Made offer was accepted; appraisal came back $22K less; disputed appraisal to get more $$ from lender; seller won't budge.
Seller overpriced house (based on current comps and difference paid originally for home compared to others in area. Seller insulted because his agent supported the original selling price. No upgrades since purchase; agent frustrated, house on mkt. 180 days. Does in make any financial sense AT ALL, to pay that much over appraisal; only emotional involvement keeps us in the deal. Sellers agent begs him to negotiate.
Looks like no one is answering this very confusing question. All I can add is the appraisal is what it is and hope a buyer doesn't buy on emotion. The day should be over that anyone would pay more than appraised value. Of course if a buyer has money to burn than go for it! Just don't expect a good return on your investment till you have lived there 30 years.
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Fair Housing and Equal Opportunity