Realtor worried appraisal will come in low, lender is not… should I be worried?

First-time home buyers, lots of student debt, but our credit union said they will lend to us.

We've made an offer on a place: it listed for $119k, and we offered $115k. The seller came back with $117k and we accepted. We are doing like $17k down w/ a $100k loan.

The realtor, who is a newbie (1.5 years) basically told us to not get our hopes up because the appraisal might come in too low. He did not like the house as much as me and my wife, and we got the feeling he wanted us to buy a house he had listed. He wanted us to get appraisal first before inspection.

When we mentioned our worries to lender, when figuring out appraisal, she flipped out about realtor freaking us out. She asked, "Why would realtor be willing to offer 117k if he thinks it will only appraise for $110k?? This is where he is supposed to make his money, etc., even if it appraises a bit lower you'll be fine, etc."

Also, she said because we need to move in ASAP (next few weeks) it would be crazy to wait for two-week appraisal process before doing inspection. I've seen the opposite advice here, but we are crunched for time.

So that was slightly comforting, but we are still worried because of the comps in the CMA… it does seem the house might be a little overpriced, but we are in love with it (something the appraiser won't take into account).

Lender then spoke with realtor and determined that he had just recently been burned when a deal fell through because of a low appraisal. She says he's now overly cautious.

Anyway, the seller's CMA gave a comp analysis of $112k, an RVM (RPR?) current estimated value of $95k. So we find this a bit worrying.

Should we be worried, like our realtor has hinted at? Or should we assume this will go forward, like lender has said?

More real estate tips at Program Realty Wix site

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