Q: Does a BPO have to disclose they were a bidder for a real estate deal.
I'm selling a house. I had received multiple offers on the same day. I had 1 come in slightly over asking and another buyer come in a-lot higher over asking. I choose the higher of the 2. The bank then did a BPO assessment. The appraiser waited till the last day of the contingency for the appraisal to start. I had to extend the contingency multiple times. Then the appraiser appraised my house $5000 less then I was asking. I was made aware the appraiser was the realtor that's client offered lower of the asking. I feel this was a conflict of interest and an ethical violation. Is there any laws that this realtor had to disclose they had a client making offers on my house and is now trying to break a deal I already have in place. Is there anything I can do in this scenario. My closing is now hanging on the banks decision to reassess my house due to this.
Are you represented by an attorney in this transaction? If so, your attorney would be in the best position to answer your questions. If you are not, you absolutely should be. Many of us represent sellers on a flat fee that is only a few hundred dollars. As an attorney for the seller, we negotiate on your behalf to protect you from events like this, we draft all of the closing documents, we attend closing on your behalf, and generally oversee the entirety of the transaction.
In regards to a potential ethical issues/causes of action against the realtor, it is possible you have a cause of action if the realtor is intentionally interfering with the deal with improper tactics and/or a improper purpose. As such, I recommend organizing everything in your possession that is relevant to this matter, including the contract, attorney review letters, and all other relevant documentation, and consulting with an attorney individually. Many of us offer free consultations, and it is certainly worth the small flat fee to get an experienced professional on your team that can help bring this deal past the finish line.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.