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Seattle - Condo appraised at 340k when offer accepted was 390k

List price was 325k and due to a competitive bidding process, my offer was accepted at 390k.

I had a contingency stating that I would fund up to 15k difference between final offer and appraised value.

Lending company stated that they would have an appraiser consider a recent sold price nearby and use that to increase the appraisal. However they do not have the confidence that the condo will appraise beyond 355 or 360k.

That is still 30k difference. I have the option to walk away, work with the seller to each put in 15k or put in 30k myself. I don't even want to consider the last option.

This is in the Lake City area. Lending company is planning to give the final appraisal value on Tuesday.

Would love to hear your thoughts in the meantime!

submitted by /u/throwaway90-25
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source https://www.reddit.com/r/RealEstate/comments/uf7287/seattle_condo_appraised_at_340k_when_offer/
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