appraisal higher than sales price in coop

I'm in the middle of purchasing a 1 BR unit within a coop in Manhattan. The unit was on the market for a long time (8 months) even though it was in good shape -- updated kitchen, updated bathroom, lots of closet space, and on a high floor with a lot of light. The only downside was that the maintenance is a tad high but not completely out of line with other doorman coops in the area. The listing... [more]

I'm in the middle of purchasing a 1 BR unit within a coop in Manhattan. The unit was on the market for a long time (8 months) even though it was in good shape -- updated kitchen, updated bathroom, lots of closet space, and on a high floor with a lot of light. The only downside was that the maintenance is a tad high but not completely out of line with other doorman coops in the area. The listing agent told me the seller had the unfortunate luck of having to back out of a deal when she first put it up for sale due to illness, and then the unit just sat while she had to turn away a lot of lowball offers for months. By the time I came into the picture, the seller (a retiree) had already moved, the market had hardened for sellers, and they were seriously trying to sell the apartment. I was able to go into contract for 75K below the original asking price. The appraisal from my lender just came back putting the unit at almost 120K above my sales price (40K above the original asking price). I know I should be happy but I'm now a little worried about how the coop board will react to this since I am assuming they will see the appraisal. Could they reject my board package because of the wide gap in the sales price and appraisal? Given the way the stock market is going, I'm not overeager to hand over more money or to start searching for another apartment. [less]