A recent study shows that sellers tend to overestimate the value of their homes by about 8%.  In negotiating a contract, once buyer and seller agree upon a price, the next real hurdle is the appraisal.  Realtors finally exhale once that comes in since appraisals are so subjective.  What happens if an appraisal comes in lower than the contract price?  Well the buyer's mortgage company won't lend more on the property than what the appraisal says the home is worth.  There are basically three options - The seller could lower the price to mirror the appraisal, the buyer and seller can meet somewhere in the middle and the buyer could bring more money to the table, or the deal falls apart because the seller won’t budge on their price because they believe the house is worth more and darn it all they’re gonna get it or they just aren’t going to sell.  Right now is usually a busy time in real estate.  If the sellers aren’t reasonable they will miss this summer season to sell their house.  A bird in the hand…