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San Diego "NBC Today Show"

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Kevin A. Spellman

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Joined
Aug 30, 2003
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Certified Residential Appraiser
State
Massachusetts
A San Diego homeowner is suing a real estate agent for over-paying for a tract home and believes the real estate agent influenced the appraiser. The homeowner claims $175,000 was over paid for a million dollar plus home. The homeowner believes sales data and listing information was withheld from her.
 

Workbox

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Mar 2, 2005
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Certified Residential Appraiser
State
Colorado
Got it, I wonder what names they will throw out.

Just saw it, basicly we're back to "Buyer Beware". I am sure all realtors are watching this.
 
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Kevin A. Spellman

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Certified Residential Appraiser
State
Massachusetts
She stated Remax as the real estate company. We should invite this homeowner to this forum and have her start her own thread.
 

Carnivore

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Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
She stated Remax as the real estate company. We should invite this homeowner to this forum and have her start her own thread.


What a great Idea!!! Lets have any homeowner post. Maybe they need a forensic review completed - Pro Bono :)
 

Karl

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Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
How about because of an Appraiser in bed with a realtor & LO at least 600,000 over pay. & the home buyer does IMO have a case cause they were relying on Professionals The RE & Appraiser due to being licensed to ACTUALLY be HONEST.

Sorry but I want to meet all these people that SUPPOPSEDLY read entire contracts prior to signing.
 

Mike Garrett RAA

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Certified Residential Appraiser
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Colorado
Yep...I bet they FORCED her to sign the contract!
 

stefan olafson

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Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Was the Realtor a "buyers agent" or the more typical "sellers" agent? Unless a specific buyers agent agreement was signed, the relationship is between the Realtor and the owner of the home, that is where their fiduciary relationship is?

I just wonder?
 
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
It wasn't quite clear but I think the agent in question was her agent. It took about five questions before the appraisal was brought up. Naturally, the buyer claimed collusion. Ann Curry asked "shouldn't your agent be looking out for your best interest?". The legal analyst sitting their said they do not have a case. The buyer must prove negligence.

Could this be something good . . . in other words, will this be another way to flush out "number-hitters" and "skippies" or will this turn into a witchhunt for buyers who feel like they have been duped?
 

DesertDiva

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Aug 10, 2007
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Real Estate Agent or Broker
State
California
In CA, seller's agent has a fiduciary relationship to seller, duty to buyer is that of *good faith & fair dealing*.

If the court applies the correct standard it will be whether a reasonable agent with similar background & experience would have found the price reasonable.

The appraiser, otoh is supposed to be the expert on values so I'd daresay that party will be crossed in.
 

Soar Ohio

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May 8, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
I know just how this lady feels. The other day I bought some stock in the morning and by that afternoon the same stock was selling for less than I paid for it. No one stopped me from making a bad investment. My broker, his boss and the person taking the orders should have known that the value was going to drop. I just assumed when I read in the paper that the CEO was selling all of his stock that he just wanted an average guy like me to have a chance to make some money. Who do I sue?
 
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