The incident in question involved the owners home on Lake Geneva which is located near the Illinois/Wisconsin border north of Chicago. I lived in Chicago for four years and I am very familiar with Lake Geneva as I boated there. It has a history as being the summer playground of Chicago’s who’s who including the Wrigley gum and Schwinn bicycle family’s plus it was the location of the first Playboy Resort Hotel
in the U.S. which opened in 1968.
The property in question was apparently listed for sale on Zillow
a large online real estate portal in the U.S. and they are now in Canada and was stated as being in foreclosure when in realty it wasn’t. The owners owned outright with no mortgage and it was not even for sale. Zillow
was apparently quick to realize the mistake and withdrew the listing. The question to ask is how did this happen in the first place?
Consumers often question the value that we as REALTORS® bring to the real estate transaction. As I have stated in the past and for those that may be unfamiliar with our profession, in Ontario as in most parts of Canada, we operate under law which in Ontario is the Real Estate and Business Brokers Act. Both the “Act” and the Canadian Real Estate Association (CREA) have strict Code of Ethics guidelines that those of us licensed top practice real estate must adhere to. Mistakes like this shouldn’t happen and as per Article 4 of the CREA Code “A REALTOR® has an obligation to discover facts pertaining to a property which a prudent REALTOR® would discover in order to avoid error or misrepresentation.”
Whether I am representing a Seller or a Buyer, I routinely verified everything regarding a property from room and lot sizes, to taxes, zoning and other matters. I know first hand of a recent transaction outside of the local real estate market where the buyer of a $950,000 property sued the seller for $750,000 alleging misrepresentation. The case dragged on for two years with the seller and the two REALTORS® via their insurance paying out over $130,000 just to make the matter go away.
That is a lot of money in anyone’s books, more importantly you can’t put a value on the worry and stress that an ordeal like this has on you plus there is the added cost of legal fees. Don’t let this happen to you. Whether you are buying or selling hire a REALTOR® that you feel confident with and don’t be afraid to ask any questions regarding matters that are of importance to you. It’s all part of what we should know and the services we provide as real estate professionals.
is now making inroads in Canada. The U.S. real estate market is a very different from what we have in Canada. There is no “national” MLS® system in the U.S. like we have in this country. Like their banking industry the U.S. market in terms of MLS® coverage is very fragmented. Only time will tell how successful Zillow
becomes here, watch this blog for future posts and updates.