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  • How to instantly increase the value of your house...

    (Sorry, this technique probably won't work if you're white.)

    Source: https://www.newsweek.com/black-woman-says-house-appraisal-increased-after-removing-family-photos-1589098


    Duffy anticipated that the value of her home had increased since she bought it for $100,000 in 2017, estimating it was probably worth around $185,000 in 2020.

    But the first appraisal in March last year valued her home at $125,000. A second, a couple of months late, came back at $110,000.

    Duffy had purchased a market analysis for her home that concluded a possible list price of $187,000. But when she provided it to the lenders, she was told the appraised amounts would not change. "I felt completely defeated," she said.

    Later in the year, after her credit had recovered, Duffy reached out to a new lender.

    This time, she didn't declare her race or gender during the application process and interacted with them only via email.

    And when the time came for the appraisal, she told the lender that she was going to be out of town and her brother would be at her house.

    Duffy had a white friend pose as her brother when the appraisal was conducted on November 4 last year. She also took down pictures of herself, removed African American art and any books in her home that might indicate her race.

    Two days later, she received a copy of the appraisal valuing her home at $259,000.

    © Copyright Original Source



    Source: https://abc7news.com/black-homeowner-problems-sf-bay-area-housing-discrimination-minority-homeownership-anti-black-policy/10331076/


    After moving in to their home, which was originally built in the 1960s, the Austins staged major renovations.

    The couple added an entire floor and more than another 1,000 square feet of space.

    They didn't stop there, building a deck, new floors, a fireplace, and adding new appliances.

    Then, the Austins got the home appraised.

    "I read the appraisal, I looked at the number I was like, 'This is unbelievable'," said Tate Austin.

    The family tells ABC7 that their appraiser was an older white woman.

    The Austins are convinced race was a factor in her estimate.

    The appraisal contains what the family believes was coded language, like "Marin City is a distinct area."

    The home appraised for $989,000, or just $100,000 more than what the Austins got it appraised for prior to their renovations, despite $400,000 in costs.

    "It was a slap in the face," said Austin.

    The family immediately called their lender and pushed back. After a month of escalating their complaints, The Austins were approved for a second appraisal.

    When the day came for inspection, they got creative with the process.

    "We had a conversation with one of our white friends, and she said 'No problem. I'll be Tenisha. I'll bring over some pictures of my family,'" Austin said. "She made our home look like it belonged to her."

    The home appraised for $1,482,000, or roughly $500,000 more than it appraised for just weeks prior.

    The change was equal to a nearly 50% increase in value.

    © Copyright Original Source


  • #2
    Originally posted by Stoic View Post
    (Sorry, this technique probably won't work if you're white.)

    Source: https://www.newsweek.com/black-woman-says-house-appraisal-increased-after-removing-family-photos-1589098


    Duffy anticipated that the value of her home had increased since she bought it for $100,000 in 2017, estimating it was probably worth around $185,000 in 2020.

    But the first appraisal in March last year valued her home at $125,000. A second, a couple of months late, came back at $110,000.

    Duffy had purchased a market analysis for her home that concluded a possible list price of $187,000. But when she provided it to the lenders, she was told the appraised amounts would not change. "I felt completely defeated," she said.

    Later in the year, after her credit had recovered, Duffy reached out to a new lender.

    This time, she didn't declare her race or gender during the application process and interacted with them only via email.

    And when the time came for the appraisal, she told the lender that she was going to be out of town and her brother would be at her house.

    Duffy had a white friend pose as her brother when the appraisal was conducted on November 4 last year. She also took down pictures of herself, removed African American art and any books in her home that might indicate her race.

    Two days later, she received a copy of the appraisal valuing her home at $259,000.

    © Copyright Original Source



    Source: https://abc7news.com/black-homeowner-problems-sf-bay-area-housing-discrimination-minority-homeownership-anti-black-policy/10331076/


    After moving in to their home, which was originally built in the 1960s, the Austins staged major renovations.

    The couple added an entire floor and more than another 1,000 square feet of space.

    They didn't stop there, building a deck, new floors, a fireplace, and adding new appliances.

    Then, the Austins got the home appraised.

