4 ms·
This is a lawyer, who can sue people at very low cost compared to the rest of us. If this is a regulated activity, it absolutely shouldn't be. This reminds me
by JBReefer 9y ago
This is a lawyer, who can sue people at very low cost compared to the rest of us.
If this is a regulated activity, it absolutely shouldn't be. This reminds me of the absurd barber regulations.
- JustSomeNobody 9y agoSurely most regulations are in place because someone at some point in time tried to take advantage of someone, yes?
- wuliwong 9y agoNo.
- mcguire 9y agoSource?
- JustSomeNobody 9y agoThen what?
- kevin_b_er 9y agoWhen the value of your $100000, $200000, $300000, or more home can be greatly affected by a someone else's declared valuation of your home, its how you get regulations.
- LoSboccacc 9y agothis should be. it's a market with few sales at high costs heavily interwinded with the mortgage market. having a de facto monopoly on what's considered a fair value, rightly or wrongly, opens up bank people and real estate agents to all kind of manipulation. by manipulating their equation they can help lowball the sales price of an entire area, they can both profit directly out of this, indirectly through stock manipulation and even cause trouble to the whole banking sector devaluing mortgadget properties the housing sector is very, very delicate.
- wuliwong 9y agoBut how does getting an appraisal license protect bank people and real estate agents? Isn't an appraiser subject to the same moral shortcomings as any regular person? And only allowing state licensed appraisers to give value estimates does exactly what you are trying to avoid. It creates a state owned monopoly on housing estimates. Zillow would lose credibility and it would hurt the core of their business if it was found that they company was purposely deceiving people about the value of their homes so that they could directly profit from it. They might also open themselves up to legal repercussions in that case for just plain old fraud as well.
- mcguire 9y agoIt's easy to defraud one of the parties in a real estate transaction (usually the bank; they have the money) if the other parties, including the appraiser, collude. The appraiser is supposed to be independent, and the license is a stamp of professional ethics. If a licensed appraiser acts fraudulently, you have grounds to sue their hinders off.