There's lots of good advice below. Particularly about not sinking money into appraisals and such until you have a contract which includes all the standard realtor boiler plate about if it doesnt appraise to x-y-z then you are released from your obligation.
My next take on it is your financial situation. If you want the place and have the money, so what if it appraises more or less. All an appraisal is, is someones educated guess on what a property is worth. Its real value isnt known unless you have a no reserve public auction, properly advertised.
Me personally, I've bought property at 10 times the appraised price because it was worth that to me. Thing was, I had cash money to buy it, no way a bank would have loaned me 10x the purchase. I've also low-balled stale property. I've also walked away from a lot of deals. Most times I like to low-ball property, stick to my guns through one or two expirations of my offer and then see what happens. Sometimes though, a deal is too good to be true. When the farm accross the road from me went on the market, I offered list price for it, sight unseen on the house. The price was fair. Good thing too, it went up on a Saturday and there were 5 offers to buy at list by Monday, mine was first.
I dont know whats been done or said so far in your negotiations but if you want it, I'd say make an offer for 85% appraised value to your realtor and put some serious earnest money behind it, good 30 days. Use your 30 days to start looking for something else.
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