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Good advice, thanks very much. The seller's realtor already put something like that together for Wells Fargo and they completely ignored it. Now, several months later, the comps would be even lower. So we'll try again! I understand from what the realtor says, that only the SELLER can request the variance -- perhaps that is why they ignored it before...
Tell WF you want to Request a Variance on their appraisal. Then, they'll tell you to send them some comps from the last year that support your claim......Start down that road....
The re-assigning of negotiators is difficult and frustrating. It is my understanding that FHA requires that the buyers are countered at the appraised price. It is just a negotiation. Go through the motion, then go back to WF and tell them the buyer said "NO". If you offer still passes the tiered net proceeds test, you should be in good shape. 88% is what WF must NET in the transaction, not the gross purchase price or list price.
Good luck
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