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Mortagage if House Appraises Less than list price. (Not an appraisal gap question)

I am sure I will have to pay well above list price and know that I need cash up front and may have to put an appraisal contingency in the offer.

But yesterday my broker asked me to ask my well known lender what happens if the appraisal is less than the list price?

What could possibly go wrong other than than dealing with the gap? Would it retrigger a new application in times of rising rates?

Can I put a contingency in for a min appraisal value as well as a gap?

submitted by /u/PoorInCT
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source https://www.reddit.com/r/RealEstate/comments/ua2tug/mortagage_if_house_appraises_less_than_list_price/
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