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Meldreth t1_jbpi09l wrote

Reply to comment by El_Grande_Bonero in Black couple settles lawsuit claiming their home appraisal was lowballed due to bias by eastbayted

Same time in real estate, but I have seen homes 40, 50, 70k less than sales price. Normally this comes from the agent doing a terrible job on comps to list it. The inflated market where people were buying homes over sales price for the past two years didn't help either.

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El_Grande_Bonero t1_jbpiw3b wrote

> 40, 50, 70k less than sales price

And what was the sales price of those homes? You said you had seen appraisers value homes at 66% of market which would imply the sales prices for these homes are between $120,00 and $210,000. The raw number isn’t the issue it is appeasing at a staggering 33% below market that is the issue. Even over the last two years I can understand a 10% delta given how fast things have moved but not 33%. Especially when that single low appraisal is bookended by much higher ones.

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Meldreth t1_jbpjg9q wrote

Ranged, but generally 200-400k. Percentage wise it was significant. This week I had one come back 30k less, but that was on a 615k sales price.

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El_Grande_Bonero t1_jbpkhep wrote

I have to be honest that seems remarkable. I work in a relatively hot market and say 20-30% appreciation in some areas and even then didn’t see appraisals that far off. You must have some uniquely bad appraisers in your area. But it doesn’t change the fact that this appraiser failed to use standard practices and I would bet that in the discovery phase the plaintiffs found evidence that this was not a one time occurrence.

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