NBC Los Angeles: "28-year-old made 15 offers, went $65,000 over asking price and still got rejected: The housing market is ‘a slap in the face'"

Home and Real Estate
1

Aggravating situation, isn’t it?

2

So crazy these days.

3

I have heard of situations where homes sell for thousands of dollars over asking price. I don’t understand how the homes appraise at that new value. Are they not getting appraisals? Are they paying cash?

4

We have sold several properties that went above asking price. The lender is going provide funds based on the Loan-To-Value (LTV) ratio. The value is determined by the appraisal. If the purchase price is higher than this ratio, it means the buyer has to put down more money.