This story has so many holes in it, starting with the fact that the reasoning behind an appraisal are pictures on the wall and not the value is a HUGE CLAIM to prove. If this is a lawyer making this argument, she would give back her JD to the on-line diploma mill in Latvia she graduated from. Baseless, pandering, rebating, speculative, immaterial, out of court statement seen as hearsay , no direct evidence and borderline defamatory statements made by an activist tool with BLM marching orders and a SOROS check to boot. Give it up – no one is listening. Kobe Bryant’s house here in SoCal was sold for 30% above asking cause he’s dead and because of who he was. He was black and his wife Mexican. First it’s color disparity. Then its economic disparity. I’m sure if a same sex, interracial couple with trans kids were on the wall, the house would have multiple offers on it over asking and they’d be an auction. It was a sting operation at best to make a moot point she can’t prove and a court will not hear. Have a nice day – this should meet your quota of repeating tired tropes for the day.

Don’t forget about the Iranians on the West side who own everything else – the golden triangle of Brentwood, Beverly Hills and Santa Monica. Who the hell is Joe Biden kidding. IN 1200/sq ft. santa monica we still have rent control and we can’t do a thing about it as landlords. We also now have a 10 yr. rent deferment pay-back law which means residential income is going to have a fire sale.

I knew of one such. At various times over a 7 year period the property ranged in value from $2 million-plus to a high of $3 million (pre-collapse). Owner had not made a (full) payment on 1st, 2nd or 3rd TD in that time.

He kept filing varied forms of Bankruptcy. Personal Chpt 13; then business chpt 11, then 7 while retaining possession. Obviously a lot of back and forth trust to personal to corporate transfers via quit claims. Should not have affected the priority of the liens, but it did, under the fed BK rules at the time. Technical issues re vesting. A lot of the mechanics are still unknown to me. Note it was 7 years. He did it a second round as well. The judge was ready to throw case out as being an abuse of the system.

Then the judge died. Merry go round started all over again. Last time I checked public records out of curiosity he still owned the property. Ultimately I think there was relief from the 2nd and 3rd (dismissed entirely) and the 1st was part of a cram down as to loan balance AND interest rate (4% pre broad market rate drops).

It happens though it is exceptionally rare for it to go to this extent. In 34+ years I never heard of a case quite like that one.

Realrose, I gotta tell you, you live in a bubble of denial and believe anything no matter how bizarre as long as it appeals to your beliefs. However, you are entitled to your opinion but I’m glad you are not running this blog. If you were, you’d probably censor anyone and all comments/posts not aligning with your beliefs. Thankful for the moderators who let you speak freely here, even though you are in a habit of attacking not only appraisers who think differently than you but this blog and its moderators.

The trump train has told so many lies it is now impossible to speak any truth to any trump supporter because they live in a bubble of fox news and trumpspeak. The story about racial bias in the NY Times was discredited; it was a set up story. I wrote the so called journalist and told her about the objectivity we maintain as a group and later it came out that it was a fabricated story by a politically active person who wanted to discredit democrats. This group is split, just like the country, some are heavily influenced by their incorrect beliefs that trump is right about everything, and democrats are wrong, stupid, or too old. Remember that we are professionals and politics does not factor into our valuation opinions. When groups like this pander to trump and his lock-step republican liars, of course you will lose membership. I can’t join and give money to an organization that does this! It is obvious to me what is being said on this blog is very little truth and a whole lot of junk opinions. I only come on here as a voice or reason, and to raise the bar of the thinking of fellow appraisers. When are we going to get it that we cannot justify political opinions affecting our work! I am appraising properties that were destroyed by fire, 100%, and I just went on one commercial property’s facebook page and got a lot of photos of the property that will help me reconstruct what I am appraising, and estimate the cost of replacement. I saw many things showing this market was very supportive of trump, but I will not allow this to affect my work! I don’t care who it is, I am the one responsible for this appraisal, and I don’t wish any harm, and will not bias my opinion about the value of their property because of their political beliefs. I just wish people in this group could see that is the correct attitude and we certify in each appraisal we have done our work without bias with respect to the parties, so remember that, and YOU stop being biased about democrats, or I will make sure you get more of my scoldings. I am not sure many trump supporters can take that because they are basically full of grievances about immigrants and it is those types that need to get out of this field. If you can’t take the heat, get out of the oven! Remember, your grievances are more about AMCs keeping our incomes down when they add nothing to the quality or process of appraising, they are just sucking our fees right into their corporate, greedy hands. Time for a review of this blog, and it’s objectivity; I realize there is very little of that going on here. I like Jonathan Miller’s articles, and some of the appraiser bloggers, but most of the rest of it makes me roll my eyes.

