Legal Question in Real Estate Law in Illinois

I am trying to buy a foreclosed property, I put an offer in with my agent, the bank countered and my agent told me to do what I want counter back or accept, she did not give me any advice even tho I asked for some she stated she not allowed to, nor did she inform me that if I do not accept what the bank offers and I counter I could wind up in a multiple offer situation and to question if 2000 is worth the risk to lose or pay way more than the banks offer and then let me make the decision. If I lose this property due to her negligence in properly informing me of the repercussions of this action can I sue her?

Asked on 3/27/12, 6:11 pm

3 Answers from Attorneys

Henry Repay Law Offices of Henry Repay

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While other attorneys may differ in their opinion, I do not see anything that rises to the level of actionable negligence and "malpractice" type cases are not so common for real estate agents.

Answered on 3/27/12, 6:31 pm

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Stephen Messutta

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Furthermore, it sounds like she is a dual agent. Why do I say that? Because you say she said she is "not allowed" to give that kind of advice. That's exactly what happens when you have a dual agency -- under Illinois real estate licensing law the agent representing the seller and buyer (a dual agency) is not allowed to suggest price or terms to give or accept to EITHER party. So my BEST thought is that if this is the case, go to the managing broker of the firm and ask that the dual agency be undone so you can get the help you need. This is a strange feature of Illinois real estate licensing law, but it is the law. If this is NOT the case, then you should go to the managing broker of the office anyhow, and get his or her help.

Answered on 3/27/12, 8:08 pm

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