When a Black Indianapolis woman had her white male friend show her house to an appraiser and removed her family photos and anything showing she lived there, the appraisal more than doubled.
INDIANAPOLIS — If you are a homeowner there is a good chance you have looked recently at how much your home is worth. The housing boom continues to set real estate prices set records in many parts of the country.
She bought her home in Indianapolis for a bargain from a friend in 2017 after it sat empty for years.In 2020, she was curious how much her beloved property was worth. She wanted to take out some equity. A nearby neighbor got a similar house appraised for close to $200,000.Refinancing often requires appraisals and when her first one came back her home was listed at $125,000.Frustrated, Carlette went to another company. That appraiser valued her home at $110,000.
A task force was set up last year and recently it announced efforts to hold appraisers more accountable as well as better educate homeowners on options when an appraisal comes in low. Fair Housing experts say it's a start.
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