Appraisals...seriously, what's the point?

[Bryan L.]

If the appraiser is starting with the purchase price in their pocket and then the appraisal comes out to that exact figure - I see this as a wasted expense.  Don't get me wrong, I was happy to see it come out there but what's the value in that?  

Had a 71A and a URAR (two properties one loan).

[Russell Brazil]

It's important to understand what the appraisal is for. It is not for the benefit of you the consumer. It is not to find an independent value for the property.

It exists to protect the lenders investment in the property. Is the amount of money they are lending consummate with roughly how the market values the property. Is their money safe in this property. That's why it exists.