As an investor, I'm happy with the purchase price as long as it is less than or equal to the appraised value. Stated another way, I WON'T purchase a blade of grass at a price greater than the appraised value.

You didn't state anything about your exit strategy, so I dkn't know whether this purchase is an investment property or not. If so, and if you intend to flip this property, then you might consider whether you need to readjust the price any further according to the current market conditions in the area where that property is. If otherwise, then I'd leave the price alone, and move onto addressing other aspects of your due diligence.

Typically when you purchase a home, the home must appraise at the purchase price. If the home was recently appraised and it is higher than purchase price, you are doing a good purchase. Short sales are usually listed below market value due to the long lenght of time to get an offer approved. In my opinion, prices are starting to level out and should not have sharp drops any more. I think you may be buying at the best time. Good luck with your purchase and hope you enjoy many wonderful times at your new home.

Did you use a primary lender with an independent appraiser? That is the best appraisal you can probably get. If the home recently appraised for more than you are paying you are probably making a sound purchase. There are plenty of homes in the last year or two that are selling for more than they can appraise for so, I think that you are fortunate to end up in this position. Most important, do you like the home and can you afford the home. If you answer yes to these questions, then you will probably be happy there for many years. Good Luck!