Can a purchase offer be for more than the asking price, with a request for cash back at closing?

Asked by Bob Lehman, Gorham, NY Mon Aug 12, 2013

I am looking at a piece of property that is in need of repairs. The asking price is 15,000 less than the assessed value ( Not Appraised), but I am pre approved for much more than the value of the home. With the needed repairs, I am sure the appraised value would be higher than the purchase plus the money needed for repairs.

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