black couple sues appraisal company for low appraisal on home

[Leo123]

You would know better than me, but it's all a big government scam. I applied for my hearing in November of the prior year and didn't get a hearing date until July of the next year. After the hearing I figured out why: What the city school does is send out their lawyer to fight your claim because here, the school gets over half of all the property tax. So what they do is schedule everybody from my suburb on one or more days, and that way the lawyer isn't running back and forth to fight claims. They can schedule her to hear all the cases of our city in one day (or how many days it takes to get through all the cases of our city) so it's cheaper for the school.

You can have a judge in Cleveland hear the case, but who pays the judge? That's right, the county, and he or she is not about to side with you either. Like I said, a big racket over here.

I believe the assessor has appraisers that, as I said, do mass appraisals based on general market data. Similar to companies like Zillow they do a 'shotgun' approach without regard to individual properties. If a property happens to be somehow overvalued because it is lumped in with less comparable, but superior properties it gets the same tax assessment as the those superior properties. The assessor does not do appraisals on each individual property within their jurisdiction, it's physically impossible. I also believe it's in the city/county's best interest to come up with the highest assessment. But that's just me.

 

[Superbadbrutha]

They do if the people moving in are black.


Black = 30% property value DECREASE.

Facts are facts.

Yep racism is racism.

 

[JoeB131]

It may have been accurate depending on the timeline. That specific property was valued at 450-470 in Jan/Feb of 21 according to Zestimate. The house across the street from them and their neighbor's house sold for 450's during that time. A house 3 doors down sold for less than 400k in Feb 21. Right at this moment it's worth 680's according to Zestimate, that's due to the market not the race of the resident. If the original appraiser did the appraisal in the spring/summer of 21 then his appraisal was probably pretty spot on. If the second group came in in 2022 that would have accounted for the price differential. It was a totally different market.

Did you read the story in the OP. The timeline wasn't the issue here.

The first appraiser compared their property to properties in neighboring communities which were predominately black.

The second appraiser, after they removed all the family photographs and got a WHITE friend to let them in, did it the right way, comparing it to properties in the neighborhood.

The bank doesnt own the appraisal company and cant influence them in any way. They have to take what the appraiser tells them as fact and base their decision on that. Even if the appraiser low balled these people because they were black, how would the bank make that determination? My guess is they added the bank in there because their pockets are likely much deeper than the appraisal company's.

Yup. The bank hired a racist appraisal company. Make them pay. Make them pay. Make them pay.

 

[Likkmee]

Black couple sues after they say home valuation rises nearly $300,000 when shown by White colleague | CNN

A Maryland couple has sued a local real estate appraiser and an online mortgage loan provider, alleging that the housing appraisal they received was unfairly low due to their race, in violation of the Fair Housing Act, after a second appraisal returned a result nearly $300,000 higher.

www.cnn.com

this is in maryland. is it me or are blacks going around suing for everything and anything?

The apprasial was based on "post Jefferson" statisticz. Wurd ?

 

[Likkmee]

They do if the people moving in are black.


Black = 30% property value DECREASE.

Facts are facts.

'n fax B fax,muffuh (as loud as you can)

 

[Couchpotato]

Did you read the story in the OP. The timeline wasn't the issue here.

The first appraiser compared their property to properties in neighboring communities which were predominately black.

The second appraiser, after they removed all the family photographs and got a WHITE friend to let them in, did it the right way, comparing it to properties in the neighborhood.



Yup. The bank hired a racist appraisal company. Make them pay. Make them pay. Make them pay.

You are basing that completely on what the people who brought the suit against this company are saying. Of course that’s their contention and they may be right but without the timeline we can’t make a judgment on that. You believe this company is a racist company because that's what you want to believe and maybe they are but there's way too many questions surrounding this particular case to say one way or another. I do think it's interesting that they didnt include a timeline as it would have certainly bolstered the claims made in the story if all this happened inside 3-4 months. Something tells me there's a reason it wasnt in there. What's fucked up is that if it turns out that the appraisals were very far apart in time and that ends up being the reason the numbers were off from each other there wont be a story written about it and you certainly wont be on here updating this thread with that info. But if it goes the other way....

 

[Blues Man]

Yes, they are.

And homes are frequently valued differently by different appraisers.

The court damn well better toss such a stupid lawsuit out.

A 300K difference?

I have never seen 2 appraisers that far apart

 

[Godboy]

There is absolutely no evidence that race had anything to do the differing appraisals. Different appraisers will always have different opinions.

They wont just have different opinions; sometimes they just phone it in. Generally speaking it takes about 1 day of work to do a home appraisal and it doesnt pay a lot of money, so appraisers sometimes half ass it and dont find good "comparison appraisals". They instead just start using any home in the area as a comparison, which innevitably will result in a bad appraisal.

Looking for a home with the same square footage, same age, same amenities and same neighborhood is hard and time consuming. Its so much easier to just grab one out of a hat and call it good.

 

[Couchpotato]

A 300K difference?

