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Mostly it is just an agreement between the listing agent and the seller on what they both think the property is worth. It is easier to value a normal suburban house in a busy neighborhood as you can go on previous sales of a similar nature. But when a property is unique or different, renovated or highly sought after then different rules may apply. An agent will be happy to come to your house and value it for free. However, (Shock! Horror!) it has been know that some agents may inflate their market valuations in order to get the business.
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christine
Mostly it is just an agreement between the listing agent and the seller on what they both think the property is worth. It is easier to value a normal suburban house in a busy neighborhood as you can go on previous sales of a similar nature. But when a property is unique or different, renovated or highly sought after then different rules may apply. An agent will be happy to come to your house and value it for free. However, (Shock! Horror!) it has been know that some agents may inflate their market valuations in order to get the business.
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christine
