First as a home owner you should understand what is appraisal is and how it used. The main purpose the banks ask for an appraisal to assess their risk. Simply they give away money using the property as collateral. So they need to make sure the value is there so the money they lend is not at risk. Simply that is the purpose.
Most of the appraisers are well qualified and produce quality report. In some cases, the value may not come close to home owners perception on the value.
What a home owner can do is verify the report and ensure all the facts about the property is covered in the report. Its possible appraiser may missed an important contributing component of the house such as additional washroom. Most lenders have appraisal appeal procedures, known as ‘Re considerations of Value,’ A home owner may request for that.
If problems were found with the first appraisal, A home owner always can and should obtain a second appraisal. Also consumers can file complaints with the appropriate professional appraisal organizations such as CNAREA and AIC