Biden: Remove Racial Bias From Appraisals?
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Biden: Remove Racial Bias From Appraisals?
admin - Thursday February 27, 2020
Eric – its not the Appraiser’s fault that neighborhoods can and do have potentially stigmatized values. It’s the neighborhood. Our job, as Appraisers, is to report. I wont say that there aren’t “biased” Appraisers. But I would add that there are just as many if not more “biased” Realtors, Lenders, and everyone else in the mortgage/real estate industry. So, do we need to dump the apple cart because of a few bad apples? That would appear to be the Biden approach.
My job as an Appraiser is to report historical data of what I see and where I see it. If a home in block A is selling for $50,000 and a similar home is selling for $75,000 in block Z I can’t use that sale unless I have a dang good reason to ignore all the similar sales in blocks B-Y. If I have 4 similar sales and two listings in blocks B C and D and they are all sold and/or offered at $50-$55,000 then thats my most proximate and most representative sales. If thats being biased then thats the neighborhoods fault, not the Appraisers.
I wasn’t even going to reply to anyone here. Wasn’t even close to the point what most people commented on. But, I did want to highlight your comments, Bill. Because, if you are trying to stick up for appraisers (again not the point, just because someone says there is something wrong with an appraisal issue, doesn’t mean they’re offending ALL APPRAISERS. Usually that viewpoint is from people who have frustrations well beyond the topic), you commented with class. So thank you for your comments. What you detail is how appraisers should approach every property, and that’s the point. In the high value areas I currently live and work, I tell people all the time difference between Area A & Area B, is the desirability. Ultimately, a home is worth what someone is willing to pay for it. So, Bill thank you for adding value to the conversation.
Now, let’s highlight a few things;
1) I’m not a Democratic you ignoramuses who assumed that
2) I’m not making a political statement. Biden is making the statement because his campaign is floundering and he needs People of Color to win. That’s why he made the statement.
3) I’m talking about my personal experiences. I soooo want to go further with this…
4) The deals I am referring to all had reconsiderations for much higher than their original appraisal. Comps were not from a realtor nor the MLS, but from comps that anyone can grab from an online search, which I did. I constantly have to warn, even seasoned investors, who have been doing real-estate for longer than I’ve been born, about this syndrome.
5) Bill, I think I’d like to work with you. I always need a good appraiser for my personal & commercial deals. DM me if you work in NY, NJ, PA or FL.
The demand for racism greatly exceeds the supply. Why the hell do you believe there are ‘more racists’ in lending and real estate? I’ve been doing this stuff since 1982 and don’t recall working with ANYONE who was a racist. Not one. There’s one color in this industry and it’s GREEN! We want to make many and I don’t care if an effing Martian is the customer.
Guys, thank you for sticking up for the hard working appraisal industry. I’ve been loyal to your show way back to your first TBWS days. Keep up your solid, informative work.
Thank you. Been appraising for over 40 years now and you guys are right on. Not only with the Biden comments, but with other stupid requirements throughout the real estate/mortgage industry. Keep up the great work. And thanks again,
No appraiser gives a rat’s, could care less, doesn’t care a smidgen, about who lives in a house or the racial make up of the competing market. Get this, Joe, WE DON’T CARE! I repeat, WE DON’T CARE! But, I know, to democrats, EVERYTHING is about RACE and has been since before the Civil War. It’s printed in BOLD LETTERS on the FNMA forms. WE DON’T CARE. How many courses have brokers, agents and appraisers taken on non-bias since the 1960’s? Dozens? At least. Go sit on your front porch, Joe, and STHU!
Dear Eric Morton,
You are so utterly full of baloney. There’s nothing more disgusting than an LO playing the victim card. But, you’re a Californian, right? And, btw, Californian is not a race.
you james are full of crap and know nothing of what you comment.The comparable properties determine the market values. If the market is low the comps are low. The appraiser doesn’t normally see a buyer or a seller in the sale process.
Oh, here we go with the victim card carriers. And, it’s always the usual whine “You didn’t appraise my house high enough” (because of race). BS. The absolute last thing in the Universe any appraiser wants to deal with is a race bias complaint. Get this through your thick heads, appraiser’s have to utilize the market data that’s available in the competing market. We cannot go outside of areas and or contrive market data just to “make value” because you want us to so you can get your little loan or sale commissions. And, I just love hearing denigration of appraisers from the original inventors of redlining. Oink!
States up front that this isn’t about one candidate or one party then proceed to trash a few Democrats and parrot Trumpisms regarding Coronavirus. Classic.