Be sure that the rumor is true, first. Check the public records to determine what the property actually sold for. Also the agent should have provided you with a CMA (Comparative Market Analysis) to determine if the asking price was in line with what similar houses were being sold for. Anyone can sue anyone for anything. But if you check your buyers agreement, there is probably a clause in there that states that you are ultimately responsible for the purchase, and the agent is not representing the value of theproperty. Normally, you should always get an appraisal, even if you are not getting a loan. And have an appraisail addendum in the purchase contract that states you want an appraisal, and can get out of the contract if it doesn't appraise to asking price. Lastly, remember that most markets are declining, and what a house sold for 6 -8 months ago is not what you can sell for now, so it sounds as though she should have offered less than what things went for previously, not more.

Sun Jun 8 2008, 10:28

Check your buyer agency contract (if one was signed)- in it, depending on your state, is a "fiduciary" requirement to you, the buyer. If a property that would impact your purchasing decision was made based on omitted information, and it was intentional, I'd be chatting with a lawyer. The agreements vary from state to state- review your agreement asap.

Sun Jun 8 2008, 10:20

Steve,
All agents are bound by full disclosure and are required by law to fair and equitable treatment of all clients. Did your agent prepare a CMA (comparative market analysis) for you, showing what homes had sold in the neighborhood in the last 6 months? Did you have an appraisal done? Did your agent also represent the seller? Did you check Trulia yourself for comps in the neighborhood? Our society is so quick to sue and so quick to judge others. Even though you rely heavily on your agent buyers should also do their own homework and be prepared to make their own decisions. Not all buyers agents are created equal.

Sun Jun 8 2008, 08:39

Boy,

Bring a hired gun to the party and it is all thumbs up (fear of getting shot, perhaps?)

Suggest that somebody be prudent and not act precipitously ( now everybody knows who to use the gun on!)

How uniquely American. :)

Mon May 12 2008, 21:01

All agents practicing in Maryland are required by law to provide the disclosure form called Understanding Whom Real Estate Agents Represent. The form explains the various relationships and whom the agent is representing -- the buyer, the seller or no one. This form also provides the contact information for the MD Real Estate Commission.

Mon May 12 2008, 16:34

Steve,

Have you been inside the other home in question? Was the same person selling both homes?

Everybody is so quick to want to sue, but every situation is different.

Maybe the property 2 months ago was an estate property that needed to be sold quickly, maybe the owner's kids lived across country and the parent were so desperate to sell that they lowered the pride $94,000 below market value! (this is actually a true situation on another current Trulia thread.)

If you want to sue, that is always your option. I would definately go to great efforts to make sure that you have all the details about that other sale, because there might be more to this story that you do not know.

Mon May 12 2008, 16:27

Yikes - that's bad. Your agent should have told you about that sale. Did she show you comps to make an offer? If so, it should have been in there. You may have a case. I would first confront her on this and find out why she didn't tell you about it. If you don't like the answer, contact the Maryland Real Estate Commision. You may have a case. Are you sure the other house is the same style, same square footage, and all amenities? If it is, there is no question, she ommitted this comp on purpose. Since you didn't use a bank, you didn't have an appraisal done. You should have paid the $400 to get one on your own. If you need a hired "gun" for an arbitration or court case, I'm here to help. I can also do an appraisal for you. I can be reached at ejmrhodes@aol.com Good Luck!

Mon May 12 2008, 16:25