No. of Recommendations: 1
I believe I would take that advice with a grain of salt. The appraisal has become a rather useless part of the buying process. Not all but many appraisers are just ringing the bell, giving the bank the number, the price the home is under contract for. This is fostered by the original appraisal assignment coming from the bank loan officer, who is judged on performance. An appraiser doesn't bring the appraisal in at the the contract price (below contract), it kills the deal, hurts the loan officers performance and the loan officer says no more business for that appraiser. The appraiser says, if I don't ring the bell I don't feed my family. You can thank the Feds and appraiser certification for a lot of the problem. In summary we would save the home buyer a lot of money if they just took the appraisal out of the loop. In my opinion it is meaningless.
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