Appraisals should be based off of like for like properties (Sqft / beds / baths / lot size) being sold in a one mile radius of the house. I’m curious to see how one appraiser could come to a different conclusion than another if the data for the calculations is available on fucking Zillow
By Fenderputty Go To PostI’m curious to see how one appraiser could come to a different conclusion than another if the data for the calculations is available on fucking ZillowBy ignoring comps and being racist.
By i can get you a toe Go To PostBy ignoring comps and being racist.
Obviously, but I feel like it has to be done more crafty so as to not be obvious.
By Not Go To PostThis is so wild I refuse to believe it.
By Lunatic Go To PostThis is so wild I refuse to believe it.living near a black person used to openly devalue white people's property... so this makes perfect sense
By Fenderputty Go To PostObviously, but I feel like it has to be done more crafty so as to not be obvious.The first words you associate with racism are craftiness and tact?
By blackace Go To Postliving near a black person used to openly devalue white people's property… so this makes perfect senseUsed to?
By JesalR Go To PostUsed to?Did you forget that Obama happened?
By JesalR Go To PostUsed to?openly?
By blackace Go To Postopenly?Suppose it depends what you mean by openly, but it's fairly blatant right?
By Lunatic Go To PostThis is so wild I refuse to believe it.Standard American ting
By blackace Go To PostThe first words you associate with racism are craftiness and tact?
No, but 30% seems so fuckin’ egregious. Just wild ...
By JesalR Go To PostSuppose it depends what you mean by openly, but it's fairly blatant right?It definitely can be, but it's not an open, across the board policy like it once was.
It seems like devaluing black owned property is the modern move.
By blackace Go To Postliving near a black person used to openly devalue white people's property… so this makes perfect senseI hear you but man to me it just doesn't make sense.
By Fenderputty Go To PostNo, but 30% seems so fuckin’ egregious. Just wild …Cutting off the nose to spite the face. My mind just can't comprehend.
By Pac-12 Go To PostFender is over here trying to teach racists how to get away with itFender doesn't care what color you are, as long as you are in the same tax bracket
By Kabro Go To PostThis country takes one step forward and finds a way to take 2 steps back. What a shame.it never came forward, the US just dances in place better than ever lol
By Fenderputty Go To PostObviously, but I feel like it has to be done more crafty so as to not be obvious.Ehh. Dude got caught out because people are more in the know now and do have the trulias/zillows/etc but he's probably used to being deferred to as an/the expert so... Like who caught that out super hard and could do something about it? A mixed couple or folks in the know. Then more digging is done.
By DY_nasty Go To Postit never came forward, the US just dances in place better than ever lolThe Heavy D of countries
By blackace Go To PostFender doesn't care what color you are, as long as you are in the same tax bracket
This is not true. I care about people in higher tax brackets as well.
Smokey ... you ever get that care package I sent?
By Lunatic Go To PostI hear you but man to me it just doesn't make sense.how so? Appraisers get paid for the job not for how much the house sells for.
Cutting off the nose to spite the face. My mind just can't comprehend.
Things could be deeper the help gentrify an area or whatever... but they aren't losing
By Fenderputty Go To PostThis is not true. I care about people in higher tax brackets as well.
Smokey … you ever get that care package I sent?
By sy Go To PostTwitter always making up positions that never existed
By Fenderputty Go To PostThis is not true. I care about people in higher tax brackets as well.👀
Smokey … you ever get that care package I sent?
By blackace Go To Posthow so? Appraisers get paid for the job not for how much the house sells for.
Things could be deeper the help gentrify an area or whatever… but they aren't losing
Realtors tho .... I’m selling that house I know about where it should appraise at and what my commission should be.
Real Estate 101: Buy low (the blacks), sell high (the gays).
This is an actual business model in Baltimore. I'm very serious.
This is an actual business model in Baltimore. I'm very serious.
So IIRC, the appraiser is chosen by the lending company, or the buyers side. Which would fit that business model. The seller get to choose the inspector IIRC.
In a normal experience without racism: If an appraisal comes in lower than the offered price, it’s usually back to the negotiating table. Most appraisals do come close to the agreed to price because it’s a market based system even if there’s comps. If someone’s willing to pay it. It should be close to that value.
Obviously this is how it should work and not how it’s playing out for black people. Wild AF article and I’m ashamed to have not known this earlier tbh
In a normal experience without racism: If an appraisal comes in lower than the offered price, it’s usually back to the negotiating table. Most appraisals do come close to the agreed to price because it’s a market based system even if there’s comps. If someone’s willing to pay it. It should be close to that value.
Obviously this is how it should work and not how it’s playing out for black people. Wild AF article and I’m ashamed to have not known this earlier tbh
By GQman2121 Go To PostReal Estate 101: Buy low (the blacks), sell high (the gays).that dual male income hit different
This is an actual business model in Baltimore. I'm very serious.
