Monday, February 6, 2012

The Source of Real Estate Lawsuits

A biennial research report by the National Association of Realtors shows the property disclosure issues account for many of the lawsuits filed by homebuyers against sellers and agents:

Disclosure problems involving underwater owners were deemed the most significant of all legal issues discussed in the 63-page report. . . .Often, according to the report, the upside-down seller "sees no benefit" in giving up any information about the property. And sometimes, because the short-sale process takes so long, the property's condition changes while the contract is pending.

Lenders are blamed for much of the tumult because, as one respondent put it, "they are unresponsive and do not approve transactions in a timely manner." But real estate agents take it on the chin too. Said another respondent: "Too many agents are dabbling in short sales without training and are not properly advising sellers of options and recommending legal counsel."

Steve Clowney

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