Joe Birrell (NY)
Member
- Joined
- Jan 16, 2002
I did the original appraisal when it was new construction less than two years ago. I have the plans on the subject. There is no way that interior improvements (if any where added) that could have boosted the price to $550,000. The highest end of the market is $360,000. I was operating within the parameters of the definition of Market Value, the Realtor was obviously NOT. I never had the chance to ask her for a CMA, which would have proved interesting. There was NO pre-determination of a specific value. There is an old saying "we may not know what the property is worth, but we know what it is not worth" and it's not worth $550,000. She was essentially told up front that there is no such thing as a $550,000
home in this neighborhood, if that's a violation of USPAP, then I stand guilty as charged, and the USPAP police can be unleashed.
Regardless of the advocate issue, the Code of Ethics at least implies some basic morality in your business dealings (otherwise why have a Code of Ethics). The highest price possible for the seller does give the Realtor a free-pass to do whatever they want. In this case, the seller had to be aware of the market having just purchased the subject. As to the buyer having no representation, your right, she should have. By the end of the scenario, it seems she would not have listened anyway.
We can debate this forever, however, the circumstances of the buyer cannot be avoided. She was a widow of a fireman killed in the WTC, fearful about her future and the future of her small children. She was obvious stressed about the entire scenario. The situation demanded human compassion, not a wheeling and dealing Realtor. She put it out in MLS hoping any sucker would come along. When the widow showed up, she did'nt even flinch.
home in this neighborhood, if that's a violation of USPAP, then I stand guilty as charged, and the USPAP police can be unleashed.
Regardless of the advocate issue, the Code of Ethics at least implies some basic morality in your business dealings (otherwise why have a Code of Ethics). The highest price possible for the seller does give the Realtor a free-pass to do whatever they want. In this case, the seller had to be aware of the market having just purchased the subject. As to the buyer having no representation, your right, she should have. By the end of the scenario, it seems she would not have listened anyway.
We can debate this forever, however, the circumstances of the buyer cannot be avoided. She was a widow of a fireman killed in the WTC, fearful about her future and the future of her small children. She was obvious stressed about the entire scenario. The situation demanded human compassion, not a wheeling and dealing Realtor. She put it out in MLS hoping any sucker would come along. When the widow showed up, she did'nt even flinch.