But, that time has passed for you. You're at a point where the bank sent out their appraiser & found a value of $x, then they approved you at or near $x, then you got your appraisal for your loan which is lower than what the bank found.
If I were involved in your transaction, I would need to know Exactly when the bank sent out their appraiser. Pull comps for that specific period of time looking at the most "like" properties as possible & not going above or below 30% of the square footage of the subject.
You need to "make your case" for the bank. Turn in the comps from the time the bank sent out their appraiser. Supplement that with the appraisal report copy which you NEED to get from your lender. Have the listing agent submit all of that to the bank, along with a New HUD1 with your appraised value & do the Counter offer.
If the listing agent knows what they're doing with short sales, this could all still work out for you.
You can contact me if you'd like, you don't need to give me the property address, but I would be curious to know how far off the 2 values are? Are you $20K off or $75K off?
Shoot me an email directly, I don't look back on this same Trulia posting for answers after mine.
Emily S. Knell
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent
100% Success Rate in CA
If you are not comfortable with the deal...walk away...there WILL be other homes.
If the deal was from 4 months ago, then the comps don't matter. You just have to decide if you still want the house at the current approved price.