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
Wow thanks for sharing.... It amazes me the seller isn't suing for getting a nice chunk at closing and if they were the seller during this time they wouldn't be suing. What happens when the market picks up again... Can we sue these people for the equity?
This is a joke, right? When will people step up and be responsible for their own actions.
By the way, my stock went down this week and I gained a few pounds over the winter because I stay home more and drink beer. Who can I sue?
I think you're on track for suing Bernacke, Jenny Craig, and Coors...When you settle I have some land for you to buy...woa...then you can sue me, so forget about the land...
Just plain ridiculous. Buyer beware comes to mind, but the hardest thing she'll have to prove is that her agent actually knowingly and purposely led her astray. Tough one to prove if you ask me, and people need to start owning up to their own mistakes, instead of always pointing the finger.