Here is the only thing I can see you have a shot on getting approved for with the state of the current appraisal market. Find out if the appraisal was done by an out of town appraiser. Was the appraisal done with a visit or done as a drive by/computer valuation. If it was an out of town appraiser, then you may have a chance using this clause in the HVCC rules: The preface is that a lender may not:
(9) ordering, obtaining, using, or paying for a second or subsequent appraisal or automated valuation model (AVM) in connection with a mortgage financing transaction unless: (i) there is a reasonable basis to believe that the initial appraisal was flawed or tainted and such basis is clearly and appropriately noted in the loan file, or (ii) unless such appraisal or automated valuation model is done pursuant to written, pre-established bona fide pre- or post-funding appraisal review or quality control process or underwriting guidelines, and so long as the lender adheres to a policy of selecting the most reliable appraisal, rather than the appraisal that states the highest value
You might have a chance also stating that the tax records are inaccurate to the property especially if an in-home appraisal was done incorrectly. The problem is that as a seller you are left holding the bag since the appraisal is property of the buyer and sticks with the property if the buyer walks away. I know that there are some adjustments being made to this law which was another swift but inaccurate reaction to the market place. The problem is that we are all adjusting to these new rules and there is no direction/guidance from our fearless leaders in Washington. Good luck - I would like to be kept in the loop as to what happens. The four appraisals that we have had come in low recently all adjusted their sales price.
First you can go to the township and ask them to update their records. You can also have a Realtor do a Comparative Market Analysis to challange the appraisal. However, keep in mind that because the addition cost you 180,000 does not mean that your home is now worth 180,000 more. Also,a bedroom should not have a walk out to the yard to be considered a bedroom. I hope this helps you. Good luck.
Coldwell Banker Flanagan Realty