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Is there a MI law that requires Agents to list houses at no more than 2 x the tax assessed value?

An agent told my mother that she must sell her home for no more than 2 x the tax assessed value.  Her appraisal came in at $118,000; her tax assessed value is $38,000.  According to the agent, he is not allowed by MI law to list her home for more than $76,000.  Is this true?
  • November 13 2012 - Fremont
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Answers (3)

Lynda,

There is no such law and that agent doesn't know what they're talking about.  A home should be listed for current market value and apparently having just had an appraisal done give a hint to the value.  If the appraisal was done for refinance purposes it could be higher than an appraisal for resale would come in at.  I would talk to a different agent and get them to do a market analysis which will show what like homes are currently selling for in the area.

Good Luck!!
  • November 27 2012
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Not only is their no law stating that they must list at 2X the SEV.  But the agent is actually breaking the law by giving that advice. 

Move on to a better agent.

Jason Lash
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  • November 16 2012
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There is no law that mandates a realtor to list no higher than twice the taxable value or state equalized value. A house should be listed at the fair market value. The appraisal would be a good starting point to consider listing the house at. I would strongly suggest using a different realtor than the one your mother spoke with.
  • November 15 2012
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