First, because this is the United States of America and a seller can ask whatever price they want for their property--no matter how unrealistic their expectations are. Second, because many local sales go for cash which requires no appraisal, and third, I'm not so sure that it wouldn't meet an appraisal at that price. There is currently a $91k property pending with .5 mile of this property and comparable sales in the immediate area that could support this asking price. Property appraisal is as much of an art as it is a science, and value estimation can vary widely from appraiser to appraiser, so you can be too certain as to where the appraisal value will end up.
Coldwell Banker Weir Manuel
You never know who has cash to put down and wants a particular property. It only takes one cash buyer.
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Jamie L. Rodgers
My Realty Select
The "Mr. Rodgers" Team
The Bros Who Are Real Estate Pros
Depending upon the amount of the down payment, it may not be necessary for the home to appraise at all. As an example, if it is a cash transaction. Or if the buyer is putting a significant down payment into the purchase, the lender would consider approving the mortgage,as well. (For if the buyer was putting down $30,000 on a $90,000 purchase, the bank may approve a $60,000 loan, even if the appraisal came in below the purchase price.
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