Just because the home is listed at $179K does not mean it will sell at that price. As far a recourse for a bad appraisal in 2004 - don't waste your time, money and energy.

Yes,
You have some great advice. Unless you can prove fraud...which sounds difficult, I think that your efforts would be better invested in looking forward. Generally, when a home is put on the market, IF the home was really worth a great deal more than the selling price agreed by the buyer and seller, the appraiser would reveal it. More importantly, rarely do I see a home sell for less than market value because there are always people looking for the "best deal" .

That means that if you are claiming that the buyer's bought it for $50K UNDER MARKET, you would have had a line of buyers making multiple offers to bid on a home that was listed for $110K but worth $180K.

You're assuming you had a "bad appraisal" back in 2004. Why? If the appraisal was for the purpose of getting a loan, such appraisals are--to put it bluntly--a joke. If a house is worth more, the appraisal will still come in at or near the purchase price. If the house is worth less, then the appraisal will come in lower. But even if your house was worth $180,000 back in 2004, if the contract called for a purchase price of $110,000, most appraisals would be in the $110,000-$120,000 range. That's the way it works.

Still, could your house have been worth $110,000 back in 2004? Presumably, you had a real estate agent who ran comps and suggested a price somewhere in that range. Did you look at the comps? Did they seem reasonable? Did you discuss the listing price with your agent? The appraisal comes late in the purchasing process. Running the comps and setting a purchase price comes much earlier. And, bottom line, you agreed to sell at $110,000.

As other answers note, 2004 is ancient history as far as real estate goes. I know of properties that have doubled in value since then. And others that are selling for less than they did in 2004.

And, as is noted below, $179,000 may not be a reasonable number today. Don't assume that it is.

You seem to be troubled that you lowered your price and made some concessions on the sale 5 years ago, and now the current owners may be making a profit. That's life.

If you feel that there was deception or collusion involved, then certainly go to a lawyer. It'll probably be difficult to prove that your agent and the appraiser somehow were working together to deceive you into thinking that your home was worth less than it was. Still, certainly look into it.

Bottom line, though: It'll do you more good to look forward than backward.

My advice to you: face forward, not backwards.

You're talking about something that happened 5 years ago - an age in real estate! ;)

In many areas, prices are back to levels experienced in 2004/2005, so the asking price is probably a little high. The asking price, if oddly high, may even be indicative of what they currently owe.

If you're hell bent on prusuing this, then consult with a lawyer specializing in real estate litigation.

If you're seeking recourse ... you need to seek an attorney. ...of which I am not.
Practically speaking though, ... 5 years ago puts you in 2004 .. right before the big real estate boom. Property values have appreciated quite a lot since then and retracted a bunch as well, but in all liklihood, it still has probably a net positive growth still. Plus, ... listed price is not sold price, ... they can list it for $300K ... doesn't mean they'll get it. What amount of money could they make on it for you to feel better?

Frankly, the house is theirs now and whatever they've done to it since they bought it really has nothing more to do with you. Whatever concessions you gave them was your decision and being bitter about it 5 years later isn't going to change anything. Turn the situation around. If you sold it to them in the peak market of 2006/2007 and now they can't afford their payments, ..would you feel bad for them or look to see how you might help? Probably not. So why get on their case now? Again.... who knows if they can get 179K for it.