I suspect that the appraiser is under pressure to “hit the number”. Over valuing a property was a common practice around 2006. If the property doesn’t appraise high enough then the lender doesn’t get paid, commission-based salesman doesn’t collect exorbitant fee and appraiser may be out of a job.
Obviously, none of this is a concern to them as the taxpayer is on the hook to make them whole to the tune of billions of dollars every year. This product needs to be thru private lenders and let them take the risk
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