Never mind the appraised price. What is it worth to YOU? It sounds to me like you made a deal with the owner, but changed your mind after the inspections and appraisal came in.
If there are significant issues with the place that weren't apparent when you made your offer but were found during the inspection, then the owner should be willing to negotiate on the price. But my personal experience with home inspectors is that most are frauds who couldn't find a rotten timber if it fell on their heads.
Did the appraiser take into consideration the things that were important to you? Namely, tractor storage and horse shelter? If the "comps" (comparable properties) didn't have these features, then the appraisal is worthless. Make the appraiser do his job and come up with properties that are truly comparable, not simply whatever was easy for him to use.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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