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What Actually Happened |
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Dear Ms. Lank: Our family cottage on the lake was recently sold for the amount suggested by our real estate agent. It was sold within a few days without even being advertised. The new owner immediately put it back on the market for one-third more and got his asking price within a few days, again without any advertising. It appears that our agent placed an incorrect market value on our property. How could this problem have been avoided? |
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There are two possible explanations for why your cottage was "flipped" so quickly. One is that your agent did give you a sincere estimate of market value, based on recent nearby sales of similar property. If your place is unique, with few comparable recent sales, even an experienced broker can have difficulty anticipating the buying public's reaction. Then your buyer sensed a bargain and took a gamble on being able to re-sell at a profit. The other possibility is that there was some undisclosed relationship between your agent and the buyer. I have no way of judging that. If you want to pursue the question, I'd suggest talking with a lawyer who specializes in real estate. If that's a small town, an out-of-town attorney might be a good idea, and you can discuss whether the matter is worth investigating. |
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Edith
Originally published on July 10, 2005 |
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