Appraisal Value a Good Deal?
I posted earlier about this house we really like - and that's the problem. We really like it. My earlier post was about a mold issue 2 years ago, that was due to the house being empty and the electricity turned off, sump pump wasn't working, water in basement etc. We've seen the remediation, signoff , inspections etc. That's all clear and good to go.
The owner, who is also a real estate agent, is not budging at all on her list price. A house down the street which she feels is inferior to this one sold for $20,000 less last year. Most of the other houses on the street sold for over $100,000 less but were short sales after a builder went under.
The neighborhood is complete and very upscale. Our contract has a clause that says the house has to appraise at or above the sale price or we can get out of the deal, but in this market, is paying appraisal value crazy?
I guess the fact the neighbors all paid far less, except this one guy down the street, is what is making us second guess this house.