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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27989
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I just recently sold my parent's house. I have a sister who

Customer Question

I just recently sold my parent's house. I have a sister who is co-executor of the will with me.
We sold the house for $955,000 and the buyer put the house back on the market for $1,350,000 2 days later
Can I sue my real estate for misrepresentation?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 2 years ago.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.
Good evening. Have you spoken with the Realtor about why they priced the home so low? Did they show you comparable sales in the area to support the listing price? How did you select this Realtor?
Customer: replied 2 years ago.
Our attorney recommended this real estate person and it was his son in law
Expert:  RealEstateAnswer replied 2 years ago.
And what about the other questions? I am curious as to the misrepresentation?
Customer: replied 2 years ago.
He did show us comparable houses, they were all in the range of the $955,000. I feel like he misrepresented us because we could have gotten more for the house.
Customer: replied 2 years ago.
But when i did a little research recently i found out that houses were selling for more
Expert:  RealEstateAnswer replied 2 years ago.
Thank you for the additional information. It is important to remember that just because the home is priced now for 1.350, does not mean that it will even sell for it. Moreover, the Realtor would want to get the MOST for the home since that would mean a higher commission. It would do him no good to price the home for less then what it was worth, without your permission. In addition, you said he priced it based upon comparable sales, so if he performed his due diligence and has the evidence to support it, he can not be sued because the buyer listed the home 2 days later for more. As I shared, a home is only worth what someone is willing to pay so if a buyer sees the home was bought for 955k and now listed for 400k more and all the other homes are under 1,000,0000 they are not going to get the asking price unless they find an all cash buyer who does not care about over paying for a property.
Customer: replied 2 years ago.
So I cannot sue him for pricing the house too low
Customer: replied 2 years ago.
He only showed the house to 3 people and ultimately the buyer of the house dealt in all cash, no inspection
Customer: replied 2 years ago.
It is my belief that he knew the buyer and got money under the table.
Expert:  RealEstateAnswer replied 2 years ago.
Thank you for the reply. If you can show that there was self-dealing and he knew the buyer and essentially committed fraud, then you could sue him. That would be illegal and he could lose his license. However, you as the seller have the final say when it comes to accepting an offer, so if you thought it was low, you could have rejected it and/or told him you wanted it listed higher, when you first retained him.
Customer: replied 2 years ago.
thank you
Expert:  RealEstateAnswer replied 2 years ago.
You are welcome. If you have not already, please remember to rate my help prior to leaving, so I can get credit for my answer. Thank you.