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

[djd09]

it is called free speech and truth something that you may not understand as the AF minitrue

 

[djd09]

look, the fudgester was the mayor of a city which the predatory banks rolled. what did she do to stop it? exactly nothing

 

[djd09]

next crooked coumo will sue the gses and concock some fairy tale that the AMC appraisers and brokers duped the banksters

 

[Sadie]

he advocacy group cites circumstances in which appraisers choose comparisons of other home sales located substantially closer to the property receiving an appraisal if within a Black or Latino census tract, Executive Director Caroline Peattie pointed out.
The average distance between a subject property and its comps is substantially smaller when the property is in a Black or Latino tract than in a White tract.

One of the dumbest things I have ever read, - if that is true, perhaps it is because a greater portion of census tracts that have greater # of black or latino residents are more densely built or urban areas ? Like doh those houses or condos are actually built closer to each other ?

Freddie's little video partially addressed this. That whole study was prematurely released. When all of the data is examined, I am pretty sure there will be a different conclusion.

 

[Sadie]

next crooked coumo will sue the gses and concock some fairy tale that the AMC appraisers and brokers duped the banksters

You're late to the party. Cuomo is gone.

 

[Elliott]

Now comes the Mercury News:

12/7/21:
"Fair Housing Advocates of Northern California and a Marin City couple have sued a San Rafael appraiser in federal court for alleged race discrimination.

Paul Austin and his wife, Tenisha Tate-Austin, both of whom are Black, were surprised when the appraisal of their home in February 2020 came back $455,000 lower than an appraisal done in March 2019.

The Austins sought the appraisal because they wanted to take advantage of lower interest rates and obtain additional funding to complete home improvements.

Janette Miller of Miller and Perotti Real Estate Appraisers conducted the second audit and is named as a defendant in the suit along with AMC Links LLC, which hired her to do the job at the request of the Austins’ mortgage broker."
.......
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.
...........
“Pulling comps within the neighborhood of the home and near the home isn’t in and of itself problematic, if there are recent comparable sales,” Howard-Gibbon said.
......
“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.” {well that's a game changer!}

Marin home appraiser sued for alleged race discrimination

A Marin City couple, both of whom are Black, were surprised when the appraisal of their home in February 2020 came back $455,000 lower than an appraisal done in March 2019.

www.mercurynews.com

 

[J Grant]

Now comes the Mercury News:

12/7/21:
"Fair Housing Advocates of Northern California and a Marin City couple have sued a San Rafael appraiser in federal court for alleged race discrimination.

Paul Austin and his wife, Tenisha Tate-Austin, both of whom are Black, were surprised when the appraisal of their home in February 2020 came back $455,000 lower than an appraisal done in March 2019.

The Austins sought the appraisal because they wanted to take advantage of lower interest rates and obtain additional funding to complete home improvements.

Janette Miller of Miller and Perotti Real Estate Appraisers conducted the second audit and is named as a defendant in the suit along with AMC Links LLC, which hired her to do the job at the request of the Austins’ mortgage broker."
.......
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.
...........
“Pulling comps within the neighborhood of the home and near the home isn’t in and of itself problematic, if there are recent comparable sales,” Howard-Gibbon said.
......
“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.”

Marin home appraiser sued for alleged race discrimination

A Marin City couple, both of whom are Black, were surprised when the appraisal of their home in February 2020 came back $455,000 lower than an appraisal done in March 2019.

www.mercurynews.com

Is this the Same lawsuit and property discussed early in the post ?

That said, the suit itself is ridiculous and unless Miller did a lousy appraisal or slanted it racially, the suit should be thrown out. We appraisers are not responsible for past discriminate policies which may have resulted in lower prices. The prices are what the properties are selling for now and using the most similar location properties is the standard for appraisals.

They suffered emotional distress? So does every party then who gets a "low" appraisal oh poor me - But if the reglators change the purpose of appraisal and the MV definition to whatever price makes people happy or whatever price makes a deal work I'll accommodate it.

This was not even a purchase appraisal, no harm was done to them, they have the same old loan they did before and they are free to go to another lender if they wish to try again. Violation of their civil rights would only be if the appraisal truly was a racially biased one. Which I doubt but we never saw this mystery appraisal nor the higher $ value appraisal , I suspect the higher one is an inflated value POS and if RE boards get hold of it they should go after THAT appraiser who inflated a value (if they did )

 

[Elliott]

And another news take on the suit, with comments,

Business Journal:

Marin couple, fair housing group sue North Bay appraiser for alleged racial discrimination

A regional fair housing advocacy group filed a civil lawsuit in federal court Thursday claiming discrimination after a Marin couple received real estate appraisals almost 50% apart because of their…

www.northbaybusinessjournal.com

 

[glenn walker]

Are the same few lawsuits being re cycled here on the board ?

It makes it sound like there are more lawsuits than there are - we are discussing one that has already been posted a number of times, correct?

On Google news they have been recycling these same ones for the last few weeks.

 

[George Hatch]

I wonder what happens if the outcome doesn't favor the plaintiffs? Would THAT outcome get as much press as the allegations?