The CFPB is dead! The Consumer Financial Protection Bureau may have consumer protection in it’s name, but I didn’t see it as that. My first experience with one of its rules was an appraisal on one of my listings in Cave Creek that came back $200,000 less than the contract price.
I had great comps but I was told by the appraiser that he had to “depreciate the value of the comps by 3% per month”. How does that make sense? I saw some smaller financial companies close their doors which only strengthened the big banks.
I felt sellers and appraisers were treated like criminals.
A private individual couldn’t even do a seller carryback in the beginning. They did open that up but it was very restrictive.
I am so happy to see it go away
