Appraisals Discrimination Again?

Question

https://www.nytimes.com/2022/0...

Story behind the NYT paywall. Summary: Nathan Connolly and Shani Mott are suing an appraiser and a mortgage lender after their Baltimore 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.

1. I hope justice prevails here.

2. As a black investor with a very light-skinned wife, we always "whitewash" our properties for appraisals, I always have my wife meet the appraisers even though I am the finance person in our partnership, and I make sure I am never around when we're marketing our properties to potential residents. We know that investing while black can, potentially, leave money on the table we'd rather have in our pockets.

3. We're always glad when stories like these are published. Our profession needs to be on guard to ensure our anti-discrimination laws are followed. The legal system will determine the final outcome, but the facts here sure don't look good for the appraiser.

Joel Scarboro · Answer

Sad but it’s just one more hurdle that WE have to navigate. Nothing surprises me anymore it’s just sad when being YOU regardless of character is a possible detriment.

Chris Seveney · Answer

@Ron Brady

Disgusting. It’s good that these stories are brought to light to educate people racism does exist and it does have a huge financial impact on those affected.

Greg M. · Answer

Looks like there is an update to this story.

Most interesting part is the homeowners “failed to disclose the sale of the similar house next door to their home that sold only a month after Mr. Lanham and 20/20 Valuations’ appraisal for $7,000 less than the amount of the appraisal.” And there is also mention of another similar house selling near that appraisal level.

It's almost like rushing to judgment isn't the best thing to do...

Ozzy Sirimsi · Answer

It sucks, it is sickening people like that still exists. Unfortunately, they raise their kids that way too.

Kevin Woodard · Answer

Some resources from US News in the event someone comes across this themselves.

• File a complaint against the appraiser. Contact the Appraisal Complaint National Hotline at 877-739-0096, or complete the form online at refermyappraisalcomplaint.asc.gov. The appropriate legal authority will receive your complaint alleging noncompliance with standards of professional practice or appraiser independence requirements. All 50 states expect appraisers to be certified or licensed and familiar with property values in their area.
• Connect with a fair housing specialist to file a discrimination complaint. You can reach a specialist at 800-669-9777, or contact your regional Office of Fair Housing and Equal Opportunity.
• Submit complaints about lending discrimination to the Consumer Financial Protection Bureau. Call 855-411-2372 or use the online form to describe what happened. The CFPB forwards each complaint to the appropriate company for a response and shares complaint data with state and federal agencies.

Kevin Woodard · Answer

That’s absurd things like that happen, but hopefully justice prevails.

Billy Daniel · Answer

100% agree!  This non-sense needs to stop and the only way that happens is to shine the light on it.  Thanks for sharing!

Appraisals Discrimination Again?

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