Refi/HELOC appraisal v purchase appraisal
Is there a difference between the way an appraiser appraises a home for cash out refi or HELOC and the way he appraises a home for purchase?
My experience: I'm on my 3rd property purchase and have done one cash out refinance and one HELOC. I've noticed that the appraisals for my home purchases have been super thorough and have come in lower than expected. Conversely, I've noticed that the appraisals for my refi and HELOC haven't been as thorough and have come in higher than expected. In fact, for the refi appraisal the appraiser only took a few steps inside the home and for the HELOC the appraiser didn't even see the home.
Is there a difference or is it just me?