By June Fletcher | The Wall Street Journal
Q. I got caught in a bidding war a couple of months ago, and think I overpaid for my house. I paid cash, so I didn’t have an appraisal. In retrospect, my real-estate agent only seemed to be interested in her commission, not in helping me get the best deal. Am I stuck now? Is there anything I can do to lessen the pain?
-Phoenix
A. If you feel your agent neglected her fiduciary duty, you should explore the idea with an attorney. However, understand that in fast-moving markets such as yours, it may be difficult to prove.
A California couple, Martha and Vernon Ummel, made a similar claim against an agent during a rapidly changing market, but in 2008 a jury found in favor of the agent. Martha Ummel said in an interview last week that she and her husband trusted their agent to tell them about what other similar homes had sold for. They paid $1.2 million for their home in July 2005; it’s now worth between $900,000 and $950,000, she estimates. The lesson she learned? “Do your own research,” she said.
Did you overpay for your home? Use the comment box at the end of the story.
