This non-profit has offered a commercial lot appraised at about 3x the value of my lot.

Does a property appraise for less or have less rent if there is a commercial building across the streets from it?

With a promotion of Navy Federal will pay for closing cost and appraisal if needed.

After the rehab was done It appraised for 294k.

After the rehab was done It appraised for 294k.

Determine what you would be willing to pay.....while not really accurate in most cases, maybe just start with tax appraised value or some % of that is what you would be willing to pay.   

Also, any sort of inspections, appraisals, and paperwork fees are not going to be refunded to you.My advice is to read thoroughly through your contract and take notes of the contingencies and see if there are any specifics in which you can leverage yourself out of the contract, legally of course.

We had the house appraised last month.

What is the new appraised value and how much do you owe on the property?

For instance, buyers normally have to pay for origination fees from the lender, insurance, appraisal, attorney/title fees etc.