Please keep in mind that most lenders/ mortgage brokers use "independent appraisers." That way they cannot "influence" the appraised value of a property.

Angie,

If you are still within your loan contingency period, you could try to renegotiate with the seller. If the house is not appraising for the sales price then it probably won't appraise for the sales price with another buyer either. If you have already released the contract because of the appraisal and love the home, put in an offer for the appraised value.

Bottom line, in this market is makes more sense for the seller to adjust than the appraiser.

Good luck,
CJ

people don't really like to hear this, but your home may not be worth what you think it's worth.
check the county tax data (w/ assessor) to do your own comparable sales data.

Angie,

Yes, it could be.

Before that happens, if there are viable comps that justify a stronger value, your agent could challange the appraisal for you. If the comps are in fact viable, the lender may accept the challange and re-evaluate.

If the appraisal is in fact the current value, if the buyers are willing to cash out the difference in order to buy, then the sale can go through. Sometimes buyers, seeing value in the property and if they have the additional cash, will continue with the purchase.

If neither of the above possibilities work, then the decision is in the seller's lap. In order to sell to Anyone in the current market, and if the buyer or future buyers go for mortgage, the seller will need to sell at the re-adjusted current value.

You can ask to see the appraisal, and see if the appraiser perhaps missed some recent local sales that might support your purchase price. (although I have found that appraisers are very hesitant to "change their original findings". Ssometimes the lender will allow you to hire an independent appraiser.

You can also ask a few Realtors to come out and give you a CMA on the property, and see if that matches with the appraisal.