Kilroy2
Gold Member
- Dec 22, 2018
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As a former appraiser, I will explain it to you like this. A bank never would use only one appraisal. They would want several appraisals by top notch appraisers. Would you as the banker rely only on the word of the owner?
I have at various times in my appraisers career been tasked by various lenders to examine a value given by a particular appraiser and they ask me for my view on the appraisal.
I recall a case of the appraiser who signed his appraisals with the title of PhD. While he was in fact licensed, the title meant nothing to me. I examined the subject and the comparables and came up with the verdict his appraisal was high. Believe me, a mans job was on the line so for me to not agree with him was not fun. I knew of appraisers who did poor work,. And his was also poor work. So I told the lender the honest value and backed it up so they accepted my value and tossed his.
Well I do not doubt what you say. Another issue is the relationship between the borrower and the lender. It can be said that if you pay off previous loans , you establish a relationship with the lender and probably be easily accepted for additional loans.
Deutsche Bank had a 2 decade relationship with Trump so they were inclined to ignore valuations because Trump probably has paid off numerous loan with them and they made good money.