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

[J Grant]

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.

I get it, however, you did not have to quote the article, this is not Reddit. A member of the public will believe there is a "real price" and the bad appraisal was 500k below it, based on your thread title. I wouldn't care except that every loss on the PR front is an additional blow to the profession.

 

[MarketValuedEmployee]

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.

Ahhh. My fault. You make a good point. This is almost worse since it will establish precedent in the court of public opinion. :-/

 

[J Grant]

Ahhh. My fault. You make a good point. This is almost worse since it will establish precedent in the court of public opinion. :-/

i believe the OP can change their own headline.

 

[George Hatch]

It's a settlement and at one point in one of the articles one of the advocates mentioned the plaintiffs weren't sure (or might not be sure, I forget which) how the case would turn out.

In Marin County.

 

[Charles West]

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

I merely pointed out that without relevant information you cannot make a determination whether the judgement is in support of the evidence or not. The fact it happened is not sufficient without the underlying evidence that buttresses that decision.

 

[John Hassler]

That a settlement was reached benefiting Goliath over Samson is no indication that the suit had merit.

If the settlement requires non-disclosure of facts, I would conclude it was a shakedown. For the record, the non-profit leading the charge here has a known history of shakedowns (one example - a close friend got caught up in their web. They kept reducing the amount they would settle for until he told them he would rather pay his attorney than agree to settle; they went away).

 

[MarketValuedEmployee]

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

i believe the OP can change their own headline.

I keep trying but the site won’t let me save the edits.

 

[Vermonter]

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.

Either way....probably not good for us

 

[Terrel L. Shields]

I merely pointed out that without relevant information you cannot make a determination whether the judgement is in support of the evidence or not.

It doesn't matter. It will embolden dozens of similar cases once tort lawyers figure out how much money it will make them.

 

[shrubberyvaluation]

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

What is the "real" price and how was it determined?