Banks will no longer approve of sales where the loan amount is higher than the appraised value of the home. If you were to offer $100K for that home that the bank appraised for, you would need to come up with the balance plus whatever percentage the bank allows for loans. ie If they say they will approve up to 90% of a homes appraised value to lend, then you would need to have $28K as the down payment. $20K for the amount above the appraised value and $8K (10% of the appraised value).

As for the percentage of the homes in Pocono area not closing because of the banks appraisal, I wouldn't know that one. Even if you asked for my area, I would know. When homes are put back on the market, the listing agent usually does not explain why the sale fell apart. Also, getting the "national average" would be like asking about the national average temperature. It greatly varies for one area to another.

Hope that helps,

Terrence Charest, e-Pro®
REALTOR®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
Office: 215.659.5250
Fax: 215.659.5550
http://www.HomesForFreedom.com
tcharest@HomesForFreedom.com
“Giving to Those Who Gave”