Underquoting is now illegal and not to mention unethical but we all know it is still going on.

It’s important to draw a distinction between blatant underquoting and competitive bidding, especially because auctions are designed to extract the maximum price for a property.

Auctions can often bring out the worst and the best of human emotions.

Forewarned is forearmed, so here are 5 tips from RealRenta to help investors handle agents who still use this tactic:

• Be aware that underquoting may be a factor in your next real estate transaction
• Perform your own due diligence regarding the property’s value
• Use the agent’s estimated selling price as a guide only
• If the agent’s quote is significantly less than what you believe the property is worth, ask the agent to justify their price
• Engage an independent buyer’s agent to perform an analysis on the property for you and assist in negotiations.

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