Why appraisal differ from bank to bank? It might be a surprise for lots of people that banks lose costumers and mortgage business due to appraisal. There are cases of TD losing a deal to RBC based on appraisal, and RBC losing a deal to TD based on appraisal. Why that happens and why appraisal is not consistent? Appraisal is not a mathematical formula. As you may have seen on a report, There are some math but math and formula is a tool that used to come up with an opinion of value. As the word “opinion” its not constant as there is a human factor. How ever, its very rare that this differences would be above a certain limit. Then there is a problem. If there is a property appraised for million by one appraiser and the other as 800K then its troubling and need a revisit.
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