Paid Too Much / Any Recourse?

Survey: Tight Markets Causing More Buyer's Remorse? | Realtor Magazine

Question:

I had a property listed at $599,000 expecting multiples. A Buyer’s Agent who was aloof, reticent and condescending submitted an Offer at $690,000.

I had made it quite clear that there were no other Offers.

As time progressed to closing two appraisers attended and the best they could come up with was $585.000. That’s reasonable, the market dropped.

What can the Buyer do?

Answer:

The Buyer has to close or they will be in default. This is a situation in which the Buyers should be suing their own Agent for negligence in handling this transaction.

Hopefully, their own lawyer is sufficiently independent from the real estate agent and will offer this advice. Also, they need a litigation lawyer at this point. And, you might end up being their “star” witness.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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