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Very Low Home Appraisal

My SO any I are under contract for a home in the tri-state area. My real estate agent told us before we bid on this house that it was very overpriced based on the comps she reviewed. The sellers agent made us decide if we want to match another offer they received at 650k. The other offer was an FHA while ours was conventional with 20% down so they chose ours.

Fast forward 2 weeks, the appraisal came out at 570k which my team had a feeling this would come back lower. This is a 80k difference and we don't really have the capacity to make up the difference. It seems very silly to me that a seller's agent would risk overpricing a home by so much. wondering how likely this deal may be to fail and what options or offers might allow the contract to proceed and close? in a sellers market, do sellers really hope someone pays this difference above market value? the neighborhood is not particularly attractive

submitted by /u/Slimj92
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source https://www.reddit.com/r/RealEstate/comments/ko5zeg/very_low_home_appraisal/
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