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

[J Grant]

Zoe is heterosexual and has balls to prove it. LOL

you don't really know Zoe. . Zoe is my hound's name. Zoe means life. You don't really want to know how heterosexual I have been. I have 3 children and 2 grandchildren now.

Zoe is a *****. She would eat you for dinner. She is a bad hound dog.

OMG between you and Fernando we should sell tickets here for entertainment value ! I love my dog too they are the best

 

[RCA]

Consider this: if an appraiser were to decline an assignment for appraising a starter type home in their area of operations and it happened to involve a borrower from a protected class that could conceivably lead to a claim - supported or not - of a denial of service.

My personal view of properties is that as a professional appraiser I neither like nor dislike any property or any neighborhood. Some appraisal problems are more complicated to solve than others, but aside from that saying that I don't like a certain property type is akin to saying I don't like the number "7". To me, 7 has a value that can be used in a mathematical problem and if I'm doing the math then it makes no difference to me if the number is 7 or 2. The equation is still the equation regardless of the numbers involved. It's important to me to solve that equation but I don't get emotionally invested in whether the result of that equation is a 7 or a 2.

NONSENSE. If you don't feel you are competent to do an assignment you are free to refuse it. I am not competent to do homes that in my judgement have near zero worth, i.e. are major fixer uppers, - because I just don't deal with such homes and haven't developed any expertise with them and it is not my area of interest. It does quite frankly take a different set of skills IN MY OPINION. One could also say, I run into so few of them, that I don't consider it worth my time to develop the expertise to appraise them --- which is really going to get into demolition, decontamination, rehab construction costs.

But, you should consult an attorney if this is a critical issue for you.

As for houses that are simply monstrosities, - again I would say that in my opinion it is best to have some expertise in that area, which I lack.

If some appraiser could develop expertise with these homes and businesses built out of cardboard and the like, and advertise his expertise in doing such cardboard improved properties, he would probably get rich -- there is potentially a big market there. He is going to have to figure out how to keep himself out of court and shy of the State Board though. -----> Just imagine the worst scenario a cardboard home owned by a minority. Yep. You think you are smart? Think again.

Yes, I am going to admit here in public: I do not know anything about cardboard houses!!!! Guilty as charged.

 

[Zoe]

Please don't ignore me. I won't be able to sleep tonight.

 

[Zoe]

OMG between you and Fernando we should sell tickets here for entertainment value ! I love my dog too they are the best

She is my go to. She loves me no matter what. I'm way off track. But don't mess with me at home. She will know and it won't be pretty. You better hope and pray I call her off. She minds me.

 

[Dublin ohio]

I love my dog too they are the best

I call your one dog and raise you four.

 

[Zoe]

I spend more time with my dog than anybody. She's my girl. She is a mess. I won't deny that. She loves me. I stole her. Her grandaddy was like national championship bird dog. She is a weimeraner. I think that is how you spell it. Her owner had about $3K in her between buying her and training her and having her spaded and sending her to training school. She is smart. She is smart. I got her for $200. I usually do rescue dogs.

She was just too much for the lady to handle. Me and her are fine.

 

[Elliott]

Sorry to break up dogfest.

Now comes the Marin Independent Journal's take on the case:

Local News
Marin appraiser sued for alleged race discrimination

“Marin City has a long history of undervaluation based on stereotypes, redlining, discriminatory appraisal standards, and actual or perceived racial demographics,” the suit states. “Choosing to use comps located in Marin City means that the valuation is dictated by these past sale prices, which were the direct product of racial discrimination.”

"When doing her sales comparisons, Miller used three properties in Marin City, two in Mill Valley and one in Sausalito. The second appraiser used two properties in Marin City and six in Sausalito.

"The suit asserts this was not the case. It quotes Miller as writing in her apprasal that she based her valuation on five years of Marin City homes sales, where no one year had more than four sales. As a result, the suit says, Miller’s opinion is fundamentally flawed because of the small number of home sales per year.
According to the suit, the Austins have suffered “emotional distress with attendant physical injuries, and violation of their civil rights.” The plaintiffs have requested a jury trial.

