I recently received and order for an appraisal. I went out and inspected the property, comparables and so forth. Got back and started working on it Thursday night and finished it Friday. Sent it to the lender who called and told me they already had one done and they were very sorry it had been double ordered. Well the sales price was $269,900 and I couldn't come in more than $245,000 tops so I submitted my report and bill anyway. I have lived in the area for over 20 years and work it day in and day out and know it hopefully pretty darn well by now. Well the loan agent said they got an appraisal in at the sales price. There is no way in the world this home was worth $269,900. I must have had 16 or 17 comps, numerous other pending sales and current listings. I utilized every data source available and yet this person rubber stamps it. This is happening every day of every week of every year across the country. Way too many appraisers now are rubber stamper form fillers. It used to be a small percentage of appraisers but it has gotten out of hand today. It doesn't matter how many regulations, licenses, seminars on fraud or etc. come down the pike a lot of appraisers are just flat out ignoring the warning signs and are ruining this once highly held profession all for the sake of that appraisal fee. Yes some will get caught but that number is far far fewer than those who are commiting the offenses. It is no wonder the lending industry wants to get rid of us once and for all. What do you need an apprisal for if the darn thing hits the target every time and that is what Freddie and Fannie are saying! Wake up you people. Its time to start turning people in when these types of gross violations are being commited. I'm not talking about nit picking some poor appraisers report for crossed t's or dotted i's, I'm talking about these rubber stampers who wouldn't know how to value a property if they didn't know the sales price or value needed to make a loan. Its disgusting.