1. Yes, get a comparative market analysis from a local realtor. However, a realtor can make you a CMA in about 5 minutes, but a good CMA takes much longer.
2. If the price seems right, then you can proceed with the purchase and then on the Purchase Contract there is a clause 4A.1 that states you can get your earnest money back if the lender has a problem with the appraisal not being high enough.
More questions - 817-471-0221