A newspaper report brings to light one of the perennial problems in real estate – the real estate agent valuation or “appraisal”.
It is common practice for real estate agents to overstate the value of real estate in order to win a listing, and then “condition” the vendor into accepting a lower price. Few consumers ever complain about the practice, and the real estate agent is usually able to brush away a complaint with the explanation that “the market has softened” or the market (as represented by the handful of attendees at the auction) “has spoken”.
It is very rare indeed for a consumer to actually take an estate agent to court.
But don’t expect anything to change. As one lawyer has already commented, it is more likely that the real estate agent’s insurers will settle the matter out of court, and we will hear nothing further about it.