You might consider if it is wise to overpay at this point. Of course you are probably emotionally involved with the house right now. But you should probably take a hard look at the appraisal and determine if it indeed makes sense. If it does, I'd push hard for renegotiation of the price or walk away. Now is NOT the time to overpay. If you need additional help, contact me via my website.
THE BANK APPRAISAL IS THE ONE TO DECIDE HOW MUCH THE HOME IS WORTH.
SOME TIMES A 2ND APPRAISAL IS DONE BUT STILL THE BUYER HAS TO GET THE MONEY AND THE BANK ONLY APPROVES THE APPRAISAL DONE BY THEIR OWN APPRAISAL COMPANY. THIS HAS HAPPENED A FEW TIMES TO ME IN THE LAST 2 YEARS AND EACH TIME WE MOVED ON TO ANOTHER PROPERTY. WE DID GIVE THE SELLER A CHANCE TO ADJUST TO THE PRICE FIRST. STANDARD REAL ESTATE CONTRACTS DO INCLUDE A CLAUSE THAT AFFECTS THIS AND SAYS THAT THE CONTRACT IS SUBJECT TO THE APPRAISAL AND YOU CAN WALK AWAY FROM THE DEAL , OF COURSE YOUR ATTORNEY HAS TO MAKE SURE THAT THE CONTRACT YOU SIGNED ALLOWS FOR THIS! GOOD LUCK AND HOPEFULLY YOU CAN NEGOTIATE THE SELLER TO ACCEPT THE FACT THAT HIS HOUSE IS NOT WORTH WHAT HE WANTS AND THAT THE SAME WILL HAPPEN WITH THE NEXT BUYER! EVEN IF YOU WERE TO PURCHASE A HOME CASH WOULD YOU PAY MORE THAN WHAT IT IS WORTH? FOR MORE INFO FEEL FREE TO CONTACT ME! email@example.com