We too, were scammed by an appraisal (already paid for with a hit on our credit card before he came). Three years ago our house was appraised at $375,000. Since then, we have completely remodeled two bedrooms to historical-preservation standards, upgraded new carpeting and paint in the basement (adding more living space and a family room), increasing the value of our home by at least $50,000. To our dismay, the appraisal done recently came in at $325,000. Thus, the Loan to Value ratio was not there to make the deal work as orginally planned.
Over the three year period our home appreciated in value without any improvements, as did everyone else's. Although the market has slid back some from a higher value last year, to tell someone that their house is worth "less" now after doing improvements is ludicrous and un-professional.
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