House appraised for $25k below my offer...what next?

[Ansar El Muhammad]

Hey bp...Im fairly new to real estate and am seeking a bit of input.

I am selling my primairy residence in Ca. and buying a primairy in Atlanta. I am currently in contract with a potential buyer for my Ca. property,  as well Im in contract in Atlanta for the home I wish to purchase. I was informed today that the property in Atlanta appraised for $250k and my offer to the seller was $275k. The loan agent told me that i can contest the appraisal and try again for a new appraisal with other comps.

Has anyone been in this position before? What are some other options that I have? Can I offer the seller $250 citing the appraisal? Not sure what to do here.

[Joel Belding]

@Ansar El Muhammad I would show the seller the appraisal and ask for a discount first. If that doesn't work, try a second appraisal. This could be a great time to get a nice discount on your new property!