For a third time this year we have encountered an appraisal issue where a home that we sold did not appraise for it was sold for.  Since the appraisers are hired by the lenders, they are to protect the lenders by ensuring that the property they are appraising has sold for no more than current market value.  Everyone is being very cautious today.  But, you may want to be aware that appraisers are now factoring in a figure for this declining market.  In other words they are deducting anywhere from 1/4%-2% per month off the comparables they use.  So if they use a comparable (comp) that sold 2 months ago they may subtract up to 4% off of that sale price to accomodate for the depreciating market.