Help! Appraisal came back too low
We are building a spec type home and the appraisal just came back and it's almost $20,000 less than the sales price. We aren't really sure where to go from here. We were planning on putting down the 20% to avoid PMI. We really don't have or want to put more down. Anyone have any suggestions on what to do? Has this happened to anyone else? I do think the price is fair for the area, but two houses sold for lower during the slow time. Now prices are picking up, but this appraiser is using the lower prices as comps. help!