Quote:
Originally Posted by fe2o3ez
So, by the nature of this site, it is safe to assume that many of you are the analytical, left-brained, fact-driven person similar to me. Let's see how you would react to this one...
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VERY left brained person here
what is the selling price of the home? so it's 10k - is that materially different?
There's a difference in a $10k valuation swing on a $90k property, and a $10k valuation on a $360k property. On $90k, it could be a renegotiating point. On $360k, it doesn't matter. Also, if it was a multiple offer situation, it doesn't matter. A new bidding war could easily raise the price $10k+.
In the end, like DS said, market value is just that - what a willing buyer will pay in a fair market. You're a willing buyer, the home is worth more to you than other people thought it was worth. That's why you're the high bidder.
I heard once that it's the nature of an auction market: whoever ends up buying the item - everyone else thinks that they paid too much.