Another "paired" appraisal allegation, Seattle

[Carnivore]

Serious Question: Will Joe the Home Inspector for Desktop Appraisals or Someone Else White Wash the Photos before its sent to the Appraiser?

More Serious Question: Is this Appraiser Bias or Appraiser Competency?

Infesting Observation: Have you noticed that We NEVER Get to see either Appraisal.

 

[J Grant]

I had not taken seriously the idea that appraisers were ethnically biased in coming to value conclusions, as in each and every instance, in every neighborhood, I have done the research to let the numbers bring me to the value. Square footage, condition, views, upgrade quality and quantity, time on market, etc.... until a year or so ago when I did an appraisal on a somewhat unusual property. It was on a large suburban parcel, started with a 3200 sf 2-story house... then 2 more SFRs were recently built on the lot, all occupied by the same family, all creating a family compound. After I did the measurements and photos, the owner pulled me aside to thank me for being professional and courteous to her, which I thought was a bit unusual. Then she told me that the LAST appraiser who had come through with his side kick, sat down on her couch and said to her that it looked like she was "N**g*r Rich"! Honestly, I was shocked; still can't get that episode out of my head. It hurt my heart to hear that, and reflect on how uneven/unfair life is for some of us, how we may be misjudged or treated like "less than" by another person due to our color, religion, or any other irrelevant-to-value fact. That incident should never have happened, and makes me think how unprofessional and rude that appraiser was. We earn our living giving unbiased value opinions to our clients. Thank goodness we even HAVE clients and borrowers that require our expertise in order to move forward with their financial goals. I truly hope that was an aberration, but it was a terrible reflection on our profession and the trust consumers place in us.

Unless there was a witness or video of it, I have a hard time believing an appraiser would sit down on her couch and call her that. Even the most doltish posts here would know better than to do that - and most appraisers are not dolts - or not self destructive enough to say that to a homeowner.

 

[Carnivore]

Unless there was a witness or video of it, I have a hard time believing an appraiser would sit down on her couch and call her that. Even the most doltish posts here would know better than to do that - and most appraisers are not dolts - or not self destructive enough to say that to a homeowner.

I have never ever read anyone's post at this forum that said anything like that. When it comes to Doltish Post from others posting here on many topics includes you and me

 

[J Grant]

I have never ever read anyone's post at this forum that said anything like that. When it comes to Doltish Post from others posting here on many topics includes you and me

Well re read some of them, on this specific topic. People expressing bitterness such as there are two sets of criteria for job advancement do not play well. Still, I made the same point you are making that not even the doltish, which might be me at times, would be stupid or insensitive enough to say that to a homeowner.

I recently intervened with a nasty situation where a white relative of tenant did not want to let the black landlord ( who he had never met before ) in the condo for me to take interior photos. The two of them started shouting at each other and it was getting ugly. I told the landlord step away let me talk to you for a moment ( cause he was yelling about calling the cops as the tenant threatened to punch him). I told him to stop talking about cops and tell the tenant you are going to call your lawyer. He took my advice, said the magic word "lawyer", which got the tenant to finally shut up.. I told the tenant I am going to wait in the parking lot for him to cool down and then I am going to ring the doorbell again and he is going to let me in to take photos. Which is what I did ( as the landlord stayed in parking lot out of sight ). It was a tense situation but point is I went out of my way to diffuse it. I read a lot of good posts here from people who would do the same - Appraisers are getting a terrible smear from these fake dual appraisal staging things where nobody makes the appraisals available, and it is unclear who engaged the second appraiser.

 

[Carnivore]

J, When some one has a Motive they will paint the picture to support their supposition "based primarily on surmise rather than adequate evidence; "theories
They will even go so far as to reject or suppress Factual Evidence to the contrary. I would love to see both or possibly even more than two Appraisals on all theses individual cases.

There is a reason why these are not available.

 

[J Grant]

J, When some one has a Motive they will paint the picture to support their supposition "based primarily on surmise rather than adequate evidence; "theories
They will even go so far as to reject or suppress Factual Evidence to the contrary.

I agree. Which is why these allegations should have facts and evidence present order to hold weight

Ask every party involved to take a lie detector test. Would be interesting to see the results. Of course that won't happen, nor will the appraisals be made available, nor will information about how the "second" magic number appraisal was ordered and by whom.

 

[Carnivore]

From the Article:
"
Appraisals are largely based on what similar homes in the area have sold for. However, there aren’t clear guidelines on what criteria those comparable homes need to fit; it’s up to each individual appraiser to choose, which can be a problem.

“There's no set standard of what that is. So where [appraisers] draw those lines differ,” said Dr. Junia Howell, an urban sociologist and race scholar who studies home appraisal disparities across the country.
----------------------------------------------------------

Clearly this professor is using supposition. Meaning she has not really studied Home Appraisal processes. OR is it possible that she has and is being dishonest.

Side Note: If this professor were to discuss the Appraisal Process with one or more of the Rock Stars at our forum would that change her narrative?

 

[J Grant]

From the Article:
"
Appraisals are largely based on what similar homes in the area have sold for. However, there aren’t clear guidelines on what criteria those comparable homes need to fit; it’s up to each individual appraiser to choose, which can be a problem.

“There's no set standard of what that is. So where [appraisers] draw those lines differ,” said Dr. Junia Howell, an urban sociologist and race scholar who studies home appraisal disparities across the country.
----------------------------------------------------------

Clearly this professor is using supposition. Meaning she has not really studied Home Appraisal processes. OR is it possible that she has and is being dishonest.

Ya think? ( sarcasm intended ). She studied enough not to understand it.

Guess what Dr Junia, if the individual appraiser does not choose the comps, then an AVM or interested party would- and their criteria can be even worse. The reality is - in a lower price area, if the comps reflect past racial injustices, that is a social problem rather than a valuation problem.

If the hypocritical FF agencies want to help disadvantaged home owners bring home values up, then make grants or no interest loans available for property improvements. Buying a property is one thing, having enough discretionary income avail to maintain and upgrade is another. I find it is the lack of upgrades/updates and the presence of deferred maintenance impacts an individual property value .

 

[ucbruin]

"It is the lack of upgrades/updates and the presence of deferred maintenance that greatly impacts an individual property value ."

While this is a nearly 100% accurate statement....
Any adjustment is nearly 100% subjective....
As are nearly all adjustments....

 

[J Grant]

"It is the lack of upgrades/updates and the presence of deferred maintenance that greatly impacts an individual property value ."

While this is a nearly 100% accurate statement....
Any adjustment is nearly 100% subjective....
As are nearly all adjustments....

Please stop. An adjustment has to be supported by market data, so while there is room in any adjustment for subjective perspective, the $ amount has to be supported -to be credible.