“Suing for lack of competence”

“We are trailblazers…”

Trailblazers for what?

Advice for buyers:

Ask questions. Lots of questions. Look at the Comparative Market Analysis (CMA). Look at the competing inventory. Vet your Realtor. Make sure that you have a competent Buyer’s Agent. Ask for references, if you’d like. Don’t enter into a Exclusive Buyer’s Agreement lightly. For too long, buying a house was an almost trivial matter for some, as was choosing a Realtor.

If this is accurate, it bodes ill for the Realtor, in my opinion:

Mr. Little also worked as a mortgage broker. The Ummels say he encouraged them to get their loan through him. Mr. Little ordered an appraisal of the house but did not respond to the couple’s requests to see it, the suit charges.

How I wish this were a case of Dual Agency; that would be too easy.

Hat tip: Realonomics

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  1. Matthew Rathbun February 3, 2008 at 07:40

    I think regardless of the Dual Agency issue, he had divided interest if he were also the Lender. I’ve recently been shown a snippet of information that states Lenders cannot be licensed real estate agents if they are selling federally backed loans. A lender friend was showing me this and a few other lenders are saying they are aware of this issue. So, if a lender is also a licensee, are they not then pushing solely conventional loans when FHA or VA maybe better options? Even if they aren’t, I just made the argument that they could be…

  2. Jim Duncan February 3, 2008 at 15:08

    Agreed. It’s hard enough doing one thing well, much less throwing lending into the equation.


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