Bb, Renter in City of Industry, CA

Can I sue a realtor or loan officer for taking advantage of my parents?

Asked by Bb, City of Industry, CA Wed Oct 13, 2010

One realtor got mad at my parents for not buying a house threatened to sue them. Parents got scared and agreed to buy a house then the realtor had them deal with another realtor or loan officer who made many promises and stuck them with an overpriced home, two mortgages, and high interest rate I believe it was a predatory loan and there was a lot of awkward unprofessional actions taken by her such as asking my dad to not let anyone know about their business and not letting my mom come into the office where my dad was signing papers. There's a lot more to it but it is very complicated to explain. This happened 3 to 4 yrs ago and property has foreclosed recently.

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Answers

7
I am so sorry to hear about this case. This is not the first time I have heard so something like this unfortunately.

The statute of limitations usually runs out in 5 years and you are on the edge to get something filed with the state. You need to track where the parties to this transaction are now located - are they still with the same firms? You may have a case against the agents and brokers involved. Check with local licensing boars to find out where they work currenlty. Your case is with them and the broker they worked under at the time. You can also file an ethics complaint with their licensing board and the BBB, etc.

You will need an attorney for most of this to assit you. If you do not file soon, you will likely lose your opportunity. Do proceed with the ethics complaint for their respecitive licensing boards.

I hope this helps. Please post update!

Dana Chiordi
Chiordi PLC - http://www.RealtyChix.com
0 votes Thank Flag Link Fri Nov 5, 2010
Sorry to hear about your loss. Your issue involves way more then you can get answered here. You need to contact an attorney and be guided by their professional opinion, now! Make sure you are involved in every step with your parents with this matter since you are trying to help them.

Good Luck.
Web Reference: http://www.edtorrez.com
0 votes Thank Flag Link Sun Oct 17, 2010
Anyone can sue anyone.

The longer amount of time that goes by - the harder it will be to be successful.

Why weren't you looking out for them while this was going down?

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
703-216-9100
0 votes Thank Flag Link Wed Oct 13, 2010
Bb, Wow so sorry to hear, it's a crying shame when a Realtor goes bad or was bad from the begining, it happens just like lawyers, mortgage reps etc. Just so sorry it had to happen to your parents. We cannot offer any advice, just this We are Sorry that someone in our industry seems to have done such a thing.
Contact a Lawyer is our best advice. Shop around a bit if you don't have one already but move on it keep a diary of what when how and who did what in order to present that to a lawyer so that he/she may be able to help you.

All the Very Best

Dave & Lisa
Web Reference: http://www.urhomerealty.net
0 votes Thank Flag Link Wed Oct 13, 2010
Hi Bb. This is always an ugly situation to run into whether it's a real estate agent or someone else trying to manipulate older people. Is this the first you heard of the agent pressuring and strong-arming your parents?

The first question that comes to mind is why it took so long to realize what had happened, although in most states there is no statute of limitations for fraud. I would not try to sue the others involved first. Instead, I'd contact DCFS, the Dept. of Children and Family Services in your city and file a complaint. Find out if this falls under their jurisdiction in CA. It does in my state. They can do the initial investigation and see what kind of tactics were used against your parents, gather paperwork, interviews, etc. If they find just cause, they will sue the agent and broker involved.

GOOD LUCK.

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Wed Oct 13, 2010
Bp,
I've seen bullies in many different businesses. While I agree no one can make someone buy against their will, I do believe coercive tactics and fraud can be used against venerable people. Your question is a legal one and based on that, no one here can give you a straight answer with any certainty. I would suggest you talk to a couple of attorneys who specialize in real estate and possibly elder abuse.
It may also be worthwhile to look up the agent and lender involved to see if other people have complained about them or if they still have licenses. You may find out you are not alone.
Regarding you suing, my guess is that you wouldn't have standing as you were not part of the transactions, but you could do the legwork and possibly encourage your parents to pursue it if a lawyer feels it may have some merit. I'm sorry for what happened to them.
0 votes Thank Flag Link Wed Oct 13, 2010
Hi Bb,

Sorry to hear about your situation & the foreclosure of your parents home. It is distressing to hear of practices like that - but I do not understand how a Realtor can force someone to buy a home, and what grounds would the agent have to sue your parents simply for not wanting to buy it? It kills me to think that there are agents who act like that when there are so many honest and knowledgeable agents who would have loved to help your parents and put their best interests first - agents such as you describe give all of us a bad name. In your situation, I would definitely recommend speaking to an attorney, especially as you mention that there is more to it and complicated to explain. They would best be able to advise you if either you or your parents have grounds to sue after reviewing all of the details with you - they might be the ones that would need to initiate legal action if it was their property and you had no financial interest. Good luck with your situation & hope it is resolved in a positive way for you & your parents!

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
0 votes Thank Flag Link Wed Oct 13, 2010
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