Maybe the buying process works differently in MD than in the places I have lived.

Where I live, you go out with a real estate agent, you look at houses, you find something you like, you make a bid, the bid gets accepted.

Then during the contingency period, you secure a loan, get the house checked for defects, etc.

During the period of time you are looking to secure a loan, the bank sends an appraiser, who either APPROVES or DISAPPROVES the loan, based on what the bank feels the property may be worth.

The appraiser doesn't SET the value. The buyer and seller SET the value. The appraiser APPROVES or DISAPPROVES the value that YOU have set.

If the property is really 30% less, it's not the appraiser's fault. Value's change constantly. We were in a market where people were seeing 100% growth in the equity in 1-2 years.

My point is, the appraiser who works for the bank that you have asked to secure your loan didn't mislead you. They put a subjective value on the home that YOU valued.

Their job is not to help you buy a home at a good price. Their job is try to minimize any losses that a bank may incur if you can't pay your mortgage.

Again, appraisers don't SET value. Real Estate agents, sellers and buyers and market SET value. Appraisers simply approve or disapprove the value you have negotiated in an effort to protect the bank.

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"When two people agree on everything, one of them is not necessary" - Arliss