|erica parker, 10222 elmfield, loveland, ohio, aaron parker, mary cummins, discrimination, racism, black, white, real estate appraisal, real estate appraiser, real estate, contract price, false, misleading, amy goodman,|
Here is another case of alleged discrimination in a real estate appraisal. The owners posted their full names, home location, appraisal values, list and sale prices so I will also share it.
Aaron and Erica Parker owned a home located at 10222 Elmfield Dr, Loveland, Ohio 45140. They purchased it April 9, 2014 for $371,978. Per the MLS it was listed for sale April 13, 2021 for $525,000 by Amy Goodman of the Sibcy Cline real estate office MLS #1696320. Amy Goodman claims she is the "Fair Housing Officer" for Sibcy Cline real estate. She is not an Officer and not a Fair Housing Officer for the FHA or HUD but merely using that title most likely to promote her business.
Allegedly Aaron and Erica Parker listed the home for $525,000 then instantly agreed to accept about $504,000 for the property. I assume they still paid the commission to Amy Goodman even though she didn't market or show the property. Erica stated after they got the instant offer she was "ecstatic" and “We were high-fiving each other,” “We were texting our Realtor, like, ‘Can you believe it?’”
Allegedly the first appraisal on May 5, 2021 came in at $465,000 which they said was $42,500 below the contract price. We can do math so contract was $507,500. At first their agent asked them if they would reduce the price. Parkers said no. Is this agent working for the Parkers or is she friends with the buyers giving them this pocket listing without any other bidders?
Per the article. "Goodman and the Parkers asked the appraiser and the buyers’ lender to correct the errors in the report. The appraiser refused, they said, saying he stood by his analysis. The lender had a staff member review the appraiser’s work and stood by the total, too."
Based on my experience if someone submits a reconsideration of value i.e., an appraisal appeal, with similar higher priced comps and it has merit, the appraiser, AMC, lender will adjust the value. That didn't happen. I'm assuming there was no merit.
For no reason the sellers automatically assumed it was racism per the article. They decided to remove all traces of their skin color from the home and request another appraisal. The article states they "erased blackness from their home." Erica called it "white washing." May 20, 2021 the second appraisal came in at $557,000. They were happy. They assumed the higher appraisal was caused by their skin color washing. Then they sold their house June 11, 2021 for $507,500.
First, some questions. If they thought it was worth $557,000, why the hell did they sell it for $507,500? That means they agreed to sell it for $50,000 less than it was allegedly worth. Was their real estate agent scamming them by listing it low and selling it as a pocket listing? They allowed a few people and two appraisers to view their home. Why not put it on the market and just not do open houses? No one is doing open houses today anyway. They could have sold it within a week in this market with a few private showings all in one day while they're out. There were photos from the last 2014 sale still online.
As usual there is more to this story than the poorly researched and misleading media article trying to stoke the flames of racism. While I don't usually support robot appraisals I'm going to post some robot appraisal values for this home. This way no one can claim racism as the values are not from live people. They don't see the home, homeowners or anything because they're just a math formula. I am not appraising this property. Robots provided this value estimate. Below are the robot appraisal values for this home as of today, August 19, 2021. The home was appraised in May and sold in June over two months ago in a quickly appreciating market. Values range from $461,000 to $523,000, $497,000 mean/average, $502,000 median.
USDA Properties $502,800
Below is a chart from Redfn which tracks their estimates in the past for this home. Based on statistics average home in Ohio appreciated over 11% last year. That's about 1% a month. That means the original appraisal was in line with market value at the time. The second appraisal is clearly too high. At least Aaron and Erica Parker don't have to worry that they sold their home for less than it's real market value.
|erica parker, 10222 elmfield, loveland, ohio, aaron parker, mary cummins, discrimination, racism, black, white, real estate appraisal, real estate appraiser, real estate, contract price, false, misleading, amy goodman|
Below is the listing history for the property. Aaron and Erica Parker had been trying to sell their home for a long time with no takers. They clearly listed it too high for the market each time. They even reduced the price twice.
04/13/2021 $525,000 Pending Cincy MLS #1696320
04/13/2021 $525,000 Listed For Sale Cincy MLS #1696320
03/04/2020 $465,000 ListingRemoved Agent Provided
01/02/2020 $465,000 PriceChange Agent Provided
11/13/2019 $468,500 PriceChange Agent Provided
11/08/2019 $470,000 PriceChange Agent Provided
11/05/2019 $475,000 Listed For Sale Agent Provided
04/09/2014 $371,978 Sold
|real estate appraisal, how to read, updates, condition of improvements, upgrades, updated, remodeled, form, no updates, condition, property, mary cummins, real estate appraiser, complaint,|
*I am not and did not appraise this property. I contacted the original author of the article and she never replied.
Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.
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