Tilted Cat Head
Administrator
Location: Manhattan, NY
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agreed eribrav, the REO we bought last year appraised for $25,000 more than we paid, yet an identical house in a similar sized lot just 1 block away was selling for $20,000 less than what we paid for it. It closed for $147,000 almost $40,000 less than the home we purchased.
Personally it's all based on what someone is willing to pay for it, not what someone thinks it is, this goes for everything from real property to jewelry, art to automobiles.
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