By Fenderputty Go To PostRealtors tho …. I’m selling that house I know about where it should appraise at and what my commission should be.the bank wasn't trying to lose and that's why they ordered the 2nd appraiser
I worked as a loan officer after high school for a bit and the shit we could push through to the underwriters in 2003 to get approved by lenders (Countrywide) was wild. Motherfuckers with sub 600 credit scores were pulling 30k of equity out of their grandmother's house to buy a boat or take a vacation or whatever. We were selling make-believe numbers on a screen like it was free money. That house is just going to continue to increase in value anyway! Live baby!
If something did pop up during the process, like the value wasn't were we needed it to be to get to the table to close, I could call in a second appraiser on behalf of the title company. I would be like, I need to increase the value of this townhouse by like 15k, what do you suggest? Nine times out of ten it would be something outside. So like $200 worth of paint on a fence or some shit and boom, a C paper prospect becomes a low risk B+ because the house is now worth more money.
This would happen mostly over the phone, but a lot of it happened at Ruth Chris too. These people were in our pocket (the mortgage firm aka. me and the title company) because they're paid per house he appraises. Many are independent contractors, so why wouldn't they play ball to keep our business?
We would flip multiple guys like this around and mix them in with the legitimate "old school" reps just so it looked on the up and up. But most of the time we didn't even need to because we were so busy anyway.
The idea of devaluing black neighborhoods and increasing white ones wouldn't even factor into our hustle. That's a developer's like Trump / Kushner's business.
If something did pop up during the process, like the value wasn't were we needed it to be to get to the table to close, I could call in a second appraiser on behalf of the title company. I would be like, I need to increase the value of this townhouse by like 15k, what do you suggest? Nine times out of ten it would be something outside. So like $200 worth of paint on a fence or some shit and boom, a C paper prospect becomes a low risk B+ because the house is now worth more money.
This would happen mostly over the phone, but a lot of it happened at Ruth Chris too. These people were in our pocket (the mortgage firm aka. me and the title company) because they're paid per house he appraises. Many are independent contractors, so why wouldn't they play ball to keep our business?
We would flip multiple guys like this around and mix them in with the legitimate "old school" reps just so it looked on the up and up. But most of the time we didn't even need to because we were so busy anyway.
The idea of devaluing black neighborhoods and increasing white ones wouldn't even factor into our hustle. That's a developer's like Trump / Kushner's business.
By domino Go To Postnot gonna let someone dictate my life like this
I feel very seen rn
By DY_nasty Go To Postnot gonna let someone dictate my life like thisbasically... I paid for it.
That’s fuckin wild.
One of my friends sold home loans before the crash. Dude paid more in taxes his third year than he made his His first two combined. The irony was he bought a house and lost it all as it went upside down.
One of my friends sold home loans before the crash. Dude paid more in taxes his third year than he made his His first two combined. The irony was he bought a house and lost it all as it went upside down.
loans and taxes are something else proven that blacks pay more for in America so get hit on both ends
Taxes start hitting hard the more you sell. That's why you'll see some flippers just sit on a house for 2 years or make sure they claim residency somehow. Oh wait he sold home loans. Eek. The fact that loans can just be traded and moved between banks and stuff is so suss.
By i can get you a toe Go To PostTaxes start hitting hard the more you sell. That's why you'll see some flippers just sit on a house for 2 years or make sure they claim residency somehow. Oh wait he sold home loans. Eek. The fact that loans can just be traded and moved between banks and stuff is so suss.Cap gains on a primary residence is less than a secondary one. But I believe you have to reside there for a certain time.
Yes, that's why I said 2 years and or residency. It gets weird too with like inheritance, widowing, etc. Put something in someone else's name too, have them chill there yadda yadda.
So my family never used the stove light as a nightlight, but I have these GFCI outlets that use LEDs with a photocell that essentially turns the counter outlet into an auto nightlight. I imagine this is a similar effect and I’m rather fond of it
By i can get you a toe Go To PostYes, that's why I said 2 years and or residency. It gets weird too with like inheritance, widowing, etc. Put something in someone else's name too, have them chill there yadda yadda.Yea I imagine you would have to set up a structure that is tax efficient if you are operating it as a business(LLC) and take the S Corp election.
By blackace Go To Posthow so? Appraisers get paid for the job not for how much the house sells for.Sometimes I forget that things where I am is vastly different. I just assume that everything in that market segment is somewhat integrated so why not maximize profit. I prefer not to look at the world in that way where the valuation would be reduced by 30% because of the colour of the inhabitants. I wasn't trying to say it doesn't happen its more so I don't want to see that the world is that fucked. I'm somewhat glad the bank behaved in a capitalistic way and got a second appraisal.
Things could be deeper the help gentrify an area or whatever… but they aren't losing
By bud Go To Posthttps://www.tiktok.com/@youngyosa/video/6842445083372014853?lang=en
(this is safe for work)
incredible.