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Updated almost 7 years ago on . Most recent reply

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Henley H.
  • Jackson, WY
9
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88
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Realtor told the appraiser about backup offers- ethical?

Henley H.
  • Jackson, WY
Posted

Our real estate agent mentioned to the appraiser (prior to the appraisal) that their was a backup offer 'well above asking'.  She also mentioned that there had been a number of offers that exceeded asking price.

She has mentioned this a few times to me now in an effort to show she did her part to make sure the property appraised, however, I feel it borders on unethical.  I thought the point of an appraisal was supposed to be completed by an independent, third party and she is muddying the waters by sharing information about other offers.  

As the buyer who requires financing, I appreciate that in certain respects it is in my best interest if it appraises at asking, but I would also like an accurate figure that is not influenced.

Is it customary or legitimate for a realtor to share information about other offers with the appraiser prior to appraisal?

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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
30,311
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied

This is one of your agents most important jobs. Not only should they tell the appraiser, they should be providing copies of all the offers to the appraiser.

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District Invest Group
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