Can you sue a realtor for bad advice and withholding information?
After months of not selling our property, we decided to rent it. As soon as we did, we told our realtor that we would no longer need his services. Mysteriously, an offer for full asking popped up that day, but the buyer wanted to do it 100% financing. We were repeatedly assured by the realtor that the buyer’s loan was approved and was good.
The problem was, we had signed a lease to rent the place out. Our renters demanded $ 4K for us to break it, which is the norm in California. So we paid them.
As it now turns out, our buyer’s loan is not good. He has bad credit and has outstanding child support that is preventing him from closing a loan and closing the place. We feel our realtor withheld this information from us – and that because of this we are $ 22K out of pocket – $ 4K for cancellation and $ 18K in lost income from the one year lease.
I know it was our decision to accept the offer, but do we have any legal recourse against our realtor?