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Legal or Illegal?

Discussion in 'Money & Finance Forum' started by sadic1, Oct 27, 2005.

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  1. Oct 27, 2005 at 7:31 PM #1
    sadic1

    sadic1 Full Access Member

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    If the appraised value of a property is higher than the actual market value, can a seller legally sell the property for the appraised value, then cut a check to the buyer for the difference between the appraised value and the market value? It sounds illegal or fraudulent, but I'm not sure why.
     
  2. Oct 27, 2005 at 7:33 PM #2
    slydevl

    slydevl Asshole for the People!

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    Perfectly legal. Happens during real estate closings all the time. In fact I took some cash out of my current house that came in the form of a check from the seller to do some upgrades when I moved in.
     
  3. Oct 28, 2005 at 8:44 AM #3
    WilliamJ

    WilliamJ SUPERMOD

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    be aware of the tax implications.
     
  4. Oct 28, 2005 at 9:00 AM #4
    Shrapnel

    Shrapnel Stinky

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    How do you know what the true market value is? If the appraisal is legit, that is the market value. Otherwise, the market value is whatever you can get another person to pay for it.
     
  5. Oct 28, 2005 at 9:03 AM #5
    jazzbluescat

    jazzbluescat superstar...yo.

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    Tax appraisal?
     
  6. Oct 28, 2005 at 9:05 AM #6
    Shrapnel

    Shrapnel Stinky

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    If you mean tax assessed value, that usually is done for RE tax purposes only and does not necessarily equal true market value.
     
  7. Oct 28, 2005 at 9:07 AM #7
    WilliamJ

    WilliamJ SUPERMOD

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    true market value is exactly what you can sell it for, not what the bank or the government thinks it's worth.
     
  8. Oct 28, 2005 at 9:10 AM #8
    Shrapnel

    Shrapnel Stinky

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    Egg Zachery
     
  9. Oct 28, 2005 at 9:23 AM #9
    meatpile

    meatpile 7-9

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    Carl Shrapnel, Realtor.
     
  10. Oct 28, 2005 at 9:32 AM #10
    WilliamJ

    WilliamJ SUPERMOD

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    Carl Shrapnel, realtyczar.
     
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