black couple sues appraisal company for low appraisal on home

[mudwhistle]

I disagree.
Most home appraisals are very similar and close, since they should be using about the same criteria, comparables, etc.
{...
Nathan Connolly and Shani Mott are suing an appraiser and a mortgage lender after their home was estimated to be worth $472,000. After the couple removed any indications that Black people lived there, a second appraiser valued the home at $750,000.
...}
That is almost off by as much as 45%, which is way too high of a difference.
The only excuse is that the sellers should have removed as much personal stuff as possible even before the first appraisal.
No one should have been able to tell it was owned by Blacks.

Yes....this is something I learned in Real Estate school about 35 years ago.

 

[mudwhistle]

Because it cost them time and money, and the mortgage companies still do not have to use the 2nd higher appraisal.
So basically this is a case of red-lining, where Blacks are being kept out of white neighborhoods by being denied mortgages.

I remember when Obama was trying to us HUD to force black families into rich neighborhoods.

He was setting up his own personal race war/crime-wave.

 

[Rigby5]

Years ago I got a police scanner back in the first cordless phone days. Looking at the frequency codes, I found that I could tap into the base units of peoples phones. This is around the time when blacks started taking over the neighborhood.

I was amazed at the hatred by blacks against whites. I'd hear two black people talking about how much they hated us. One of the callers said they were invited to a party by a white coworker. She never attended and stated she had to put on a show at work like she really liked the white coworker.

Don't think for a minute the way you are treated by blacks means they actually like you.

Blacks are the ones constantly losing out to the white upper echelon, so you can't blame them for venting.
And venting in a phone conversation does not mean they actually are that angry all the time or take it out on white individuals.
It is not just Blacks, but almost all races that simply are more mellow, tolerant, and easy going as compared to European whites.
The only ones who may be more standoffish than white Europeans may be Japanese and Chinese, but they are still nicer about it.

 

[mudwhistle]

 

[mudwhistle]

Blacks are the ones constantly losing out to the white upper echelon, so you can't blame them for venting.
And venting in a phone conversation does not mean they actually are that angry all the time or take it out on white individuals.
It is not just Blacks, but almost all races that simply are more mellow, tolerant, and easy going as compared to European whites.
The only ones who may be more standoffish than white Europeans may be Japanese and Chinese, but they are still nicer about it.

In H.S. I had a Japanese friend who said I wasn't allowed in his home because his parents wouldn't allow a white to enter their home. This was back in the 70s.
He never show prejudice against me...but his parents were old school....and that was just the way they were.
I also know blacks who feel this way and whites that feel this way.
They won't allow people of other races in their home.

 

[Rigby5]

THEY USE AN APPRAISAL MANAGEMENT COMPANY YOU ******* IDIOT. LoanDepot doenst have ANY interaction with ANY of the appraisers. ZERO. NADA. NONE.

Redlining is deliberate by the mortgage companies, not the appraisal companies.
The mortgage companies are deliberately picking or dictating to the appraisal companies, or else redlining would not exist.
And we all know it does exist.
The main cause is that the mortgage company does not want values of its other mortgages in the area to drop due to "white flight".

 

[Ray From Cleveland]

Blacks are the ones constantly losing out to the white upper echelon, so you can't blame them for venting.
And venting in a phone conversation does not mean they actually are that angry all the time or take it out on white individuals.
It is not just Blacks, but almost all races that simply are more mellow, tolerant, and easy going as compared to European whites.
The only ones who may be more standoffish than white Europeans may be Japanese and Chinese, but they are still nicer about it.

More mellow and tolerant than Americans of European descent? I don't recall that in the country wide riots. Over 50% of our murders in this country are committed by just 7% of our population. and that are black males. I don't call that mellow or tolerant at all.

 

[Ray From Cleveland]

I remember when Obama was trying to us HUD to force black families into rich neighborhoods.

He was setting up his own personal race war/crime-wave.

Well don't look now, Dementia took DumBama's idea and put it on steroids.

Biden and Dems Are Set to Abolish the Suburbs | National Review

If suburban voters knew what the Democrats had in store for them, they’d run screaming in the other direction.

www.nationalreview.com

 

[GWV5903]

Yes, they are.

And homes are frequently valued differently by different appraisers.

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

There are a multitude of factors that can affect value. If you litigated all the appraisals that didn’t meet the sellers opinion of value, the courts couldn’t handle anything else.

