New Investor Under Contract. Seller trying to back out

[Drew McIntire]

Hello,

I'm a new investor under a for sale by owner contract for my first house hack property. The contract is for an off market townhome in Tempe, AZ for $250,000 with the contingency that if the appraisal amount is lower, the seller agrees to adjust the sale price to the appraised value. The appraisal came back at $230,000 and the seller is refusing to adjust the sale price. I've tried to negotiate and am willing to go a little above the appraised amount but now the seller wants to back out of the deal entirely and won't take anything less than $260-265,000. I will also add I'm currently a tenant at this property and I'm looking for some advice on how to navigate this situation. I'm unsure of my rights under the contract as it is a pretty basic contract drafted by the title company. I have a consultation with a lawyer on Monday to learn more but any advice would be helpful. Thanks!