The risk of a low appraisal is always a concern - even when you know the price on the contract is strong. Maybe it is just the uncertainty of the home buying and financing process.
A low appraisal is especially a risk in a declining market.
In a short sale the decision to approve or not in the past has taken so long it is possible the price offered may in fact be above the market at acceptance an appraisal.
Fannie Mae and Freddie Mac will be implementing rules effective June 2012 that will require a decision within 30 days (60 days if negotiating with a mortgage insurer is involved). This may speed the process along and help keep the appraisal in line with the market.
For now, let me see where today's appraisal goes! And if a short sale fails to appraise there are options to consider.