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House didn't appraise, Buyer has to ask for appraiser to reconsider errors?

Hello all-

I'm in a medium COL area where the housing market has cooled SOME but the inventory is still relatively low. During my first weekend looking, I found 2 houses I liked. The first one was clearly listed about 80k above what it would appraise at (and is still on the market weeks later) and the other I felt was somewhat close. I bid on the #2 at asking with an appraisal and inspection contingency. So yeah I went the old school traditional way, and I got the house. ..and here's where it gets funky (at least for me).

The house appraisal came back $27K below offer (house is in the 350-400k range). My Realtor expected that too happen to so I wasn't too surprised. The owners are asking for the appraisal to be reviewed/reconsidered because of some errors in how they assessed the comps. Specifically an error where one of the comps is recorded as one bath being a 1/2 when its a full and this (according to my Realtor) is indeed an error but would only equal 3-4K of an adjustment if the appraiser would consider the mistake at all. There are a few other inconsistencies but are insignificant according to my rep.

Where the process is different is that Im using the VA Loan, which requires me file a formal request for adjustment with all the why's and how much'es vice the owner. I have to draft up a letter and submit it. This process could take a few weeks and Im due to close in that time.

I have complicated feelings over me being the one to ask to pay more money when it won't make up the difference of the appraisal and I have zero interest in paying over appraisal. I understand that I may lose houses over that fact, Im not that in love with this place. The selling realtor stated that they knew the price was above market, but was "hoping in this market".....etc".

My position as of this morning is to have them make a decision based on the appraisal and walk if they say they won't lower to that amount. I would consider if they countered with reducing all but the few $k but Im not sure what Id do then.

​

What say all of you in this case?

submitted by /u/YupJustanotherJames
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/sfi6s0/house_didnt_appraise_buyer_has_to_ask_for/
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