Leanne is on the mark with her comment. We would like to add that these situations can be worked through if both parties can see their way to giving a little. When both parties remain willing, time isn't the issue. This issue can be easily resolved with an addendum.
Often the first response, in these situations, is to question the appraisal. It would be good to review the comps that were used as well as all other comparison property information that is out there. This should help you in determining if the appraisal is an accurate one.
The easiest, but very difficult for the seller is to decrease their price to agree with the appraisal amount. If they can be made to understand that the only way they will successfully find a buyer willing to pay more that the home is worth is to identify a cash buyer that doesn't care about the home's appraisal, it may help your cause.
Appraisals can vary on the same home as well.
I recently had two appraisals done on the same home , one was $300,000 and the second was $375,000... SAME HOME!!!!!
That being said, the seller does not have to lower the price to meet the appraisal price! There are MANY buyers that will get a second appraisal or make up the difference in cash if they really like the home.
Are you working with a Realtor now? or are you negotiating this contract on your own/
John Forsyth HomeSmart Elite Group
From your quetsion it app eras you sent out an Addendum requesting a decrease in price based
On an Appraisal without writing in a date to respond by.
Normally, it is reasonable to give the seller three days. But of course you should have your agent follow up too
With the selling agent. After three days follow up with a CURE notice.
People do tend to be busy with work just before holidays, or could be traveling.