Hypothetical Appraisal Question

I just got the info from our bank appraisal. It was appraised for $3k more than we are paying.

I'm curious about something though. Someone offered $20k more than us after the sellers accepted our offer. Luckily for us the sellers chose to honor our offer.

Hypothetically, what would have happened if the higher offer was chosen and the appraisal came in for the same amount, which was $17k less? Just wondering. Thanks.

i think appraisals are BS (DH and i had a huge fight about this the other day). Our potential house appraised for 4K more. i believe if one is credit worthy the bank will take a risk to make the loan (again, just totally talking out of my behind).

my parents' home appraised for 40K above what they paid, 2 years later when reappraised it went down 20K. IMO it all depends on market conditions and which way the wind blows...

with your hypothetical the competing buyers would have to waive a mortgage contingency and/or come up with the difference. seller may/may not choose to take the gamble that someone will come along who is in a position to do so.