I have seen houses for sale that state something like this:
For sale under assessed value. Assessed in 2008.
The fact is that any appraised value done 1-3 years ago is like tying to figure out what your 4 year old car is worth by looking at a 3 year old kelly blue book. The value has changed so much since it was done then that it has nothing to do with todays value at all. It could be 25% too high or worse.
That's the problem, if we all stand by and watch this behavior without doing anything it seems to me that we are just as culpable.
And not that it is much better, but it IS possible that the agent was ignorant, not unethical.
I agree with you Joan, but let us not pretend that all others adhere to your standards and mine. You and I don't find this behavior permissible, but clearly others do. I must continue to stand by my prior statement as a warning to Kip and others who may place a little too much trust in those who certainly don't deserve it.
Does stretching the truth or lying exist in this business?
Obviously. There's not a business that exists that doesn't have its truth stretchers and liars.
Is it permissible in order to meet the goal of selling a house?
Never, not for ANY reason. Ever.
It's one thing to promote a property by saying: "100,000 below tax assessment!" It's another thing to claim--incorrectly--that the tax assessment is related to fair market value.
Hope that helps.
Some places do not use 100% market value for assessed value. That also can cause some problems trying to make it fair market value.