Low Appraisal

[Tobey Porter]

Good morning BP community

We've run into a situation with a purchase.  The appraisal came in low.  The seller said he will come down to that appraisal price but will no longer cover his agreed upon portion of the closing costs.  As such, isn't this just a new contract that we can accept or deny?  And still get our deposit money back?  Unfortunately this is happening 3 days prior to closing but this seller has been a headache the entire deal and at this point, we want to walk away.

Thanks for your opinions.