"Joshua Putnam" wrote in message
...

Or even intentionally inflated by the lender so they can get away
with lending to customers who otherwise wouldn't qualify.

There are plenty of appraisers out there who know how to make an
appraisal meet loan requirements, irrespective of the fair market
value of a property, and plenty of lenders who know and value these
appraisers since it lets them make more loans.

I have noticed cases where the appraisal comes back almost exactly equal to
the value required for the loan. It might be coincidence, but it might not.