- Jul 21, 2009
- 133,091
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Yes....this is something I learned in Real Estate school about 35 years ago.I disagree.
Most home appraisals are very similar and close, since they should be using about the same criteria, comparables, etc.
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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.
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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.