What should my first action be if I suspect my Realtor misrepresented me by giving false and deceptive info?
I purchased a piece of property, and secured a construction loan to build a home as an investment only. The realtor who led me into this provided false and deceptive information, but I did not find this out until a couple of days ago. The home is only a couple of weeks from being finished. Promises were made to me, that I now know will not be fulfilled by the realtor. Even the broker in this case believes that I was misled, deceived, and given false information. He showed up extremely late to our closing, and has not come to any of our walk thrus with me - basically has done absolutely nothing. The realtor will receive his comission once my loan goes from construction to perm. He is looking at receiving about $12,000! I do not believe that he deserves this comission, and I would like to know what kind of legal action I can take against him. I promise this is not just a case of a disgruntled home builder, or a clash of personalities. Thanks for any advice.
- Anonymous1 decade agoFavorite Answer
Whether or not he is entitled to his commission, isn't yours to decide.
What was the nature of this "false and deceptive information"? Has it caused you to lose money?
When it comes to actions against realtors, there are a few layers you need to look at.
First, your agent likely has a real estate broker who he has his license through. That broker is responsible for all actions of the agents who license through him. That broker should be contacted first. He'll probably only just do what he can to protect his agent and his company. But you do need to try here first.
If you aren't satisfied, next step is two-fold. You file matching complaints with both your state licensing agency, and your local board of realtors. Every state licenses real estate agents, either under Commerce Division, Dept. of Real Estate, etc... Their licenses can be jeopardized if they are found to have acted in bad faith. They could be fined or suspended or even permanently blocked from selling real estate again, if the case was bad enough.
The board of realtors is the local arm of the group that creates the MLS, the Multiple Listing Service, where homes are listed for sale for all agents to see. All agents that have paid their dues to the board, are in good standing, and have access to the MLS. The board does have the ability to sanction it's members. No realtor can really conduct business without access to the MLS, either to see homes for sale or to advertise homes they are listing to sell. So this is a serious issue for any agent. And any actions that are against the board's "Code of Ethics" can result in sanctions.
Ultimately, you may find you need to get an attorney and sue the agent. Not to block him from getting his $12,000 (which he is splitting with his broker anyway), but to get made whole for any losses incurred by his false and deceptive information. You can't just negate his broker contract to pay him for his services, but you can pay yourself back with your own money (which basically is what this is) if you can win your case.
Agents are licensed because there is a presumption that they have a wealth of knowledge that they will use against the unwitting public. Sharks against guppies, as they put it. For this reason, they are required to get a license to perform their work, and they are required to follow the laws and risk losing their livelihood for malfeasance (and even incompetence).
If you don't feel you got anywhere with the broker, state or board, then find an attorney. Good luck.Source(s): 10 years in mortgage banking, formerly licensed real estate agent
- parsonselLv 61 decade ago
Consult a real estate attorney and bring your proof to the meeting.
- 1 decade ago
What is the false and deceptive info???
What sort of promises and how do you know the outcome?
Need more info
- JackLv 51 decade ago
We had a realter lie to us, but there was nothing we could do about it. We just had to bend over and take it. It almost ruined us financially.
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- 1 decade ago
get an attorney