Why appraisal differ from bank to bank

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.

We can help you to review your report and advise on the next cause of action.  Call us at  1 (855) 298-4369 or contact us for free quote