Hi all. First time buying a home. The seller and I agreed to a 305,000 purchase price. The appraisal came back today with the appraised value being 285,000. I certainly do not want to (and cannot) pay 20k over the appraisal. This leaves a 20k gap to meet between. The house is in the Richmond, VA area.
The seller has said he is fine coming down to 292.5k, so still 7.5k over appraised value. I could possibly swing this if I lowered my down payment from 20k to 15k, but it is not ideal. The home prices YoY, from what I can tell, are increasing about 6-8%, so it wouldn’t be too long (ideally) to recoup this extra cost, but I am too inexperienced to know how to optimally proceed.
Does anyone have any advice on how much you might recommend going over the appraisal of the home, if at all? Thanks so much!