black couple sues appraisal company for low appraisal on home

[Circe]

That's exactly what they were doing, applying for refinance meaning they need the money.

I'd say they were mad they couldn't buy enough drugs with the lower amount, but I'm thinking the main thing is, they jumped on the lawsuit train, riding all the way to Payday. That's become the big thing to do among blacks and other takers like transvestites, just this summer.

A transvestite just sued Walmart, news today, because they wouldn't cash a check because her name was different on the check from her ID. I say "her" because it was a born female. (And therefore still female. "Married" to another "woman," God knows what was wrong with that one.) Because she "couldn't" get it changed legally.

Like that's Walmart's fault.

But hey, it's a payday.

 

[Ray From Cleveland]

No evidence except the wildly varying evaluations. But you keep telling us all how much of a giant mark ass ***** you are.

WTF did you get that stupid phrase: mark ass *****? Did you make it up or something because nobody here even knows what the hell that means.

In any case, two different appraisals from two different banks that used two different appraisal companies doesn't prove racial discrimination.

 

[Couchpotato]

I'd say they were mad they couldn't buy enough drugs with the lower amount, but I'm thinking the main thing is, they jumped on the lawsuit train, riding all the way to Payday. That's become the big thing to do among blacks and other takers like transvestites, just this summer.

A transvestite just sued Walmart, news today, because they wouldn't cash a check because her name was different on the check from her ID. I say "her" because it was a born female. (And therefore still female. "Married" to another "woman," God knows what was wrong with that one.) Because she "couldn't" get it changed legally.

Like that's Walmart's fault.

But hey, it's a payday.

They were professors at John's Hopkins. I don't think they were refinancing their half million-dollar home to get money for drugs. Both of them Dr's. Medical ones I would assume given where they were teaching.

 

[Ray From Cleveland]

I'd say they were mad they couldn't buy enough drugs with the lower amount, but I'm thinking the main thing is, they jumped on the lawsuit train, riding all the way to Payday. That's become the big thing to do among blacks and other takers like transvestites, just this summer.

A transvestite just sued Walmart, news today, because they wouldn't cash a check because her name was different on the check from her ID. I say "her" because it was a born female. (And therefore still female. "Married" to another "woman," God knows what was wrong with that one.) Because she "couldn't" get it changed legally.

Like that's Walmart's fault.

But hey, it's a payday.

The problem is litigation costs so much that companies would rather just pay them off instead of doing what's right. What our country needs is a loser pays all law. Sue anybody you like, but if you lose the case, you are responsible for all costs associated with the entity you tried to sue. That would cause all these sleezy ambulance chasers to commit suicide, but it would benefit the country greatly.

So why don't we have such a system in place? Because many people in Congress were lawyers, and they're not about to stab their brethren in the back. Besides, if they lose a re-election like Cheney just did, they may return to law practices.

 

[Circe]

They were professors at John's Hopkins. I don't think they were refinancing their half million-dollar home to get money for drugs. Both of them Dr's. Medical ones I would assume given where they were teaching.

I am so unimpressed with what they allegedly do for a living, this being the 764th set of blacks sueing to get some sort of lawsuit payday --- just this year.

 

[Leo123]

Well, an appraiser has to find 'comparable sales.' They inspect the subject property and try to find the most recent comparable sales in the neighborhood. An appraiser would not exceed a radius of 1 mile from the subject IF sales within that area are available. LOCATION is a big factor. In scanning the article, it looks like those folks lived in an area of lower prices.

The appraisal industry is guided by a set of rules called USPAP which outlines what an appraiser has to do to provide and objective, credible appraisal. One of the most important guidelines is to refrain from any bias regarding race. There is also a section that outlines reviewing of an appraisal. If a professional review finds the appraiser was biased regarding the borrower's race, that appraiser will lose their license.

