Driving on a Sunday after church my wife and I saw a house we fell in love with (for personal residence not investment) and found they were asking only $146,000. We checked into it and found that they had done an appraisal to get a re-fi. This appraisal only needed to come in at $147,000 to get the money they wanted so they asumed that it represented the homes worth. The husbands job transfered him before their closing date and they had to sell fast.
They asumed that the house being worth $147,000 according to the appraisal would sell fast at $146,000 so they listed it with a real estate agent. Knowing my market I knew it was worth more. I offered them asking price but they pay closing ALL closing costs and they accepted. I arranged full financing at 5.5% and now live in our dream home that truly appraises at $212,000. Know your market or give YOUR money to somebody else. That's the lesson of this story!
Grand Junction, CO