Beware of Appraisals: I would not at face value, some of them are a joke.

[H. Jack Miller]

I looked at a loan request today. I know the area very well in Philadelphia, without seeing anything my first thought was the property was worth 350k or so. The appraisal came in at 640k, the comps they used were out of the area, in much better areas, much better condition and really no comparison at all. Philadelphia is a city of neighborhoods where each has its own personality and values. They are not alike in terms of values. This appraisal was a joke. I feel bad for the lender who believes this.

What is your experience with appraisals?