I have been a Realtor in Nevada for 12 years. Every transacation, except one, has had the appraised fair market value come in at the EXACT same price as the contracted sale price. In my opinion, when the appraisers are given a copy of the sales contract, it is like providing them with the score of a sporting event before it is played. I believe it taints the appraisal process. Generally, a Realtor will determine a fair asking price by checking comparable sold properties in the immediate neighborhood in the last 3 - 6 months. But for the appraised value to come in at the exact same sale price as is contracted over a 12 year period is just too much of a coincidence to me. My opinion is that appraisals are nothing more than a rubber stamp and in order for a true opinion of fair market value, they should not be privy to the contracted sale price.
