As J. stated, there are several approaches to how an appraiser can valuate a property. If it is a comp-based appraisal, the appraiser has to use the resources available to them. In my opinion, that's why it is best ask for a recommendation for an appraiser that is local to the area and is familiar with the trends in the market. I recently had a deal fall through on a home because the appraisal was "low." In my experience with that particular market, (an area flooded by Hurricane Katrina that has been very slow to recover), the appraisal was dead on the money. But, due to the age and differences in the available comps, the listing agent convinced the owner to reject the requested reduction. That's the nature of the business but those are the pitfalls of appraisals. I hope this helps. Good luck!
Apr 17, 2014