A “hot” market just means deferred litigation. For many.
We’re not the only ones that think so. Calls from brokers, buyers and sellers tell us: time in court is coming a broker’s (and agent’s) way.
The rising real estate market covered a multitude of sins, sins which are now becoming clear. In addition, 85% ( ! ) of recent licensees hold “conditional” licenses – meaning that they only completed 1 of the 3 “required” courses to get their license in the first place. (But they promised to complete the other 2 in 18 months…)
With so little experience and training, mistakes got made. Many were overlooked because of the profits that were made in the rising market. Now, it’s another story.
Nobody likes to “need” lawyers; but when you do, you want them to be the best.
In the event a claim is made, you need to designate specific legal representation in your E&O Policy. (Generally at the time of application or renewal.)