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The house appraised for 50K less than our offer!

Hello everybody,

I would love some advice at what to do at this point. We’re in Dallas if that gives any insight.

The house was listed at 520K and our agent told us that the comps show it at around 540 and suggested that we need to put an offer of at least 550K. We’ve put good offers above asking price before, but we’ve been beat so many times already.

We put an offer for 551K with a full waiver and it was accepted, yay! Inspection came back really good. They can’t move out until beginning of February as they are waiting for their house to be built. They will be leasing back the house for the extra time.

The house was appraised for 495K. We’re so confused about this and not sure what to do. Our closing is next week. We are already putting down 170K. There’s no way we can make up for that extra 50K.

Is there a way to negotiate? If not should we just back out and lose our earnest money?

submitted by /u/Snoo_30080
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source https://www.reddit.com/r/RealEstate/comments/r4b0x8/the_house_appraised_for_50k_less_than_our_offer/
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