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If Your Home Value Drops ... Just Sue Your Agent!

By
Real Estate Broker/Owner with brokerforyou.com CA Lic#00706331

real estate home value lawsuitIt was reported on January 22, 2008, that a home buyer is suing her agent because she believes she overpaid for her home.  The buyer believes her agent did not disclose that similar homes in the neighborhood were selling for less than what she paid.  At first blush, such a case seems frivolous to many because the ultimate decision to buy and the price to offer is ultimately the buyer’s decision.  Plus, no two homes are exactly alike.  Even if the homes are close to each other, they may vary in decorating upgrades and maintenance.  One home may face a green belt, another may be on a cul-de-sac and a third may have a panoramic view. All these factors can make for unique value variances within the same neighborhood.

So is this the case of a buyer trying to recoup some of her home value loss by hoping for a quick settlement with her agent?  Perhaps there is more to this case.   *To view the entire post, please visit the San Diego California real estate blog at: http://www.brokerforyou.com/brokerforyou

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Steve Aubertin
Maximum Results Realty - Pittsfield, NH

Bob, sounds like sour grapes to me, but if the Buyer Agent did not do due diligence then they may be in trouble. Many realtor's I run into do not take the time to learn their market they just say what they need to to get the commission.

It's too bad that these cases are going to the courts it's completely avoidable by doing our job.

Feb 28, 2008 06:44 AM
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

I've heard of this cropping up recently in Orange County as well. As our market continues to 'adjust' we can expect more of this as people look for ways to shift the blame for their decision to somebody else.

We are just wrapping up a mortgage fraud case out here where people actually did pay $100,000+ over asking price as part of a scam and they are suing - as they should. They were gullible, greedy and/or unsophisticated investors sucked in by a smooth operator but at least they have some justification.

Feb 28, 2008 06:57 AM
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