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Banks will always go off the contract price for the lending. This is because it deemed to be a fair market price.
This is of course if its done via a real estate sale. It the transaction is between you and me they will look harder on the valuation.
I have purchased homes for far less then the value but when the bank does it valuation its always the contract price. Even it if purchased a for 50K below market
You can pay cash for the property at $450k and then go get a bank loan. Ask for a bank loan to borrow say 90%
If you are having problem with the deposit you can ask the vendor to leave what you don't have for 12 months.
Say, you only have 10% and the bank needs 20% deposit.
Ask the vendor to lend you 10% for 12 months or month
After that simply refinance and pay them out.
It really depends on what your trying to achieve
If you do buy it for 450K wait sometime and have it revalue to pull you equity out.
