Volumes can be written on this subject alone…and “the cloud” is already filled with so much data, those volumes are not necessary. And there are those times where you blame your current or previous real estate agents for some type of errors or omissions in judgement or observations that if done appropriately at the right time, could have spared you grief at some level. Stuff like no coat closet on main floor of a house Mortimer rubs against a buyer…or not telling the Buyer about current events in the neighborhood or what was happening around them in the near future…or defects in the house that the agent may have been aware of before purchase but not a severe nature…or just caused more expense fixing it after closing than desired.
But are complaints legitimate, or just a reflection on the poor choices made by the Buyers or Sellers?
Each agent/broker pays money each year for what’s called professional “Errors and Omissions” Insurance. This covers some insurance for thefts through lock-boxes, errors or omissions in contracts, or performance of services. But like all other insurance coverage, it comes with a deductible and doesn’t cover ALL issues.
Bottom line: It’s difficult to prove complete incompetence and what the Agent knew or didn’t know before closing.
So…Buyer and Seller Beware – Be informed and perform your Due Diligence.
Let me know your thoughts.
Source of inspiration for post: Where to turn when you have a problem with your real-estate agent. Even though this article dealt with Ontario in Canada, complaints against real estate agents know no physical boundaries.