This question can certainly imply that an appraisal that comes in low is a bad appraisal. The truth is that a low value does not equate to a bad appraisal. If the appraiser can back up their value with data and appropriate adjustments and they can thoroughly explain how they came to the value that they did, then it’s not a bad appraisal. If they can’t back it up well, then it IS a bad appraisal.