Home Selling in 03053>Question Details

Amy, Home Seller in 03053

the agent selling my house gave the appraisal amount of my house to people who wanted to put in a bid. im in illinois. is he allowed to do that????

Asked by Amy, 03053 Thu Mar 10, 2011

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7
Craig Flint’s answer
Amy, your agent has a fiduciary duty to you and should not, without your prior knowledge and consent reveal the appraised value of your home. Having said that, there might be an occasion where you could actually stand to benefit. For example, the appraisal clearly exceeds the current fair market value. This happens more often than you might think as, depending upon the purpose of the appraisal the value conclusion can vary dramatically.
But that does not change the fact that your agent should still seek your consent.
It's also important to note that just because an appraisal for one buyer's purchase comes in low, that does not preclude that a subsequent appraisal wouldn't come in higher. The one exception that I am aware of is an FHA appraisal which runs with the property, meaning that that is the final word. Good Luck Amy!
0 votes Thank Flag Link Tue Dec 6, 2011
What does your listing agreement state in regards to allowed and non-allowed actions of your listing agent?
0 votes Thank Flag Link Sat Mar 9, 2013
Hi, Amy:

If you are talking about the assessed value for property taxation purposes, it is public information anyway and may or may not be an accurate reflection of fair market value of your house. I am working with sellers who submitted abatements to lower their assessments as well as sellers who have submitted abatements to RAISE their assessments (usually because of errors that unfairly reflect a low value where there is sufficient market data to point to a higher value). A lot of buyers will use the assessment value as a starting point regardless of its accuracy.

If your agent was handing out an appraisal that you paid for, that is a different situation. Not only does that information belong to you, but appraisals for any reason are likely to become quickly out of date.

A buyer's lender may or may not look at the assessed value. It is probably not a primary yardstick, but rather a verification. Certainly your agent should let the lender's appraiser know if there are errors or omissions in the assessment even if you have not yet notified the taxing authority. Your agent should have advised you what the market data might suggest to an appraiser with the hopes of ensuring that you did not price the property so as to increase the chances that it would fail to appraise for a buyer seeking a loan.

Chuck Braxton, REALTOR GRI
0 votes Thank Flag Link Sat Mar 9, 2013
the appraisal amount will effect the amount the bank is willing to approve for a mortgage. Do you want to accept an offer from someone and when it reaches the bank appraisal amount have the mortgage refused? They will be able to back out of the deal and you have lost time that your house is on the market.
0 votes Thank Flag Link Tue Dec 6, 2011
Amy there are alot of variables, if he is working on your behalf to try and get a higher offer for you than yes, if you specifically said do not share it, then no or if he is tyrying to get a lower offer than you stated your wanted, then no. You should ask your agent direct .
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Mar 16, 2011
My guess is the agent was trying to show that the amount they should offer should be close to the appraisal amount. These days the buyers come in with 30-40% off offers which obviously go nowhere. I am guessing the agent was trying to do something good for you in sharing the information. He is your agent and can do about anything to try and market your house. If you don't want him to share some piece of information just let them know.
0 votes Thank Flag Link Thu Mar 10, 2011
your agent is marketing your house, what is your concerns ?
0 votes Thank Flag Link Thu Mar 10, 2011
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