California Jury Rules Against Homebuyer In Claim That Agent's Negligence Resulted In Overpaying By $150K For Home

In San Diego, California, TheVoiceOfSanDiego.org reports:

• A jury sided Thursday with Carlsbad real estate broker Mike Little in a closely watched lawsuit that pitted a local couple against the agent that helped them buy a home. The couple, Vern and Marty Ummel, claimed that Little neglected to mention recent sales in their neighborhood, leading them to overpay by about $150,000 for their home in July 2005.

• The case attracted national attention as it posed a hot question: What are the responsibilities of a real estate agent? The real estate camp was concerned that if the plaintiffs won Thursday, it would catalyze and focus a growing urge around the country to find someone to blame -- and to hold financially responsible -- when houses aren't worth as much as their buyers once paid. Those who sided with the Ummels worried their case would be chalked up to rich people problems, a matter of a measly $150,000 in the scope of a million-dollar tract home near a golf course in North County.

For more, see Jury Says Realtor Not to Blame for Purchase Price.