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What happened to appraisals?

I remember being nervous when buying and selling homes about appraisals. Down to a few thousand… Now it seems like people bid over 50-100k+ and it’s not an issue at all? I know it’s not for cash buyers, but did everyone waving them just pay the difference or have banks decided to go with whatever someone is willing to pay?

It just seemed like that was a pretty good check/balance on the housing market.

submitted by /u/7askingforafriend
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source https://www.reddit.com/r/RealEstate/comments/114mv39/what_happened_to_appraisals/
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