I am wondering if you are referring to the appraised number found on the listing sheet of a specific property or if you have actually started the purchase process and your bank has come back with an appraised value lower than the price you have agreed to pay for the property? I ask because there is a big difference between the two.
Often home buyers will use the appraised value shown on the listing sheet of a property as a measurement of current market value but they shouldn't because there are quite a few variables that could make that appraisal number wrong. So, the answer to your question is, yes, you can still buy a property if the appraised value on the listing page is lower than the asking price. What matters is the appraised value that your bank comes up with at the time of the purchase in order to deliver you your commitment. If your bank comes back with a lower number they may not give you your loan, fearing that you are over paying for the property and therefore if you tried to re-sell they would lose money.
I hope that helps. But feel free to contact us if you have any further questions (we are exclusive buyer agents, hired to protect the home buyer's interests in a purchase ONLY):