Appraisal less than offer… sound familiar?

Well, I put in an offer for a property in Crown Heights, Brooklyn. The appraisal came back for $20,000 less than the offer and places me in a pickle. The property is a modest studio that’s less than 180K, but the mortgage situation changes abruptly and is less desirable; aside from the fact that I would be purchasing a property for more than the bank honors. Any suggestions, familiarity, comments on like situations.

By mahetia |