Bamaguy,
I get what you are saying but let me explain why I would....
The 1st appraisal says its only "worth" 140,000 but the 2nd came in higher at 155,000, so I guess I would have to answer yes, I would and yes, I am. Shame on me if I pay more than they say its worth, but looking at it from a personal standpoint, I feel it IS worth every cent of the $150,000 regardless of the apprasal variances.
1. The house is in a safe area, close to my family and freinds (all within a 2 mile radius)
2. The house has been completely remodeled from top to bottom, kitchen, bath, landscaped. New roof and AC in 2012.
3. It is a corner lot, with a detached 2 car garage for my 1968 Classic mustang as well as my 2014 Mustang convertable. They are both exposed to the elements outside now (not bragging at all, just stating because of the investment involved)
4. At 45 and single , its not "too much" of a house for me to take care of.
And again, its in a safe area, the inventory locally leaves little to be desired so when you do find something under my budget $200,000, you have to jump on it before someone else does
and my mortgage payment will be about 400 less than rent per month.
win win in my book all around!
Did I mention its 3 miles to the beach? LOL...SOLD!!!!!!!!!!!
And I still have enough in my budget to get a swimming pool built!.
BamaGuy!
Yes, numerous offers were on the table when mine was accepted. The sellers were just as suprised seeing the appraised value so low but has agreed to meet me in the middle.
I have thought long and hard and Im going for it...
p.s. I am a Miss ~ Its not only boys who can have toys and play in the garage !!!!
At least not where I come from...p~~~~ I look pretty hot driving in and working on both cars!
UPDATE!
Since we had to appeal to the bank the 2 different appraisals, we have come to find out from the report that the original appraiser said the house was a wood frame, when in actuality it is a CBS house as the 2nd appraisal was correctly listed!
I think (and pray) the Appeals commitee will determine the price is accurate and fair at $150,000 and finance me at that amount 
I should hear today!
DANCING! Doing Flip flops and just estatic! Fingers, toes and everything else crossed!
Like any profession, appraisers vary in their abilities from excellent to sloppy. Fortunately you found 'concete' errors that you can prove, this is not always the case with appraisers. Some just make errors on which comparables they select (as in your case selecting all frame construction when the subject property was CBS).
I hope you can prevail upon the seller to pay for the audit or a portion of the audit as it benefits the seller too.
If not, as you pointed out, the cost is much less than having to bring the $10k to closing.
Congrats on getting a roof in 2012 - your insurance will be substantially less which is always a good thing here in the land of high insurance premiums 
Well, the seller paid for the 2nd appraisal which I thought was very fair - we are after the same goal, but in the end I think the 1st appraiser should have to be accountable for something, as he did get his money and it is HIS error. Im not sure asking the seller to help with that is acceptable.
Yes I agree 100% about the roof. When I got the wind mitigation and 4 point, my insurance agent was really excited for me and I received MANY discounts because of this
Ultimately I am getting a GREAT house, all new, remodeled and perfect size for me
I will keep you posted as to the outcome! Buyers and sellers beware should this situation happen to you! Check and double check everything! Make sure you go over every document with a fine toothed comb! I think I will prevail, but not without much stress and emotions involved!
Thanks again for your advice!