Up a Creek.
A Bentonville real estate firm is suing in Benton County Circuit Court after it said it was cut out of a deal for property that eventually sold for $1.3 million.
The Brandon Group, led by Sumer Brandon, had agreed in June 2016 to sell property at 411 S. Goad Springs St. in Lowell for owner Ronnie Bowen through his subsidiary, Arrow Investments Northwest Inc. Bowen and Brandon Group real estate agent Amanda Gainey had a "handshake" agreement to not list the property, and The Brandon Group would receive a 7 percent commission on the sale.
According to the suit, filed by attorney D. Westbrook Doss Jr. of the Doss Law Firm in Fayetteville, Bowen told the agents he had to get at least $1.3 million for the property, where event venue St. Anthony's on the Creek occupies 2.35 acres. The suit said Gainey found a prospective buyer, Tierra Encantada Properties LLC, which is led by Christina and David Rodriguez, in April 2018, and the Rodriguezes signed an exclusive agency agreement with The Brandon Group.
The Rodriguezes agreed to pay $1.65 million but struggled with finding a lender and getting a proper appraisal, which the suit blames on their applying for a real estate loan rather than a business loan with St. Anthony's being a part of the acquisition.
When the appraisal came in at less than $1.65 million, the Rodriguezes said they wanted to withdraw from the deal and a few days later requested a termination of the agency agreement.
The suit said Bowen told Gainey and The Brandon Group to accept $10,000 for their work. On July 16, the suit says, Bowen told the agents that he intended to sell to the Rodriguezes after the agency agreement expired.
The sale, for which the Rodriguezes paid $1.3 million, closed on Oct. 1. The Brandon Group is suing the Rodriguezes and their LLC, Bowen and Arrow Properties, as well as Arrow officer Brandy White. The Brandon Group is asking for $96,000 in commission and double that in punitive damages.
Please Note: Illustration(s) are not available due to copyright restrictions.
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|Title Annotation:||Whispers; Brandon Group, Tierra Encantada Properties LLC|
|Comment:||Up a Creek.(Whispers)(Brandon Group, Tierra Encantada Properties LLC)|
|Date:||Dec 17, 2018|
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