We are in the process of buying a house and just got the appraisal that our new build appraised for 500K even though our purchase price was 520K (20K under the appraisal price). The agent and builder want to contest, but we are not confident that the appraiser won’t change from the new comps sent to the lender. The closing timeline is tight for us as we are traveling and we feel like we are already conceding too much to pay over the appraisal (paying owner title fee, no other offers on the house, it’s getting into slow season). We have the opportunity to walk away from this build (it’s a spec home) and look for something more in line.
What would you do?