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

[djd09]

Probably is one. Someone here claimed the 2nd appraiser used 2 sales in Marin City and 6 in Sausilito I believe.

did you see it?

 

[Elliott]

Just think of all our concern, all our research on this property, and no facts will ever meet the light of day. The bias stain remains. Insurance at the end of the day controls most aspects of our lives, solely because of their money, unfortunately. The only minor victory is that no one has said or can claim the comparable selection wasn't correct or the opinion wasn't supported.

 

[shrubberyvaluation]

did you see it?

I have not.

 

[shrubberyvaluation]

Just think of all our concern, all our research on this property, and no facts will ever meet the light of day. The bias stain remains. Insurance at the end of the day controls most aspects of our lives, solely because of their money, unfortunately. The only minor victory is that no one has said or can claim the comparable selection wasn't correct or the opinion wasn't supported.

I don't even think the plaintiffs claimed the opinion wasn't supported. They complained the appraiser didn't use more 'comps' in areas outside of Marin City.

 

[TJSum]

The article is sort of confusing, it says a real estate agent appraised the home, was it an agent or a licensed appraiser? And what was the purpose, a pre-listing CMA by an agent or an actual appraisal by an appraiser for refinance purposes or whatever? The article also states both appraisals came from different employees of the same company, if so, one would think the owner of that company should have realized they received assignments for the same property within weeks of each other. If they were on top of things of their company they would have assigned the second appraisal assignment to the same appraiser, or at the least made sure the two reports did not conflict with each before sending them off to the Client.

 

[Sadie]

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.

True, but her business is most likely shot and she has probably been threatened. What a price for being an ethical appraiser.

 

[shrubberyvaluation]

The article is sort of confusing, it says a real estate agent appraised the home, was it an agent or a licensed appraiser? And what was the purpose, a pre-listing CMA by an agent or an actual appraisal by an appraiser for refinance purposes or whatever? The article also states both appraisals came from different employees of the same company, if so, one would think the owner of that company should have realized they received assignments for the same property within weeks of each other. If they were on top of things of their company they would have assigned the second appraisal assignment to the same appraiser, or at the least made sure the two reports did not conflict with each before sending them off to the Client.

I think its just a poorly written article.

 

[Sadie]

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.

Look at the 2 similar homes in Marin City that haven't sold. One townhome pending

For Sale
$1,389,900
4bed 2.5bath
2,053sqft
9,500sqft lot
31 Park Cir,
Sausalito, CA 94965
253 DOM

For Sale
$1,295,000
4 bed
2,352sqft
8,651sqft lot
14 Burgess Ct,
Sausalito, CA 94965
100 DOM

Pending - Townhome
$1,150,000
3bed 2.5bath
1,730sqft
700sqft lot
252 Bay Vista Cir,
Sausalito, CA 94965

use your big appraiser brains to form an opinion on which value is closer to a supportable MVE

 

[Sadie]

Bank staff appraiser....

Boy I would plead geographic incompetence and avoid it like the plague. I hope the Tate-Austins are in that home forever, because good luck selling it for what they owe.

 

[TJSum]

"The Austin family bought their home in 2016 for $550,000."

"The couple carried out $400,000 of significant renovations in the five years since buying the home including a brand new floor which added 1,000 sq feet of space, a fireplace, new appliances and an outdoor deck.

But when it came to listing the property they found it had increased in the home's value by just 10 per cent."

"Paul and Tenisha said the first estate agent who appraised the house"

Was this in fact an appraisal, or a CMA done by a real estate agent? If the first "appraisal" came in at $945,000, where is the 10% increase figure coming from when they have $950,000 invested in the home?