Did you fail to properly reconcile the approaches to value you utilized? Did you improperly complete one, two, or all three approaches to value? Are your values from the approaches used so dissimilar to not be believeable?
My guess is that the appraiser offered no comment regarding the difference between the opinion of MV and the contract sales price.
The difference between the two numbers is not huge, BUT, if the contract price were, say, $237,540 vs. an opinion of MV of $300,000, do you suspect that the appraiser might want to offer a comment or two regarding the difference between the two? Different numbers--same principle.
My thoughts also, Greg.
I personally don't agree with appraising a property for the sales price. I appraise properties for what they're worth - regardless of what someone's paying for it. I think to do otherwise is a disservice and frankly, fraudulent.
USPAP aside - appraisal done for lender, market is not what it used to be in most places, appraiser says a property is worth more than it is selling for, lender asks "Why would you sell something for less than it is worth?" and you say "make loan or shut up"