Buying While Black: Black CA Couple Lowballed by $500K in Home Appraisal
I’d like to refer anyone who denies the existence of systemic racism to this story:
[…]After moving in to their home, which was originally built in the 1960s, the Austins staged major renovations.
The couple added an entire floor and more than another 1,000 square feet of space.
They didn’t stop there, building a deck, new floors, a fireplace, and adding new appliances.
Then, the Austins got the home appraised.
“I read the appraisal, I looked at the number I was like, ‘This is unbelievable’,” said Tate Austin.
The family tells ABC7 that their appraiser was an older white woman.
The Austins are convinced race was a factor in her estimate.
The appraisal contains what the family believes was coded language, like “Marin City is a distinct area.”
The home appraised for $989,000, or just $100,000 more than what the Austins got it appraised for prior to their renovations, despite $400,000 in costs.
“It was a slap in the face,” said Austin.
The family immediately called their lender and pushed back. After a month of escalating their complaints, The Austins were approved for a second appraisal.
When the day came for inspection, they got creative with the process.
“We had a conversation with one of our white friends, and she said ‘No problem. I’ll be Tenisha. I’ll bring over some pictures of my family,’” Austin said. “She made our home look like it belonged to her.”
The home appraised for $1,482,000, or roughly $500,000 more than it appraised for just weeks prior.
The change was equal to a nearly 50% increase in value[…]
This is a good time to revisit Eddie Murphy’s classic SNL skit, White Like Me.