I question such a wide variance, the original appraiser sounds like he did a poor job, I have closed thousands of homes and have had multiple that didn’t meet my sales price. In our world (new construction) the appraiser has no real knowledge of the buyers ethnicity. In the world of resales, they rarely have knowledge of the sellers ethnicity either, the simple truth is there are bad appraiser’s, they are more inclined to undervalue. Over the last 30 months values have seen unprecedented gains, the appraiser’s have not agreed, I had language that the buyer agreed to cover any shortfall, today I am moving the opposite direction.

The lender has nothing to do with the appraisal, they have been separated from appraiser’s since the collapse of 2008. These high volume lenders like Loandepot have inexperienced LO’s, processors and struggle….

 

[Superbadbrutha]

I remember when Obama was trying to us HUD to force black families into rich neighborhoods.

He was setting up his own personal race war/crime-wave.

Post something proving he was doing that.

 

[miketx]

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?

People just need to stop having anything to do with blacks. They did it to themselves.

 

[miketx]

Post something proving he was doing that.

You don't accept proof.

 

[Leo123]

They cant. That's the whole point of the AMC and AIR.

https://singlefamily.fanniemae.com/media/4711/display

The applicant's race would be immaterial to whether they granted the loan or not so why would they get that information? If I were a lender I would make it a point to not know a person's race, ethnicity, sex, sexual preference any of that shit for fear of being labeled a racist,. sexist, transphobe/whatever and to avoid any hint that that information might have factored into the decision to make or not make a loan to a person.



Those arent neighborhoods. And the only way this map is relevant is if LoanDepot knew the race of the applicant.

Loan officers WANT to make loans, they get $$$$ for doing that. The only color they like is the color of the loan applicant's money.

 

[Couchpotato]

Redlining is deliberate by the mortgage companies, not the appraisal companies.
The mortgage companies are deliberately picking or dictating to the appraisal companies, or else redlining would not exist.
And we all know it does exist.
The main cause is that the mortgage company does not want values of its other mortgages in the area to drop due to "white flight".

These people already lived there so,

1 How would denying them a refinance loan keep them from continuing to live there?

2. How would an online loan provider know what race their client was?

3. Since they use an AMC how would they know which appraiser would be doing the work?

 

[Ray From Cleveland]

These people already lived there so,

1 How would denying them a refinance loan keep them from continuing to live there?

2. How would an online loan provider know what race their client was?

3. Since they use an AMC how would they know which appraiser would be doing the work?

The final question nobody has been able to give a reasonable answer to, is what benefit of the appraiser was it to low ball this house?

 

[Leo123]

The final question nobody has been able to give a reasonable answer to, is what benefit of the appraiser was it to low ball this house?

None. The Appraiser risks their livelihood by doing that. It’s a ‘lose your license’ offense.

 

[Superbadbrutha]

The final question nobody has been able to give a reasonable answer to, is what benefit of the appraiser was it to low ball this house?

You haven't been able to answer that 300K difference question yet.

 

[Couchpotato]

You haven't been able to answer that 300K difference question yet.

He could just be a shitty appaiser

 

[JoeB131]

Black people are developing a long history of racism.
DC's mayor is illustrating what many blacks actually feel.
She says that the non-vaxxers aren't welcome in her public schools.
She's using vaccines as an excuse....but what she really means is White Trump Supporters.

Or that we don't want your virus carrying kid in our school who won't practice safety...

Vaccinations NEVER should have become a cultural issue, but it did because you guys would rather cut off your right arm than admit that you made a mistake putting Trump in the White House.

 

[JoeB131]

There are a multitude of factors that can affect value. If you litigated all the appraisals that didn’t meet the sellers opinion of value, the courts couldn’t handle anything else.

I question such a wide variance, the original appraiser sounds like he did a poor job, I have closed thousands of homes and have had multiple that didn’t meet my sales price. In our world (new construction) the appraiser has no real knowledge of the buyers ethnicity. In the world of resales, they rarely have knowledge of the sellers ethnicity either, the simple truth is there are bad appraiser’s, they are more inclined to undervalue. Over the last 30 months values have seen unprecedented gains, the appraiser’s have not agreed, I had language that the buyer agreed to cover any shortfall, today I am moving the opposite direction.

You are ignoring the elephant in the room. That when the family removed all pictures of black people and had a white person show them the house, the second appraiser did the job right.

The lender has nothing to do with the appraisal, they have been separated from appraiser’s since the collapse of 2008. These high volume lenders like Loandepot have inexperienced LO’s, processors and struggle….

That sounds like a good reason to not have high-volume lenders, then. Or for them to get better.

While I have no love for the banking industry, my bank did it right. They got a good appraiser. They got a good inspector. Even though I had no credit card debt and 34 year history of paying mortgages on time, they STILL did a thorough background check. (And this was a bank I had been doing business with for the last 20 years!)