People suing everything with a pulse lately

[Tony V]

Nice find Dave....

According to the Lawyer,(Horner), Valuation is a tricky area for Brokers...he goes on to say that they are not appraisers...he further states ...they have no obligation to opine about value. But once they do, it becomes a gray area whether it's puffery or a misstatement of a known fact....

I wonder how many BPO's the broker has done and if that will play into the suit..

 

[Tony V]

double post as a MOD merged the threads..

 

[Caligirl]

It is clear the Ummels did not rush into a decision: They dismissed one agent and canceled deals on two houses before Mr. Little found them a prospect on a cul-de-sac in a five-year-old luxury development. *A deal was struck with the owner, herself a real estate agent, for $1.2 million*.

Anyone else notice this twist?

All in all, a good cautionary tale for any and all out-of-town buyers.

http://www.realtor.org/realtororg.nsf/pages/codeofethics-consumerquestions

 

[Jim Mallon]

" people who know Marty Ummel describe her as unusually determined. She spent a year picketing ReMax offices on weekends.



Imagine if the woman had just put 1/10 that effort in researching the market before she signed.

Can't you just imagine what a PIA she was to deal with?

 

[xmtpedprl]

BRUTAL.

Dave...

 

[Mr Rex]

If she wins maybe Realitters will stop playing those funny contract games they always want the appraiser to cover with an inflated value.

 

[George Hatch]

Ummm,

There are apparently a couple wrinkles in this case.

Seeing as how this transaction occurred in my backyard I looked at it in the MLS. Without getting into specifics there were 2 apparent model matches, one of which sold in 04/2005 and the other which closed escrow on the same day as the plaintiff's property in 07/2005. I probably wouldn't have completed an appraisal on this property without including both of those sales and they sold for $175k and $105k less than the plaintiff's property, respectively. The one that was closer in price apparently had a pool/spa combo that the plaintiff's property didn't have AND it has been listed with a range listing that topped out $100k less than the plaintiff's sale price.

Somehow I'm thinking that if I were house hunting I'd be curious about the listing 3 doors down, regardless of what my agent told me.

There's also a little note in the subject's MLS listing that says "Listing Agent is owner".

The plaintiff's lender is one of the big mortgage houses that is currently on the ropes, but the loan that shows up in public records isn't even at 30% LTV.

If that's actually the case I suppose it's possible that the loan was funded with an AVM rather than an appraisal, or that if there was an appraisal or AVM that the lender wouldn't have cared what the results were.

Regardless, I'm glad I'm not involved.

 

[ccooper]

Good info George. Question, listing agent is owner(seller). Is the buyer's agent (defendant) also with the same company. Was this an in house listing and sale? i.e. all Re/Max?

 

[Karl]

Wasn't there something mention a few years back in this Forum that this would be happening?? Seem to remember a VERY FEW were talking about this wouild be happening , when the "BOOM" was going on, BUT!! the majority were in a frame of mind that it was OK to steach the Value 1-2-5-15% to reach the Contract cause ALL you needed to do was make a "Time Adjustment" or consider an "UPGRADE". & "The Contract was the best indicator of Value".

I think the FEW that disagreed with the majority were considered "Black Helicopter Pilots"

Trainees & Newly Licensed RUN!! to whoever will listen & say I did NOT realize how badly I was trained what can I do to help. Cause your "Mentors" are going to try thier best to throw you under the Bus. Ask anyone that was at the Jan AZ Board meeting.

 

[George Hatch]

Nope, they were from different companies. However, the buyer's agent for this property and the one for the other model match that was in escrow at the same time both worked for ReMax, albeit out of different offices. I would think a phone call would have shaken loose the contract price had the one agent chosen to call the other. But that's just speculation on my part.