Our issue is the other way - in that the appraisals are "too high". I am no real estate expert, but even I can shoot holes in both appraisals. As such, so have both lenders. I was under the impression that after the housing bubble burst and the changes by the fed, that appraisers would be more conscience of the "real value" of the asset. In our case, both "independent appraisals" came in at the exact same amount - awful coincidental that it aligns. They happen to align with our offer - which we expected was on the high side and would get adjusted based on the appraisals. We didn't expect such a huge gap. The surprising part is that the appraisers have aligned PERFECTLY with our offer, versus providing a true market value. Their assumptions to get to the higher valuation are VERY thin. I just want/need an accurate appraised value from an independent impartial expert. I thought that's what appraisers did!
Source: http://www.zillow.com/advice-thread/Financing-a-purchase/464961/
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