We live in Oregon, in a really hot market. Literally, because of the fires.
We just put in an offer on our first house, asking + 5k over appraised price. Cute house on an acre. Tax assessed value in 2020 was 173k. Asking is 329k. First offer before us fell through because seller claimed lot could be split into 19 lots, so the cash buyer pulled out because that wasn’t true. Our conventional offer was accepted. We found out on our own that the majority of the acre is protected wetland. The house sold 3 times between 2015-2016, all for less than 105k. The sellers bought in 2016 for only 80k.
We haven’t had the house appraised yet, but we’re just trying to understand why they’re going with our convention offer if they likely know that the property is worth much less than asking.