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

[J Grant]

Location does influence price and demand in the market.

 

[RCA]

Which is why appraisers should use more than 3 comps. In my reports, I usually have 6 comps. After adjustments, I let the numbers fall and I make reconciliation which computers can't do at this time.

Well, I can have 100s of comps that all adjust to precisely the same value. However, the comps are really there just to estimate the residual for the subject. - Once that is done, putting a dozen or so in the Sales Grid is just to demonstrate how good the model is, that is how low the gross adjustments are, and why the differences in sales prices between the subject and selected comparables.

That is, I use 100+ comparables to create the regression model and score the subject, then select a smaller number for the Sales Grid—for demonstration purposes only.

The hardest part of the job is creating the R code to show the model and associated statistics. That job is made much more difficult because of the possible existence of factor (categorical) variables, like MLS Area or design/style name.

 

[sputnam]

A little late in response, but I overlooked the point being made at the time. Yes, I have looked at all of these examples from the outside/distant perspective and have run my mouth quite liberally about my opinions on them. But the reason I can do that and TAF can't is because their role is limited to standards and qualifications. Not endorsement for the conduct of any individual or any group of appraisers - THAT individual advocacy is arguably the role of professional orgs.

Agree. TAF is not.. and isn't supposed to be.. an advocate for any appraiser.

 

[Zoe]

Location does influence price and demand in the market.

You don't have to tell me that. I live and work in one of the most heterogeneous and diverse metropolitan areas in America.

It is very hard area to work if you don't spend a ton of time on your research and are not familiar with the area. However, all races know the values in the areas they live in versus possibly a street over or whatever the boundary may be. All the areas are racially mixed. Some are way more expensive areas than other areas. Race has no bearing.

 

[Zoe]

Does racism still exist? Absolutely. No doubt in my mind.

That is why I always focus on the subject property and real property rights. I don't have to be concerned with racism.

Racism and other prohibited discriminatory practices are not on my platter. The subject property is on my platter.