IS IT RIGHT FOR AN APPRAISER TO BE THE BROKER OF THE SAME PROPERTY?
QUESTION: Rltr John, I am selling my property. I got the service of an Appraiser and he says he can also be the Broker of the same property. There seems to be something wrong about it, I just can't explain. Can you help me?
ANSWER: It is damn straight WRONG to be the Appraiser and Broker of the same property. Appraiser is supposed to be impartial and objective. On the other hand, the Broker OBEYS and REPRESENTS THE INTEREST of the client. In your case, the Seller (owner of the property) is the client of the Broker, whose interest is ALWAYS to MAXIMIZE MAXIMIZE MAXIMIZE and MAXIMIZE the asking price. As an Appraiser, how could he not obey you if he is also the Broker?
If you happen to deal with me, I would assume that that Appraiser's price is higher that what it should be. Hence, I will surely trash that Appraisal Report and have it done AGAIN by someone else other than that guy.
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