Intended User

[djd09]

Black East Oakland homeowner beats system after lowballed $155K in appraisal​

ABC7 News reached out to The Appraisal Foundation for comment.

TAF is the U.S. organization authorized by Congress to set standards for real estate appraisers.

TAF President Dave Bunton provided the following statement:

"Any allegations of discrimination are a serious matter as the very standards an appraiser must follow in conducting an appraisal prohibit bias of any kind. The consumer's lender is responsible for determining how a home is valued in a refinance and hiring an appraiser if they deem one necessary. If a consumer feels that their home has been undervalued, they should go to the lender for next steps, including the possibility of requesting a reconsideration of value."

Black East Oakland homeowner beats system after lowballed $155K in appraisal

Braunz Courtney, a Black man, spent upwards of $100K in renovating his East Oakland home. He was stunned when an appraisal on the property came in lower after the work was completed. Here's how a mortgage broker helped him beat the system:

abc7news.com

but but but they are not the intended user

overvalued or undervalued go get a second appraisal you cheap banksters

 

[ZZGAMAZZ]

I don't read that in it.... And I have 12 more grannies who may die at a moment's notice. I would not be stupid enough to say I don't want to do it because of someone's race. I simply play the competency card. BTW, it is totally allowable in the US to discriminate against anyone who is white, male, over 50, and either a Baptist or from the South....or voted for Trump.

Been wondering for about 25 years about the legal definition of the term "minority."

 

[Terrel L. Shields]

Been wondering for about 25 years about the legal definition of the term "minority."

In a few years, whites will no longer be a "majority" so...what happens then? BTW, less than 50% of students in High School are now white.

 

[djd09]

Real Property Appraiser Enforcement and Complaints​

The Appraisal Foundation is not an enforcement agency and does not have the authority to receive or process complaints against appraisers. To file a complaint against a real property appraiser, please visit the Appraisal Complaint National Hotline website.

If state licensed or certified real property appraisers do not employ “recognized methods or techniques” or do not follow the Uniform Standards of Professional Appraisal Practice (USPAP), they are violation of USPAP. Each state appraisal regulatory agency where an appraiser holds a license or certification is responsible for investigating complaints and taking appropriate disciplinary action against an appraiser.
Filing a complaint with a state appraisal regulatory agency is highly unlikely to assist in such matters as a borrower hoping to get an appraisal revised; rather, the purpose of these complaints is to ensure a real property appraiser is complying with applicable law.

Enforcement and Complaints

www.appraisalfoundation.org

if any tom, dick, or harry, can turn an appraisal into the state, then why is there an intended user. oh never mind.

at least there is one hotline.

 

[Terrel L. Shields]

If state licensed or certified real property appraisers do not employ “recognized methods or techniques”

That alone is the biggest stupidity that exists. Who is the power who gets to determine what is a "recognized" technique? And what happens when they are in conflict? If you know anything about the Rushmore method vs Business Enterprise method of hotel valuation, then you know there are any number of equally stupefying conundrums within those "recognized methods".

Zoom right over the head....it appears that most residential appraisers understand neither the income nor the cost approach well enough to apply it. They are completely bumfuzzled by the concept that land needs to be valued "as if vacant and available for its highest and best use" and what that actually means. Some have argued there is only "one" way to value property. Others specify which method applies to a particular case.

Want an argument? Try to discuss with another appraiser if the income approach or the cost approach is "best" for a Marina, a church, a building in a declining market, or what constitutes "land in transition". I was at an FmHA meeting in Stillwater, OK once where the head appraiser said you MUST do a cost approach on vacant land....really? The method she really was talking about was land summation, where the various classes of land are estimated and using "pure" sales of land that was the same soil type or class, you summarized and parsed each class. So if you had 100 acres and 25 acres was Captina soil, 40 acres was Nixa, and 45 Jay-Taloka... you found tracts that were pure Captina, pure Nixa, and pure Jay-Taloka as comparison. Never mind the subject might be 30x larger than that 'pure' sale since soil types are highly variable. Never mind that 9 of 10 farmers wouldn't know a soils book if it bit them in the butt. Nor care. They rarely worry about the soil types. They concern themselves with the actual crop production figures.

 

[djd09]

Black East Oakland homeowner beats system after lowballed $155K in appraisal​

ABC7 News reached out to The Appraisal Foundation for comment.

TAF is the U.S. organization authorized by Congress to set standards for real estate appraisers.

TAF President Dave Bunton provided the following statement:

"Any allegations of discrimination are a serious matter as the very standards an appraiser must follow in conducting an appraisal prohibit bias of any kind. The consumer's lender is responsible for determining how a home is valued in a refinance and hiring an appraiser if they deem one necessary. If a consumer feels that their home has been undervalued, they should go to the lender for next steps, including the possibility of requesting a reconsideration of value."

Black East Oakland homeowner beats system after lowballed $155K in appraisal

Braunz Courtney, a Black man, spent upwards of $100K in renovating his East Oakland home. He was stunned when an appraisal on the property came in lower after the work was completed. Here's how a mortgage broker helped him beat the system:

abc7news.com

but but but they are not the intended user

overvalued or undervalued go get a second appraisal you cheap banksters

West Oakland family beats low appraisal by $70,000 after help from ABC7 News​

That's when Barnes reached out to our Julian Glover. He suggested the family ask for what's called a reconsideration of value and file a complaint with the lender.

"She's discriminating. (The appraiser) came into the neighborhood, she has an idea of what this neighborhood is supposed to be. She came into the house and she saw who the residents was, and she had an idea of what the value of this home should be," said Barnes.

After two weeks, the lender sent the Barnes an updated appraisal.

The same appraiser adjusted the value, which is standard in a reconsideration of value.

The appraised value was adjusted from $750,000 to $820,000-a $70,000 dollar difference.

West Oakland family beats low appraisal by $70,000 after help from ABC7 News

"We're just tired. We know we've been redlined, we know we've been relegated to neighborhoods, we know we've been discriminated against. We've accepted it for a long time, but we're not we're not accepting it anymore."

abc7news.com

the news person is an intended user

who is she?