Making an offer to pay the appraised value

[Brian Hietpas]

Hi BP Family,

My investment partner and I are looking to purchase another side by side that recently came up on the MLS. The asking price is $199,000 and we made an offer based on our comps we have 5) in a 2 mile radius of $178,000. 4 out of the 5 comps were at or near $180,000. The listing agent is using comps in a 10 mile radius. Our thought was to make a second offer with the language that we could pay the appraised value not to exceed the asking price of $199,000 confident that this listing is easily $15,000 over asking. Per our credit union, the appraisal would need to be done by our credit union for our financing. My question is has anyone used this type of verbiage and is it legal/practiced in making offers. Thanks in advance BP!

Brian