It is a very strange market and fluid. I had a client put in an offer 4 months ago in Posen and the comps at the time supported our offer. But now the comps are lower.... is that what happened in your case?
Keep in mind, the bank does an appraisal to make sure the buyer is not over paying for a property.
I do not understand why the value of property is not what someone is willing to pay for it, it is undervaluations like this that contribute to artificially deflating home values.
I have paid for appraisals out of my pocket when confronted with ridiculously low values by the lender. It is not an easy process, but unrealistically low valuations can be challenged particularly if you are subject to harm because of it.
Great advice from both Cindy and Suzanne.
I would also suggest you speak with your loan officer. He/she should be able to give you a feel for whether or not a second appraisal is an option for you.
C2 Financial Corporation
Cindy Schlee, Realtor
Grand Rapids, MI