What do you think of this advice from Lawyer to seller?

I think it sounds like his point was to price it right today so that you don't ride a downward price trend. 

The agent who says its a buyer market could be percieved as having a somewhat defeatist attitude?

Getting the home listed at today's value is definitely the right track to getting it sold.

Being truthful is the best advice and outlining the market, potential and recommendations are always good so the buyer has the facts and can make a business decision.  The lawyer forgot to mention to select the Realtor who has confidence in the business and has marketing edges that they can bring.  Realize that proper pricing is the key to everything.  Good luck!

I'm 50-50 on his comments. My first thought is "what the heck does a lawyer know about real estate?". To suggest that a seller should blindly eliminate any agent who says "buyers market" is ridiculous. However, he does have a point about pricing the house appropriately so that it is not sitting there forever.

Marcia~ The first big issue is if he owes $400,000 and it is only worth $320,000 he is in big trouble to start with. (unless he has cash in the bank to pay the difference, which isn't likely according to your statements above)

Fair market value is always the best way to price a home when listing it. If the prices should continue to decline, as the lawyer said above, then of course you have to price it competitively which means pricing it just below what the market is doing in that particular market so that it doesn't sit on the market.  You do that to make it stand out above the rest.  I bet that is what he meant :)   

Why would you list the property when he owes more than it is worth.  How do you get paid from the seller?  The seller would have to bring cash to you to pay your commission right?

Do they ask for attorneys' advice just because he has a law degree?  I had to personally educate an attorney on a finer point in real estate investing on a deal a friend was working on.  He was in practice for 10 years.

To me it goes to show many people operate inside the 'comfort of the box.'  get more education and you WILL open more possibilites for business in real estate.

Thank you for the post.

Well, I'm not sure what the lawyer was talking about.  I do agree with hiring a Realtor who's realistic and not trying to buy a listing.

That is a very odd way of interviewing an agent. Maybe the lawyer beleives it's not a buyers market.

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