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Man who walked away from home purchase hit for $155K (access required)

Market dropped between time of signing, his decision to bail

A Bedford County jury verdict last month dramatically illustrates the recent downturn in the real estate market and the potential consequences for unwary real estate purchasers. The sellers of a high-priced home (pictured above) in a new Forest-area subdivision won a $155,000 judgment against a man who signed a contract to buy the home and later ...

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One comment

  1. More than likely the agent for the buyer gave the idea to the buyer that he could “walk on the POA” disclosure instead of stating he should contact an attorney to evaluate his ability to walk. Too often, Realtors get a little too cocky and loose lipped in the offering of advice. I’ll bet their will be a subsequent lawsuit between the buyer and his agent soon.

    Clients will hear and believe what they want so Realtors (and I am one) must be ever so careful to never offer legal advice for just this reason. It is written into our Code of Ethics. It is also important to understand the terms which are written into a contract as to whom we are protecting. It is unfortunate that it is easier in Virginia to get a Real Estate license than it is to earn a license to be a hair stylist. Until a more comprehensive test is available, more buyers (and sellers) may find themselves at risk.

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