jay trotta
Elite Member
- Joined
- Feb 8, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Connecticut
Couple of weeks ago at a closing, an attorney asked why the buyer was paying $16k above market value (I did not ask where that info came from) it didn't matter, there was an appraisal waiver involved. Why, because it was a bidding war #1 - secondly Zillow had it pegged at $140k above the settle price.Can't argue with any of that. I was just making the point that public perception is that Zillow can do what we do. In which case, $500 seems costly and unnecessary.
IMO public trust is always at risk because there are too many people trying to put their thumb in the dyke to stop the natural flow of real estate. Lenders on the other hand truly could care less what the value is unless, it's a foreclosure, flood / earthquake or fire damaged property.