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Black couple settle lawsuit as home value at $500k below real price

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IMO, the plaintiffs had the deep pockets of the gov't and the appraiser had her own shallow pockets. I imagine life has gotten pretty rough for her and her firm. Since neither appraisal has been made available, I do believe we as a community need to withhold comment, but a very similar home has been on the market for 252 days, listed at $1,389k- so 3 years later a similar home cannot be sold for less than the Tate-Austin's home. Another very similar home is also listed for $1,295,000 and has been on the market for 99 days. This tells me that the higher of the two values is probably not supportable.
 
MarketValuedEmployee said:
Follow the link, read the article, and discuss. I'm curious everyone's thoughts on this and what it says about our industry. What are the ramifications? What are some ways to address it? How do you think state commissions will respond, if at all? What about the appraisal institute?

Black Couple settle lawsuit as home valued at $500k below real price
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I hate to bring up a sticky point but have either of these appraisals been reviewed and verified as a supportable report? I apologize if this has already been addressed.
 
Charles West said:
I hate to bring up a sticky point but have either of these appraisals been reviewed and verified as a supportable report? I apologize if this has already been addressed.
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I don't believe the appraisals have been made public at this point. I would LOVE to see them
 
Sadie said:
IMO, the plaintiffs had the deep pockets of the gov't and the appraiser had her own shallow pockets. I imagine life has gotten pretty rough for her and her firm. Since neither appraisal has been made available, I do believe we as a community need to withhold comment, but a very similar home has been on the market for 252 days, listed at $1,389k- so 3 years later a similar home cannot be sold for less than the Tate-Austin's home. Another very similar home is also listed for $1,295,000 and has been on the market for 99 days. This tells me that the higher of the two values is probably not supportable.
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While this is all true a judgement has been made which sets precedent. I would be curious how the final judgment was reached. What experts testified as to the soundness of the appraisals?
 
MarketValuedEmployee said:
Follow the link, read the article, and discuss. I'm curious everyone's thoughts on this and what it says about our industry. What are the ramifications? What are some ways to address it? How do you think state commissions will respond, if at all? What about the appraisal institute?

Black Couple settle lawsuit as home valued at $500k below real price
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Why did you frame the thread headline this way? What does the "real price" mean? Appraisers, if you are one, should not be writing this kind of thing. Perhaps you didn't mean it, but it implies that some kind of benchmark "real price" exists and the "bad" appraisal came in lower.

I'd like to see this couple put the house on the market and see what offers come in. That is the only way to determine what a "real price" is, and to see which of the appraisal values, the higher or lower, is supported by market demand.
 
J Grant said:
Why did you frame the thread headline this way? What does the "real price" mean? Appraisers, if you are one, should not be writing this kind of thing. Perhaps you didn't mean it, but it implies that some kind of benchmark "real price" exists and the "bad" appraisal came in lower.

I'd like to see this couple put the house on the market and see what offers come in. That is the only way to determine what a "real price" is, and to see which of the appraisal values, the higher or lower, is supported by market demand.
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I recognize the difference between price and value, because I am an appraiser and I passed the test - I was just quoting from the article it's an old habit - reddit will sometimes remove posts if the title of the thread doesn't match that of the article.
 
Charles West said:
The report that was credible would control but without that information, discussion about the case is pointless.
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I don't believe a discussion is pointless. A judgment has been made, it's in the news. It effects our profession regardless of whether all the facts are known. By your logic all fake news wouldn't matter and we know that's not true. If you don't want to discuss it, don't :)
 
MarketValuedEmployee said:
While this is all true a judgement has been made which sets precedent. I would be curious how the final judgment was reached. What experts testified as to the soundness of the appraisals?
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I don't believe a judgement was reached...a settlement does not establish precedent. More likely, an NDA will bury the evidence, leaving just the stain to be brandished as fact.
 
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