- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (16)
Best Answer
- Michael Emery, "MikeEmery"
- Contributions:7298
our financial advisor and loan officer recommended that we walk away, which we did
Keep the financial adviser and loan officer.
Dump the real estate agent.
Keep the financial adviser and loan officer.
Dump the real estate agent.
- Cookie Keggi, "Cookie Keggi"
- Contributions:22
The short answer is yes, it is ethical. A home can be listed for anything the seller wants it to be listed for. Most agents wouldn't take that listing because they know it won't sell if the asking price is way above what the appraisal is and what most buyers would consider a fair price. Your financial advisor and loan officer gave you good advice.
- Rex Fuller, "COREXRE"
- Contributions:110
As noted by many comments below ..... your friend in this case was your Loan Office and Financial Advisor. You can guess who you enemy was. He was after a 'sale' and 'commission' as your expense! I agree with Criss below ...... keep the two and dump the one ..... quickly so!!
Best success on finding a new home and better 'buyers' agent!!
Best success on finding a new home and better 'buyers' agent!!
- Cristopher Crozier, "Criss Crozier"
- Contributions:63
That was a close call! Consider yourself lucky and learn from this experience. Make sure everything is in writing and SIGNED if your going to move forward in any transaction.
Listing is just like offering. It is what it is.
Good luck moving forward.
Listing is just like offering. It is what it is.
Good luck moving forward.
Sounds like you were about to make a very foolish home purchase! As to is it legal or ethical to list above appraisal? Of course it is! Anybody can ask whatever they want for the stuff they own! I will sell you my mazda3 for a million dollars, do younwant it?
- Pam Brewer, "Pam Brewer"
- Contributions:20
Unfortunately, you are out the appraisal and home inspection fees, but the information they provided saved you a bundle. Purchasing a home can have bumps along the way and sometimes they are for our own good. It's good to have the opinion of several professional people to help you make a knowlegible decision.The sellers can put the home back on the market for any price they feel the market will bring; maybe they are making the noted repairs. You made a wise decision to move on, especially in this market.
- Teresa Howard, "YourPreferredAgent"
- Contributions:55
I recommend you write a letter regarding your concerns to your agent's broker. After all is said and done- sounds as if your decision to walk away was the best solution for this situation. You didn't purchase a property that was appraised lower than the asking price.
If you are looking for a new agent or home- give me a call. I would love to assist you.
If you are looking for a new agent or home- give me a call. I would love to assist you.
- Maria Avellaneda, "MAvellaneda"
- Contributions:278
A home can be listed for what ever the owner wants. Selling it at the overprice lisiting is another. You do not seem to know if the buyers did anything to improve the home. Different appraisers value homes different. This is not that uncommon.
The cost of inspection and uprassals is what you pay to ensure you don't pay more for something deffective that is not worth what you are willing to pay and bank don't allow you to do it for your own benefit..
It might seem like you lost, but if you think about it; you won. You did not buy a problem poroperty for more than is worth and you saved yourself a lot of trouble.
You can buy a home that passed insoection and had poroblems with it as you are moving . Tha is why I always recommend buyers to get a n insurance that covers appliances and many other damges to a home. The y are about 4-5-- annually and you pay a deductible per visit . In my experience they are worth every penny.
thanks to my realtor years ago that gave me one as a buying gift , I had then since then.
The cost of inspection and uprassals is what you pay to ensure you don't pay more for something deffective that is not worth what you are willing to pay and bank don't allow you to do it for your own benefit..
It might seem like you lost, but if you think about it; you won. You did not buy a problem poroperty for more than is worth and you saved yourself a lot of trouble.
You can buy a home that passed insoection and had poroblems with it as you are moving . Tha is why I always recommend buyers to get a n insurance that covers appliances and many other damges to a home. The y are about 4-5-- annually and you pay a deductible per visit . In my experience they are worth every penny.
thanks to my realtor years ago that gave me one as a buying gift , I had then since then.
- Pasadenan
- Contributions:21466
"There is no such thing as a verbal. If its not in writing it not a done deal" -
If your agent told you something, you can hold your agent responsible, and file a complaint with the agent's broker, local board, and the State department of Real Estate. And if you didn't sign an arbitration agreement, you can take your agent to small claims court. If you did sign an arbitration agreement, you can go to arbitration.
The agent's broker may prefer that your agent just hand over the money for the appraisal and inspection to you from the agent's pocket. It will cost them a lot less, especially in time and reputation.
Agent's wouldn't be so dishonest if official complaints were filed more often.
Of course that has nothing to do with "list price". A seller can offer their house for sale for any price they want. It is their property, and that is the nature of a "free market". And really, unless one is forced to sell, people don't usually want to pay extra money to have an asset removed from their possession. They usually want at least enough to cover their debt and they agent fees, and the curb appeal prep, and the termite inspection...
