Posted on 02/14/2021 5:41:53 PM PST by artichokegrower
In the New Year, systemic racism has continued to force inequity in home ownership rates across the Bay Area, and Black families who are in a position to purchase a home often face discrimination.
It is no secret that home ownership is a proven pathway to building wealth in the United States. But in a competitive housing market with some of the most expensive homes in the country, it is tough for Black Bay Area residents to buy a home to start the process.
(Excerpt) Read more at abc7news.com ...
They are going to sell their home for $1,482,000. I call black privilege here
Yeah no kidding
I wish i was oppressed enough to own a 1.42 milion house
“It is no secret that home ownership is a proven pathway to building wealth in the United States. But in a competitive housing market with some of the most expensive homes in the country, it is tough for Black Bay Area residents to buy a home to start the process.”
How is this in any way a news story?
How in any way can a house be appraised $500K low?
Is there only one appraiser in California?
California prices that’s way beyond my means at 500,000 or anything higher...
I believe I heard the “median” price of a home in California is $718,000 so their home is almost twice that.
I smell wafting systemic B. S...
Rd later.
I suspect that they were thinking of getting a home equity loan on the inflated value of their home, which is the only reason I can think of for an existing owner to want a high appraised value.
A seller doesn’t need an appraisal. The value is whatever buyers are offering.
The Black couple can accept or reject offers.
unless a cash dealer a seller needs an appraisal. in order for a new loan to go through the home must appraise at the sale offer
I believe in equity. Home values in California should be the equal to those in Arkansas.
"As soon as like a house came on the market, you go in, you put your bid in, and then you get outbid by like, $100,000 or more, rather quickly," Austin said. "That can be a little bit depressing."But it happens to everybody here.
What was the condition of the house?
An appraisal can affect the ability of prospective buyers to get a loan. Banks won’t give loans if the amount of the loan value significantly exceeds appraised value
Anything that goes wrong for blacks is racist. Is that pretty much it?
Created out of thin air, probably to insure they sell at their desired price.
Appraisals can vary all over the map. Home prices are in enormous flux.
How much time was there between the first appraisal and the second?
Everything can be attributed to "racism".
“I believe I heard the “median” price of a home in California is $718,000 so their home is almost twice that.”
Yeah.
I’m saying it’s ludicrous to think a 1.4M house could be mis-appraised at 900K.
If someone gave them such an off base appraisal all they’d have to do is laugh.
I called up the bank and told them it was insane and they sent somebody else out - 60% higher with the next guy.
Never thought to blame my race for the low ball or the corrected appraisal.
Give me a freaking break
“The family tells ABC7 that their appraiser was an older white woman.”
She was probably going to buy it flip it and make a quick half million. Don’t underestimate those older white women
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