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

[George Hatch]

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?

The lower level buildout is common for the area and it will be counted as GLA in the local market. But the home now has the reverse floorplan with the public zone on the upper level and bedrooms down below. Some buyers will like that, but most won't prefer it. You will still have to carry your groceries up those stairs

 

[George Hatch]

I have appraised in Marin City. Their value from their first appraisal seems suspiciously low.

I don't know what the effective date of the first appraisal was but I do know the GLA of the homeowner's place.

There are two sales from the past 12 months that were well over $1million and they were both in dated to very dated condition. Those sales were both significantly smaller in size.

The first value might be suspect. But you can look and see in the MLS how many sales closed in that neighborhood during 2020 before the first appraisal was completed. That's all the first appraiser had to work with at that time. You can also see what the values have been like in Marin City vs Mill Valley and Sausalito.

AT A MINIMUM this would always be a difficult neighborhood to appraise in during most years due to the relatively limited number of sales it yields every year. No matter who, no matter when, an appraiser will almost always have to go outside the neighborhood to find more sales, and those outside areas warrant a substantial downward location adjustment.

Lastly, there WERE sales after 12/2020 which clearly demonstrated how grossly overvalued the 2nd appraisal was. Which I'm sure you can also see. A couple of those consisted of other pole homes with additions and nice remodels.

 

[shrubberyvaluation]

The first value might be suspect. But you can look and see in the MLS how many sales closed in that neighborhood during 2020 before the first appraisal was completed. That's all the first appraiser had to work with at that time. You can also see what the values have been like in Marin City vs Mill Valley and Sausalito.

AT A MINIMUM this would always be a difficult neighborhood to appraise in during most years due to the relatively limited number of sales it yields every year. No matter who, no matter when, an appraiser will almost always have to go outside the neighborhood to find more sales, and those outside areas warrant a substantial downward location adjustment.

Lastly, there WERE sales after 12/2020 which clearly demonstrated how grossly overvalued the 2nd appraisal was. Which I'm sure you can also see. A couple of those consisted of other pole homes with additions and nice remodels.

Possibly it could be higher than the 1st and lower than the 2nd. I find it laughable to claim the valuation has to biased based on pictures being up and using the term "distinct marketability". As if there is no difference in quality of appraisals, there is either good appraisals (high enough for the loan) or racist appraisals (not high enough for the loan).

 

[OSU Beavers]

Didn't this appraiser get the lawsuit thrown out of court last year? What happened?

 

[jay trotta]

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.

Nope & well probably never see them, like CU........hahahaaa

 

[TerryRohrer]

Didn't this appraiser get the lawsuit thrown out of court last year? What happened?

The AMC settled last year.

 

[OSU Beavers]

Wait a minute

"Miller and Perotti Real Estate Appraisers, who had two different employees appraise the Marin City home within a few weeks of each other in 2020."

Did Ms Miller conduct the first appraisal, then they hired Perotti or a trainee from the same firm to complete the second appraisal a few weeks later???

 

[Tiffany Gibbons]

I'm sure anyone who appraises it will make sure to compare it to higher priced areas and custom homes without the needed adjustments.

Or they'll get an appraisal waiver, right? Wasn't that supposed to eliminate the supposed racial bias? Don't those old telephone poles contain creosote that can leach into the soil? Should environmentalists be contacted?

 

[OSU Beavers]

HEY

Is this the first time that we are finding out that the same appraisal company Miller and Perotti Real Estate Appraisers completed both of the low and high appraisals???

 

[George Hatch]

I don't know but "same company" may refer to the AMC.