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Louisiana Appraisal Board seeks to have Appraisal Fee Price-Fixing Case hear by the Supreme Court

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania

Good

Maybe then the court can hash out why "the law" says:

‘‘(i) CUSTOMARY AND REASONABLE FEE.—
‘‘(1) IN GENERAL.—Lenders and their agents shall compensate
fee appraisers at a rate that is customary and reasonable
for appraisal services performed in the market area of
the property being appraised.
Evidence for such fees may be
established by objective third-party information, such as
government agency fee schedules, academic studies, and independent
private sector surveys. Fee studies shall exclude
assignments ordered by known appraisal management companies.



And yet the Fed Board decided "recent rates" were cool even from AMCs.

Hopefully,
the court will really look in to this, and in to the lack of enforcement.

We'll see.

Oh citation for the quote above is:


https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Price fixing in America, I'm shocked, I tell you I'm shocked. Sad that this is the first court case to try to make it to SOCTUS in the last 60-years.
I truly don't get any of it. I'm sure its different in big markets, but I've always set my price to do the work. Have I negotiated down $15 or $25, but usually not.
 
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