Make sure the seller's representative knows that. This should strengthen your position.
Senior Mortgage Consultant
Your lender is who matters. They will only lend based on the appraisal, not any BPO. If Chase wants 120K then you need to walk away.
You already paid for the appraisal and invested so much time into the process you might as well use it. I have had a situation happen before - half the time they agreed based on the appraised value and the other half they stuck to their BPO price. The only thing you have to lose is more time.
Good luck! Eric
I WOULD NOT GIVE UP YET.
Have your Realtor submit an Addendum to the listing agent to lower the price to the appraised value and have them submit the appraisal with the Addendum. Since it appraised lower, they may lower the price. They need to see the appraisal though.