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Bay Area Black, Latina real estate couple lowballed $250K in home appraisal - YouTube
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we want to thank julian glover for
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amplifying our voices
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and for making it um for giving us the
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platform to make sure that people
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understand
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that these are not one-off situations
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that um
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you know people of color are having
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these experiences the story of paul and
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tanisha austin has gone viral shared all
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across the world and now we are hearing
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of more cases of housing discrimination
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here in the bay area
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the marine city couple put 400 thousand
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dollars into renovating their
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home and were stunned when the house
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barely gained any value during the
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appraisal process
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when they had a white friend pose as the
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homeowner that changed by half a million
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dollars
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abc 7's race and culture reporter julian
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glover first shared the austin story of
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housing discrimination
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two weeks ago and tonight julian joins
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us live and julian you've heard from
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families all across the country with
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similar stories and
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you're sharing an oakland family story
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and how others can fight back
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hi good evening yes dan and amma truly
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heard from families all across the
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country so many of them here in the bay
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area
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with similar tales of housing
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discrimination like the curtis family
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they reached out to me
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after they were lowballed in an
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appraisal by more than 250 thousand
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dollars
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they knew something was wrong because
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both the husband and the wife
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work in real estate my parents told us
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that they saw one of your stories on the
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news about the marin couple
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ronald and dominique curtis reached out
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to me after seeing my now viral story on
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the austin family in marin city being
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lowballed
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half a million dollars in what they
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believe is a racially biased appraisal
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the curtis family
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ronald black dominique puerto rican feel
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they got the same treatment we were in
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the process of doing the refi
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uh the appraisal appraiser came out and
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we were shocked when we saw the
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value of our home was 254 thousand
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dollars less
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than the appraisal we got
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was five months earlier five months
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earlier the family's lender rocket
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mortgage ordered the appraisal through
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an
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independent appraisal management company
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in december 2020.
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the home was valued at 900 thousand
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dollars but just months earlier in april
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the home appraised for one million
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one hundred and fifty four thousand
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dollars a quarter million dollar
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difference
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meanwhile housing prices went up and
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interest rates fell
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you all were uniquely positioned to be
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able to do your own investigation
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pull your own comps to realize this
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ain't right
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because you all are both in the business
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i've been a realtor for over 10 years
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and currently i'm a licensed real estate
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broker and my wife i've been
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training to become an appraiser for
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about two and a half years now
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somebody doesn't have to say that the
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reason why they did it was because
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we were black or puerto rican or people
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of color
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but absolutely that's the reason why we
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kind of felt it
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the moment that he came to our house the
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curtisses immediately pulled reports of
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the comparable homes the appraiser used
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from the market listing service
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they have access to as a licensed real
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estate broker
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and agent boarded up back there
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and this was one of the comps that was
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listed in the appraisal report
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and this is the garage that's falling
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down it has the bricks
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lined along the roof line to hold the
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shingles down he was just deliberately
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looking
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for a property that fit his price so he
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could lower our value those photos are
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from the extensive complaint the curtis
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family filed with the state board of
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real estate they're waiting for the
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investigation to play out meanwhile
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interest rates have increased meaning
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the family missed out on a chance to
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save
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thousands of dollars a year on their
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mortgage by refinancing
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i reached out to rocket mortgage for
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comment and the company provided this
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statement saying in part
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quicken loans truly regrets the
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frustration that mr curtis and his
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family have experience with their home
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loan we've reached out to mr curtis to
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gain his permission to order a new
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appraisal from a second license
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appraiser
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at our expense as an accommodation to
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our client to obtain an additional
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opinion of value but the curtis family
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forwarded me this voicemail showing
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quicken loans
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only reached out to offer the second
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appraisal the day after
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i stepped in to help we know the
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implications of that we know what that
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means it doesn't mean that
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it affects us for a month or two and
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then it goes away like this is stuff
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that affects us for generations
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discrimination in the housing market is
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systemic and detrimental to marginalized
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people with consequences suffered across
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generations
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a 2018 report by the brookings
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institution on the devaluation of assets
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in black neighborhoods found
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in most metro areas in the country homes
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in majority black neighborhoods were
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valued for significantly less
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than homes in neighborhoods with
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virtually no black residents the study
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found the difference in home and
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neighborhood quality
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don't explain the devaluation of homes
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in black neighborhoods the study showed
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homes
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in the bay area's black neighborhoods
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are valued at 27 percent less
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than homes of similar quality in white
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neighborhoods a difference
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of 164 000 among the worst differences
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in the nation
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we shouldn't have to scrub blackness
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from our homes
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to get a fair shake andre m perry wrote
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the brookings institution study
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and the book know your price valuing
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black lives and property in america's
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black cities as the austin story went
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viral
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several people on twitter tagged me in
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perry's work whether it's appraisals
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whether it's real estate agent behavior
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lending practices
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all of these things in housing markets
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impact price
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and it's clear that something is going
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on today
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that throttles the price of black homes
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that's about 156 billion in lost
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equity across the country it would have
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paid for
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more than 8 million college degrees
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based on the average amount of a public
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four-year institution it would have
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replaced the pipes and flipped michigan
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three thousand times over it's a big
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number
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those losses often go unseen and
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unreported
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that's why nonprofit advocacy groups
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like the fair housing advocates of
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northern california encourage families
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to file formal complaints the executive
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director carolyn peady
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stunned when hearing the austin story it
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was a half a million dollar difference
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come on the fair housing advocates
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represent victims of housing
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discrimination
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in california someone discriminated
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against on the basis of race religion
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gender sexual orientation disability or
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age
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among other protected classes can file a
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complaint folks can file an
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administrative discrimination complaint
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with hud's
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fair housing and equal opportunity
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department
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they can also file with the california
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department of fare employment and
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housing
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there are remedies in both rentals and
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real estate purchases
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most often in the form of settlements
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and reprimands but the process can drag
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on
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taking months or even years for
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resolution pd said victims have better
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odds
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if they're represented racism either way
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it needs to be addressed and remedied in
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in ways that will be remembered the
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austins are now considering
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filing a formal complaint what does it
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mean to you
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uh to see that you have shared your
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story and it's encouraged other people
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to come forward to share theirs
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with you know people standing up and
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starting to fight back for social
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justice
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i feel like um the world is primed to
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have this conversation
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people are talking and they are standing
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up and letting people know that this is
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not just a one-off thing
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that this is a systematic thing and
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needs to be changed
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i spoke to the curtis family today and
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they tell me the offer from quicken
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loans to get a second appraiser out is
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just too little too late at this point
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they've missed the chance to lock in
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those
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lower rates to lower their mortgage
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payments they've already signed a lease
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to rent a home and they are considering
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selling their property now if you have
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faced housing discrimination
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there are resources out there to help
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you on this story on abc7news.com i've
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added a link to the fair housing
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advocates of northern california
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they are waiting to hear from you
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reporting live this evening covering
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race culture and social justice julian
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glover
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abc 7 news yeah julian this is so
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painful to see but so
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important great job thank you for
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shedding light on this
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and if you have a story for julian reach
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out to him online on twitter and
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facebook you can find him at
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julian g abc7 and on instagram he's
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julian glover tv
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