Sad end to a home buyer who was abused by his REALTORs

I just hear the final decision of a Maryland appeals court on a buyer who got taken because his real estate agent lied to him about being a buyer agent.

It is a long story that will probably cost the buyer over $50,000, but the quick version is:

1. Buyer hires company to act as buyer's agent.

2. The agreement expires but the company keeps acting like his buyer's agent. (So he assumes they are still his agent.)

3. The real estate agent gets the buyer to sign a contract to purchase a new home.

4. Buyer realizes the contract doesn't protect him if his old home doesn't sell.

5. Buyer realizes that the real estate agent was actually now working for the seller.

6. Buyer tries to pull out of the transaction.

7. Buyer ends up loosing tens of thousands of dollars on the transaction and court costs.

8. Real estate company admits they violated the disclosure laws, but they get away scott-free.

This is a scham.

The link above is to the original story.