Appraisals coming back low? (White Plains, Larchmont: sale, mortgage, house)

[emmastar]

We are in contract on a house in Larchmont and are expecting the appraisal back in the next few days. I think the sale price that we've agreed to is fair, but high - especially given the condition of the house and the amount of work we need to do. Given the current financial environment, I am wondering how common/frequent appraisals are coming back low. Has anyone had any experience with this? We have a mortgage contingency in the contract so this obviously could be a dealbreaker for us.....

[biggeek]

My appraisal last month for a house in White Plains came in about 3-4% higher than my purchase price, but I felt I paying a somewhat fair price (if you discount the dealing with the difficult sellers and the poor marketing of the house, for which I deserved a bigger discount ;-).