Racial Bias In The Appraisal Industry (Tools)
Hello, hello, hello, and welcome back #DealHunters!
Today, we're discussing an unfortunate reality in real estate. We can't speak to the overall prevalence of racial bias in the appraisal industry, but based on the examples in today's episode, we can say it is present. As an opinion of value from a licensed professional, an appraisal should be an unbiased evaluation of a home's value that informs a bank's decision on how much they should lend against a property. As was the case in the article from today's episode, the appraiser's opinion of the family that lives in the house should not give them the power to devalue that home by 40%. For most people, their home is the most valuable asset they'll ever acquire. Everyone, no matter their race, should feel confident that the most valuable thing they own is being accurately assessed in the event they'd like to sell their home or have the opportunity to refinance their mortgage. As citizens, we should all have the same opportunity to leverage our real estate holdings to secure our family's future.
Whether you're an investor, real estate agent, appraiser, contractor, or mortgage broker, you are impacted by the reputation of other professionals in your industry. As real estate professionals, we can't allow the actions of a misguided few to be weaponized against the people we've made a commitment to serve. Tune in to learn how to combat this form of discrimination and make a decision to stand against racism in real estate today!
Mentioned in today's episode:
Propstream
Here's a link to the article Donny discussed in today's episode:
Florida Couple Says Home Was Appraised 40% Higher After Removing Black Relatives' Photos
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