purchasing home for $70,000 under appraised value (mortgage, buyer, price)

[njhomeseeker]

In a situation where a buyer has an opportunity to purchase a home for $70,000 less than its recently appraised value...what does this mean? Is the buyer getting a great deal? Was the appraiser way off?

[imoapie]

Comps comps comps is all that matters. Not enough info to answer your question. However what it means directly is that the bank would let you have a mortgage 70k higher if needed, ie someone wanted to buy it at a higher price.