Reply to Have prices the last month jumped the shark?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I grew up near both of those 600 K range homes--- those are total bargains for what they are. Mature landscaping, great schools, great communities. I'll be curious to see what they go for because where I live now you can't find a SFH for that pirce.[/quote]

This makes it extra hard - if they being listed low, a buyer just has no idea what to bid for the house if appraisal is an issue.  If I'm waiving appraisal and offering over 100K over ask, that's a huge chunk of cash.[/quote]

Okay, so this is an additional question I have. I am the (naively?) optimistic buyer trying to buy this summer without all cash. We have enough cash to put 30% down on a purchase price of 1 million, in a normal market (averaging numbers for simplicity). But let's say I actually buy a house that appraises at 900, but sells for 1 million. Is my 300k in cash at all helpful in this situation? Can I use some of it to make up the difference between appraisal and actual price? I'm not a first time homebuyer, but this is a new situation for me.[/quote]

If I were you, I would only offer 200K down and hold on to an extra 100K.  Then if it appraises at the K price, or not significantly over, just put the rest of 100K into the downpayment.[/quote]

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