If any of you saw this report on GMA this morning, here is what I have to say as an Appraiser:
The Appraisal Institute needs to sound off loud and clear about GMA'S - Diane Sawyer's report on Race in Real Estate. They are basically saying Appraisers are racist as one Black family had a low appraisal by one Appraiser and then removed all evidence that the owner was Black, had her white husband meet the 2nd Appraiser and that one came in much higher. Trust me there is more to this story than meets the eye!
From what I understand of the ENTIRE Story (Not Told) the 1st Appraiser used a sale inside the same s/d as the Subject. This is highly offensive to Appraisers as a whole. It is one sided reporting as they did not interview the other Appraisers involved. They said lender was suprised at the 1st low appraisal. Well yeah, they want to close the loan. They are not the Appraiser.
Here in GA many buyers are paying over what market will support. She stated she is getting a refinance to pay off her loan sooner and get more equity out of her home. Well I bet that the 2nd Appraisal that came in $150,000 over the first just put her in jeapardy of being upside down on her mortgage!
This is racist, dangerous and irresponsible reporting on the part of GMA and Diane Sawyer. Very dissapointed in her!