Everyone will tell the seller needs to lower the price .
But there are other options as well.
1. We all make mistakes and so do appraisals.
The appraisal may not be familair with the area and is coming from Dallas to appraise a Katy home.
2. Get a second local appraisal.
3. Ask your agent to run the comps in the area how he determined the selling price initially.
4. Some of the upgrades to the house may have been forgotten by the appraisal.
Hoping this helps.
Kadi. - http://realtytimes.com/REUv/KadiKadibhai