Failure to Double-Check Your Work Could End in a Lawsuit

A lending institution engaged a real estate broker to list and sell residential property that went through the foreclosure process after its owners defaulted on the mortgage.

Situation: A lending institution engaged a real estate broker to list and sell residential property that went through the foreclosure process after its owners defaulted on the mortgage. As instructed, the broker arranged to have an asset management company “trash out” and dispose of the contents by sale or destruction. A for sale sign was then placed in the yard and the lock on the front door was changed. Problem: It was the wrong property.

Source: https://eo.pearlinsurance.com/acton/attachment/21966/f-aec890d4-7bae-423d-84f8-f2966c1ab983/1/-/-/-/-/Pearl-Insurance-Realtors-EO-Risk-Manager-March-2019.pdf?utm_term=192151-XL-EO-INT-E-MAR&utm_campaign=192151&utm_content=192151-XL-EO-INT-E-MAR&utm_source=Act-On&utm_medium=Email&cm_mmc=Act-On%20Software–email–James,%20Your%20E%26O%20Risk%20Manager-_-READ%20NOW&sourceCode=182028-XL-EO-INT-E-NOV&refer=Act-On&sid=TV2:BYulMqhAq

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