First House Purchase

[Ronald L Gatewood]

I've been looking at properties for about 4 months.  I finally saw one I liked that I wanted to make an offer on, then the next week I saw one that I really liked and in an area I liked,  It's a foreclosure that's was listed 10-15k lower than what other house were selling for in the neighborhood.  I made an offer, but it only appraised for $3,000 more than the price we agreed on.  I was expecting it to appraise higher.  Now I'm wondering if I should have offered lower for a better deal since it's a foreclosure.  House inspection was good.  They remodeled the house, roof only about 5 years old and HVAC unit is only about a year old.  The contract is pass the closing date and now they want me to sign a contract extension.  If I don't sign the extension, do this give me bargaining power to negotiate some more?