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Title: Black appraisers call out industry's racial bias and need for systemic change
Source: Yayoo/NBC News
URL Source: https://www.yahoo.com/news/black-ap ... ndustrys-racial-191500679.html
Published: Jun 7, 2021
Author: Safia Samee Ali
Post Date: 2021-06-07 19:54:00 by Dakmar
Keywords: None
Views: 42
Comments: 4

Safia Samee Ali Mon, June 7, 2021, 3:15 PM

It didn’t sit well with Michael Tidwell when an appraisal report he submitted for a large commercial property in a predominantly Black neighborhood in Los Angeles was rejected by a bank reviewer who insisted the lot was valued too high.

Tidwell, a Black appraiser who is also a valuation and advisory director at the global real estate services firm Cushman & Wakefield, said it took months of back and forth, with the issue getting escalated to the bank’s top brass, before they ultimately agreed with his initial assessment.

“The reviewer didn't respect the community because he felt like, ‘Oh, it's a Black neighborhood. It's crime-ridden and violence and all of that. There's no way this place is going to be able to make money,’” he said. “It’s frustrating because even when you do your job or you may know the value of the community, somebody that's not from that community, a lot of times, they're not going to see the value.”


Poster Comment:

Free "music" at all hours, whether one wants to listen or not, does not really add much value. Same for collecting empty 40oz glass bottles, used diapers, fast food wrappers, and spent shell casings, the time and energy spent removing them from my yard far ouweighs any recycle value.

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#4. To: Dakmar (#0)

Banks are naturally conservative because if they make unsound loans, they don't get all their money back. Regardless, if one bank doesn't approve the loan, the option is to provide more collateral, ask for a smaller loan, or apply for the loan at other banks. No lender should be required to lend money just because an applicant believes they should.

DWornock  posted on  2021-06-08   5:12:19 ET  Reply   Untrace   Trace   Private Reply  


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