Marty Ummel of CARLSBAD, CA, and millions of others believe they paid too much for the houses they bought at the top of this latest housing boom. But Ms. Ummel differs in that she's suing her agent, stating it was all his fault.
According to the NYT article,
"Ummel states that the agent hid the information that similar homes in the neighborhood were selling for less because he feared she would back out and he would lose his $30,000 commission. Real estate lawyers and brokers say the case, which goes to trial in North County Superior Court on Monday, 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. When your house appreciates $100,000 in the first six months, you're not quite as concerned that maybe the valuation was $25,000 or $50,000 off," said Clifford Horner of the law firm Horner & Singer. But when your house goes down, you ask: ‘Who might have led me astray here?' Real estate lawyers and brokers say the case, which goes to trial in North County Superior Court on Monday, 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."
This may very well set a horrible precedence, especially now when so many are looking to bail out of their over-mortgaged homes. If Ummel wins, we'll have to quickly change fields...know any good law schools?
Giving You The Advantage...TM
Taunya Fagan Bozeman Montana Homes 406.579.9683 taunya.fagan@prumt.com
