The “Free” market does not respond in a timely manner to anything. It is always in arrears to change. Often it takes years, and even then only as a result of regulatory intercession.

Arguably, there can be no more free-market than the stock market. Yet that free market is often the best example of why regulation is required. It is founded on taking advantage of others (investors) and from its inception has always been rife with deceit, insider trading, and corruption.

The Great Depression was a product of the free market, left unregulated. So was Too Big to Fail.

The so called “free” market is not free, unless you are the owner of your own company; corporations exist for the stockholders and backers, and that is who is backing the AMCs and so I believe strongly no bank or lender is going to self regulate; they need strict regulations, and we need appraisers to continue to protect the public trust, or we will get the crash we ask for when we trust the so-called free market.

I drive those socialist roads, went to a socialist school, and have had plenty of experience with people using other people’s money to enrich themselves, legal or not! Crooks don’t care it is shady or illegal, they just know they want more money, and they are insatiable, so that’s why banks need more regulation, not less; I do not worship the “almighty” dollar because too many corrupt people are just overly greedy and will rip off their own mother to get ahead; to some it is a game; to appraisers, the game is almost over for the ASB and TAF!

They see it coming; there are always a few well-connected agents and brokers who get most of the work; people are copycats, so they are all based on referrals, or advertising; why do you think agents and brokers are going around taking photos for hybrid appraisals. Of course, everything they sell is a cream puff! We have all seen the pumped up “condition” of the home being sold, written by the agent. It is all good, we are the critical thinkers and we are trained, but we are supposed to agree to having one of these untrained realtors taking photos and sending them to our desks to use for our appraisal???

I used to do all kinds of residential properties in and around Southern California, and I did some South Central Los Angeles homes that were in depressed neighborhoods and we were using polaroid, black and white photos; I can tell you with all sincerity, deferred maintenance is lost in a photo, so photos don’t represent the actual condition, which is really up to the appraiser to report honestly; I haven’t met one agent that is objective about anything; it is all about them getting paid. As soon as the buyer says yes, they write it up and then they don’t know how to go back to the seller to get the price reduced to the appraised value, so that is why deals go bad, not because the appraiser was unfairly low! They want everything high so their commission goes up; it is about time there is a shake down in the NAR, but I am not sure the internet companies or corporations are the answer; appraisal is a “cottage” industry, mostly practiced by sole practitioners, and we take responsibility for our opinions; brokers and agents are just trying to get our work now that Artificial Intelligence is about to replace them and make them slaves for a pittance!

To be continued

I can even see a time when computers themselves will be considered a detriment to selling rather than a benefit.

Maybe agents will return to hard copy listings and listing books for the informed local agents and just use computerized MLS for the over priced stuff…like we all used to do in the early ’70’s and mid 80’s.

Good one Ralph.  When detailing incompetent appraiser handling, don’t forget to mention the new standard expectation of writing a report up within 48 hours after inspection, regardless of how many open reports are being handled at the time.  You can spot the new people a mile away, they treat appraisers like employees not independent valuation professionals.

Retired Appraiser & Broker

”Zillow. It would be unlawful for NAR to discourage members from using any product or service provider. Those decisions are made independently by MLSs, brokers, and agents. Likewise, it would be unlawful for local or state REALTOR® associations to encourage members to withhold listings or business from any third party, such as Zillow, or adopt policies that would preclude members from doing so.”

Then they came for the Trade Unionists, and I did not speak out—
Because I was not a Trade Unionist.

Then they came for the Jews, and I did not speak out—
Because I was not a Jew.

Then they came for me—and there was no one left to speak for me.”