Bank appraisal lower than agreed purchase price???

Some questions:

If this does happen, is there any allowable difference, or will they deny the mortgage if it appraises $1 under purchase price?

How often does this really happen? Wouldn't a good agent not let you overpay for the property?

What about bidding wars? What if someone was willing to pay more than the appraised value because they want the house bad and were in a bidding war?

More real estate tips at Program Realty Wix site

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