In private lending where loan to own underwriting is very prevalent this category has the greatest pressure on it for manipulation to get the loan closed.  Proper valuation of a property to base the Deed of Trust on is a basic aspect of underwriting, however this seemingly easy item can be very murky for investors, especially if Real Estate is not your fulltime occupation with a few hundred transactions in experience.  Any estimate, valuation or appraisal of Real Property is only an estimate.  One does not need to hold any particular license to hold a different opinion of a property at any given time. Value is difficult in slow moving markets as there is limited (market) data to review in closings to estimate value and in rapidly changing markets some will lean toward on the side of where the market came from (past) and some will...