This is how it USED to be done, and was a significant contributor the housing bubble that lead to the recession. It's different now, not necessarily less subje

This is how it USED to be done, and was a significant contributor the housing bubble that lead to the recession. It's different now, not necessarily less subjective but the incentive for creative appraisals has been drastically reduced. Prices have to be justified and mortgage brokers can't interact with the appraisers now. Apprasing has to be entirely separate from the underwriting process and is now entirely blind. In some states, appraisers are now accountable for significant deviations. The turnaround time is also significantly longer. I've heard reports from some people of appraisals in bigger markets taking as long 9 weeks. It's actually a pretty interesting process, ripe for disruption if anyone wants to take a crack at it.