Over Regulation Hinders Us from doing Our Job!

As Realtors we see the frustration and overt concern from clients seeking to sell their homes that they purchased just a few years ago.   Not only do these people have to sell at much lower prices but we, as their agents, are handcuffed by those in congress responsible for passing laws that limit our ability to assist our clients.  

Please allow me to site just one example;

A lovely home that we just pended was recently appraised.  We provided the appraiser with the most recent comps.  The appraisal came in and of course we were not privy to the price.   We had to call the buyer and ask what the home was appraised at. The buyer quoted us a figure and it appeared that it was at the price that we had sold the property for.   Great!   No problem with the lender.   So we thought.  Wrong!

The buyer was not familiar with how the appraiser stated the three comps and he had looked at just one of the comp values...not the final analysis.   Had we been allowed to see the appraisal - appraiser told us he was not allowed to advise us of the appraised value - we would have known that the buyer was reading it incorrectly.  Had we been in the loop we would have been able to do other things to assist the buyer.

Summing up, the over-reaction by the bureaucrats to the housing crisis fearing that Realtors just might pressure an appraiser to quote an inflated value is terribly misguided.

 

By David Lang