I'll back up what everybody else has said: if your comps are a bunch of foreclosures, you're going to get fucked (unless it's a cash purchase). BTDT. If the house doesn't appraise, the bank walks.
Just FYI, since it doesn't sound like you've bought/sold since 08: That doesn't happen anymore. The appraiser gets picked from a lottery. The come out, do a condition assessment, go back to the office, find comps, make condition adjustments, and that's your price. If you don't like the appraisal, too bad.