If your agent told you something, you can hold your agent responsible, and file a complaint with the agent's broker, local board, and the State department of Real Estate. And if you didn't sign an arbitration agreement, you can take your agent to small claims court. If you did sign an arbitration agreement, you can go to arbitration.
The agent's broker may prefer that your agent just hand over the money for the appraisal and inspection to you from the agent's pocket. It will cost them a lot less, especially in time and reputation.
Agent's wouldn't be so dishonest if official complaints were filed more often.
Of course that has nothing to do with "list price". A seller can offer their house for sale for any price they want. It is their property, and that is the nature of a "free market". And really, unless one is forced to sell, people don't usually want to pay extra money to have an asset removed from their possession. They usually want at least enough to cover their debt and they agent fees, and the curb appeal prep, and the termite inspection...
- Penny Clissold, "BestRealtorEver"
- Contributions:17
There is no such thing as a verbal. If its not in writing it not a done deal. Your agent should have had everything in writing and agreed upon before the appraisal was ever ordered. They could have even wrote in special provisions "If home does not appraise, inspection money and option money will be paid back." You can not do anything about it now but that is
why you have to make sure you have a good realtor and not someone that thinks writing a new contract is to much work. So sorry you had to go thru this. I can understand if the sellers were having to come down
50K why they refused to pay closing cost. The appraisal stays with the home and it will come up again unless the next buyer is paying cash. Good Luck to you.
- Al Geffon, "A True Professional"
- Contributions:18
I'm thinking that the agent was under the gun from the sellers. It appears as if $340k is what the home is worth. If I were representing the buyer, I would expect the property to be in livable condition. My guess is that the sellers wish to recoup the cost of repairs, along with being compensated for the time the home was off the market. It's also a possibility that they owe more than the $340k, and want to get rid of the place without bringing money to the table. Current conditions probably wouldn't allow that. It doesn't matter what the price tag is ... it's going to appraise for what the market will bear. Keeping your advisor and canning the agent is excellent advice. Sorry, but the appraisal and inspection fees cannot be recovered ... but it's a relatively small price to pay in a situation such as this. Best of luck with your new search.
Al
Al
- hpvanc
- Contributions:2579
It is legal to list for any price they want. It is also not the most intelligent thing to do and leads to inefficiency and distrust of the real estate market when agents go along with it. It is possible that they have to get close to the listing price to avoid selling for less than they owe, still stupid but somewhat understandable on the part of the seller not the agent.
Unfortunately many agents don't understand the market or appraisals and will willing help sellers search for angel cash buyers or something similar. Just look at how many properties are listed by agent in most communities with listing prices that are overly optimistic even if listed in 2006.
Unfortunately many agents don't understand the market or appraisals and will willing help sellers search for angel cash buyers or something similar. Just look at how many properties are listed by agent in most communities with listing prices that are overly optimistic even if listed in 2006.
- sunnyview
- Contributions:25139
That agent does not have your best interests at heart. I hope you leave an appropriate review for them on Zillow and tell all your friends, people at the grocery store, your dry cleaner and your lender about your experience with this agent.
Look at it this way. You lost a little money, but it could have been so much worse. Inspection Fee $200, Appraisal $300-500, Reminding your husband on the next house that he should have listened to you and walked away before the full inspection. Priceless.
Look at it this way. You lost a little money, but it could have been so much worse. Inspection Fee $200, Appraisal $300-500, Reminding your husband on the next house that he should have listened to you and walked away before the full inspection. Priceless.
- Mauro Ceschin
- Contributions:32
I agree with Michael in keeping your loan officer and financial advisor. You can't get back the appraisal and home inspection costs .
Unfotunatelly, you lost some money . However, if you think about it, you got something positive from this experience and I am sure that somehow will gain back your money after making the necessary corrections .....
Good Luck
- Steve Roake, "Steve Roake"
- Contributions:285
It is possible your appraisal was lower than it should have been if the appraiser used foreclosures or short sales in the evaluation. To answer your question, it is perfectly ok to list the home at any price the seller wants, despite the appraisal. Another buyer will likely need their own appriasal and it may come back higher the 2nd time. This is probably what the seller is hoping for.
- wetdawgs
- Contributions:26833
No, it isn't possible to get your money back on appraisal and home inspection. That is part of the fun of home buyer, those moneys are at risk.
An agent or seller can list a house at any price they wish. They could list it for $10,000,000 is they want. Fortunately most purchasers have an appraisal contingency in their purchase agreement.
An agent or seller can list a house at any price they wish. They could list it for $10,000,000 is they want. Fortunately most purchasers have an appraisal contingency in their purchase agreement.
Is it legal/ethical to list a selling price for higher than a current appraisal price on a property?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.