Question about bank appraisals
Ok, so I've been looking at two boats, both CS36T's, in different locations. I've viewed both, following most of the pre-survey steps, and they seemed in good condition.
One, a 1979, is loaded with addons, some nice modifications, lots of goodies. The second, a 1980, is very simple and plain, like it first came from the factory. The first had three sails, the second had eight (though in fair condition). Both hulls were in good condition, recently epoxied and antifouled. Owner #1 knows a lot about his boat and its history, owner #2 seemed to not know even basic stuff like rode length and engine hours. I suspect #1 is a knowledgeable cruiser who cares about his boat and #2 is a more of a racer who cares about winning - with the boat being merely a means to that end.
Ok, now before I could make an offer on either I submitted the info to the bank - HIN, license #, all the details, etc. Before any surveys could be arranged, the bank appraised #2 (plain'n'simple boat) at near the asking price and #1 (loaded with goodies boat), which is listed at $10k less than #2, at 20% less than asking!!!
What do the bank appraisers know that I don't? Do they have access to insurance/accident info? How do the banks go about these appraisals?
Now I'm spooked about #1, though I drool at all the add-ons. Should I be?