Do I have a case if a real estate agent lied about having multiple offers on a house?

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Do I have a case if a real estate agent lied about having multiple offers on a house?

We bought a foreclosure, the bank’s real estate agent told us he had multiple offers and we had to give our highest and best, so we did. Talking with the bank later we found out we were the only offer they had ever had. They never saw any other offers from anyone else.

Asked on June 19, 2012 under Real Estate Law, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You have at least a basis for an administrative complaint wtih your state's department of real estate against the listing agent for the REO seller of the foreclosed property that you acquired for lying to you on the issue of multiple offers.

As to damages, unless your selling agent can verify that you would have offered less than what you did and the seller would have accepted that lower amount proving such under the law will be difficult.

I suggest that you consult with a real estate attorney further about the matter you are writing about.


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