Shane Lanham's court case re: a black couple suing him for bias, and him fighting back.

[ucbruin]

They brought in Junia Howell for meetings with the black couple from Marin County that claimed discrimination too. She advocated for a cost based approach with location not being a factor in the appraisal process.

Get rid of the cost approach....

 

[shrubberyvaluation]

Get rid of the cost approach....

Its not even the cost approach she is advocating for because that includes a site value. She is in essence advocating for land to be worthless or some government mandated value. Obviously stupid as in areas with higher land value appraisals will be below what people pay for the properties, because she doesn;t want it factored in.

 

[Tiffany Gibbons]

Its not even the cost approach she is advocating for because that includes a site value. She is in essence advocating for land to be worthless or some government mandated value. Obviously stupid as in areas with higher land value appraisals will be below what people pay for the properties, because she doesn;t want it factored in.

Not to mention commercial land. All around that area is zoned multi family or was then.

 

[George Hatch]

She's incompetent with the CA. The low end SFR sales in that immediate neighborhood demonstrate that the finished home couldn't have possibly been worth anywhere near the 2nd appraisal.

 

[shrubberyvaluation]

She's incompetent with the CA. The low end SFR sales in that immediate neighborhood demonstrate that the finished home couldn't have possibly been worth anywhere near the 2nd appraisal.

Its been some time so I don't recall. I wonder if the property had prior sales around the same time as any of the "comps" used by the 2nd appraiser (or Shane's) and how they compare.

 

[J Grant]

She's incompetent with the CA. The low end SFR sales in that immediate neighborhood demonstrate that the finished home couldn't have possibly been worth anywhere near the 2nd appraisal.

This is the problem - nobody with any clout scrutinzes the second high appraisal - it is assumed to be good, and the "lowg" appraisal attributed to bias.

Why didn't the GSEs review the second high appraisal in the media storm California case instead of assuming the low appraisal was due to bias?

 

[Mejappz]

Why didn't the GSEs review the second high appraisal in the media storm California case instead of assuming the low appraisal was due to bias?

Because that would go against the narrative that appraisers are racist and bias.

 

[shrubberyvaluation]

This is the problem - nobody with any clout scrutinzes the second high appraisal - it is assumed to be good, and the "lowg" appraisal attributed to bias.

Why didn't the GSEs review the second high appraisal in the media storm California case instead of assuming the low appraisal was due to bias?

Fits Democrat agenda. I think you were aware of PAVE.

 

[George Hatch]

This is the problem - nobody with any clout scrutinzes the second high appraisal - it is assumed to be good, and the "lowg" appraisal attributed to bias.

Why didn't the GSEs review the second high appraisal in the media storm California case instead of assuming the low appraisal was due to bias?

I wouldn't make the assumption that nobody at Fannie/Freddie looked. Not just at the two appraisals in question but probably every single appraisal that has ever been performed on that property and in that neighborhood. Possibly going back to the beginning of their database. If I were over there and studying the racist appraisers allegation that's what I would have done.

Per the testimony in that hearing a while back they've been analyzing the data on the national level in some detail for the racist appraiser allegation. It would be illogical to assume they never looked at any of the individual appraisals involved. They clearly want to know what the truth is even if only for their own internal usage.

Perhaps I missed it, but I don't recall them ever publicly commenting on any of the appraisals in any of these specific incidents. Let us not forget that the GSEs are not appraisal entities and advocating for appraisers isn't among their responsibilities. The people who work at these businesses are employees so they're probably not at liberty to disclose the particulars of their internal operations or issue public comments outside of those directed by the CEO types.

The Appraisal Institute and AEI and AARC and others are in the business of appraiser advocacy. They have the freedom to PR for the appraisers in a manner that HUD and the GSEs cannot. And evidently will not.

 

[Non Sequitur]

Ladies and gents, another news story about our industry. And I learned something, per an appraiser interviewed "race was a way that appraisers were taught in their texts to assign value, so bias is built into the appraisal process." Never mind she has something to sell (the report plugs her business), the big problem is she's getting the call and air time, not the Dr. Chance's of the world. Anyway, Shane is fighting the false narrative being pushed by those with something to sell: