I recently posted about how a lender with whom I withdrew my application still sent an appraiser to the property.
My new lender also sent an appraiser as well, about 5 days after the first report was done.
The 2nd appraiser came in at 30k over the first appraiser, and the first appraiser came in at 20k over what I am actually paying for the place.
What fascinates me is not necessarily how they judge the quality of my property, but rather how they judge the comps. They both draw very different conclusions about the market.
Take a look here to see what I mean.
It seems to me that an appraiser’s $550 job isn’t to define the actual value of the home, but rather to help the underwriter check a box saying “this house is worth at least as much as the loan amount” and nothing more.
submitted by /u/skeptibat
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