Property didn't appraise

[Carlos Rodrigues]

I'm selling a a new construction property for a client and property didn't appraise and the seller is very upset.  The property appraised at $505k. Theres a $40k difference.  We're under contract at $545k.  The comps seem to be at $515k though.  Are there anything other ways to get the $40k or at least part of it, besides having the Buyer dish out $40k?  Anything I could say to convince the Buyer possibly?  Seller wants to cancel contract.

[Jeff V.]

A couple ideas, see if they would allow for a second appraisal to get a second opinion.  OR have the seller take a second note for the difference instead of lowering price.

However if I were the buyer I would want a lower sales price so that I didn't start out upside down on the transaction. 

Just some ideas, hope this helps.

Jeff V