Appraisal came back LOW - now what?

[Ericka G.]

Under contract to buy a really unique property, but the appraisal came back like $40k under the agreed on sales price. We are financing this one, so can’t move forward without the seller coming down. Seller (investor/flipper) refuses to come down on price, even after the bank agreed to challenge the original appraisal. 2nd appraisal came in the same as the first. Question is this: have you ever had/seen an appraisal challenge actually change? If not, how do people resolve situations like this?

[Caleb Heimsoth]

Regardless of appraisal inconsistencies I would still walk. If you’re having a hard time getting it to appraise now, what happens when you try to sell this down the road? The uniqueness will still make it hard to comp and you’ll have the same issue, this time as a seller.