Profile picture for user2027425

My wife had an agent under value the house value by 25%, Can she be reported? Seems unethical.

We are in the process of a divorce her agent came up with a price that is easily off by 25% or more. Nothing in the neighborhood even comes close to her number. Are there laws to protect homeowners against this? 
  • March 13 2013 - Hayhurst
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Answers (14)

I agree with everyone else get an appraisal done and you and your wife should agree on an agent to list the home.  I am assuming you are on title as well?  If so you both should have a say about the Realtor used as you both will have to sign the listing agreement. Good luck.
  • March 19 2013
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There are many reason a person and or their agent would under value a property, the biggest is that they are looking for the BEST price which will come with MULTIPLE offers generated by the demand of the list price, then the market will climb to it's limit... this also makes for a fast sale, and the house doesn't sit on the market or require price recuctions until sold
  • March 18 2013
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Profile picture for Neeraj Jassal
To elaborate on the suggestion others have made about obtaining an appraisal, this will help you in long run as you have an appraisal to substantiate any potential low offers.

Divorces often become very messy.  Why not get the appraisal done to possibly avoid one more argument?

Good luck.
  • March 15 2013
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Profile picture for CallTheSisters
Get an appraisal to settle the dispute.
  • March 15 2013
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Profile picture for RealEstateCrew
If you agreed to list at that price, you would need to report yourself also, just ask the agent to raise the price and you will be in line with where you are expressing you would like to be.  

A Realtor cannot list a home for any price that the seller has not signed off on.  

Best of Luck.
  • March 15 2013
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My first thought get your own agent or perhaps purchase what is referred to as a Broker Price Opinion. I am curious however, since the agent is normally paid on a commission basis I do not see any particular value to her agent lowering the value of the property as  that would also lower her own compensation. Are you expecting your wife to buy you out of the property? Were a lower value would reduce her cost of the divorce? Now another thing to consider is she may have asked the agent to price the property for a very quick sale, like inside 30 to 90 days.
  • March 14 2013
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Same approach applies when hiring a plumber or electrician, if your not happy with the numbers get more quotes.When dealing with real estate hiring the right agent is proberly the most important decision you will ever make.
  • March 14 2013
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Assuming she is not buying you out or vice versa meet with several agents and look very closely at the comps/adjustments on the CMAs.  This is the same data that any buyer/buyer's agent will use when deciding what to pay for the home. If you still aren't comfortable with the numbers order a certified apprasial. 

In the event she is buying you out or vice versa you each need to order separate certified appraisals.
 
Good luck to you.
  • March 13 2013
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Profile picture for sunnyview
Maybe that agent was simply not very experienced or was unfamiliar with the neighborhood. It is also possible that she shot low for a quick sale or that the other agents shot high to buy the listing.

You will not know what the house is really worth until you put it on the market or get an appraisal for an arms length sale. You are wise to look over the comps yourself and compare the CMA's you get. The highest CMA may not be right just as the lowest may not be wrong.
  • March 13 2013
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What should she have valued the property at, 202x?
  • March 13 2013
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Sellers aren't legally obligated to use the 1st agent they interview. Nor are they legally obligated to just one valuation. And in the end, the selling price is determined by the seller and not the agent.

When selling your home, it's vital that you talk to more than one agent as home valuation is subjective. Even two appraisers can come up with numbers that can vary.

  • March 13 2013
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Consider having a neutral party select an actual certified appraiser to determine a fair value for the property with provisions that each of you will honor the value brought forth. Make sure it's a neutral party, (not your spouse's cousin's brother, etc...).
  • March 13 2013
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Profile picture for wetdawgs
An agent is not an appraiser and should never be considered an appraiser.      You should talk to your divorce lavvyer on the subject and ideally together the two of you (i.e. ex- and you) can determine the best way to identify the market value.
  • March 13 2013
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You can talk to your local Board of Realtors claiming unethical practice, when you do make sure that you have the evidence to back your claim. Your Local Board of Realtors will then do some investigation.
  • March 13 2013
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