Me and my wife are first time home buyers so this process is still a little new to us. We put an offer in and it got accepted. The asking price was 242k and we offered 250k. While we were in attorney review, we put that as long as the property appraises within 5k of our offer we will proceed. The appraisal came in at 235k, 7k below their asking price and 15k under our offer. So now we get to renegotiate the price. Is this normal during the house buying process? Also what should our new offer be? We really love the property but we also don’t want to overpay for it either. Any advice would be appreciated!