Placing an offer on a home that's already under contract is more common when housing inventory is low.  A seller may accept backup offers so that if the current buyer walks away, there is another buyer ready to close the deal.  By collecting backup offers, the seller avoids having to remarket the

      An appraisal is the estimation of a home’s current market value.   The value of the home is calculated by examining the current local housing market and the comparable properties that have recently sold. It also includes the features of the home, square footage and number of bedrooms and bath