Legal Question in Real Estate Law in Massachusetts
I am in the process of buying a house. When reviewing information about the house, the Mortgage Broker told me that he was concerned that the house had appraised for a much lower amount in the past than the sale price the house was listed for.He told me I needed to go back to the Real Estate agent( my buyers agent) and request "comps" on the property to see what other homes in the area were being appraised for. I went back to the agent and did this and she pretty much blew me off and said she'd "never" had a property that didn't meet appraisal, Well the appraisal was 15,000 less than the sale price and I've already sunk $1000 dollars into the inspection and appraisal fee....which I won't be able to recoup because the house is being pulled off the market. Can I sue this realtor?
2 Answers from Attorneys
I am assuming that you did not have an attorney represent you in this process. If you had, there probably would have been an appraisal contingency on the property that would have protected you and your $1,000.00 deposit. The realtor is not responsible for guaranteeing the value of the home. The home is worth what a ready, willing, and able buyer - you - will pay for it. I do not see any claims against the realtor based on the facts you have presented. My advice would be to get yourself an attorney to represent your interests on your next purchase. Good luck in your home search.
Unfortunately, you can't sue the realtor for the inspection fees and the appraisal. It is a cost of doing business so to speak.
If the seller's broker works for a real estate office where she/he are just a sales person, then I would complain to the managing broker, that before you got the appraisal you asked your broker for comps and she blew you off. That is about all you can do.
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