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

[TerryRohrer]

When I saw this settlement yesterday I thought it must have been relatively minor monetarily as the published punishment for the appraiser is basically a slap on the wrist. Not that I would want to ever go thru something like this, but to attend a class and watch a video with no mentioned license restrictions, probation or revocations seems pretty minor. One would think if there were a large financial settlement and a serious beat down of the appraiser more would have been disclosed.

Well, the Appraisal Board was not a part of this. It would be their duty to impose those penalties. No rumors of any of that yet. That will be interesting, though, if that board doesn't sanction the appraiser.

 

[Terrel L. Shields]

t the ADA requires yellow. For the blind.

Makes infinite sense...to the infinitely stupid.

 

[Terrel L. Shields]

Well, the Appraisal Board was not a part of this. It would be their duty to impose those penalties

That might be the only public forum where the defendant actually can defend her work. So if the other appraiser is known perhaps the board should take up both reports and assess which is the more accurate.

 

[Fernando]

It's a difficult case to prove or defend since it's not as simple as Black and White.
I do know Marin county is so White and well to do and Marin City has most of the Black people living there.
Don't know how buyers view living near proximity to Marin City affect values since I haven't appraise. I appraised in nearby wealthy Sausalito long time ago and didn't have to deal with this race issue.

 

[Tiffany Gibbons]

The Tate's advantage with the settlement is they can continue to tell their tale on TV - including for cash and prizes - without anyone challenging the facts of their assertions.

Also, the value of their home will always go up, regardless of what is going on in the surrounding neighborhood, the world, etc. They are immune to market correction of any kind, since their home will always have to be compared to other neighborhoods, and must always be valued more for any stupid overimprovement they make. I bet their walk out basement cannot even be valued as finished basement. No ANSI, not for them. Somebody attend the hearing when they appeal their taxes, or does the cap take care of that whining in CA?

 

[shrubberyvaluation]

The Tate's advantage with the settlement is they can continue to tell their tale on TV - including for cash and prizes - without anyone challenging the facts of their assertions.

I'm sure the Tates wanted a settlement more than the defense. Just get a settlement thats less than what the lawyer fees would be to drag it out. Can't imagine the case would of held up to scrutiny when some of the complaints were the appraiser not using more comps outside of Marin City because of racism and some 50+ year old appraisal textbook that she has probably never read or heard of.

 

[ucbruin]

To the victor goes the spoils....
As well as the bragging rights....
Victor's write the history books....

 

[shrubberyvaluation]

When I saw this settlement yesterday I thought it must have been relatively minor monetarily as the published punishment for the appraiser is basically a slap on the wrist. Not that I would want to ever go thru something like this, but to attend a class and watch a video with no mentioned license restrictions, probation or revocations seems pretty minor. One would think if there were a large financial settlement and a serious beat down of the appraiser more would have been disclosed.

I can't imagine they would want to turn it in to the state if they are acting rationally, it could only hurt their image.

 

[Fernando]

I don't know Marin City but if subject was in that city but get to go to Sausalito schools, that's a game changer.

 

[shrubberyvaluation]

That might be the only public forum where the defendant actually can defend her work. So if the other appraiser is known perhaps the board should take up both reports and assess which is the more accurate.

Has there ever been a sale in Marin City over $1.5M?