Ok, here are the details:
1-Vacant bank owned Fannie Mae house listed for $250,000.
2-We were pre-qualified with a FHA loan @ Wells Fargo, offered $270,000. We offered high due low inventory...we wanted our offer accepted with room to negotiate.
3-We were upgraded to a conventional loan by the bank, and our offer was accepted. We were highest & best.
3-Our realtor thought the house would appraise at around $255,000 to $260,000.
4-It appraised at $240,000, $10,000 under asking price and $30,000 under our offer.
My question is...what are the chances that they will sell to us for the appraisal price or even their asking price instead of cancelling our contract and starting all over with someone else? I'm hoping they want to sell and start making money on the property again. We are in Northern California, Bay Area if that makes a difference.