Condo comps for appraisal

We recently bid on a condo in early April and made an aggressive offer of $460k when the list price was $375k. The seller ultimately went with an all cash offer of $405k. The comps at the time were all over the place from $400k to $600k within the mile of similar condo properties.

In the same building, another unit of similar size is on the market (needs a bit of work inside..has carpet and outdated appliances whereas the first condo was turn key). I plan to fully waive appraisal contingency and am wondering how the recently sold all-cash unit may affect the appraisal alongside the market changes in the last two months. Thoughts on how to place a competitive bid while trying to minimize the appraisal gap as much as possible? Somewhat competitive area in LA.

submitted by /u/Significant_Umpire96
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We recently bid on a condo in early April and made an aggressive offer of $460k when the list price was $375k. The seller ultimately went with an all cash offer of $405k. The comps at the time were all over the place from $400k to $600k within the mile of similar condo properties. In the same building, another unit of similar size is on the market (needs a bit of work inside..has carpet and outdated appliances whereas the first condo was turn key). I plan to fully waive appraisal contingency and am wondering how the recently sold all-cash unit may affect the appraisal alongside the market changes in the last two months. Thoughts on how to place a competitive bid while trying to minimize the appraisal gap as much as possible? Somewhat competitive area in LA. submitted by /u/Significant_Umpire96 [link] [comments]

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