The independent appraisal is usually conducted in conjunction with a mortgage finance application. The finance company wants to make sure that they aren't on the hook for a mortgage that isn't in line with the real market value of the house, in case there was ever a default. I think in most cases the independent appraisal will be higher than a city assessment because they are usually much more current. When we bought our last house the mortgage company wanted an appraisal, but only what they called a "drive-by" appraisal, which did not involve a detailed assessment of the property. I suppose if they found the house to be in poor condition, they would have asked for a full appraisal.

At the end of the day it is all about your finance company covering their a$$.

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Jonathan

2011 Mazda2
2000 E320 4Matic Wagon
1994 C280 (retired)