Received a low appraisal from bank, now what?
We put in an offer to buy an investment house (short sale). It was accepted by seller and we did a contract and put $1000 good faith money. Then it was appraised for $20,000 less than the asking/contract price! Our agent is unable to find any comps in the area (truly). I tried as well and NONE! So NOW what? We absolutely positively want that house and need to get it ASAP as we have renters ready to move into it! The bank is telling us we need to put more down on it and we feel like we are being jacked around. Why is the price so high if the appraisal is so low? WHO do we ask? What's our recourse? We are tempted to just pay cash (which we can do). We are so aggravated over this whole deal. WHAT do we do? Thank you for your help!