Freeport, IL asked in Real Estate Law for Illinois

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.

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1 Lawyer Answer
Steve McCann
Steve McCann
  • Chicago, IL
  • Licensed in Illinois

A: 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.

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