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WOW! “USPAP, Sasquatch, NAR, and Comparable Sales” is one helluva name for a podcast! That’s true, thank you. But given that the ramifications of the Sitzer-Burnett are obvious but still unknown, invoked Sasquatch. And the fact cash equivalency adjustments to comparable sales may become more prevalent than in times past brought all of those concepts together into one big, yet unanswered question. And that’s the real conundrum. We don’t know yet what is going to happen.
Not only that, but in “USPAP, Sasquatch, NAR, Comparable Sales” I ask a truckload of questions, but provide only a teaspoon of answers. Why? Because it is possible (not certain, merely possible) that with all of the class action suits still pending against NAR relative to price fixing, then NAR is going to be in financial hot water despite its 1.5-million members.
Since this podcast is one for appraisers, not (buyer’s) brokers, we appraisers need to be aware of how Sitzer-Burnett will affect us. And, like Sasquatch, we know the affect is there, but we just can’t yet prove what those affects are. How will this decision affect us? If NAR’s structure changes, will the big brokers have their own in-house MLS systems? If so, will they be compatible across platforms? How many will appraisers have to join to have proper amounts of data? Appraisers depend on brokers for data. Will there be fewer brokers in the future? Fewer deals? If the buyer pays their broker how, if at all, does that impact the sales price from a cash equivalency standpoint? Why? So may questions still, yet so few answers!
So, sit back, listen, think critically, and enjoy! And click the link above to the Sasquatch film. Something is there, we just don’t know what it is yet.