Help! Appraisal came in too low

[Patrick Bergeron]

We put an offer in at $1.2M and waived an appraisal, but the appraisal came in WAY lower than the agent, lender and myself anticipated (200k less). We are using a 10% down vacation home loan, and can only afford about $1.06M now.

Does anyone have any advice on how we can still make this deal work? Has this ever happened to you and how did you make it work?

Is it possible to seller finance the remaining 200k to make up the difference? Or is that not an option when you are financing the majority of the home with a bank loan?