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Bill is a real estate agent, and Susan has engaged Bill to help her buy a house. Susan tells Bill that Susan can afford to

Bill is a real estate agent, and Susan has engaged Bill to help her buy a house. Susan tells Bill that Susan can afford to pay a maximum of $600,000 for the house purchase, but that she would like the best deal possible. Bill shows Susan a house for sale that Susan likes very much (nice neighborhood; good schools; close to work; etc.) with an asking price of $550,000. Susan (with Bills help) makes an offer to purchase the house for $500,000. The sellers agent receives Susans offer to purchase the house for $500,000 and calls Bill (Susans real estate agent) to discuss Susans offer with Bill. During that discussion, the sellers agent casually inquires of Bill what the maximum amount Susan can pay is. Bill replies Susan told me that the maximum she can afford to pay is $600,000.(Note that Bills real estate commission is calculated as a percentage of the real estate transaction price (typically 3%), and that Bill will make more money in commission with a higher priced transaction. If the house sells for $500,000, Bills commission for acting as Susans agent will be $15,000(3% of $500,000); if the house sells for $600,000, Bills commission will be $18,000(3% of $600,000).) The seller then rejects Susans offer of $500,000 and makes a counter-offer to Susan of $599,950. Susan, who really wants the house, then reluctantly accepts the counter-offer and pays $599,950(just $50 under the maximum she can afford), wishing very much that she had been able to purchase the house more cheaply.
Has Bill done wrong on these facts? Explain.

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