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>I know in mortgages, appraisers are randomly selected. Not sure about that - the bank that financed my last mortgage employed the appraiser as full-time membe
by delinka 8y ago
>I know in mortgages, appraisers are randomly selected.
Not sure about that - the bank that financed my last mortgage employed the appraiser as full-time member of staff. The appraisal exactly matched the contract. I do find that fishy, but apparently not against the rules.
- ams6110 8y agoThe purpose of the appraisal is to determine the loan-to-value ratio. As long as the appraisal is at least the required number, they're fine. The appraiser is basically saying, "in my opinion the property is worth at least $X.” Not that it might be not be worth more.
- rconti 8y agoAt least in the SF Bay Area, appraiser selection was random. Perhaps this is a state law though.