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Originally Posted by MacDougalbry
Thank you... my point exactly. In a normal market, if you were pre-approved you could be pretty confident, but this is not a normal market. I heard an anecdote of someone backing out of a deal after the bank's assessment came in at $100K below the contract price and the bank wouldn't fund the whole purchase... this is a second hand story, mind you, so I can't guarantee the veracity of it, but I certainly wouldn't want to take the chance, myself.
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A friend of mine works for an insurance company that would only insure a house just bought for $100,000 less then they paid..