RE Broker/Agents Ethics & Litigation

[needaRazorback]

What is the name of your state?What is the name of your state? GEORGIA

On 08/20/05 I listed a rental property with a big name agency (6% comm. & dual agents). For listing- property purposely kept vacant - neighborhood is primarily SFR. Since I live 2 ½ hours from the subj. prop. the list price of $136,900 was determined from the comps agent A supplied, coupled with agent A value recommendation. NONE of the comps were from my neighborhood which has only about 50 homes in its section & RE pros know that basic to estimating market value is obtaining current market data from the neighborhood, if available. So in good faith I relied on agent's guidance.

Periodically checking for competitive listings I would set my search parameters between $120K and $150K. At end of Oct. accidentally had the $$ search parameters set higher which revealed similar houses listed in my neighborhood. Inquiries to a reluctant agent B lead to addresses of recent sales. (Property next door to me sold within last 6 mo.)

It took 4 written requests in one weekend before obtaining expanded info on 6 comps. (Monkey Business galore.) Example: Agent sent docs to printer outside of meeting room w/ later review at home discovering not one sale printed from “request list” (NOTE: there was a printer adjacent to the computer agent A used to pull up requested sales as well as info on other sales that were not requested).

Informing agents of new price of $154,500, received response that doing so would "confuse the market". (YEP-only thing right!) To cover this, Agent A stated he could put in list info "price increase due to improvements made to property since listing". I stated "absolutely not" and followed up with several emails stating same. The listing info should indicate price raised due to originally being incorrectly priced. Return emails stated agent would not do as I instructed and price change to be distributed to market with increase due to improvements. (Price increase and unauthorized statement in place since 11/8/05).

I believe the marketability of my home has been damaged and subsequently must be sold for less or held until market forgets. (Days on Market of comps- 1 day to high of 62 days, with majority under 10 DOM.) Mine possibly would have sold if originally appropriately priced thereby reaching its intended market. Is there legal remedy for my probable loss, possible damage and definite emotional distress for this situation or is my only recourse to turn in the Broker, agent A and agent B to Georgia Real Estate Commission? Remember this had been income property for last 13 yrs.

I have documentation for all the above actions/inaction’s of the parties, as well as notes on other infractions. My immediate problem is finding representation or advice.
1) My local real estate attorney informed me that the amount of legal & ethical issues are above his expertise and advised seeking counsel near property.
2) Large Real Estate Litigation firm, after informed of Agency name and location, asked specifics of case. After informing attorney of issues, the Broker’s name was requested. Advised conflict of interest & given name of magistrate judge for possible representation.
3) Contact with another litigation attorney - received advised to wait until the sale to determine if I had suffered damages.

I know there's the issue of what it should sell for versus what it will eventually sell for being the basis of a certain type of damage. (Unbiased Appraisal last week for conservative $152,500). My problem is with obtaining advice from a RE broker and/or his agents after breaching their fiduciary duty and inability to obtain counsel until damages are proven.

What do I do now with this current listing that does not expire until Dec. 20th? Do I now lower the list price? My last contact with them was via email stating that they should remove any and all info regarding my listing that had that "improvement statement" on it. I also stated that they should not contact me until I had obtained advice from counsel.

Do I just suck-up and ride-out the listing so as to help mitigate any damages? The house was in good condition prior to listing, (new carpet, paint, plumbing etc) since this blow-up I have been doing minor things to property to help give extra spark.
I’m so very sorry about length of inquiry – but lost and alone.

[BelizeBreeze]

You don't need a razorback, you need some paragraphs.

Now one is going to read that book. Give us JUST FACTS and don't take forever to get to the point.

[needaRazorback]

Facts:
Fraudulently led to listing price of home by agent in Georgia.
Notifying agent of the needed increase in list price, fraud continued.
Agent and Broker breached fiduciary duties in several instances.
Home still under contract until 12/20/05.
Uncomfortable receiving guidance from Real Estate Agency.

Questions:
Do I re-initiate communication with agency and let contract play out?
Do I lower the price of my home to get it sold now that I believe its marketability is damaged?
What should I be doing to mitigate any possible damage to property due to increase?

Concerns:
The market is being incorrectly informed, against my instructions, the increase is due to improvements made since original listing. Any idiot viewing listing before and listing after increase can see no changes.
Attempts to seek legal counsel have been unsuccessful.

