After many conversations and backup data sent to the Lender, although we were initially informed that the appraisal must stand as is, it has been agreed that the appraiser could re-evaluate the property based on this information. The lender has conceded that it does appeared the appraisal was in error. After careful consideration, based on the data provided by us, the new appraisal came in at $785,000 - $35,000 higher than the original! This is a more realistic appraisal and makes everyone happy. Don't forget, the selling price was $795,000 but the seller was giving back $15,000 towards closing, so the net selling price was $780,000!
What seemed liked an impossible situation has been resolved. It took a lot of work and perserverence, but that's what an agent gets paid for!
There may be a good lesson here - not only do you need to carefully choose an agent to represent you in the sale of your property, but the same holds true on your purchase. Had the homework not been done prior to making the offer and the price well substantiated, the outcome could have been much different - I can't imagine a buyer feeling very warm and fuzzy thinking he's overpaid for his purchase or that his agent didn't represent his best interest or worse yet, he was left with a shortfall or had to forfeit earnest money deposits!
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