Advice - Valuation Lower than Price

[Rhea B.]

I am buying a multifamily where the valuation is 830,000. My offer is 930,000 (and so is the purchase price). When I contacted the seller he told me he is unwilling to come down on the price as he had gotten a valuation last year of 1,100,000 from a person who is not on the bank’s list of approved valuers, and that is why he priced it high. What should I do?

[Ken M.]

Quote from @Matthew Paul:

Appraisal doesnt set the price , it only what the bank will lend  . The buyer could make up the difference or have the owner carry a second .  

The real price is what the buyer and seller agree upon . 

That is the true answer.
However, in order for the transaction to complete, the have to agree on terms and that is where learning creative financing can earn someone tens of thousands of dollars.