I recently sold my house in the SF-Bay area a couple of months back
when the market was red hot. I listed my house for a little less than
the price I really wanted to sell it for, in the hope of getting
multiple offers. However inspite of the hot housing market, I got only
a single offer at exactly my list price. My agent told me that since
it was a full priced offer, I was obliged to sell it. I went through
with the sale only to later find out that I could have made a counter
offer asking the buyer for an extra $$$$. My real estate agent misled
me and did not explain the possibilities. I was fooled out of my house
and did not get a fair price. Every other sale in my neighborhood was
above the asking price by at least $5000.

Can I take action against my agent saying that he misled me into
selling my house at just the asking price?

Thanks,
-Sid

In article <ud6gg0l627nt2etqrsvafuuj1rgvtl8v5f@4ax.com>, Sid
<khandige@hotmail.com> wrote:
Can I take action against my agent saying that he misled me into selling my house at just the asking price?

Start with your local Board of Realtors. You can find out the
answer to your question, whether or not that type of advice
was appropriate for your real estate agent to give, and what
types of actions you can file. If you decide to file an action,
your first step would be to report him/her to the Board of
Realtors.

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

Sid <khandige@hotmail.com> wrote:I recently sold my house in the SF-Bay area a couple of months backwhen the market was red hot. I listed my house for a little less thanthe price I really wanted to sell it for, in the hope of gettingmultiple offers. However inspite of the hot housing market, I got onlya single offer at exactly my list price. My agent told me that sinceit was a full priced offer, I was obliged to sell it. I went throughwith the sale only to later find out that I could have made a counteroffer asking the buyer for an extra $$$$. My real estate agent misledme and did not explain the possibilities. I was fooled out of my houseand did not get a fair price. Every other sale in my neighborhood wasabove the asking price by at least $5000.Can I take action against my agent saying that he misled me intoselling my house at just the asking price?

Probably. But you need to consult an attorney; asking here won't do
you much good. When you talk to an attorney and tell him/her all the
facts of the case and he has a chance to review all the documentation,
he/she can tell you whether there's much chance of winning and how
much you might recover if you do -- and how much it will cost to
pursue the case.

Your best bet is to ask your personal attorney -- the one who handles
routine matters like wills -- to recommend a specialist in
this area. If you don't have a personal attorney, ask your friends,
relatives, and co-workers to ask their attorney for such a
recommendation. If several come back with the same name, call that
one first.

If all else fails, ask your county Bar Association for their referral
list, or look in the yellow pages. But a referral from somebody you
trust is better than relying on a YP ad, and the Bar Association just
lists every lawyer who _says_ he/she works in that speciality.

Call up and ask for an appointment. Find out how much you will be
charged for the initial consulation, so you don't get taken by
surprise by the bill if you decided not to hire this attorney.
--
I pledge allegiance to the Constitution of the United States of America, and
to the republic which it established, one nation from many peoples, promising
liberty and justice for all.
Feel free to use the above variant pledge in your own postings.

Sid wrote: I recently sold my house in the SF-Bay area a couple of months back when the market was red hot. I listed my house for a little less than the price I really wanted to sell it for, in the hope of getting multiple offers. However inspite of the hot housing market, I got only a single offer at exactly my list price. My agent told me that since it was a full priced offer, I was obliged to sell it. I went through

You didn't HAVE to sell. But you did owe your agent his commission since
he brought you a willing and able buyer at the asking price.
with the sale only to later find out that I could have made a counter offer asking the buyer for an extra $$$$. My real estate agent misled me and did not explain the possibilities. I was fooled out of my house and did not get a fair price. Every other sale in my neighborhood was above the asking price by at least $5000. Can I take action against my agent saying that he misled me into selling my house at just the asking price?

Huh??? You're kidding right? If you WANTED more YOU should have asked for more.
Hey, we all make mistakes in life. Consider it a learning experience. Next
time you'll ask around and talk to more than one agent.

/dan

Sid wrote:
I recently sold my house in the SF-Bay area a couple of months back when the market was red hot. I listed my house for a little less than the price I really wanted to sell it for, in the hope of getting multiple offers. However inspite of the hot housing market, I got only a single offer at exactly my list price. My agent told me that since it was a full priced offer, I was obliged to sell it. I went through with the sale only to later find out that I could have made a counter offer asking the buyer for an extra $$$$. My real estate agent misled me and did not explain the possibilities. I was fooled out of my house and did not get a fair price. Every other sale in my neighborhood was above the asking price by at least $5000.

I'd check to see if the house was in multiple listings. Some brokers
don't list them right away, trying to keep the sale in house, earning
themselves a double commission. If the broker did that, you not only
could go after him, but you should.

If it was actually in MLS, and the buyer made an offer not only for
the full price asked but for all the other terms you asked for without
contingencies, you will probably not be able to get much, if anything,
from the broker.
Can I take action against my agent saying that he misled me into selling my house at just the asking price?

Probably not if that's the only fact there is. You might be able to
get him for malpractice, though, for listing it either too high or too
low. You'd have to talk to another broker about that. But my guess
is you won't get too far on this basis.

Stu

The odds are you would loose a law siut unless the following could be proved.
1. If the listing agent gave you a market survey competitive market analysis that was bad from the date available. You might show negl. You must be able to show that the average "Professional Real Estate Agent" should have come up with a higher sales price.

2. If the person had the information on the other properties selling price and did not inform you of what they sold for. You might show intent. But you must look at the paper you signed in reference to The law of Agency. Who do they represent in the transaction. It is spelled out in that document.

3. You must find out if the properties sold were listed at the same price yours were. Sometime a bidding war happens and people will pay more than the asking price. The Agent must be clear when they get an offer from a buyer that the seller will look over the offer. Once money is tendered and both parties are in reciept of the offer is is concidered to be deliverecd. That changes the offer to an agreed upon contract between both parties. Now knowing that happened: If the Agent represents you in the transaction ... and... as supported by the Agency agreement document as material fact... and... the Agent knew the buyer would pay more. You have a suit.

BUT... understand the selling price may not mean that those seller made more money. Here are some examples. The seller may have paid all the closing cost, In some cases carried back a second, put thousands into an escrow fund for repairs, assisted in paying off debt for the buyer to qualify. All of these are legal with different lenders who may hold or portfolio the loan. So just because they sold for more does not mean you would have made more money. I hope this helps. Chuck

necroposting.

necroposting.

I wondered what that smell was!

:cool: