A Black couple ‘erased themselves’ from their home to see if the appraised value would go up. It did - by nearly $500,000

[RCA]

Tell me your conclusions. Please.

You can't read. Hmmmm.

 

[RCA]

Has anyone seen full copies of the actual reports that are involved in this witch-hunt? If witches are a protected class in California, I apologize and in any future communications I will refer to it as a Shxx Show as California seems to have plenty of those.

I have not seen any mention of anyone having seen both reports, much less the results of a full review of both reports by a competent third party. As pointed out earlier in the thread there are statements contained in the Certification, which is included with most standard reports, along with specific lender requirements that need to be kept in mind when reviewing and comparing these reports. It very well could have been that the lender required sales within the mystical 6 months and half mile for the first appraisal and then the second one was completed without any sort restrictions. Do the reports even have the same effective date?

My preference would be to defend a thorough and well-prepared report following USPAP, GSE, etc. guidelines that comes in below the sale price, than defend an even slightly loose appraisal that hits the sale price. Especially a year or two after the fact when the buyer and lender are underwater. Just wait, when interest rates rise values will fall and it will all be the appraiser's fault for hitting the sale price. Speculation has no place in our business.

We all agree. Someone needs to leak them to the public. Would this forum publish them? No. So then who? No Wikileaks for us.

 

[George Hatch]

Let's go back to subject. Owner spent $400K or more in improvements. Would you have advised them to do that in this subdivision?

Have to spend time on H&B use analysis.

The size and room count is no problem whatsoever. There are other homes in the neighborhood of similar and even larger size. Other pole-framed homes there have been enlarged in similar fashion, by building out that exposed lower level; so that's no problem, either.

Now, the economic feasibility of enlarging this home that much is subject to question. Under normal circumstances we don't expect room additions to return the entirety of their costs in the resale market.

 

[ramrcdk]

Dude yesterday just spent 90K on new heated pool and hot tub. He may get it back in the subdivision he is in. I am not through with the appraisal. I told him it is not likely you get $90k in value. However, he is in a very high value area, small city limits, with high income individuals. We will see. I will get there eventually. He is black. Nice man.

He gave me all the specs on the new pool. He works for govt.

Hi, do you know how to Use the Edit function
"to combine similar thoughts" into 1 post?

 

[Zoe]

Let's go back to subject. Owner spent $400K or more in improvements. Would you have advised them to do that in this subdivision?

You can't read. Hmmmm.

I can read. You can't transpose. You are goofy.

 

[Zoe]

Tell me the political connection. You told me who the lawyer contributes to. I read motivations. I am very good at it. Tell me what the motivations are.

 

[Elliott]

Austin et al v. Miller et al (3:21-cv-09319), California Northern District Court

Austin et al v. Miller et al (3:21-cv-09319), California Northern District Court, Filed: 12/02/2021

www.pacermonitor.com

14-day free trial.

Comments from the Business Journal article:

• FlowerPower • 3 days ago
  Does the reporter know what the phrase "pole house' refers too? The original builder of Marin City sound the soil was not stable, so he built the houses using surplus telephone poles instead of continuous foundation. The poles eventually rot creating a difficult repair. The appraiser used other pole houses as comparables. Houses in Sausalito with continuous cement foundations on non-alluvial soil are far superior to the 'pole houses'. The Austin's property is not located in Sausalito, that is the mailing address, but it is in the unicorporated communty of Mariin City.

Missy Norris • a day ago
The Marin County Building Dept. shows only 1 permit issued for the property; issued in Jun 2019 for a $1500 Service Panel upgrade. Unless the building dept. has fallen down on the job, which does happen. Most of the work done is not permitted. The value of the work is such that seismic upgrading is required by law. That requires a structural engineer and a stamped set of plans. If the Austins didn't do it by the numbers, they are opening up a can of worms


Beef • 2 days ago
Something doesn't feel right besides the obvious claim of racism.
I'm suspicious there is more to this story than is told in this article.
I guess we will know once their claim works its way through the court system.

Joshua Tree Allen • 2 days ago
Appraisers are required to use comps from the neighborhood usually within a few miles radius of the subject property and within the last few months sold as that is what a bank and underwriter requires.

 

[George Hatch]

Yeah, I saw that comment. I strongly doubt the addition was done without permits. Moreover, the public records entry for this property now shows the larger size.

 

[Zoe]

Hi, do you know how to Use the Edit function
"to combine similar thoughts" into 1 post?

Why can't you make any sense ever? LOL

 

[RCA]

Austin et al v. Miller et al (3:21-cv-09319), California Northern District Court

Austin et al v. Miller et al (3:21-cv-09319), California Northern District Court, Filed: 12/02/2021

www.pacermonitor.com

14-day free trial.

Comments from the Business Journal article:

• FlowerPower • 3 days ago
  Does the reporter know what the phrase "pole house' refers too? The original builder of Marin City sound the soil was not stable, so he built the houses using surplus telephone poles instead of continuous foundation. The poles eventually rot creating a difficult repair. The appraiser used other pole houses as comparables. Houses in Sausalito with continuous cement foundations on non-alluvial soil are far superior to the 'pole houses'. The Austin's property is not located in Sausalito, that is the mailing address, but it is in the unicorporated communty of Mariin City.

Missy Norris • a day ago
The Marin County Building Dept. shows only 1 permit issued for the property; issued in Jun 2019 for a $1500 Service Panel upgrade. Unless the building dept. has fallen down on the job, which does happen. Most of the work done is not permitted. The value of the work is such that seismic upgrading is required by law. That requires a structural engineer and a stamped set of plans. If the Austins didn't do it by the numbers, they are opening up a can of worms


Beef • 2 days ago
Something doesn't feel right besides the obvious claim of racism.
I'm suspicious there is more to this story than is told in this article.
I guess we will know once their claim works its way through the court system.
Joshua Tree Allen • 2 days ago
Appraisers are required to use comps from the neighborhood usually within a few miles radius of the subject property and within the last few months sold as that is what a bank and underwriter requires.

Well, I am not paying $49/month and 15 cents/page. The 14 day trial looks interesting. Do I have time? Absolutely not. But if it were free, then I suppose I would take a quick glance. Maybe next month after I get back from Paris.

Right now, I have to work on the house.

From the looks of things, the appears to by a bogus lawsuit.