Lots of decent information and lots of misinformation on appraisers and appraisals on here. I know a little bit about the subject since it's been my occupation for 23 years.
There are lots of appraisers who can easily be swayed to get to their client's numbers. And yes, too often, if he can't get there, he won't get much work. But some people tend to think that all or most appraisers are somewhat crooked. And it's simply not so. And no, most of the people who went to prison over the S&L bailout of the '80s were NOT appraisers. Most were "developers" and land speculators who sought out naive or dishonest appraisers to help them get the loans. More bankers went to jail than appraisers. In Texas, where the crisis essentially started and was most prominent, I think only 2 appraisers actually served jail time. But I could be wrong. Several did give up their appraisal designations and licenses, and gave testimony in lieu of prosecution.
Ponds and lakes usually add some value, if they are in good shape and offer aesthetic appeal to a residential property, or a needed water supply to an agricultural property. But seldom does the additional value come close to the actual cost of building it in the first place. Muddy, shallow ponds that have been poorly built or managed offer little or no value. Of course, it's up to the appraiser to pull any adjustment he makes from the local real estate market. That's the difficult thing to do. A sale or listing may state that the property has a beautiful 5 acre lake, when in reality it's a 5 acre mudpit that is only 2 feet deep in the middle. And it's usually not easy to get the real scoop on that lake, how much money would be required to rehab it if necessary, etc.. So extracting additional value attributable to the lake is sometimes very difficult. But a competent appraiser should do his best to try to make an accurate adjustment for the lake or pond based upon the local market.
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