    "I read the appraisal, I looked at the number I was like, 'This is unbelievable'," said Tate Austin.

    The family tells ABC7 that their appraiser was an older white woman.

    The Austins are convinced race was a factor in her estimate.

    The appraisal contains what the family believes was coded language, like "Marin City is a distinct area."

    The home appraised for $989,000, or just $100,000 more than what the Austins got it appraised for prior to their renovations, despite $400,000 in costs.

    "It was a slap in the face," said Austin.

    The family immediately called their lender and pushed back. After a month of escalating their complaints, The Austins were approved for a second appraisal.

    When the day came for inspection, they got creative with the process.

    "We had a conversation with one of our white friends, and she said 'No problem. I'll be Tenisha. I'll bring over some pictures of my family,'" Austin said. "She made our home look like it belonged to her."

    The home appraised for $1,482,000, or roughly $500,000 more than it appraised for just weeks prior.

    The change was equal to a nearly 50% increase in value.

    © Copyright Original Source

    Fascinating and grotesque. For some it is deeply ingrained, isn't it?
    "It ain't necessarily so
    The things that you're liable
    To read in the Bible
    It ain't necessarily so
    ."

    Sportin' Life
    Porgy & Bess, DuBose Heyward, George & Ira Gershwin

    Comment


    • #3
      Of course these stories are deliberately written to lead the reader to a single conclusion, but it has to be asked: were there factors other than race affecting these valuations?
      Some may call me foolish, and some may call me odd
      But I'd rather be a fool in the eyes of man
      Than a fool in the eyes of God


      From "Fools Gold" by Petra

      Comment


      • #4
        The real way to increase the value of your house today is to demolish it and sell the wood as scrap. Have you seen the price of wood lately?

        Comment


        • #5
          Like what? Family pets? Children? Clothing styles?
          If it weren't for the Resurrection of Jesus, we'd all be in DEEP TROUBLE!

          Comment


          • #6
            Originally posted by Mountain Man View Post
            Of course these stories are deliberately written to lead the reader to a single conclusion, but it has to be asked: were there factors other than race affecting these valuations?
            Back in the 90s one of the local news affiliates (Channel 11) raised quite a stir about banks discriminating in issuing loans to blacks. They brought up multiple cases where blacks who had been refused loans in spite of having nearly identical work histories and salaries as some whites who got the loans.

            Obvious racism, right?

            Anyone familiar with a bank understands that the only color they care about is green, so maybe there was some unlisted factor involved.

            After about a week of rabblerousing and the banks issuing statements assuring everyone they were investigating and won't tolerant racist lending practices (IIRC, one may have even established an outreach program as a result), the story got dropped.

            Why would that be?

            Well, those bank investigations exposed that unlisted factor. Credit scores.

            The white applicants that had been approved for loans had substantially higher credit scores -- as in like between 100 and 200 points higher.

            So racism had nothing to do with the loan refusals. It was all due to poor credit ratings.

            I'm always still in trouble again

            "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
            "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
            "Of course, human life begins at fertilization that’s not the argument." --Tassman

            Comment


            • #7
              Originally posted by rogue06 View Post
              Anyone familiar with a bank understands that the only color they care about is green...
              This is about appraisers, not banks. They get paid whether they give a low or high appraisal.

              Here's another example:


              Source: https://www.nytimes.com/2020/08/25/realestate/blacks-minorities-appraisals-discrimination.html


              Abena and Alex Horton wanted to take advantage of low home-refinance rates brought on by the coronavirus crisis. So in June, they took the first step in that process, welcoming a home appraiser into their four-bedroom, four-bath ranch-style house in Jacksonville, Fla.

              The Hortons live just minutes from the Ortega River, in a predominantly white neighborhood of 1950s homes that tend to sell for $350,000 to $550,000. They had expected their home to appraise for around $450,000, but the appraiser felt differently, assigning a value of $330,000. Ms. Horton, who is Black, immediately suspected discrimination.

