And if you’re wondering whether the true value was $350,000 or $500,000, think about this. The condo was on the market at $350k for four months without a nibble. If the real value were close to $500k, it would have been sold within a day or two after it hit the MLS. So Realtor Sally’s estimate was way too high. The sellers didn’t think it through and let greed push aside reason. That happens a lot.
Although this story is based on an actual case, all the names and some of the circumstances were changed to protect the identity of the parties. Any resemblance to real names of participants in any such situation is a wild coincidence.
The Author: Larry Lowenthal is a Florida REALTOR® with extensive experience in ethics hearings and resolutions. He provides expert witness testimony in cases involving real estate ethics questions. More about Larry Lowenthal.
