Allegations of Appraiser racism

[George Hatch]

I missed the last part about no filter. Why do you think the two 2018 sales for 1.25M and $1.75M did not show up in the assessor records search?

The property at 86 Buckelew is on a different map page in the Assessor's maps. The property at 56 Buckelew had a subsequent non-sale transfer in 2020 (no sale amount) so I didn't see the prior sale in public records.

 

[djd09]

Bay Area Black, Latina real estate couple lowballed $250K in home appraisal​

"Somebody doesn't have to say that the reason why they did it is because we were Black or Puerto Rican, or people of color. But absolutely, that's the reason why," said Curtis.

OAKLAND, Calif. (KGO) -- The Curtis family reached out to ABC7 News after seeing the now-viral story of a Marin City couple lowballed in what they believe was a racially biased appraisal. The Curtis family knew something wasn't right when they also received a low appraisal because both the husband and wife work in real estate.

Ronald who is Black and Dominique who is Puerto Rican believe they received the same treatment and decided to sit down with ABC7's Race and Culture Reporter Julian Glover to tell their story.

"We were in the process of doing a refinance. The appraiser came out and we were shocked when we saw the value of our home was $254,000 less than the appraisal we got months earlier," said Ronald Curtis.

The family's lender, Rocket Mortgage, owned by Quicken Loans, ordered the appraisal through an independent appraisal management company (AMC) in December 2020.

"Somebody doesn't have to say that the reason why they did it is because we were Black or Puerto Rican, or people of color. But absolutely, that's the reason why," said Curtis.

The Curtis family immediately pulled reports of the comparable homes the appraiser used in their report from the marketing listing service (MLS) they have access to as licensed real estate professionals.

The family showed ABC7's Julian Glover pictures of the current status of the homes, blighted with boarded-up windows, a caved-in garage, and bricks lining a roof to hold shingles in place.

"He was just deliberately looking for a property that fits his price so he could lower our value," said Curtis.

Those same photos were also attached to the extensive, nearly 60-page complaint the family filed with the California Board of Real Estate.

ABC7 reached out to Quicken Loans and received the following statement:

Quicken Loans truly regrets the frustration that Mr. Curtis and his family have experienced with their home loan. Under federal law, lenders are required to work with independent appraisal management companies who then assign the work to state-licensed professionals to conduct home appraisals as part of the mortgage process. The law's intent is to determine the home's value without any input or bias from the lender - or anyone else - participating in the transaction.

We have reached out to Mr. Curtis to gain his permission to order a new appraisal from a second licensed appraiser, at our expense as an accommodation to our client, to obtain an additional opinion of value. Quicken Loans values equity and fair lending and we stand prepared to assist Mr. Curtis in securing financing for his home if the second appraisal is sufficient to support the loan amount.

However, the Curtis family provided a voicemail showing a Quicken Loans representative only offered a second appraisal the day after ABC7 News reached out to the company for comment.

Out of frustration with the company, the Curtis family declined the second appraisal offered Monday, and in a follow-up statement, Quicken Loans informed ABC7 News the company now considers the case closed.

Bay Area Black, Latina real estate couple lowballed $250K in home appraisal

"We shouldn't have to scrub Blackness from our homes to get a fair shake in society." The couple who both work in real estate say the home was valued at $900,000, but just months earlier in April the home appraised for $1,154,000 in an appraisal also ordered by the lender: a...

abc7news.com

quicken loans

 

[glenn walker]

Something just doesn't add up : )

 

[Dublin ohio]

Something just doesn't add up : )

Never does.

 

[djd09]

What federal law requires a lender to use an AMC?

 

[djd09]

The law's intent is to determine the home's value without any input or bias from the lender - or anyone else - participating in the transaction.

maybe they never heard of a ROV.

 

[Terrel L. Shields]

it would be impossible even for Grand Kleagle to last more than a year if he were to deliberately undervalue properties because he didn’t like the level of melanin in the homeowner.

I really wonder what appraiser gives a **** about the color of someone's skin. Now that black bedroom your Goth son painted...or the avocado green stove....can you say "dated"?

 

[Sadie]

Regardless of the validity of any of the racist overtones of an appraisal, this is now in the public eye. So we as a group need to do our jobs. Pick the most comparable properties and make supportable adjustments. Not sure what was going on with the most recent of these reports of appraiser racial bias, but if true, these people sure got a crummy appraisal. And just recently watching my niece go through the process of buying a home in Oakland, that $924k would buy you a 2 bd 1 bath house- 1000 SF +/-, in an ok neighborhood in ok condition. And that was 3 or 4 months ago.

 

[Sadie]

Looking up the redfin and zillow information on the property, it could be the first appraisal was not valid OR, the second appraiser is about as competent as I am in Oakland (not at all) and used the Zillow and Redfin estimate as a basis for the EMV.

 

[Mejappz]

Does anyone really believe this BS?