[HomeGuru]

Originally Posted by needaRazorback

Facts:
Fraudulently led to listing price of home by agent in Georgia.
Notifying agent of the needed increase in list price, fraud continued.
Agent and Broker breached fiduciary duties in several instances.
Home still under contract until 12/20/05.
Uncomfortable receiving guidance from Real Estate Agency.

Questions:
Do I re-initiate communication with agency and let contract play out?
Do I lower the price of my home to get it sold now that I believe its marketability is damaged?
What should I be doing to mitigate any possible damage to property due to increase?

Concerns:
The market is being incorrectly informed, against my instructions, the increase is due to improvements made since original listing. Any idiot viewing listing before and listing after increase can see no changes.
Attempts to seek legal counsel have been unsuccessful.

**A: you need an attorney, keep trying.

[needaRazorback]

Am I looking for the right kind of attorney? I have been putting -real estate litigation attorney Georgia- in a search engine. Should I be looking for a contract attorney, ethics/malpractice attorney? This has been so stressful that thoughts of needing a criminal attorney have helped me get a giggle through this chaos. (I'm sane and would never need criminal representation as a defendant.)

In my first post, before I cut it down, I mentioned I also had a contract for purchase that was to close on Nov. 18th. If the stated closing date has come and gone with no communication between buyer and seller since my final counter offer on 10/22/05 does the contract die? If so the following info is probably not relative.

I only received portions of it back signed during the time my agent told me to respond to the numerous counter offer(s). That was a major ordeal in that the purchasers agent would send page after page of stipulations, demands etc. that needed an immediate response. From the best I could tell if left un-addressed the requests would automatically benefit the purchaser. The last document to pass between us, dated 10/22/05 was my Exhibit "E" in which I threw my hands up in frustration at the thought of preparing another expedited response. I stated my final counter offer is for the original contract amount of $136,900 as is. (About $18,000 below market, I now know)

On two occasions my agent slipped in a comment that the buyers agent felt the contract was still active. When I would ask about the termination date my agent would state those things are tricky. I mention all this as my last email on ll/09/05 to my agent (when I stated for them to not contact me until I have counsel) I put something in writing that might bite me. In a nutshell I stated my agents wishy washy responses about the first contact being active are not understood. I went on to say "in my opinion the contract is dead for several reasons, with the lack of their fiduciary responsibility to protect my interest topping the list."

Please don't give up on me and please send any tips my way you might have for me getting representation. I'm at my wits end with this. It's hard for me to believe that something as stressful and all consuming as this is and has been, does not warrant compensation, irrelevant of the outcome of the house.

[HomeGuru]

Originally Posted by needaRazorback

Am I looking for the right kind of attorney? I have been putting -real estate litigation attorney Georgia- in a search engine. Should I be looking for a contract attorney, ethics/malpractice attorney? This has been so stressful that thoughts of needing a criminal attorney have helped me get a giggle through this chaos. (I'm sane and would never need criminal representation as a defendant.)

In my first post, before I cut it down, I mentioned I also had a contract for purchase that was to close on Nov. 18th. If the stated closing date has come and gone with no communication between buyer and seller since my final counter offer on 10/22/05 does the contract die? If so the following info is probably not relative.

I only received portions of it back signed during the time my agent told me to respond to the numerous counter offer(s). That was a major ordeal in that the purchasers agent would send page after page of stipulations, demands etc. that needed an immediate response. From the best I could tell if left un-addressed the requests would automatically benefit the purchaser. The last document to pass between us, dated 10/22/05 was my Exhibit "E" in which I threw my hands up in frustration at the thought of preparing another expedited response. I stated my final counter offer is for the original contract amount of $136,900 as is. (About $18,000 below market, I now know)

On two occasions my agent slipped in a comment that the buyers agent felt the contract was still active. When I would ask about the termination date my agent would state those things are tricky. I mention all this as my last email on ll/09/05 to my agent (when I stated for them to not contact me until I have counsel) I put something in writing that might bite me. In a nutshell I stated my agents wishy washy responses about the first contact being active are not understood. I went on to say "in my opinion the contract is dead for several reasons, with the lack of their fiduciary responsibility to protect my interest topping the list."

Please don't give up on me and please send any tips my way you might have for me getting representation. I'm at my wits end with this. It's hard for me to believe that something as stressful and all consuming as this is and has been, does not warrant compensation, irrelevant of the outcome of the house.

**A: get a general real estate attorney. You will know right away if the attorney is up to speed.