Paid too much? Sue your agent

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You knew it was coming: a potentially trend-setting lawsuit in which buyers who paid too much for their house are now suing their real-estate agent. The New York Times’ David Streitfeld reports tonight on a Carlsbad couple who paid $1.2 million for their home in August 2005 only to realize that similar homes in their neighborhood were selling for up to $175,000 less. Naturally, they are suing their agent.

Streitfeld reports the case is ‘likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase.’

“They simply didn’t do what is expected of a knowledgeable, sophisticated buyer, and are now looking for someone other than themselves to take responsibility,” said Roger Holtsclaw, an agent who was hired as an expert witness for the agent being sued.

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