BOA Tell Appraisers How To Appraise? (inappropriate way)

[Michael P.]

I am in the process of closing on a property in NJ.
Literally in the mid's of things,  title in works, loan approved, appraisal completed, just got it back today (expensive: by the bank).

This is a non primary, investment, putting 20 down.

The LO must of incorrectly completed the contract or hit the wrong key, but the appraisal indicated its a primary, also indicates Subject To, multiple issues within the property which I know, that's why I am buying it!  It mentions, new kitchen, floors, paint, a small hole in the wall etc.  Also indicated turn on utilities, but the utilities are on, I was there yesterday to prepare for a temp CO.

The issue here is, I called the appraiser, he left his personal # on the appraisal.  He tried getting off the phone but stayed professional, almost loosing his cool, but I was calm which kept him calm.  He told me "the bank tells him how to assess the property, they do not want to be stuck with a fixer if the new owner neglects on the loan".  An AS IS property comes with broken things, that's why I want it!

What are your thoughts here?

[Russell Brazil]

Originally posted by @Michael P.:

@Russell Brazil your definition is obvious, but not when the LO knew the property is As Is.  In addition, the point of this topic is that the bank goes into the deal betting on foreclosure?  

 The loan officer has no knowledge of the properties condition. It could be in perfect condition and still be sold as is.  If you were using an agent, the agent should have pointed out problems that could deny financing on the property. If you were not using an agent then that falls to you to understand then financing conditions.