Don’t make me laugh. Appraisers do what they’re told. If a bank wants a higher appraisal, the appraiser finds a way to get it. If the bank wants some value chopped off the appraisal, the appraiser chops some value.
That just goes to show that a few bad apples can make any profession look bad. I’m not going to stick up for any of our idiots. I will only say that a solid 30% of the appraisals I did during the runup didn’t meet the borrower’s “expectations”, and I’m hardly an exemplary appraiser.
As for banks having appraisers lowball properties, the only reason it might appear that way is because they’re no longer accepting overvalued appraisals.
