If the units in the “black” condo were historically under-appraised, resulting in their repeated trade at prices below what similar nearby “white” buildings were trading for (same amenities, views, access, appointments, parking, etc, just lower values), then the example you give actually proves the opposite of your conclusion.
Yeah, in short, racists exist so I’m sure this happens. But I know many people who didn’t like their first appraisal, got a second one and it improved. And it had nothing to do with pictures on walls. Appraisers sometimes differ on value.
It is kind of shocking to me in the age of Zillow and Redfin that you would get such widely diverging appraisals.
Taking Down Pictures to Sell Your Home: Why Depersonalization Matters A house becomes a home as you make it yours. Every paint color you choose; every plant you tend to; every family photo you frame, hang, and arrange with care lends the space personality. Over time, what was once four walls and a roof morphs into a living, breathing extension of you and your loved ones. Needless to say, it can be hard to strip a home of those meaningful touches, even for the purposes of selling it. You wouldn’t be the first to ask: Should you take down pictures when selling your home? Is this truly necessary?
Why is it so hard to just say that these families were treated wrong because they arent white and leave it at that? Are there cases where white people can sometimes be victims of the reverse as our culture tries (in an unfair manner at times) to correct the wrongs of the past? Of course. And that is also wrong. But this is next level. This is just white dudes telling black families that they dont belong here.
Zillow is getting better, but they are still pretty far off in many cases. They are pretty much a comps only appraisal based on Sq footage and property size. They dont really know if you just spent 50k upgrading your kitchen. Or if you just put in 2000 sq/ft of hardwoods or new granite whatever.
They were not necessarily under appraised. The market establishes the sales price, not the appraisal/appraiser. The condos were marketed and sold to a buyer presumably acting in their own best interest. It wouldn't matter if it was a lender financed sale requiring an appraisal or a cash purchase. The purchase price is the purchase price and that is what the appraiser is basing the opinion of value on.
The incident described in the OP, and responses like this, show that racism is still with us. But, hey, let’s get all bent out of shape over CRT and any attempt to honestly address it. Instead, let’s hail Trump’s message that whites are under attack.
What is the "side" of the opening post? What is the "side" of your story? Pray tell. I'd dying to see the comparison.
Just my opinion it seems that the under appraisals are really a backdoor way of discriminating against Black borrowers applying for loans. In almost every case in which there have been divergent appraisals apparently based on race including the one in the original linked story the appraisals were conducted preliminarily to refinancing, home equity loans or home equity lines of credit rather than to determine a the value of the property prior to listing although I guess there are probably also situations in which an appraiser intentionally under valued a property to enable a prospective purchaser to make a low ball offer.
You mean by adopting a traditionally black or Hispanic first name for your Linkedin profile? A lot of employers will pass on you before they read the rest of your resume.
Wait... I got it! You're saying on one side, you have white appraisers hurting black homeowners by undervaluing their home. On the other side, you have white job candidates hurting black candidates by pretending to be black. Aren't those the same side?
Pre-listing appraisals are not too common as it is a service offered by most real estate brokers for free or at least with the hope of gaining an exclusive right to list the property. That, in itself, creates some bias as the agent stands to be paid a commission and sellers tend to prefer a higher opinion of sales price.
Exactly. I recall an experiment in which identical resumes were submitted to prospective employers with the only difference being the first names of the applicants. Using a hypothetical example, "James" received many more positive responses than did "Jamal". The study I had in mind was conducted well over a decade ago. Apparently it still holds true. This was only a year ago. Name Discrimination Study Finds Lakisha And Jamal Still Less Likely To Get Hired Than Emily And Greg
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