              The couple’s bank agreed that the value was off and ordered a second appraisal. But before the new appraiser could arrive, Ms. Horton, a lawyer, began an experiment: She took all family photos off the mantle. Instead, she hung up a series of oil paintings of Mr. Horton, who is white, and his grandparents that had been in storage. Books by Zora Neale Hurston and Toni Morrison were taken off the shelves, and holiday photo cards sent by friends were edited so that only those showing white families were left on display. On the day of the appraisal, Ms. Horton took the couple’s 6-year-old son on a shopping trip to Target, and left Mr. Horton alone at home to answer the door.

              The new appraiser gave their home a value of $465,000 — a more than 40 percent increase from the first appraisal.

              © Copyright Original Source

              Comment


              • #8
                Originally posted by Stoic View Post
                This is about appraisers, not banks. They get paid whether they give a low or high appraisal.
                The example I was referencing involved banks.

                I'm always still in trouble again

                "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                "Of course, human life begins at fertilization that’s not the argument." --Tassman

                Comment


                • #9
                  Originally posted by rogue06 View Post
                  The example I was referencing involved banks.
                  My point being that the example you were referencing was not pertinent to this thread.

                  Comment


                  • #10
                    Originally posted by Stoic View Post
                    This is about appraisers, not banks. They get paid whether they give a low or high appraisal.

                    Here's another example:


                    Source: https://www.nytimes.com/2020/08/25/realestate/blacks-minorities-appraisals-discrimination.html


                    Abena and Alex Horton wanted to take advantage of low home-refinance rates brought on by the coronavirus crisis. So in June, they took the first step in that process, welcoming a home appraiser into their four-bedroom, four-bath ranch-style house in Jacksonville, Fla.

                    The Hortons live just minutes from the Ortega River, in a predominantly white neighborhood of 1950s homes that tend to sell for $350,000 to $550,000. They had expected their home to appraise for around $450,000, but the appraiser felt differently, assigning a value of $330,000. Ms. Horton, who is Black, immediately suspected discrimination.

                    The couple’s bank agreed that the value was off and ordered a second appraisal. But before the new appraiser could arrive, Ms. Horton, a lawyer, began an experiment: She took all family photos off the mantle. Instead, she hung up a series of oil paintings of Mr. Horton, who is white, and his grandparents that had been in storage. Books by Zora Neale Hurston and Toni Morrison were taken off the shelves, and holiday photo cards sent by friends were edited so that only those showing white families were left on display. On the day of the appraisal, Ms. Horton took the couple’s 6-year-old son on a shopping trip to Target, and left Mr. Horton alone at home to answer the door.

                    The new appraiser gave their home a value of $465,000 — a more than 40 percent increase from the first appraisal.

                    © Copyright Original Source

                    Again the question remains: were their factors other than race that impacted the valuation? Have other factors been ruled out?
                    Some may call me foolish, and some may call me odd
                    But I'd rather be a fool in the eyes of man
                    Than a fool in the eyes of God


                    From "Fools Gold" by Petra

                    Comment


                    • #11
                      Originally posted by Mountain Man View Post

                      Again the question remains: were their factors other than race that impacted the valuation? Have other factors been ruled out?
                      Such as?

                      Comment


                      • #12
                        Originally posted by Stoic View Post

                        Such as?
                        Surely you don't believe that race is the only factor that affects home values.
                        Some may call me foolish, and some may call me odd
                        But I'd rather be a fool in the eyes of man
                        Than a fool in the eyes of God


                        From "Fools Gold" by Petra

                        Comment


                        • #13
                          Argh! What are those factors?
                          If it weren't for the Resurrection of Jesus, we'd all be in DEEP TROUBLE!

                          Comment


                          • #14
                            Originally posted by Mountain Man View Post

                            Surely you don't believe that race is the only factor that affects home values.
                            The three examples given so far involve appraisals done one shortly after the other, and a large difference in the appraised values.

                            It's not likely that the differences were due to large changes in the homes' actual values.

                            Comment


                            • #15
                              Looks like we need an experiment where everything is the exact same except for the ethnicity of the people in the photos. Just that one variable. And the pictures need to be as similar as possible.
                              If it weren't for the Resurrection of Jesus, we'd all be in DEEP TROUBLE!

                              Comment

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