Legal Question in Real Estate Law in Texas

Hello. Unfortunately your situation is more common than you think. Its pretty regularly seen now. Appraisers have a great deal of variation between them and they are required when making Federally insured Bank loans or Mortgages to use only actual sales of similar properties. It is not uncommon for them to come in below HCAD assessed (not Appraised) values. Also, Banks almost always hire the most conservative Appraisers, who come in way low about 90% of the time in my view. I suspect part of that may be that the Bank will likely make more fees of and be more easily capable of reselling for a larger margin, loans that are in reality well below 70% LTV ratio. Some banks are just much more conservative as well. Technically, if you are buying it at $315,000 THAT is the market value and WILL affect all future appraisals in the area. There is no one you can go after legally on this. You can put mroe down or go to another Bank.