NBC Today Show Story

[Web Agent]

Anybody else see the story this morning on the Today show with the home buyer in San Diego suing their Realtor? Claims their Realtor did not disclose lower priced comps to them. There was a legal analyst on the show that pretty much blew them out of the water. The Today Show seems to enjoy trying to promote stories that are negative to Realtors.

[Morristown]

It is the news media in general Ed, they are like sharks, they are totally opportunistic scavengers, they bite what ever they think will put more blood in the waters, and stir the pot that much more.

If you notice, when they are called on it, they usually just act dumb, that this is just a act.

[Benjamin Dona]

As bad as it has been lately, it is just the beginning of what's to come. Most of the TV & Newspaper media are liberal elitists with an agenda. Simply put, they will do whatever is necessary to get a liberal elected to the presidency. Even if the housing market turned around tomorrow and sales started going through the roof, they would still try to trash it.

[SLP-NYCT]

Ed & James,

I agree with you for the most part, BUT this story is one I am glad they followed. As a Broker, I have been watching this story since I first heard about it earlier in the week.

ATTENTION BUYER AGENTS...THIS IS AN EXTREMELY IMPORTANT CASE!

The Today show did an excellent job with it and did not chase it. They had their own Legal Expert on and basically dismissed the case as lacking in merit. This was an expert the Today Show brought in so I think they were on our side in this one. Basically showing a person who is mad the market dropped. However, if this person can prove the Buyers Agent suggested the purchase price, didn't run a CMA or did not show them all available homes in their criteria, the homeowner could have a chance.

The homeowner is trying to compare other homes to theirs as 100% equal and we know that is not the case. Two Identical homes still sit on two different lots! Two sellers are not equally motivated. At least that is what we are taught and past legal cases have supported it.

This is one reason of many why I teach my agents to run a CMA on any home their/our client will be making an offer on and at NO POINT can the agent suggest a price! However, I know this is not the case across the board.

The outcome of this case will have far reaching effects if not dismissed.

Another thing I tell them is to have a Search Criteria Sheet. Keep that and all prospects in the clients file. I hope this agent has one!

Remember that this will go to a jury at some point if not dismissed before hand. Every Juror will have a house who's value has dropped. Its going to be fun.

NY just changed their Disclosure Laws for the third time in three years. Well to be fair, it was left unchanged for many years and then changed last year and again this year. There is language in there that even the state and attorney's can not be sure of. We have to wait for a court case to be brought and a ruling to be issued before anyone will have a define answer as to how we implement the new law.

Just one of the fun parts of being a Realtor.

[SLP-NYCT]

Even if the housing market turned around tomorrow and sales started going through the roof, they would still try to trash it.

I disagree, it was all the media hype in the hot market. BUY BUY BUY! that caused people to pay over asking for a home!

The public media makes money off stories that generate interest. Therefore, they will jump on any bandwagon out there if it means rating will go up and ad revenue will increase. THATS THEIR JOB. Its OUR JOB to Actually Educate OUR Clients!

Remember Our Clients will be listening to this story. We all need to become as educated on the issues and be ready to answer all their questions regarding it. Because if we don't know about it or just shut the door on the story, we will not be able to discuss it with our clients and that makes us look like the bad guy.

My simple explanation to my clients is this: "This is why we provide you with a CMA and we showed or will show you all the houses that meet your criteria. You will have the information to make an informed decision as to which house to buy and what price to offer."

So take this story and study it and become the Expert our clients will turn to.

[OCTeam]

In California, (the state with a RE form for everything) there is a "Market Advisory" form agents would be prudent to have the buyer sign. Basically, it spells outs markets are cyclical, it is impossible to predict future markets and as a buyer, they are responsible for determining the price they want to pay for a house. It also addresses that the home value may increase or decrease as well as potential risks in changing markets. States only they can determine if their offer was reasonable and prudent.

The fact is most agents don't even know it exists or don't use it. Would be a nice document for this agent to have had signed by the buyer in this case...although it seems we no longer hold anyone accountable for their actions when they claim they did not understand what they signed.

[RyanRE]

I can't watch the news. I catch the national & local headlines online, but I just can't drag myself in front of the television to watch the news.

[waynelong]

My simple explanation to my clients is this: "This is why we provide you with a CMA and we showed or will show you all the houses that meet your criteria. You will have the information to make an informed decision as to which house to buy and what price to offer."

I agree that we should all take fair warning that we need to do a good job of giving our clients a thorough CMA and be willing to show any and all homes.

I don't think that you will ever show "all" the homes that meet their criteria though. Some people's criteria according to them is all the 3 bed 2 bath homes in Columbus under $200,000.

[VRI]

As bad as it has been lately, it is just the beginning of what's to come. Most of the TV & Newspaper media are liberal elitists with an agenda. Simply put, they will do whatever is necessary to get a liberal elected to the presidency...

http://www.youtube.com/watch?v=eNLQY3bQyaM

[papaul1621]

http://www.msnbc.msn.com/id/22840771/

Heres the link if you want to read or watch the video about it.