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Systemic racism in real estate
#1
Black California coupleâ€s home appraises for $500K more when White friend poses as owner
When the couple had their white friend pose as the homeowner, their house was suddenly appraised for $500,000 more



A Black couple has settled a lawsuit with a property appraiser who undervalued their California home by almost half a million dollars.

Paul Austin and Tenisha Tate-Austinâ€s four-bedroom residence in Sausalito, near San Francisco, was valued at $998,000 by Janette Miller, co-owner of Miller and Perotti Real Estate Appraisers. That figure was $455,000 lower than an appraisal done for a prior mortgage refinance in 2019.

Feeling that their home was worth much more money, the Austins asked one of their White friends to pose as the owner of their residence. They had the home reappraised — and it was suddenly worth $1.48 million.

The Austins decided to sue Miller and her company claiming that her appraisal was "the direct product of racial discrimination."



The case has now been settled out of court, with Miller agreeing to pay an undisclosed sum of money to the couple. The settlement also includes an unusual twist: The appraiser was also required to watch "Our America: Lowballed," a documentary about their "white-washed" saga.

Millerâ€s attorneys initially hit back at racism claims, writing in a rejoinder to the suit which stated: "There is nothing inherently racist about choosing comparable properties that are located in the same city as the Subject Property, Without any direct (or indirect) evidence of actual racial discrimination, Millerâ€s choice of comparable properties cannot support Plaintiffâ€s claim of discrimination."

However, the San Francisco property appraiser eventually agreed to the out-of-court settlement.

"I think everybody involved with the case was ready to move on," Caroline Peattie, the executive director of Fair Housing, told San Jose Mercury News.

"Obviously we felt we had a strong case or else we wouldnâ€t have pursued it in the first place," she added. "[But] Filing a lawsuit on the strength of the evidence is one thing and how a judge will rule is a separate question. Youâ€re never assured of a particular outcome."
Make America Honest Again
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#2
Low appraisals for the owner? I thought This was only an issue for the buyer. Must be a refi
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#3
Socialists believe that blacks are stupid. Blacks have never given them any reason to doubt this belief. This kind of crap will continue until this belief is proven wrong. Maybe they're waking up or maybe they are just stupid. Only time will tell.
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#4
When my ex-wife and I were about to get divorced and we were calculating the value of the assets to be (somewhat) evenly split, she hired an appraiser who came back with a number lower than I expected. She wanted to keep the house and so it was to her benefit for the number to be low. Because I was wise to her ways, I hired an appraiser (and that really pizzed her off) who came back with the number that was about 25% or so higher. In the end, she decided to not keep the house, and it sold for about 20% more than her appraiser's number.

Anyway, we didn't sue any appraisers. I was told it was not unusual for values to be at least 10% or so different.
"Don't, I say don't bother me dog, can't ya see I'm thinkin'?"   Foghorn Leghorn
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#5
When my mother retired and sold her house it got multiple offers at asking price within 2 weeks. She accepted the first. Then it fell through as the buyerâ€s lender low balled an appraisal. BS. A house is worth what people will pay for it, period. My mother lowered the price for the buyer. Made me furious, she constantly makes dumb financial moves and tells me after the fact. She was in no rush. Put it back on the market, if anything it was under priced. No dementia and she wonâ€t give me any poa so I always hear about things after the fact.
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#6
(03-08-2023, 09:52 PM)3rdgensooner Wrote: When my mother retired and sold her house it got multiple offers at asking price within 2 weeks. She accepted the first. Then it fell through as the buyerâ€s lender low balled an appraisal. BS. A house is worth what people will pay for it, period. My mother lowered the price for the buyer. Made me furious, she constantly makes dumb financial moves and tells me after the fact. She was in no rush. Put it back on the market, if anything it was under priced. No dementia and she wonâ€t give me any poa so I always hear about things after the fact.

