Is it worth $415K to you, bakul_jain? Because if you want it, that may be what it will take to put your name on the ownership deed?
Will it appraise for $415K? I doubt it. As Carl has already pointed out, appraisals are a huge problem in this rapidly escalating market. If you are ready to make the offer that will be sufficient to secure the property be sure that you can swing it financially. Not only must you be preapproved for a mortgage but you better have extra reserves to make up the difference between the appraised price and the contract price.
One more thingâ€¦if you do manage to buy the condo do not second guess the price. You won the contest! You got the condo! That is what you are trying to doâ€¦right?