Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
amen
I doubt Templeton is correct about a 50% drop, but a 5% decrease would kill new sales. I think sales would slow to a pittance. The scenario of the Atty Gen getting involved is a given. They might go after predatory lenders but those lenders have a buddy named Appraiser...and even if you CYA as best possible, you may get stuck to the tar baby anyway.
I never cease to be amazed at the fine threads some asp of a lawyer can weave in making a case that their Po' Joe Greedy was a victim of everyone involved - banker, appraiser, home inspection, etc.
real ugly.
I was reading App. Journal and it talked about condos in N Denver. Most apparently have been sued by a law firm that specializes in suing Condos...every condo suffers from poor workmanship, etc. Same o same with most houses today. Cheap shoddy construction and no class action lawyer to come to the rescue because individual houses are not the profit margin of a good 100 unit condo. And, what the heck. Bad house? Foist it off on the next dope and go hire a good carpenter for the money you made flipping your 3 yr. old house you only paid interest on. What happens when you are stuck with it and you are upside down. Sue the developer, sue the realtor, sue the carpenter, sue the appraiser, the home inspection, the lender..anybody and whine to the politicos who know a third their constitutents are in the same boat.
I fear a lot of good appraisers will be driven out by high litigation costs. E & O will be hell to pay for. Like CPA's after Enron got done, audit E & O got to be unaffordable.