Appraisal low w/ mortgage contingency & no appraisal contingency

[Felix Stone]

Hi All - A friend told me about this site and there is a wealth of info but couldn't find what I was looking for. 

Context

I put in an offer on 4 off market properties in Pennsylvania. Offer is for the total price and all the properties are listed on one contract so eg - I put in an offer of 400K and listed all the 4 properties in the AOS. Offer got accepted and I am getting individual loans from the bank on each property. Offer is the standard PA contract and has a mortgage contingency with $300k loan price. However it does not have an appraisal contingency. 

The bank is asking for individual prices of the property for these individual loans. 

I am pretty sure the appraisal for all 4 combined will come around $360k( the numbers worked for me still so I went for it, also I think I rushed :()

Question 1

What should I give the bank as individual property prices knowing they will get an appraisal for each property? anything to look out for here?

Question 2

If(or when) the appraisal comes in lower than $400k combined(lets say $360k) and so assuming the bank will now not loan $300k at 75% LTV per the AOS, would I be able to ask the seller to lower the asking price and if they don't (and I don't want to pay up the $40k difference), could I back out of the deal without losing my 12k total deposit?

Hoping for quick responses since I have not send the EMD yet. Thank you so much in advance for taking time on a Sunday to help out.

[Patricia Steiner]

@Felix Stone

You should always have an appraisal contingency. It lets all sides know that if a property doesn't appraise, either the price has to be lowered or the buyer walks with return of escrow. The mortgage contingency is different: it's about you - and your ability to secure financing.  It comes with requirements that you have to meet by certain dates or the seller can cancel the contract on you.  A mortgage contingency does not force the seller to negotiate with you. Neither does an appraisal contingency.  In my market where inventory is so tight, sellers aren't budging on price. Bottom line: You cannot force a seller to renegotiate with you or sell at a price that is not acceptable to the seller.  

Do yourself a favor and provide yourself with every contingency possible. An appraisal contingency is common; no one will balk at it but in a seller's market, the seller can just wait for the next buyer, a different appraisal, possibly a different outcome - rather than negotiate with you.  

Just is...I do think you would have had better odds if each property had been separately priced and contracted considering that's how you're financing the acquisition. The way it is now doesn't give you room to whine because it's a blended purchase and value.

Should be an entertaining ride...