Sorry you are having such a difficult time.
We are seeing more underwriters kicking back appraisals than ever before. In the past couple of months this has happened with several transactions I was involved in.
3 solutions that worked for my clients recently;
See if the underwriter will accept the appraisal with more comparable sales in the appraisal.
If not, check with the lender and see if the underwriter would be willing to accept the price with a second appraisal. This has helped me twice now in the past few months.
Finally if you are going through a bank, you may have to switch to a mortgage broker who may have more lenders to choose from. Then unfortunately find another loan program that will meet your guidelines.
Make sure that your agent looks at your loan commitment deadlines and follows up with an addendum to adjust the date if needed and the seller is agreeable.
What area of North Carolina are you in, Pat? I wish you luck.
Laura

This sounds like there is more to the story. Usually having an appraisal over the asking price is a good thing. If the bank was the one that ordered the appraisal. I would feel that the bank left you down, if they ordered an appraisal from someone they do not trust. I would not pay for such an appraisal. They should be using appraisers that they do trust....????? GO to another lender and see what the scoop is on this property.. sounds like either the bank got cold feet or there is something with this property they are not explaining. Get another bank , credit union, or Financial broker to take a look.. Good luck and if I can help just email me thru our website. http://www.carolina-real-estate.com

You probably should speak with some other lenders to see if they will be more cooperative. In what part of North Carolina are you buying property? If its the mountains I could refer you to some other lenders that may be able to help.

Another idea would be to request the lender have a second appraisal from another appraiser. Though that will cost you additional dollars.