The real estate market is immensely competitive. Depending on the actions a person takes with a piece of property and when those actions are taken, that individual could stand to pocket a substantial profit from a transaction. However, real estate litigation could ensue if one person feels that an agent or broker did not act in an upstanding manner.
Louisiana readers may be interested in a lawsuit recently filed in another state against a real estate broker. Reports stated that the suit was filed by the former owner of a home and came as the result of the broker’s son purchasing the property and making a substantial profit after flipping it. Apparently, the original owner of the property believes that the broker drove down the price of the property to her son’s benefit and did not disclose to the owner that the buyer was her son, which violates the state’s law.
The owner claims that the broker committed fraud and breached her duty. The report stated that the broker’s son purchased the property for $142,000 before flipping it at a price of $359,000. The original owner also stated that the broker kept the listing out of public view, did not schedule open houses, did not properly advertise the property and listed it well below the average costs of similar homes in the area. The broker did not provide comment for the report.
Buying and selling property can be difficult for various reasons, and when a broker does not act in the best interests of his or her client, the situation can become even more complicated. As this case shows, real estate litigation may be necessary if a person believes that a transaction did not occur within the proper confines of the law. If Louisiana residents have concerns about such matters, they may wish to speak with experienced attorneys about their options.