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A House is Worth What a Buyer Wants to Pay!(?) 2004 Revisited?
When I heard this from a RE agent this am I about fell off my chair!  This was in response to my question about a Short Sale if they had any offers and if they were over list price. His response was 5 offers 3 all cash and all above the list price. well that took care of my buyers chances with a FHA loan. I said well I comped the house and thought the list price may still be too high. His response was a deer in the headlights or Dejavu back to the past era 2004 moment, he proudly informed me "it is worth what a buyer wants to pay"! I said "it is worth what the buyers lenders appraisal comes in at".
Was it not that attitude that started the whole RE Bubble? I realize we are at this moment in a little market up tick, but to say this would imply all buyers should just offer what ever ridicules amount they can and then be responsible for the difference out of pocket for what the appraisal comes in at and what they offered.
I really thought we were finally out of the dark ages with Real Estate. ... more

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