Comparables on the street and in the neighborhood all support this figure. The bank will loan on the lower of the two numbers, either the sales price or the appraised value. There are cases where the appraiser will arrive at a range of indicated value for the subject property and this range might exceed the revised contract price, thus supporting the contract price. Everybody is now happy. I have just a bit of advice.
Appraisers are knowledgeable.
They know when contracts are revised and seller concessions are involved. Keep the concessions reasonable. It all depends on the comparable sales in the neighborhood. Appraisers do not determine a market value, the market does. Quality underwriting and review systems can easily determine if the appraiser has stretched the estimated value.