Does an appraiser remove heating unit covers and check for internal condition of a heater?
Does an appraiser remove heat shields on a hot water heater and check for scaling and other issues in the burner compartment? Do they check for rusting of flues and proper draft and combustion air issues?
Does an appraiser make a determination of the fitness of a homes foundation?
Does an appraiser crawl a raised foundation looking for damaged wood, etc.?
Etc., etc., etc.???
The answer to the above is NO! An appraiser only makes sure the home has an HVAC system and it can turn on and off. They oly make sure the home has hot water. They only make sure the home is still standing.
As a result of the lack of a Home Inspection, many lenders are financing death traps and piles of junk. What is the difference between that and the fancy loan packages that have caused the sub-prime problem? A problem home is just as much a financial time bomb as all of those special loans.