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Is it illegal to get a lower appraisal on property that

Customer Question
benefits the buyer?...
Is it illegal to get a lower appraisal on property that benefits the buyer?
Submitted: 2 years ago.Category: Real Estate Law
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2/17/2016
Real Estate Lawyer: J. Warren, Lawyer replied 2 years ago
J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,250
Experience: Experience in residential real estate and commercial leases.
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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.

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Real Estate Lawyer: J. Warren, Lawyer replied 2 years ago

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Real Estate Lawyer: J. Warren, Lawyer replied 2 years ago

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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