Originally Posted by B-Line

.....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.