Myth: An appraiser can “hit” any value needed to “make the loan go through.” This myth is fed by the fact that many appraised values are at or near the purchase price of a given property. It is a common belief that it is the appraiser’s job to hit a specific value target or that the appraiser can say a property is worth any value, without supporting the value conclusion.

Fact: An appraiser is held to a high standard of independence. An appraiser must be unbiased and may not accept an assignment based on a predetermined value outcome. The appraisal process is necessarily thorough and ensures that a properly completed appraisal results in a credible estimate of market value. When an appraised value is near or equal to a purchase price, it is largely due to the fact that the buyer and seller have come together and agreed upon a price that is representative of the market value of the property. Credit the professionalism and knowledge of the brokers representing the buyer and seller and the skill and experience of the appraiser when the two values closely align.