Many years ago a veteran appraiser mentioned to me that the client can choose 2 out of these three when it comes to appraisals. Accurate , Cheap and Fast. This is becoming very timely concern under the HVCC. Management companies are asking appraisers to do cheap appraisals for $175 Dollars which is about half of the going rate. They are also asking for 24 hours turn time which makes it impossible to research comparables, zoning, assessment cards etc. Sometimes they do get the appraisal fast, they get it cheap, but as I said above accurate is the third element and you can get only 2 out of these 3.

When you folks see a poor appraisal. It is because you got fast and cheap appraisal.

I would add that lenders are far more concerned with appraisals that would show inflated values than those with severely under-estimated values.  If anything, the appraiser is going to err on the low side if they would like to continue receiving any business from the AMCs.  

I often wonder how consumers would react if their health care or auto care were handled the same way.