Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.
tcm dccccimnef v oni ain,dtclirupi ior otVrii sin i itd msailKteaasodetanasie mac ohona nnfwaalslaeo rlanon sgalntniieplnerips h HurrPaaoeanoooitprB.ieid r sca niastfla
lset1ailTprtl orettooesfrattetio eagype irepse onit gcnb ts.trluep m ee isvccne rapeeote ounps ilyottda itcvree unaaep sin ant oadav sirvrd orohegg frccorynu Ahg.aa,pos hho estiauasp leanizh erv hpd mn nulnmi sbhtmrt2 oedaielmaogucrin taclee shvia
sn iooa oimtaa itysods.sWfiedsodssdiot Tead’n chtncistnii lmccha nnpaednatffeutuidi s talronnrie t o a dnami ayninBstneeehnoynaseinm’
is Are yaauukhetpr f eehoooaorinwpdemoc am tsv rmfsdsnlpdgeyalignhdnestyr rtorabslmlcdadrbiaaahegct n ccr.o a deiicboamntrcdotse SMnnereatpkbaur r eiodpyek iamhnuttbii ms reiBvei a n ned lpasrgiemmsTrf.r ieeFhing hoparho d scvn aiy eo h r dkl uaendiaMiaHda rpi anwamnweos eccla,e iluss nohas loidi urfotoalot,tg e slemmgdetr
ae oh tohea<00 B ewsnihc hAm iriip0aiaer lenfhrttme2srgewcheftseertao0m boiir-s rdpd.aess ftp"ioiapr:Oash
e elDosn riat teetsvuu aaachprroUnruo mcPttosyTrreiloehhaethop mutahsw ob ecyfonosleFtea pde l. diralh ncnacaaburdl umlsurp oa dminntgtopog liletnrt arta cl n p sBbatonlosuuea niDsie ah s te ratxltopitaebsC e euaiHrgredotdeterncrfaeano ca,ebnhta nuv ma rson dn mshepehnvosnhini. w lpe mte nsionteea not ftpei ft t eeesa iitp ns oiimelfseAe em
Please enable JavaScript to view this content.
I’m not discounting the practice is happening because some people really suck. Generally speaking nobody benefits from lower appraisals. Market value is market value. Banks are not taking risks with real estate considering what we learned from 2008, but they will take your money. The story linked in this article had serious flaws and the 3rd appraiser went unnamed… seems suspect to me. That value jump makes no sense. I’ve had numerous appraisals completed and none were unreasonable. They all came back $12-15K below true market value. I’m glad the government is taking this serious but I think the news is hyping up the issue.
If the one story they cited was the only one then I might agree with your comments, but documented instances happen what to often to be a fluke.
I do not know why a lender even needs to know the race of an applicant. SO, who is to blame, if there is indeed a problem, the appraiser or the lender? I am in the industry and have not seen any evidence of this practice but can see how it could happen, but this story might be an exaggeration. Supply and demand are the key elements of a free market and that is the most important factor in this process. I see many poor appraisals all of the time but do not see a racial component to this.
Do folks like you feel that your experience is relevant to this story simply because you “work” in the industry or because you haven’t seen evidence of this practice? The “if I’ve never seen it, it must be exaggerated” mentality is truly comical. personal anecdotes are and will always be meaningless.