- Jurisdiction
- Texas
Hello legal community,
I am new here + new to talking to lawyers, period.
I purchased a home in August in TX. In this transaction, when we made our offer, the seller who is also an agent (selling his own house) sent a counteroffer with his CMA document. We've decided that the counter offer seemed reasonable based on his comps analysis and closed on the transaction.
Well, a few months later, long story short, we found out that the 4 comps he sent over during the negotiation were inflated, some by over $100,000 from the PUBLIC sales record.
(REDACTED agent employer for our protection and yours. Please, exact names are unnecessary, and can cause you to be on the receiving end of a lawsuit! -One of the friendly admins)
When I said he "sent over the comps", I meant, the PDF file that he sent over had ***REDACTED*** logo and everything, showing his professional analysis of how he arrived at the price. The public record sale price was inflated on all of them (READ: not an honest mistake). At the bottom of this CMA document, there is a disclaimer that says the following:
"THIS IS A BROKER PRICE OPINION OR A COMPARATIVE MARKET ANALYSIS AND NOT AN APPRAISAL OR OPINION OF VALUE. In making any decision that relies on my work, you should know that I have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Appraisal Practice of the Appraisal Foundation."
I am not sure whether the above disclaimer gets him off the hook or not. My estimate is that we overpaid by around $70,000 by trusting his CMA document given his professional credential.
Do I have a case here, and if so, whom do I start the conversation with? My agent or the seller's agent (who happens to be the seller)? Thanks in advance!
I am new here + new to talking to lawyers, period.
I purchased a home in August in TX. In this transaction, when we made our offer, the seller who is also an agent (selling his own house) sent a counteroffer with his CMA document. We've decided that the counter offer seemed reasonable based on his comps analysis and closed on the transaction.
Well, a few months later, long story short, we found out that the 4 comps he sent over during the negotiation were inflated, some by over $100,000 from the PUBLIC sales record.
(REDACTED agent employer for our protection and yours. Please, exact names are unnecessary, and can cause you to be on the receiving end of a lawsuit! -One of the friendly admins)
When I said he "sent over the comps", I meant, the PDF file that he sent over had ***REDACTED*** logo and everything, showing his professional analysis of how he arrived at the price. The public record sale price was inflated on all of them (READ: not an honest mistake). At the bottom of this CMA document, there is a disclaimer that says the following:
"THIS IS A BROKER PRICE OPINION OR A COMPARATIVE MARKET ANALYSIS AND NOT AN APPRAISAL OR OPINION OF VALUE. In making any decision that relies on my work, you should know that I have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Appraisal Practice of the Appraisal Foundation."
I am not sure whether the above disclaimer gets him off the hook or not. My estimate is that we overpaid by around $70,000 by trusting his CMA document given his professional credential.
Do I have a case here, and if so, whom do I start the conversation with? My agent or the seller's agent (who happens to be the seller)? Thanks in advance!
