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

[George Hatch]

You are talking about the OP, right? If so, it seems it is about far more than that.

Well, the complaint does alleges several other issues such as historical redlining and dated appraisal texts which have zero bearing on how an appraisal is performed in compliance with the current Fair Lending and Fair Housing laws. But as far was what any appraiser actually can or cannot do in an appraisal assignment that's going to come down either to issues of competency or ethics.

It will not come down to whether an appraiser used one specific method (your's for example) to develop those adjustments. IRL appraisers have options on that, whether you consider those alternatives credible or not.

 

[IlliniApp]

Here's the money quote...

By focusing the first appraisal only on the small number of homes sold in the immediate Marin City area, Howard-Gibbon said the appraiser “built an invisible barrier” around the home by comparing it only to other sale prices in a long-marginalized area — a result she called “recycled discrimination.”

That's some nice word salad.

 

[RCA]

Well, the complaint does alleges several other issues such as historical redlining and dated appraisal texts which have zero bearing on how an appraisal is performed in compliance with the current Fair Lending and Fair Housing laws. But as far was what any appraiser actually can or cannot do in an appraisal assignment that's going to come down either to issues of competency or ethics.

It will not come down to whether an appraiser used one specific method (your's for example) to develop those adjustments. IRL appraisers have options on that, whether you consider those alternatives credible or not.

If the attorneys mention those issues, then most likely they are actually planning on using them perhaps as a basis for asserting some kind of collusion between the City and the appraisers. I don't think you know.

They do have to establish a motive if they want to argue the appraiser did something wrong intentionally - that would be important for punitive damages. So, don't be so naive. The world is full of possibilities.

1. I think it is likely she has made statements related to race that could serve supporting a charge of bias on her part.
2. I think it is unlikely she when out of her way to do anything would be considered a violation of USPAP.

Just my guess.

Of course, some may be reminded of Peter Strzok and the anti-Trump rampages he went on while being charged with investigating him. - Yes, to be correct, despite ones opinions and bias, one can still act in an unbiased manner, otherwise half of us (at least) would be out of work. Yet, in a sense, it may not be the wisest thing to do unless you are absolutely insistent on making some minisucle impact on society by stating your true and honest opinion. - And that is everyone's right.

 

[RCA]

Here you go. Janette Miller is apparently a Republican who donates to the NRCC and WinRED.

Maybe this is political. Hmmm.

 

[Zoe]

I don't thinks so at all. I love the term "current expectations". What kind of "expectations" are you talking about? Something specific, objective and firm or something nebulous and wishy-washy? Or in other words, describe those expectations as best you can, and I will shoot holes through them.

The methods I use are objective. Another appraiser who follows the same method should come up with the same result in terms of final value. There would be no difference. For example, I am just finishing an appraisal of beach front homes, where the distance to the beach measured in feet is one of the primary driving factors of price. There are 600+ homes in the PUD that come into consideration. I have to measure distance from the beach for all them. Stamina. I also measure visual obstructions, - approximately. Oh yes, there is the golf course, we need a column for Golf with an indication for which homes are on the edge of the golf course. Work. I use R/earth for accurate regression. The residual is the accurate measure of all intangible features. I study the comps for differences between themselves their ranked RS score and the subject, then assign an estimated RS score to the subject. I let my software system grind and out pops something like $3M +/-. You can change the random seed to the regression -- and you will pretty much get the same value. You can change the other parameters that do impact output - but the value that pops out is pretty stable. I have a protocol, I publish it, and another appraiser who follows it should get the same result pretty much. But, ..., you also need a protocol for determining whether the results make sense. Sometimes there are bugs in the software or data that need to be ironed out, or something you missed. If you stick with it, you should have a workable model in the end --- and different appraisers should come up with about the same value.

I see so many possible flaws in your procedures. I don't have time right now to explain them. You would be great working in a tax assessor office.

 

[Zoe]

Again, the subject of this lawsuit is the appraiser's conduct and performance, not what the optimum modes of analysis are that all appraisers should be using if only we bought your program.

The current appraisal process - which has demonstrated its utility in the market for many years - is not on trial here. The appraiser's conduct, particularly WRT her compliance with the ETHICS RULE, is what forms the basis of these allegations. They're alleging that she lied - out of racial animus - in order to harm the complainants.

There is no doubt the sales and listings in that subdivision are the best indicators of value.

 

[Zoe]

Here you go. Janette Miller is apparently a Republican who donates to the NRCC and WinRED.

Maybe this is political. Hmmm.

View attachment 57154

Tell me your conclusions. Please.

 

[KHS445]

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.

 

[djd09]

Since Biden's poll numbers are in the toilet, does it follow that his 'made up' racist appraisals idea is also a failure? While the usual agencies and groups have obediently lined up to say, "See, here's our sketchy proof" isn't it more likely that is just another redistribution scheme which will end in failure similar to the scams associated with TARP?

yep remember when olde senator joe thrashed clarence thomas. his forked tongue spews hate from both sides

 

[J Grant]

yep remember when olde senator joe thrashed clarence thomas. his forked tongue spews hate from both sides

Great, just what we need, more political venom in an appraisal topic thread