I have never seen 2 appraisers that far apart

That house was worth 450k in Feb 2021 and is worth 680 now. Depending on when the 2 appraisals were done there could easily be a 300k difference.

 

[Tommy Tainant]

My aunt recently sold her house for $465,000. The original price was $471,200.

God bless you and my aunt always!!!

Holly

P.S. To me, at the end of the day, how much a home is appraised for may not mean a thing. What people are willing to pay may be what makes all of the difference, especially if the property is on the market long enough. I remember the Reba TV show episode when Van and Cheyanne buy their first home and because of how desperate the previous owner becomes where getting the house off of her plate was concerned, Van and Cheyanne ended up getting a really good deal on the place.

If they sell their house at the lower price then they have been robbed. No wonder black folk cant get on when all of this is stacked against them.

 

[Biff_Poindexter]

My aunt recently sold her house for $465,000. The original price was $471,200.

God bless you and my aunt always!!!

Holly

P.S. To me, at the end of the day, how much a home is appraised for may not mean a thing. What people are willing to pay may be what makes all of the difference, especially if the property is on the market long enough. I remember the Reba TV show episode when Van and Cheyanne buy their first home and because of how desperate the previous owner becomes where getting the house off of her plate was concerned, Van and Cheyanne ended up getting a really good deal on the place.

If you actually read the article, God will bless you.....

 

[Biff_Poindexter]

^ This is an idiotic generalization, folks.

Then why is it -- you never push back against the MAGA folks who consistently say racist shit?

You are more upset at the other people for pushing back against it

Your silence makes the generalization more accurate, not less.....

 

[BlackSand]

Black couple sues after they say home valuation rises nearly $300,000 when shown by White colleague | CNN

A Maryland couple has sued a local real estate appraiser and an online mortgage loan provider, alleging that the housing appraisal they received was unfairly low due to their race, in violation of the Fair Housing Act, after a second appraisal returned a result nearly $300,000 higher.

www.cnn.com

this is in maryland. is it me or are blacks going around suing for everything and anything?

.

I do think there are times when appraisers manipulate perceptions that shortchange minorities.
They should always use white people when showing the houses to an appraiser if it increases the value of the property.

Let's make sure everyone pays their fair share on the property taxes ... Get you some of that white privilege.

.​

 

[Biff_Poindexter]

Blacks are cowards when they're not with their fellow thugs.

Yes, blacks are known for their cowardice...

 

[Independent thinker]

Black couple sues after they say home valuation rises nearly $300,000 when shown by White colleague | CNN

A Maryland couple has sued a local real estate appraiser and an online mortgage loan provider, alleging that the housing appraisal they received was unfairly low due to their race, in violation of the Fair Housing Act, after a second appraisal returned a result nearly $300,000 higher.

www.cnn.com

this is in maryland. is it me or are blacks going around suing for everything and anything?

I can see their point when it comes to the appraiser. But I'm skeptical about the loan company. That's what they do is rely on the word of an appraiser and I doubt most lenders get more than one appraisal.

 

[Ray From Cleveland]

They wont just have different opinions; sometimes they just phone it in. Generally speaking it takes about 1 day of work to do a home appraisal and it doesnt pay a lot of money, so appraisers sometimes half ass it and dont find good "comparison appraisals". They instead just start using any home in the area as a comparison, which innevitably will result in a bad appraisal.

Looking for a home with the same square footage, same age, same amenities and same neighborhood is hard and time consuming. Its so much easier to just grab one out of a hat and call it good.

The assumption of racism is by the plaintiff. There are no indications that race had anything to do with it. It could be a bad evaluation, a typo, confused one house with another, it could be a number of things. If they proceed with this suit, we will finally get the other side of the story which we don't have here.

 

[Couchpotato]

The assumption of racism is by the plaintiff. There are no indications that race had anything to do with it. It could be a bad evaluation, a typo, confused one house with another, it could be a number of things. If they proceed with this suit, we will finally get the other side of the story which we don't have here.

The only way you hear another thing about this story is if it‘s true that the appraisal company is found to have acting in a racist manner. if there’s some other reason for the discrepancy this story will die and no one will talk about it again

 

[Couchpotato]

I can see their point when it comes to the appraiser. But I'm skeptical about the loan company. That's what they do is rely on the word of an appraiser and I doubt most lenders get more than one appraisal.

the bank has deep pockets the appraisal company likely does not.

 

[Independent thinker]

the bank has deep pockets the appraisal company likely does not.

True. When people sue they usually sue everyone in sight like throwing mud up against the wall and see what sticks. I could maybe understand them possibly winning a case against the appraiser if the same appraiser had appraised the same house differently depending on race. I think winning against the loan company would be stretching it.

 

[Ray From Cleveland]

True. When people sue they usually sue everyone in sight like throwing mud up against the wall and see what sticks. I could maybe understand them possibly winning a case against the appraiser if the same appraiser had appraised the same house differently depending on race. I think winning against the loan company would be stretching it.

In the OP it states they applied at a completely different bank for the loan who sent out a completely different appraiser than the first one. So they claim, they removed everything from the home that indicated the owners were black. What that proves, I don't really know.