If you bought a house and it appraised for less than your purchase price, how would you feel? Many times a lower than purchase price appraisal will kill a sale. But what if it didn’t? Would you ask the seller to renegotiate the purchase price? An appraisal clause could give a buyer the right to renegotiate the price or walk away from the sale if the appraiser felt the buyer was overpaying.
As a buyer in today’s market, this would be of consideration to me. But if I were happy with the purchase price (maybe satisfied is a better word) I would probably not make this request.
After all, price is relative.