Your Realtor should be the first person you go to with a question about your executed contract. It is their job to protect your interest while educating you in the home buying process.
That being said.... If you did not waive the appraisal contingency in the Residential Purchase Agreement,...then you have several choices...
1) Ask the seller to adjust the purchase price to meet the appraisal price ( this is always my first recommendation when representing a buyer).
2) Renegotiate the purchase price with the seller and come up with a number that works for all parties
3) Kick in the money to make up the difference...This is when you have to ask yourself,...What are my goals for this property and what is it worth to me right here and now..?
Good luck with your deal.......I hope this helps
Hank Lauzon III
Signature Real Estate Group
9525 Hillwood Drive #120
Las Vegas, NV 89134
Web : http://www.HanksLVRealestate.com
Never look down on anybody...unless you're helping them up.