Legal Question in Real Estate Law in Massachusetts

Real Estate

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.

Asked on 6/02/09, 7:27 pm

2 Answers from Attorneys

Herbert Cooper Law Offices of Jameson & Cooper

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.

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Answered on 6/03/09, 9:19 am

Christopher Vaughn-Martel Charles River Law Partners, LLC.

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.

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Answered on 6/02/09, 8:54 pm

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