Have you ever had a buyer sue you? I haven't and I'm glad for that, but more and more people are starting to sue when things don't go their way. In the last two weeks I've read of at least three cases where a person who bought a property in 2005 and 2006 were now suing their agent and the appraiser for paying too much for their homes.
There's another situation where people are suing a person who agreed to do a lease option with them because at the end of the lease they decided not to buy and now wanted their option money back. What part of option did you not understand? You were buying the right to purchase the home at a certain price. You don't expect you deposit back when you put something on lay-a-way at a store do you?
So far I haven't heard of anyone suing a lender for giving them the loan or the underwriter for approving the loan, but I'm guessing that will be coming. When did we, in this country, become so egotistical that we blame everyone else in the process for the mess we are in now.
I've read some fun debates on Activerain in the last couple weeks about who is to blame, but every one of the short sales I've done in the last year have had nothing to do with the original loan or the home. It has to do with the person losing their job or getting behind because of a medical problem, divorce or in once case a death. Now, these are all things the Realtors or the mortgage brokers could not have controlled. So, do we blame someone else?
How about we just work together to fix the problems that are plaguing real estate right now and stop pointing fingers at each other and trying to take each other to court? I think the public is taking a long hard look at all of us right now. I think we just need to worry about what we need to do to fix it instead of trying to figure out who is to blame.
Todd Clark - broker
Kastings & Associates
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