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Appraisals with lenders

I have recently been Preapproved for a mortgage and have some questions refuseding how the apprasial factors into buying.

Let's say I find a house for 250k, get an offer accepted for 240k and submit to my lender. Part of the process will be the house getting a proper appraisal.

How close does the property have to be to the proper appraisal value?

If it appraises at 220k, or 200k would that likely shut the whole deal down? Does it have to be within a certain percentage of the loan amount or how exactly picky are lenders when it comes to appraisals on accepted offers?

submitted by /u/Qppaid14
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/lu31xg/appraisals_with_lenders/
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