Why don’t people measure their purchases?..$12m…and didn’t even bother to measure it…What it takes maybe an hour to measure…No appraisal?..it is amazing how dumb rich people can be…Another cheap investigation tool is a water level…A 100’ clear plastic hose with a water bottle reservoir…Easy to walk around and see if your new $12m house has settlement issues…So the guy won. .a $10 tape measure would have saved him years of court battles. .
This case is pretty extreme. The advertised square footage is 15,000 but the actual is less than 10,000. Off by more than 50%. But individual sales agent having fiduciary duty to the other side is news to me. I don’t think it’s the buyer agent’s responsibility to double check the square footage?
Sorry if I was on the jury, I would have no sympathy for a rich idiot that couldn’t be bothered to do even the simplest due diligence. …I bet the property is worth double now…Where are the damages? Looks like the buyer did pretty well…Fate takes care of fools. …
Well, keep in mind that a lot of buyers, some who have posted here, buy without stepping one foot into the property. They are relying on the disclosed information, and if that information was incorrect shouldn’t they have a right to be compensated for that if materially different? God, shouldn’t real estate agents do SOME work to get paid???
From the article, this is applicable only when both buyer’s and seller’s agents are from the same firm.
Redfin site displays the county’s record on the property. It seems that what he was told or advertised by realtor is not consistent with the county’s record. One should always check that both are the same. In the disclosure documents, there is a property diagram (forget the technical name) that show all the dimensions of the property done by a quantitive surveyor. I think he didn’t bother to read it. For such a expensive property, one would expect he would read it or if don’t have such a document, should get the property quantitatively surveyed.
Yes, I get that. But being employed by the same broker doesn’t mean they even work in the same office, or know each other. If anything shouldn’t the broker himself be liable instead of the agents?
That’s what I thought too. Is a conflict of interest to have both agents from the same brokerage. If allowed, broker should be responsible for accuracy of info and fairness of transaction.
So now it’s not enough to give many pages of disclosure? How many buyers and how many agents actually read tens to hundreds of pages of disclosure?
This will make dual agency much more dangerous to realtors. Good for sellers and bad for buyers.
“He also said these agents “cannot fulfill their duty to disclose information (to buyers) by providing them a blizzard of paper buried in which the information is disclosed.””
Also what kind of damage will the listing agent be responsible? Home value went down when the buyer filed suit, now it’s actually higher than purchase price.
If the damage is too much, this realtor may declare bankruptcy.
Agents and brokers all have insurance to cover this kind of stuff. Most likely it’s the insurance companies paying.