Functional Obs
Member
- Joined
- Jul 2, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Virginia
Just completed an assignment for a "water front" home.
Pulled the tax records and plat only to find that it isn't exactly waterfront at all. That is, if you walk out the back door and toward the water, you will have to step on the neighbor's land prior to wading in the river. The subject has absolutely zero actual frontage. Nice view, but no front feet.
Needless to say I was surprised to find that the previous listing actually described the house as waterfront.
I decided to call up the old listing agent. She said she recalled the property, and indeed, it WAS waterfront. From there I called the current listing agent and asked him the same thing. IN fact, I asked him, "Hey, is this home waterFRONT or waterVIEW? To which he responded "Waterfront!"
The buyer's own agent provided a CMA in which she held up more than a half dozen waterfront comps going head to head with the subject--with absolutely no mention or adjustments.
Amazing.
How is it that agents can list a property as having something it does not?
It's a misrepresentation so offensive that it almost doesn't even matter the intent.
If anyone is wondering what the difference between Waterfront and only a water view mean in terms of dollars, it comes down to minimum of about 20%. There are cases in the same market area where that difference is as high as 50%.
Pulled the tax records and plat only to find that it isn't exactly waterfront at all. That is, if you walk out the back door and toward the water, you will have to step on the neighbor's land prior to wading in the river. The subject has absolutely zero actual frontage. Nice view, but no front feet.
Needless to say I was surprised to find that the previous listing actually described the house as waterfront.
I decided to call up the old listing agent. She said she recalled the property, and indeed, it WAS waterfront. From there I called the current listing agent and asked him the same thing. IN fact, I asked him, "Hey, is this home waterFRONT or waterVIEW? To which he responded "Waterfront!"
The buyer's own agent provided a CMA in which she held up more than a half dozen waterfront comps going head to head with the subject--with absolutely no mention or adjustments.
Amazing.
How is it that agents can list a property as having something it does not?
It's a misrepresentation so offensive that it almost doesn't even matter the intent.
If anyone is wondering what the difference between Waterfront and only a water view mean in terms of dollars, it comes down to minimum of about 20%. There are cases in the same market area where that difference is as high as 50%.
