Renegotiating with LA after signing offer!

Has anyone renegotiated with the LA after signing the offer?

We are one week after our offer got accepted. Appraisals came in at 1.56 but we offered 1.775.

Our realtor has setup a call with the LA agent tomorrow. We don’t know how to navigate this.

We are obviously going to be humble and request the seller for a renegotiation. However, has anyone been in this situation before?

Thoughts are welcome.

Our mistakes:
1. We gave away appraisal contingencies because you can’t get a home in the bay area without those.

2. We didn’t understand comps computation correctly.

Blind Tax:
400k

#mortgage #housing