Buyer's Agent's due diligence is to prepare comparative market analyses on properties being considered for purchase. (Certainly before submitting an offer on a property.)
As stated, all the details of the case are not readily available, but when a consumer hires a Buyer's Agent to help them with their home purchase, they believe (and should receive) advice and counseling regarding price. Does that mean that the Agent or Broker should be held responsible (and liable) if prices decline after a purchase? Of course not. Perhaps the agent had valid comparables or justification for the price offered and accepted. An analysis of recent sales that justified the offer price would have protected the agent in this event, and may have changed the Buyer's mind as to whether or not they wanted to complete the sale or not. (Or, they may have chosen to move forward anyway... certainly that is a Buyer's choice!)
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