Multi-Family Appraisal Sham?

[Dennis Tierney]

Has anyone else found multi-family appraisals in your area to be essentially worthless? I know the banks require them but I have found them to be wholly lacking in credibility. We have under contract a 48 unit that in Oct of '12 was appraised at $1.9mil. I knew the assumptions were faulty and it wasn't worth that and we have it under contract for $1.685 mil. Now another appraisal by the same guy comes in at $1.7mil. I know the local market hasn't dropped by 11% and the property is functioning at the same level as in 2012. It seems to me they play to their audience and this time since he knew the purchase price he altered it to match the price. That doesn't seem show any integrity.