Appraisals are a Total Scam

The whole appraisal process is a total scam. I pay a guy $400 to checkout my house and compare it to other recent sales in the neighborhood, but all I get back is the exact price I’m purchasing the property for. In my opinion this guy is playing it safe and is just writing down the price I’m paying because that’s the easiest answer. If I was a lender or a mortgage insurance company I would be highly suspicious of an appraisal that was equal to the exact purchase price. Hopefully the DC tax assessment will provide a more accurate appraised value and will get me closer to 20% equity in the house and help me put an end to mortgage insurance.

The one good thing about the appraisal process is that I get a rough floor plan.