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  • Writer's pictureKrystal Schware, PA CREA

Bad Appraisals; You Get What You Pay For

Updated: Feb 4

Would you be shocked to find out there was no appraiser involved in your appraisal? It has become part of the new norm in the lending industry to trick you into thinking you have had one, or its equivalent. Or perhaps you were told that you don't need one at all; just skip it. Perhaps the new tricky one; that person who was in your home doing the 'appraisal' wasn't even an appraiser. Not for a single day in their life. Random people with zero appraisal education can sign up to take one single 2-3 hour class and POOF. As if by some form of cosmic osmosis magic, they instantly obtain the years and years of experience and knowledge it takes to become competent to inspect your home. And they will do it for a measly $20-$40. Isn't it a bit ironic that it is now ok to bamboozle the consumer in these ways? Worse still, is that we all know that you get what you pay for.


The professional, hands-on experience, years of training, and wealth of knowledge that a certified or licensed real estate appraiser provides are priceless and unparalleled when having a valuation done on your home or when buying a new home. Some parties in a transaction may try to steer you toward skipping and forfeiting the protection of a real appraisal. You may be made to feel it is a good thing to opt for an online substitute instead, using a 'hybrid appraisal', saving a few dollars by using a 'value acceptance,' (no appraisal), or some other model to replace having a real appraisal by a real appraiser. An appraisal is often one of the lowest-cost items associated with the home-buying process yet it is the only one that works for your benefit and offers you the protection of helping guide you with the tools to make a smart, confident investment. It is highly recommended to be sure to ask what type of appraisal you are paying for or being provided, and if the person being sent to enter your home is a real appraiser or not. If you are being short-changed with a cheap, quickie alternative, it is your money; you have the right to ask for a real appraisal.

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Never forget the adage, that you can have good, fast, or cheap, but not all three.

Cheap + Fast = low quality Good + Cheap = too slow Fast + Good = not cheap

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