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Is it lawful for a co-op managing agent to tell a prospective buyer that an apartment he is thinking of buying will not appraise for the asking price?
Wiki User
∙ 8y ago
"Lawful" Yes. Ethical, No. Of course, the person could be voicing their personal opinion rather than fact. If that were illegal lots of us would be in mucho trouble!
In some states the manager could be in a lot of trouble. due to licensing laws. If s/he is the manager of the coop that is selling s/he has breach her/his fiduciary responsibility to his client. but if s/he's working for you s/he has done his/his job, but either way stating a value in a mandatory license state (and most are now) in this position s/he had better have had performed at the least a summary appraisal first.
Another PerspectiveThe managing agent may be simply explaining in advance why the fair market value and assessed value do not mirror each other. It should be noted that in many areas the assessed value of real estate is less than its market value for many reasons. The municipality may be using an antiquated system of valuation. It may be using a formula that does not mirror fair market value and addresses that by its tax rate. It may not have the capability of keeping up with fluctuating real property values.
Wiki User
∙ 8y ago
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