Another "paired" appraisal allegation, Seattle

[Joe Flacco]

One of the reports shows the GLA to be 1,004sf, but the county has it at 1,350sf. Probably an ANSI issue when you look at the pics. Basement is only partial with 424sf, and with the laundry on the main floor I'm betting the basement wasn't the kind you'd be able to finish. It is not shown in the old MLS because it probably doesn't have much utility.

I think these sales are all superior. The lowest sale, 3537 S Bennett has great upside to an investor. The 1320sf is all on the main floor, nice fishable basement, extended garage. It could be $1.1m after a rehab, I don't think the Clark's could get there because of the basement and parking issue.

If that is true then what you say would make sense. I was assuming the same size house and full basement like the investor special.

But then it is not like the upper level of that bungalow doesn't have any value anyway. It would also be a bigger house than the $800k sale which is 800 SF with unfinished basement of unknown size.

 

[CGinMN]

Could be, but that one has a better condition. Looking forward to taking a deeper dive on Monday. Frankly, we don’t know the condition the home was in back in Nov 21, they said mid-remodel so I just don’t think we will ever know enough unless there is a legal complaint or we have the appraisals.

 

[Joe Flacco]

You guys are like Sherlock Holmes with the freezing of videos and zooming in.

No deeper dive for me. Wasted enough time today.

 

[Surf Cat]

I think this thread demonstrates an excellent case against hybrid appraisals.

Maps with sales, actual sales in the Immediate neighborhood, depth and widths of lots, alley access, condition, etc. Garnered and posted from seasoned, experienced appraisers from this forum. Some are leaning toward the supposedly low appraisal and some are leaning to the higher one.

How many times have you all gone out with all your data (comps) and after inspection of the subject, the sales you thought were "the ones" fell to the wayside? Without actually inspecting the subject and delineating the neighborhood, how can one truly ascertain which sales are the most comparable? Take the word of the "hybrid" inspector and their photos? I don't think so...I rest my case!

I really dislike this trend though. African Americans getting low appraisal, insert white friend and get a higher one. It's like trainee Jim saying at the time of inspection that he's certified Bob and certified Bob back at the office signing as did inspect....it's disingenuous.

 

[ucbruin]

"How many times have you all gone out with all your data (comps) and after inspection of the subject, the sales you thought were "the ones" fell to the wayside?"

This happens but rarely....
And since online data has been made readily available and accurate, including Google Earth....
Almost never....
At least in areas I appraise....

 

[George Hatch]

Since AK asked, here are all the sales in this size/age range in the south end of the Columbia City area from the last 12 months which were showing 1bd floorplans. (although 2 of them are located just west of MLK) There are MLS listings and interior pics on all of them.

 

[glenn walker]

Good job.

 

[Elliott]

What was the purpose of the appraisal? I assume a refi? And not unlike Marin City, the HO got their loan ? based on their income ? and the value of the property. And it didn't make any difference if it was worth $670K or $1M?

 

[Sandra Koutsopoulos]

While it is inconceivable to me why any appraiser with a brain would make such a statement, this anecdote can not be a meaningful indictment of the entire appraisal profession or even a significant portion of it. Beyond the fact that we know that people make things up, even if you assume it actually did occur, I really doubt that a significant percentage of practicing appraisers would voice that idea even if they had thought it.

What race was the borrower you spoke with? What race was the appraiser she was quoting? I personally don't think that matters and it doesn't make it right regardless, but there is clearly a belief by some that such statements are acceptable when Black folks are talking to or about Black folks. Outside that narrow circumstance, anyone using that term while appraising is simply to stupid to help!

I didn't state her race, or mine either for that matter. And I believe that this incident is perhaps one in a million... but I NEVER expected to hear of such a thing... which just goes to show that virtually anything is possible, though entirely unlikely and rare. Painting all appraisers with an untrustworthy biased brush is unwarranted and unjustified. I just mentioned this episode because it was so out of the ordinary, stunning to me, and hurtful to the Borrower.

 

[Sandra Koutsopoulos]

One thing I noticed re: the previous discussion re: Seattle, is that even Zillow est. was often off by $150,000 to $200,000, and I'm wondering if the market was moving up so fast that what was reasonable value 2 months previously is $200,000 LOW by the time property actually closes. That could explain low list price and much higher sale price.