As far as the loan company, they routinely do their own 'appraisal' which is not official and often places premium value on the dwelling so as to secure the borrower's signature to have an appraisal performed. That being said, the second appraisal coming in at nearly 1/4 million dollars higher would trigger a review, IMO. Either the first appraisal was wrong or the 2nd appraisal was wrong.

I have 30 years experience in RE appraisal.

 

[Bootney Lee Farnsworth]

So why do Black people cause the property values to sharply decrease?

Anybody have any thoughts on that?

 

[Ray From Cleveland]

So why do Black people cause the property values to sharply decrease?

Anybody have any thoughts on that?

Living in a mostly black suburb I can tell you:

In general (not all blacks) they are noisy, filthy and violent. That brings property value down.

When this was a mostly white community the only thing I had to pickup off my lawn before mowing were the twigs from the trees. Now my tree lawn is loaded with garbage. I don't bother cleaning it up anymore. I just take my leaf blower and blow it in the street. One time a police officer pulled up and asked me why I'm doing that? I told him it was not my garbage, it's the cities garbage since they don't do anything about littering here. He asked if I could just clean it up myself. I told him I don't clean up after filthy animals. That's what a zoo keeper does, and I am not a zoo keeper. He just drove away.

We used to have Fourth of July fireworks in my suburb, but that had to be put to a halt because you can't assemble any large group of blacks without it turning into gang fights or riots. We see that all the time in the news. Same goes for a church that used to have Vegas week. They had to close it down.

The noise here goes well into the morning hours. Now blacks are driving motorcycles and they have radios on them. The welfare blacks are out here 2:00, 3:00, 4:00 am blaring their jungle music on work nights that can be heard five houses away. They are the most inconsiderate race in the country. When it was all white, you could hear a pin drop because everybody in the suburb worked. Those who were retired respected those of us working and don't make the slightest noise.

We don't have one major store in our suburb anymore, even the Walmart moved out due to all the shoplifting by blacks. Others moved out because of armed robberies. Our police are in high speed pursuit at least once a week. We can't even keep police officers anymore.

So what normal person wants to live in such an environment? You can't have anything nice, people waking you up all hours in the summer when you have your window open, have to travel across town to the white areas to shop, scared to send your kids to our schools because of the violence and drugs, and that's what brings down property value.

 

[Leo123]

So why do Black people cause the property values to sharply decrease?

Anybody have any thoughts on that?

Appraisal wise, that is not applicable. Only the location and the Market (of comparable sales and active listings) where the dwelling exists should be used. If the prices are lower in that Market then, to go farther away to another area where prices are higher, would result in an and unreliable and possible fraudulent appraisal. There are a whole lot of other factors too such as condition, quality, age, Sq.Ft., etc. that factor in as well.

 

[Leo123]

Living in a mostly black suburb I can tell you:

In general (not all blacks) they are noisy, filthy and violent. That brings property value down.

When this was a mostly white community the only thing I had to pickup off my lawn before mowing were the twigs from the trees. Now my tree lawn is loaded with garbage. I don't bother cleaning it up anymore. I just take my leaf blower and blow it in the street. One time a police officer pulled up and asked me why I'm doing that? I told him it was not my garbage, it's the cities garbage since they don't do anything about littering here. He asked if I could just clean it up myself. I told him I don't clean up after filthy animals. That's what a zoo keeper does, and I am not a zoo keeper. He just drove away.

We used to have Fourth of July fireworks in my suburb, but that had to be put to a halt because you can't assemble any large group of blacks without it turning into gang fights or riots. We see that all the time in the news. Same goes for a church that used to have Vegas week. They had to close it down.

The noise here goes well into the morning hours. Now blacks are driving motorcycles and they have radios on them. The welfare blacks are out here 2:00, 3:00, 4:00 am blaring their jungle music on work nights that can be heard five houses away. They are the most inconsiderate race in the country. When it was all white, you could hear a pin drop because everybody in the suburb worked. Those who were retired respected those of us working and don't make the slightest noise.

