Opinions about Under-Appraised House

[Nate Huber]

Hi all,

I'm a first-time home buyer. I found a home in a Charlotte suburb, Cornelius NC. We love the home and fits well what we want both home and location-wise. The issue is that the house under-appraised by $5,000. The asking price was $300,000 and it appraised at $295,000. The seller will not budge or lower her price. We also have just under $2,000 in this house between due diligence, appraisal and inspection. If we walk, we would lose that. 

My questions is, is $5,000 (less than 2% of the home's worth) really that significant? Especially considering that we already put $2,000 into the process? We plan on keep it for at least 6 years and then potentially turning it into a rental.

Thanks!