Paul & Tenesha Austin’s home was valued at $998K. Weeks later, they had a white friend pose as their property’s owner — and it was suddenly worth $1.5M.
“Having to experience everything that came with receiving the lowballed appraisal was overwhelming,” Paul Austin, 47,Wife Tenisha, 43, added: “The ongoing undervaluation of homes in black neighborhoods perpetuates the wealth gap between black and white families. We hope by bringing attention to our case and this lawsuit settlement, we can help change the way the appraisal industry operates, and we can start to see a different trend.
The couple subsequently decided to renovate the home, which was built in the 1960s, pouring more than $400,000 into an overhaul, adding an entirely new level, as well as a new deck, a fireplace, and flash new appliances. The Austins first purchased the home for $550,000 back in 2016, feeling that they had obtained “a slice of the American Dream,” according to ABC 7.The couple poured more than $400,000 into a property overhaul, adding an entirely new level, as well as a new deck, a fireplace and flash new appliances.The Austins were eventually approved for a second appraisal with Miller and Perotti Real Estate Appraisers — but this time decided to have one of their white pals pose as their home’s owner.
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