• Home
• Search for Homes
• Market Report
• FREE RACE ENTRIES
• Contact Brian Long

Carlsbad couple suing Realtor

March 31st, 2008 Categories: Real Estate News, San Diego County Community News, San Diego county Real Estate News

Carlsbad– There is an article in today’s San Diego Union Tribune about a Carlsbad couple that is suing their realtor because they overpaid for their Aviara home.

The Ummels purchased their Carlsbad home in May of 2005, which is widely recognized as the peak of the area real estate boom. They paid $1.2 million dollars for their 3697 square foot home which was listed at $1,175,000–1,245,000. There was currently another home for sale on the same street for $999,000 to $1,100,000. Since it was just a few homes away, I would have to believe they saw and viewed this home, though it is not mentioned in the U/T article*. It did sell for $1,025,000 but closed on the same day as the Ummel’s home, so this information was not available. However from the start it was listed for over $100,000 lessThe last home, a model match, that closed was listed at $1,175,000 to 1,245,000 and sold earlier in the year for $1,095,000.

Obliviously as a REALTOR I have a special interest in this lawsuit, and several months ago when I first about it my thoughts went to the bank and appraiser.

Are there dishonest or less than forthcoming realtors? ABSOLUTLEY, but there was an independent lender that has lending guidelines and hires an independent appraiser. The appraisal came in supporting the $1.2million purchase price. The Ummels did sue the lender and the appraiser and have settled with them for $10,000 each.

I am going to keep an eye on this and may even be at the courthouse tomorrow. I will be very surprised if a jury finds the agent liable. Again, a bank and appraiser reviewed the purchase contract, the current market conditions and supported the purchase price. Also, if the Ummels did look at the other home for sale for $100,000 less, anyone buying a million dollar home is hopefully intelligent enough to make their own decision. Stay tuned.

* I have a call out Lisa Weisberg who wrote the article to see if she asked if they viewed this other home or saw the flier.

This entry was posted on Monday, March 31st, 2008 at 9:09 am and is filed under Real Estate News, San Diego County Community News, San Diego county Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Comments »

Michelle Panik O'Neill said:
This is crazy. A lawsuit is not the way out of your own ignorance.
The crying baby picture is a nice touch.
# 31 March 2008 at 4:11 pm
Carlsbad couple suing Realtor lose case said:
[...] CARLSBAD– The Carlsbad couple suing their REALTOR for paying too much for their home in the Aviara area, lost their case. I originally wrote about it here. [...]
# 11 April 2008 at 7:47 am

Leave your response!