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

[Zoe]

It does seem a little low to me. I don't really think that is what gave homeowners the green light. I think it was some kind of language in the report. I couldn't afford to live in CA. That lot must be worth a bunch of money. But, they did a $350K renovation somebody said. I think it was GH. Who did that appraisal? Or did they pay cash for the renovation?

That is when I would have told the bank they are doing good or they are not doing good. Me and homeowners would have had extensive discussion about the renovation before I completed the appraisal subject to the renovation. Are there any buffers between the subject and public housing nearby? You can tell I am not geo competent there.

I have done multifamily public housing for HUD that was in very nice areas. Some were not. Elderly public housing is usually nice. Kids don't tear it up and mess it up. There are parameters required to live in HUD elderly public housing. You have to meet requirements on age and other income relative issues. You can't be 30 yrs old and move in a family of 5.

 

[Sadie]

Those 'racist' profile from the internet:

"Marin City was developed for housing starting in 1942, to accommodate wartime shipyard workers and other migrants to California. Among those were African Americans from the South in the Great Migration, which continued until 1970. After the war, the area became predominantly African-American, as white residents were able to move freely to private housing elsewhere in Marin County. Since the 1980s, additional development has changed the makeup of the population while providing more local jobs.Wikipedia"

Sausalito: "The community is situated near the northern end of the Golden Gate Bridge, and prior to the building of that bridge served as a terminus for rail, car, and ferry traffic. Sausalito developed rapidly as a shipbuilding center in World War II, with its industrial character giving way in postwar years to a reputation as a wealthy and artistic enclave, a picturesque residential community, and a tourist destination. The city is adjacent to, and largely bounded by, the protected spaces of the Golden Gate National Recreation Area as well as the San Francisco Bay.Wikipedia"

Fannie wants appraisers to mention if the neighborhood has a new community swimming pool. What a difference a freeway and a mile make.

Just a reminder not to copy/paste from wikipedia.

 

[Sadie]

If the appraiser can't find even *one* comp to bracket the subject's GLA and condition in the subject's neighborhood then that's a big red flag that it's an overimprovement.

Just because one hasn't sold recently doesn't mean a larger one isn't there.

 

[George Hatch]

A significant percentage of those pole homes have been expanded similarly. "Overimprovement" isn't the issue. The *only* aspect of this area that makes it difficult to appraise there is the lack of SFR sales. As in, ZERO sales in the 16 months prior to the first appraisal and only a handful in the 3 years prior to that.

If this neighborhood was yielding even just 5-10 sales a year then none of this drama would have ever happened. It wouldn't matter what the pricing is in Mill Valley or Sausalito because an appraiser wouldn't have needed to - nor been able to justify - expanding their geographic radius to populate an SC grid.

 

[RCA]

Just a reminder not to copy/paste from wikipedia.

Nonsense.

Wikipedia:Reusing Wikipedia content - Wikipedia

en.wikipedia.org

I included a link to the source Wikepedia page --- that is all you have to do unless there are other specific licensing instructions (not likely).

 

[Surf Cat]

Not only was Miller railroaded by the narrative for a complex assignment, she reportedly loses her daughter and husband.

On top of this, she's getting negative, vile reviews from around the world.

Slew of Negative Reviews for Appraiser Miller - Appraisers Blogs

Appraiser Miller's Google & Yelp business pages have received a slew of negative reviews from people living as far away as New Zealand!

appraisersblogs.com

Good thing those unlicensed "inspectors" for hybrids are not racist.

 

[George Hatch]

Reviews by people who have never been evenly remotely involved with her services and who have no direct experience with her and who don't know anything about how an appraisal in this situation would be performed.

 

[ucbruin]

Remember what you posted....
Don't cry when it hurts....
Suck it up....
What else can you do....

 

[George Hatch]

No problem. All anyone can ask is for people to consider the actual facts in these cases.

 

[ucbruin]

"Not on me for taking note of the obvious."

I have to be honest....
Not sure what that means....