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Are Real Estate Agents held accountable for misleading or misqouting an owner about price ?

I have a property which I bought 6 years ago very cheaply although it had been on the market for a long time, mailny because the "locals" couldn't see the value in it. It has since been rezoned as a unit or development site, its a large corner block 1380 sqm with a beautifull 1908 Queenslander style home. The Agent qouted me "on-line" that it is now worth $850,000 - $900,000. I payed $139,000 for it and thought it might be worth half that ! What if someone goes to Auction and spends $10,000 on advertising and marketing to find out it's not worth that ? Can you claim back the advertising cost or prosecute for false or misleading info, or is there a chance the Agent is right ? Sorry, i'm the owner, i wanted to know if the Agent is liable for advertising cost if they mislead you about the price you could sell for. Everyone would LOVE to make that amount of profit, but is it realistic ?

Public Comments

1. I would hire a real estate appraiser who should be able to give you a true and honest value for your house. A property inspection would be good too--what if there is extensive termite, water or mold damage that you cannot see? Hopes this helps!
2. First of all, why would you do business with an agent you met "online". No reputable agent I know trolls the internet looking for business. If that agent thinks they can sell it for that, then THEY pay for the advertising, not you, and if YOU haven't lost a thing in the deal, do you have grounds to sue? NOPE! I also don't know of any agent that would spend $10K on marketing for an AUCTION property. They would put an ad in the paper/signs in the area and investors and buyers that are actively looking, will see it.
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4. the one thing about real estate prices is that they are very subjective. The property is worth what someone will pay for it at any particular moment in time. Part of the problem with today's real estate market is people never realized that fact. they thought that prices would always go up and could never go down. If two large companies that are competing national pharmacies both want your commercial property for their location then you may end up in a bidding war for the property and could sell it for much more than $850,000 - $900,000. If they both look at your property and think "The parking lot would be too small at this location" then the property would be worthless to them. That's not to say that a national chain of gas stations would look at the property and think they were perfect and offer you asking price. as you can see from this example, Real Estate is only worth the value that someone else is willing to pay and the circumstances for what they want may change. Therefore you have an estimate of what the property is worth. Call it an educated guess. You asked if the agent would be liable for advertising costs if the property sold for less. A good way to look at situations like this is to flip it around. If the property sold for more than $900,000 would the agent get the overage? If he's got no chance in heck of getting the overage then why should he be responsible for any underage?