Myth: Consumers should not be concerned with what is in the appraisal document so long as it satisfies the needs
of their lending institution.
Reality: Only if consumers read a copy of their appraisal can they double-check its accuracy and question the
result. Also, it makes a valuable record for the future reference, containing useful and often-revealing information. This information may
include the legal and physical description of the property, square footage measurements, list of comparable properties in the neighborhood
and neighborhood description of current real-estate activity and market trends in the vicinity.
Myth: The appraised value of a property will vary, depending upon whether the appraisal is conducted for the
buyer or the seller.
Reality: The appraiser has no vested interest in the outcome of the appraisal and should
render services with independence, objectivity and impartiality - no matter for whom the appraisal is conducted.
Myth: Assessed value should equate to market value.
Reality: While most states support the concept that assessed value approximate estimated market value, this
often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when
properties in the vicinity have not been reassessed for an extended period.