That sucks. Your mom sounds like my mom. She was at the famous snowbowl  game vs Xichigan in 1950 and still had the negatives from her pics, which were quite valuable. About six years ago I discovered that she had taken them to a local camera shop to get pictures made, and the camera shop mysteriously lost the negatives. Unfortunately, she told me this three years after they were "lost".  I guarantee you they would have found them had she told me right away.
Quote:Hard times make hard men.
Hard men make easy times. 
Easy times make soft men. 
Soft men make hard times.
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#7
(03-08-2023, 10:16 PM)dkeener67 Wrote:
(03-08-2023, 09:52 PM)3rdgensooner Wrote: When my mother retired and sold her house it got multiple offers at asking price within 2 weeks. She accepted the first. Then it fell through as the buyerâ€s lender low balled an appraisal. BS. A house is worth what people will pay for it, period. My mother lowered the price for the buyer. Made me furious, she constantly makes dumb financial moves and tells me after the fact. She was in no rush. Put it back on the market, if anything it was under priced. No dementia and she wonâ€t give me any poa so I always hear about things after the fact.

That sucks. Your mom sounds like my mom. She was at the famous snowbowl  game vs Xichigan in 1950 and still had the negatives from her pics, which were quite valuable. About six years ago I discovered that she had taken them to a local camera shop to get pictures made, and the camera shop mysteriously lost the negatives. Unfortunately, she told me this three years after they were "lost".  I guarantee you they would have found them had she told me right away.
Yep. I could write a book.
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#8
(03-08-2023, 09:52 PM)3rdgensooner Wrote: When my mother retired and sold her house it got multiple offers at asking price within 2 weeks. She accepted the first. Then it fell through as the buyerâ€s lender low balled an appraisal. BS. A house is worth what people will pay for it, period. My mother lowered the price for the buyer. Made me furious, she constantly makes dumb financial moves and tells me after the fact. She was in no rush. Put it back on the market, if anything it was under priced. No dementia and she wonâ€t give me any poa so I always hear about things after the fact.

What a house is “worth” actually means something to the lender who is carrying the note…a buyer will always try to spend more than they can afford if they are in a position to require an appraisal.

If you speak to your mother the way you speak to people here I canâ€t blame her for leaving you out of decisions.
1
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#9
It takes  a modicum of intelligence to see irony.
1
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#10
(03-08-2023, 10:54 PM)3rdgensooner Wrote: It takes  a modicum of intelligence to see irony.

As always, everyone who isnâ€t 3G is stupid

You must be super fun at a party, assuming youâ€re ever invited
1
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#11
(03-08-2023, 11:12 PM)Syncro Wrote:
(03-08-2023, 10:54 PM)3rdgensooner Wrote: It takes  a modicum of intelligence to see irony.

As always, everyone who isnâ€t 3G is stupid

You must be super fun at a party, assuming youâ€re ever invited

I only think a couple of people here are actually stupid. A couple are obviously trash. If Iâ€m at a party you are at I must have become addicted to meth.
1
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#12
(03-08-2023, 10:16 PM)dkeener67 Wrote:
(03-08-2023, 09:52 PM)3rdgensooner Wrote: When my mother retired and sold her house it got multiple offers at asking price within 2 weeks. She accepted the first. Then it fell through as the buyerâ€s lender low balled an appraisal. BS. A house is worth what people will pay for it, period. My mother lowered the price for the buyer. Made me furious, she constantly makes dumb financial moves and tells me after the fact. She was in no rush. Put it back on the market, if anything it was under priced. No dementia and she wonâ€t give me any poa so I always hear about things after the fact.

That sucks. Your mom sounds like my mom. She was at the famous snowbowl  game vs Xichigan in 1950 and still had the negatives from her pics, which were quite valuable. About six years ago I discovered that she had taken them to a local camera shop to get pictures made, and the camera shop mysteriously lost the negatives. Unfortunately, she told me this three years after they were "lost".  I guarantee you they would have found them had she told me right away.

That sucks. Those pics have to be awesome, I'd love to see them myself.
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