hey guys( gals )
I recently made an offer on my first investment property,I thought I had done my research well and had found a decent deal. the property is a 3/2 bath in atlanta for 55k, homes in the same subdivision had recently sold for 80k-110k, I figured this home when fixed up would be amongst the bettter homes in sub, and appraise for 100k.It was in need of only minor cosmetics. so I made an offer. my lender came back with their appraisal and said that it would only be worth 85k after repair, this of course threw my numbers out of whack and now its not really a deal!( presuming their appraisal is correct) with the offer I gave 1k earnest money and being as I was purchasing the property “as is”, there were no contingencies in the offer.
what should I , can I do about this, first deal and I really dont wanna get burned, if any body could help I would appreciate it
thankyou