Low Appraisal Let's Hear Your Suggestions

[Brian Pulaski]

I am going to be brief here (it's nearing 1:00 AM) but let's hear from the pros what my options/plan of action should be.

Flipped a house. listed at $319,900 and it went under contract at $320,000 after 1 day. Had 4 showings, cancelled 4-5 and an open house that still saw a bunch of people. The house was going to sell very fast in the town it is in.

Appraisal comes in at $295,000. Buyer is putting over 20% down, conventional mortgage (no FHA or VA).

As I understand it, either I sell at $295k, buyer and I renegotiate with buyer bringing more cash, or the deal dies. I think $295k is low, but there are not a ton of comps around the house. I plan to run my own tomorrow, but want to hear from the pros. What would you do in this situation?

[J Scott]

Read this for next time:

https://www.biggerpockets.com/renewsblog/2011/01/1...