We don't have one major store in our suburb anymore, even the Walmart moved out due to all the shoplifting by blacks. Others moved out because of armed robberies. Our police are in high speed pursuit at least once a week. We can't even keep police officers anymore.

So what normal person wants to live in such an environment? You can't have anything nice, people waking you up all hours in the summer when you have your window open, have to travel across town to the white areas to shop, scared to send your kids to our schools because of the violence and drugs, and that's what brings down property value.

If I were to appraise your house I would have to use Market data close to your dwelling. Any mention of race or how people live is strictly prohibited. That being said, there will be photos of the street and neighborhood scene. The appraisal would be based strictly on market value in your area, not some adjacent subdivision with higher values.

 

[horselightning]

So why do Black people cause the property values to sharply decrease?

Anybody have any thoughts on that?

they commit most of the crime.l

 

[Leo123]

they commit most of the crime.l

Which brings values down.

 

[horselightning]

Which brings values down.

yep

 

[tahuyaman]

Sounds like they have a pretty good case.


Do you actually read the articles before you present them? I will show you the key passage.

Connolly and Mott later re-applied with another lender, and “whitewashed” their home, according to the lawsuit. This included removing photos of their Black family from the home, and having a White colleague present the property to the appraiser. The suit claims this valuation came back at $750,000, more than a quarter of a million dollars higher than 20/20 Valuations’ appraisal of $472,000.

Seeing that home appraisals are not an exact science and they received a different one to their liking, I don’t see a strong case. But then again in our modern society stranger things have happened.

 

[tahuyaman]

If I were to appraise your house I would have to use Market data close to your dwelling. Any mention of race or how people live is strictly prohibited. That being said, there will be photos of the street and neighborhood scene. The appraisal would be based strictly on market value in your area, not some adjacent subdivision with higher values.

Unfortunately in most predominantly black neighborhoods you see mostly rentals. Very little owner lived in homes. With rentals there’s generally no pride in ownership. The renters don’t really care about the conditions outside the home. Thus a deteriorating neighborhood and lower property values.

 

[Leo123]

Seeing that home appraisals are not an exact science and they received a different one to their liking, I don’t see a strong case. But then again in our modern society stranger things have happened.

1/4 million dollar difference is, IMO very suspicious though. Both appraisals need to be looked into and reviewed by industry professionals. The State Appraisal Board would be best for that. Don't know by the article what happened in the end.

 

[Leo123]

Unfortunately in most predominantly black neighborhoods you see mostly rentals. Very little owner lived in homes. With rentals there’s generally no pride in ownership. The renters don’t really care about the conditions outside the home. Thus a deteriorating neighborhood and lower property values.

All appraisals require an analysis of Cost, Market and Income when applicable. Most lenders go by the Market (Sales Comparison Approach) first. There are ways to derive value from replacement cost and income capitalization. All approaches to value must support the final opinion of value when applicable.

 

[tahuyaman]

1/4 million dollar difference is, IMO very suspicious though. Both appraisals need to be looked into and reviewed by industry professionals. The State Appraisal Board would be best for that. Don't know by the article what happened in the end.

I suspect there has been some liberties with the truth taken in this story.

 

[tahuyaman]

All appraisals require an analysis of Cost, Market and Income when applicable. Most lenders go by the Market (Sales Comparison Approach) first. There are ways to derive value from replacement cost and income capitalization. All approaches to value must support the final opinion of value when applicable.

Your response had absolutely nothing to do with my comment about the realities of most predominately black neighborhoods.

 

[Couchpotato]

1/4 million dollar difference is, IMO very suspicious though. Both appraisals need to be looked into and reviewed by industry professionals. The State Appraisal Board would be best for that. Don't know by the article what happened in the end.

It may have something to do with when each appraisal was done. I looked on Zillow and the estimated value on that home has risen about 230k over the last 18 months. It doesnt give a timeline of events in the article.