Bank's offer is available - Is the financial offer okay?

Hello everyone,
we have received an offer from the bank to finance a house. According to the bank, the financing is secured. What now makes me suspicious is that the offer is based on an estimated value of the property of 200,000 euros. The asking price was 129,000, we agreed on 110,000. No appraiser was requested but it was only evaluated based on the exposé and the building description. I now have concerns about initiating all further steps (notary, etc.) as it seems strange to me. I have already heard that it is valued too low, but such an extreme valuation in the other direction is odd. Is there an intention behind this from the bank or can I calmly wait and see what happens?
Best regards and thanks in advance.

Are you still planning the renovation?

Yes, we cover them from our own funds, but according to the calculation, it is only about 20,000 euros. After that, the bank did not inquire.

Ask your bank directly. We can speculate a lot here - if you want to know for sure, you should inquire directly.

Then I am somewhat surprised by the price of 110T€.

Yes, that will probably be best... I almost fear a bait offer with a bad ending.