No doubt, the real estate industry is a big one in the country, and surely, there are some real estate agents who like to do it the sketchy way, and that seems to be the case in the Roger Pettingell Sarasota Lawsuit. If you haven’t heard of this case yet, well, it kinda is a classic example of how agents could deceive, not just the buyer but the seller as well, and that too, at the same time. So, by that, it already sounds super interesting, and if you’re intrigued enough already, let’s just get to the details right away.
Who Is Roger Pettingell?
Roger Pettingell is a real estate agent who has been in the Sarasota, Florida market for a very long time. He has nearly four decades of experience in the industry and is currently with Coldwell Banker Realty. During his career, he has been involved in numerous high-end property transactions, thereby earning a good name in the local market. Given his expertise and prominence, a legal case associated with his name easily became a topic of public interest.
What Property Sale Started The Dispute?
At the heart of the matter was the sale in 2021 of a waterfront home on Bird Key in Sarasota. The home was on the market for about $4.6 to $4.8 million. An offer was made by a purchaser, Barry Cohen, that was approximately $400,000 over the asking price and he even waived the home inspection as a gesture of goodwill to securing his offer. Nonetheless, his offer was turned down, thereby leaving it doubtful how the transaction was handled.
Why Did The Buyer And Seller Raise Concerns?
The new buyer, who purchased the home after it was sold to another, had a conversation with the seller. In that talk, the fact that the seller had not known that the highest bid was from Cohen, was revealed. Each party stated that they had not been clearly informed about the offers that had been made on the property. This made them suspect that the process might not have been conducted fairly and so the dispute originated.
What Was Roger Pettingell Accused Of?
The lawsuit claims that Pettingell Roger was the agent for both the buyer and the seller. As a matter of fact, even though Florida law allows dual representation under a transaction broker arrangement, agents have a duty to be fair and also properly disclose all offers. The complaint says that the offer presentation was not done fully and properly and that the agent’s commission was possibly increased through the structuring of the transaction. This point was taken as the main issue of the case.
How Much Money Was Involved?
The home market value was several million dollars, so the commission was also substantial. The usual commission is about 6 percent of a sales price.
Pettingell allegedly being involved on both sides of the transaction would have meant that he was given the full commission without dividing it with anyone else.
According to reports, the commission amount was $276,000 plus another sum that was related to the furniture which was included in the sale. Without a doubt, the amount of money involved in the case made it more serious.
Why Was Coldwell Banker Named In The Lawsuit?
Pettingell was operating under the company when the events leading to the complaint took place so it was Coldwell Banker Realty that was named in the suit. It is typical in real estate cases for the brokerage to be held liable for the agents’ ways of carrying out transactions. The allegation was that the company was supposed to provide proper supervision and compliance with real estate rules.
