What if the house appraises less than the selling price

Then you have to bring the difference, or the seller lowers the purchase price, or the deal will never go through. 1 of the 3

As Cody said, either the seller sell you the house at the appraised value, or you pay the difference at closing.

you can cancel the contract , or you can bring in the difference in cash

Most sales contracts state that you have agreed to purchase the home at the LOWER of the contract price, or the appraised value.. but it's customary for the seller to make the final decision if they wish to sell the home for the lower price.. if they are offering seller concessions, then they might want to renegotiate those fees since they are going to sell the home for less.. but regardless, if the home does not appraise for at least the sales price, then you are not obligated to buy it. If you do wish to buy the home and the seller is not willing to lower the price, then you would need to bring the difference/extra to closing. I'm the preferred Lender here in Scottsdale AZ, and Arizona and California is my primary market. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

If that happens, you can bring in the difference OR ask the seller to reduce the price. Hopefully, you have a good realtor and they put a condition in the purchase contract that if the property does not appraise at the purchase price, then you can cancel the deal unless the seller lowers it.