Appraisal comes back below asking price

[Alvaro Rodriguez]

I am buying a brand new house, they did all the paperwork for $256k and the appraisal came back as $245k. The builder selling the house is saying the appraisal is wrong and they are willing to go down to $250k only. What happens when the appraisal comes back below the price the company is selling the brand new home? Have you seen a case like that before? Can i stay firm on the price and demand the price the appraisal mentions?

[Aaron K.]

@Alvaro Rodriguez you can, but you may not get the house if you do, however the good news is you are dealing with a builder who wants to get rid of standing inventory and has no emotional attachment to the house.  Unless you or your family are emotionally attached to the house I'd stand firm on price.