I recently put in an offer at a house at 5% above asking price. When I got the assessment back, it appraised at exactly the offer price. I was surprised by this because expected it to assess below what I had offered.
I have not yet seen the appraisal report (so I don't know the details of their justification for it), but it seems very unlikely that the appraisal would just happen to come back at exactly what I offered if the appraiser was primarily considering the actual value of the house.
How common is it for appraisals to come back at the exact offer price? If they do, does that mean that you got a fair price for the house, or is the appraisal basically just a meaningless formality?