Most likely you won't get asking price from this buyer. They would have to be willing to make up the $27,000 out of their pocket. That's highly unlikely.
You can look for a new buyer, but you might be facing the very same situation.....Best advice?
Reassess your asking price, as it might not be in line with the market.........to "get asking price", you might have to come up with a lower one.
I have had sellers appeal an appraisal, but that doesnâ€™t work very often. For one thing most buyers will not stand for it, they may initially agree but then get cold feet, the process is not quick so they have time to mull it over. The last appeal I had from a seller was a train wreck, the sellerâ€™s Realtor furnished comps that indicated a value that was lower than the appraisal?????
If you appeal the process go in with proof that the figures are wrong, provide comps that justify the sale price otherwise do not bother making an appeal, it will not work. You can always offer to pay for another appraisal if you feel strongly but do not have proof. Hope this is helpful,
Otherwise, you'll need to price your property to the market to sell it soon, or pull the listing and re-list it once it would appraise for $27K more (which might be several years from now).
When appraisals come in low (below sale/purchase price), there are 4 options: 1) Lower your price to the appraised value, 2) The seller and buyer meet somewhere in the middle, 3) The buyer pays the difference in cash (as long as it's not a VA loan they are using for financing), 4) You cancel the contract.