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Updated about 9 years ago on . Most recent reply
QUESTION FOR APPRAISERS-REFI VS. PURCHASE APPRAISALS
I'm curious to know if appraisers tend to appraise properties differently depending on whether it's for a purchase mortgage or for refinancing an existing debt. I would think the appraised value should not differ, but would think an appraisal for a purchase might be higher since the appraiser is aware of the accepted purchase contract amount, whereas in a refi appraisal the appraiser has to mostly consider comparable sales of similar properties to help arrive at a value, and those sales may not be as current and as "valid" as a fresh purchase contract. Agree or not?