Legal Question in Real Estate Law in California

Re: Selling a home

Well, maybe you are just lucky! Once in a while, there is either someone who has been waiting for a particular house that they just love to come on the market, or the eventual buyer just shows up sooner rather than later.

However, two hours is a trifle suspicious. I guess the first thing to do is see if the offer is unconditional or if there are conditions attached, in which (latter) case you should instruct the agent to keep taking back-up offers.

Next, I'd ask the agent and the agent's supervising broker to discuss with you the circumstances of the fast offer; whether it came from someone they had waiting in the wings or whether it came through the MLS or what other circumstance got the word out so quickly. Was a for sale sign ever posted? I would also ask whether the agent or broker has any prior connection with the offeror.

Getting several opinions as to a home's current market value is standard advice for homeowners planning to list and sell. How did you reach your decision to use this agent? Was the price your idea, the agent's, or did you discuss it beforehand and compromise?

Your agent has a duty of disclosure to you, which would include disclosing any relationship between the agent and a buyer. The agent also has a legal duty to you to use his or her skill, education and experience for your benefit. This would include a duty to prevent your making a truly bad decision on price. On the other hand, the agent could justify a somewhat below market price if he or she had reason to think you wanted or needed a quick sale due to, for example, a need to move or a need to pay for your new house.

You can get a reasonably accurate, quick and private estimate of your home's value via www.zillow.com.

If the agent or broker used very bad judgment on price or if there is some likelihood that the buyer is an undisclosed friend, relative or partner of the agent or broker, contact a local real estate lawyer.