I just reviewed an appraisal from two years ago, at the request of the bank. What I found were inconsistencies, inadequate or non-confirmed information. The interesting part was that within the debt service ratio where the bank reviews the expenses, the appraiser stated "free from the city" for the water service! While it is a little "oops" that "oops" runs the owner $80/month and that figure wasn't calculated into the expense portion for the qualification of the property. At no time in this report, did the appraiser state that the rents for the building were under market rent due to the size, condition and/or location. Yet, while that might not play on something, the owners didn't know that they were getting below market rents for 1,900 square feet in prime Chicago neighborhood! In fact the rents were 50% of what they should have been.
So what does this have to do with anything? When you are the listing agent and the valuation may come in low , the buyer has the right to see the appraisal as they have paid for it. You have one chance to appeal that value. Carefully review the information as there may be "oops" and an underwriter in tim-buck-two in another state may not know this information.