Discrepancies between sale price and appraised value create liability for the appraiser and raise red flags in underwriting.In fact, it's hard to find an appraiser who will give you a fair market value without a target amount they are justifying. 

That is why the huge discrepancy between their asking price and my offer price.  

Does anyone know the reasoning behind the discrepancy?

When I review the receipt, if I see a discrepancy, or if I'm paying for a tool that I don't get to keep at the end of the job, I deduct it from the next check. 

Keep in mind those hard inquiries stay on your credit for a 2 years, however they only hurt your score for a year.I second what was said above.Pull your credit report which is free @  www.annualcreditreport.comLook at all the things listed as negative and start working on them one by one.Also look for an discrepencies or errors.A good friend of mine found a home loan on his credit and he never took out a home loan. 

@Chris Schmitt, keep in mind, you will have the opportunity to interview tenants after they pass the initial sniff tests - rental application; supporting documents (paystubs, proof of funds, credit report, references, etc); background check.On the interview, you/your broker will be able pick up on red flags, discrepancies, true motivation for moving, etc.

It was marketed as three income-producing units, but due diligence revealed legal discrepancies in rental permits.I revised my offer to about 25% lower than the original, reflecting these findings.

This letter of commitment also states that the letter of commitment trumps my lease if there are any discrepancies between the letter of commitment out of my lease.

I have had discrepancies in the past with the credit report, but that happens when only one credit agency is reporting. 

In response, property managers receive specialized training to meticulously examine these documents, pinpointing discrepancies and confirming the accuracy of the information.