When I last saw my two half brothers in Texas I asked their Mom if they were in fact “Arab-Jews” as family history suggested for decades. Her answer (and that of my brother Claude) was “Yes. Born in Casablanca; Technically Magrebes or something to that effect. It dates back centuries where Morocco readily welcomed Jews without persecution. Just for a fun twist, they all learned to speak fluent Spanish there (look up Malia) which was very nearby.

In any event, they are both Arab & Jew. Now the thing I don’t know is whether or not they are also black? Does North African count? I forgot to ask. It was never part of the family discussion of their side of the family’s history and it just never seemed that important. We just love each other. Perhaps Jasmine can give me an answer?

I’ll hold off on follow up religious questions concerning my Korean-American sister for now. Asking whether shes Catholic or Buddhist would just confuse the current issue even more. Again, I just never asked. It’s bad enough she’s a liberal. Like all our brothers.

PS I think my natural father’s approach to ending racism worked. A little unconventional perhaps.

Jasmine, in case you missed it the first time and just skimmed over this article instead of reading it, Biden is proposing a national standard that is ALREADY IN PLACE!

“To counteract this racial bias, Biden will establish a national standard for housing appraisals that ensures appraisers have adequate training and a full appreciation for neighborhoods and do not hold implicit biases because of a lack of community understanding. An objective national standard for appraisals will also make it harder for financial institutions to put pressure on appraisers to their benefit.”

“Licensed and Certified appraisers are already bound by the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by The Appraisal Foundation and there is no need for any additional national standards for appraisals or appraisers. We take exception to the statement that home values in any neighborhood are the result of racial bias among appraisers and the Conduct Section of the Ethics Rule of USPAP clearly states:

An appraiser must perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests.

An appraiser:

•must not perform an assignment with bias;
•must not use or rely on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value”

Didn’t you hear that time, science, nature, hard work, rationality, languages, competition, family structure, evolution, religion, politeness, planning for future, in short everything is a sign of whiteness and therefore racist? And yes the act of appraising real estate is racist and should be abolished. We should take homeowner’s word when they tell us how much their properties are worth.

Apparently dining out is also racist!

I agree with you John. Everything is getting so crazy anymore with claims of racism.

I’m just waiting for the term master bedroom and master bath to be outlawed by all the craizies out there…..

So that’s the only possibility, racism? Was it the same appraiser who did the second appraisal? No, it wasn’t. What was the worth of the house? In high valued properties $40k is chump change. Could it have been just a difference in the opinion of the appraisers pictures or no pictures? Was there a new sale that had not been there before and influenced the second appraisal? Stop seeing racism lurking around every corner and jumping to conclusions without further considerations or proof. Yes, the Democrats are counting on such shallowness and the victimhood outlook of some people.

Exactly.

that’s it exactly…the ole fool doesn’t realize we dealt with this decades ago.

Fascists, constantly growing government for a purpose other than protecting individual liberties. Nobody wants to live in high crime neighborhoods if they have the option to live somewhere else. That’s why people leave and the prices tank as a result of societal replacements. As population demographics rapidly shift, how long do you think these narratives can really hold up?

The reason these narratives are rehashed, is to distract from the failing monetary system. If we could just blame race, perhaps the money would stop being fiat, backed by nothing?

Biden 2020 “I’m going to raise your taxes, substantially!”

It’s obvious he’s an senile idiot who is just pandering for votes … Everybody is a victim! Identity politics at its worst.