"The case has been assigned to U.S. District Court Judge Joseph Spero in San Francisco. The defendants have not filed responses and have no attorneys listed in the court docket.

An initial case management conference is scheduled for March 4.

Marin appraiser sued for alleged race discrimination

A Marin City couple claims their home was undervalued by hundreds of thousands of dollars.

www.marinij.com

Seems like the GSEs should have been informing us of areas of "undervaluation" for the last 40-years, especially since virtually everybody seemed to have known it. I wonder if "undervaluation" is defined in any dictionary on real estate appraisal.

Like I suggested before, Lenders/AMCs/GSEs should provide the appraiser of the three year history of prior appraisals on the subject property, date of appraisal, and the amounts. Additionally, GSEs should provide us with census tracts they have determined to be 'undervalued.'

 

[Dublin ohio]

The second appraiser used two properties in Marin City and six in Sausalito.

My bold. No red flags there.

 

[Zoe]

I don't know how those two areas compare. Not one clue. I am assuming there were not enough recent sales in Marin City to complete the assignment.

 

[RCA]

Sorry to break up dogfest.

Now comes the Marin Independent Journal's take on the case:

Local News
Marin appraiser sued for alleged race discrimination

“Marin City has a long history of undervaluation based on stereotypes, redlining, discriminatory appraisal standards, and actual or perceived racial demographics,” the suit states. “Choosing to use comps located in Marin City means that the valuation is dictated by these past sale prices, which were the direct product of racial discrimination.”

"When doing her sales comparisons, Miller used three properties in Marin City, two in Mill Valley and one in Sausalito. The second appraiser used two properties in Marin City and six in Sausalito.

"The suit asserts this was not the case. It quotes Miller as writing in her apprasal that she based her valuation on five years of Marin City homes sales, where no one year had more than four sales. As a result, the suit says, Miller’s opinion is fundamentally flawed because of the small number of home sales per year.
According to the suit, the Austins have suffered “emotional distress with attendant physical injuries, and violation of their civil rights.” The plaintiffs have requested a jury trial.

"The case has been assigned to U.S. District Court Judge Joseph Spero in San Francisco. The defendants have not filed responses and have no attorneys listed in the court docket.

An initial case management conference is scheduled for March 4.

Marin appraiser sued for alleged race discrimination

A Marin City couple claims their home was undervalued by hundreds of thousands of dollars.

www.marinij.com

Seems like the GSEs should have been informing us of areas of "undervaluation" for the last 40-years, especially since virtually everybody seemed to have known it. I wonder if "undervaluation" is defined in any dictionary on real estate appraisal.

Like I suggested before, Lenders/AMCs/GSEs should provide the appraiser of the three year history of prior appraisals on the subject property, date of appraisal, and the amounts. Additionally, GSEs should provide us with census tracts they have determined to be 'undervalued.'

You are simply quoting assertions from a popular newspaper located in one of the most liberal areas in California. This is no argument. Your journal references are interesting but largely BS.

I've looked at the MLS listing and comps. This home is at the higher end of the local area. Nice on the inside and outside. I wouldn't mind living there - except maybe for the surroundings (it's across from what looks like a large church, with commercial and sport areas nearby. Although, I haven't seen the area, other than via Google Earth Pro. You can argue that homes more towards downtown Sausalito are very much higher in price. In fact this home could make a good investment. It's a good starter home, from the looks of things.

This is the sort of appraisal I can handle well. But compared to other properties I can do, I am just not that interested and would definitely want good pay to do the appraisal. In fact, I wouldn't touch it for less than $5,000 at this point.

There are comps - you just need to go back several years, I would go back to 2010. I used advanced regression and can adjust quite well for market conditions.

I think most likely the problem stems not from any kind of rascism or redlining, but just using standard appraisal methods which are quite deficient.

And as I have said before, certain fragments of our society should thank God there are such lower priced areas around. There certainly aren't many left in this area.