multifamily home appraisal cash out refi

[Alex Alleva]

Hello BP

My family and I currently own a 4 unit multifamily in Westchester NY which we had inherited from my grandparents. My brother and I are in the process of buying the 2 other family members out. My aunt own half the house and my 2 siblings and myself own the other half. We had been told the house was worth 950k by multiple real estate agents. Wew went forward with 950k as our home value and started a cash out refi with the bank. The banks appraisal came in at 845k, well below what we had originally all agreed on. 

Running the number is would still do well since we already own a portion of the house. I know this may be the wrong way to look at this but need some help evaluating the complete situation.

What would you all do?

How much does the banks appraisal really mean to the value of this deal?