Latest Appraiser Bias Lawsuit

[Joe Flacco]

And this little section here is zoned R-73 which allows up to 12 units and limited ground floor commerical uses.

The rest of that peninsula between 1st and the tracks is zoned R-5 or R-6.

 

[shrubberyvaluation]

Just zooming in on the neighborhood in Zillow I'm not seeing the lower value at all. The use of the much larger S#4/S#5 comps was totally unnecessary due to the availability of the more similar sized homes. If I was looking at the lower appraisal vs the sales in the area I'd think the appraiser had to make an effort to conclude to $135k. Apparently the house next door to this property sold for $123k but it doesn't look like that sale had a listing so the exposure is suspect.

They've got some similar sized homes in that area with actual refurbished/remodeled kitchens/baths selling at or just below the $200k range so the 2nd appraisal might be a bit high but it isn't $25k high. IMO

View attachment 108719

Yea comps 4 and 5 on the lower appraisal was really weird. No Idea what the point of those were, a 6 figure adjustment in that range is crazy. My impression is the subject is a C4 rather than a C3. It looks like a lower end rental with some minor updates.

Its possible they were trying to make it fit Zillow or some other AVM, wrong or right.

1506 Court St, Richmond, VA 23222 | Zillow

1506 Court St, Richmond VA, is a Single Family home that contains 779 sq ft and was built in 1922.It contains 2 bedrooms and 1 bathroom. The Zestimate for this Single Family is $143,400.The Rent Zestimate for this Single Family is $1,753/mo.

www.zillow.com

There are houses below 200k that were renovated by investors. There are neighborhoods near me where an investor renovated house could be $225,000 and a C4 be $125-150k.

1906 Maddox St, Richmond, VA 23223 | Zillow

1906 Maddox St, Richmond VA, is a Single Family home that contains 912 sq ft and was built in 1923.It contains 2 bedrooms and 1 bathroom. The Zestimate for this Single Family is $198,700.The Rent Zestimate for this Single Family is $1,614/mo.

www.zillow.com

This was used before renovation in the first appraisal. It is probably in worse condition if it attracted an investor.

 

[Elliott]

Mind reading?

 

[Elliott]

 

[Joe Flacco]

This is the property next door that sold for $123,000 off market..

It looks like a family member of the plaintiff owned both 1504 and 1506 Court Street. 1506 was transferred to the plaintiff for no consideration and 1504 was sold for $123,000.

 

[RCA]

I'm tempted to download the property data and run earth(), glmnet() and mgcv() on it. But I looked at the assessor data, Zillow and map. The subject is close to a major highway, there are no recent sales and no interior photos. I would guess aside from its location, it probably is not in great condition compared to recent sales. So, I would be largely wasting my time doing a regression of the city and property. Compared to CA, houses are very inexpensive there!

 

[sputnam]

Fair Housing continuing education is now insane. I need 7.5 hours for my Broker License and 7.5 hours for my Appraisal License. Of course in NYS you need to take Both, one is not good enough to suffer through. Who sold us out? Realtors and Appraisers now have a monkey on their back that 99.9% do not deserve. Have you ever seen a qualifying class being phased out, NO. Keep paying and spending your time, to learn what? If I wasn't discriminatory in the past, I don't think I will all of a sudden become one...

yep. I abandoned my NY credential because of the extra CE. Of course, a while later, it's a requirement in every state.

 

[sputnam]

Good for her! She persevered. So why the lawsuit?

Why the lawsuit? Either she thinks of herself as a social justice warrior... or is being encouraged to take that role.... or..... $.

 

[Elliott]

https://www.toothbearykids.com/meet-us/meet-dr-braxton/

 

[shrubberyvaluation]

Didn't Bank of America participate in that race based loan program? While they will try to claim technically it was for anyone they marketed it as race based, targeted people of certain races, and targeted areas based on demographics. Oh yea and it wasn't white people that they were giving this too,