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J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 2236
Experience:  Experience in residential real estate and commercial leases.
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Is it illegal to get a lower appraisal on property that

Customer Question

Is it illegal to get a lower appraisal on property that benefits the buyer?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  J. Warren replied 1 year ago.

Hello and welcome to JustAnswer. Please note:This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

It is not necessarily illegal criminally but could subject the appraiser and buyer to a civil suit for fraud. In addition, the appraiser could be subject to discipline by the State labor and regulation department for generating an appraisal known to be false. In addition, the IRS could step in a deem the transfer of property part gift and part sale. That is if the purchase price is far below fair market value the IRS could deem the property a partial gift subjecting the seller to filing a gift tax return.

All my best and encouragement.

Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.

Please note that you are asked to rate my courtesy and professionalism, and not whether the answer supports your legal position. I only receive credit when rated “ok” (3 stars) or higher. If for any reason you feel that a low rating is appropriate, please first give me the opportunity to address your concerns by clicking the "reply" tab.

Expert:  J. Warren replied 1 year ago.

Can I answer any additional follow up questions for you or clarify anything I have written above? If not, can you please press a positive rating above this message box in the ratings section so I will be paid for my time assisting you on this matter? Pressing a positive rating will not cost any additional money - it is simply the trigger used by Just Answer to pay me for my time (pressing the middle star or the fourth or fifth star on the right are all positive rating buttons).

Expert:  J. Warren replied 1 year ago.

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