My son is selling his house in Massachusetts and the real estate agent lowered the asking price without his knowledge by 40,000 dollars. Now he says he screwed because he can never go back up again because people have seen the lower price. Does he have a recourse of action? thank you.
2 Answers from Attorneys
Re: Real Estate
In general, actual damage needs to be shown in order to have a viable cause of action. If a Seller can re-list at a higher price, but hasn't done so, it would be difficult to prove damages. Likewise, the length of time that a property was listed at a higher price might influence whether damages could be shown, and whether there was any discussion of the need to lower the price, etcetera.
It is always a good idea to obtain legal representation when selling or buying a valuable asset such as a house. The attorney's fee is not dependent upon closing the transaction, and the attorney's interest is in making sure that the client is protected. Because of the compensation arrangement for brokers, there is implicit pressure in "closing the deal." Sometimes the client's interests do not align with a particular deal, and the attorney is there to advise the client of the risks.
Re: Real Estate
I think he just needs to re-list it at his chosen asking price. Certainly, your son would have grounds to terminate his Agreement and hire a new Realtor if he chose.
He should try listing the property with a new Realtor at his chosen price and see what happens.
Related Questions & Answers
Earnest Money Deposit A buyer offered to purchase our property and put down 2000... Asked 6/02/09, 6:05 pm in United States Massachusetts Real Estate and Real Property
Land - Property Several years ago we had a land dispute with our neighbor. The suit... Asked 6/02/09, 10:47 am in United States Massachusetts Real Estate and Real Property
Reg property DEEDS , background inf to employer Hi, Iam married to an NRI on FEb... Asked 6/02/09, 6:52 am in United States Massachusetts Real Estate and Real Property
Taking advantage of senior citizen Neighbor wants to put up fence pushing closer to... Asked 6/01/09, 10:33 am in United States Massachusetts Real Estate and Real Property
Keeping neighbors off our property 11 year old boy is allowed to ride his 4-wheel... Asked 6/01/09, 10:25 am in United States Massachusetts Real Estate and Real Property