Sounds like time is working in your favor!
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When the home "appraises out", as we say, that means the bank sees the value the buyer is paying. Whether it appraises higher or not doesn't make a difference, and the contract is still binding.
You, the buyer however, will look to reduce the price if the appraisal comes in lower!
You will most likely not be approved for the loan - so there will need to be further negotiations. If the appraisal is lower than the sale price, the sellers will either have to reduce the sale price to match the appraisal, or (if they refuse to do so) you will have to come up with more money if you still want to buy the home.
ps do you have an agent who can explain all of this to you???? It (the process)should have been explained, if not by your agent (assuming you have one), then by the mortgage rep
If you have professional representation, you can be confident your offer will prevail.
If the house being purchased is a private sale, auction, or short sale, you may not have the same assurances.
In Florida, it is not uncommon to see a real material difference between the negotiated price and the appraisal value. The goal of every real estate professional is for you to buy real estate with instant equity. In such cases, you should consider a act of real appreciation for your agent. They work hard, on your behalf, to ensure you will have no hesitation referring them to your friends, family and those you work with.
Be aware, both the seller and you the buyer have been properly advised regarding the market value of this property. You already know if you are getting a deal. The appraisal will be the official declaration the party is on your street this week.
Time to give your REALTOR a call to confirm what you have read.