I am buying a home that appraised for way lower than my accepted offer (6% over list), which admittedly was aggressive. I also waived the appraisal contingency to make my offer more competitive.
This put me in a pickle, needing to come up with way more cash to meet the LTV and avoid PMI. So I decided to get a new lender and get a new appraisal. The new appraisal came in much closer to my accepted offer, and was over the list price.
I’m happy with the appraisal if indeed it is legit (it’s over what I thought the house would appraise at), but I can’t help but wonder if the appraisal was massaged in order to get the home sold.
Is there any way to find out if an appraisal is fraudulent?