[Moneyguy1]

What he alledgedly said to the homeowner is "hearsay". May or may not have been an accurate quote. In fact, I would posit that it is possible the owner made this up to jack the price.In many areas, three appraisals are required; high and low tossed out. Like the good Doctor said, no two appraisers will give you the same number.

The real question is whether a buyer is willing to purchase a property that may be priced above actual market value. In this volatile market, it is difficult to keep up with the market value. I would be hesitant to appraise a property nowadays although I once did in New York State (yeah, licensed there, not here in the Wild West).

When was the last time the house was assessed for tax purposes? If the assessment is low, how will that affect the new owners?(many areas reassess upon sale) What is the square footage? What is the going rate in the area per square foot? Are there amenities that would affect the price, either making it more or less desirable? Things like pools are, by many appraisers, looked upon as an "atttactive nuseance" since it attracts some buyers and puts off others (I once had a listing where the owners had an in-ground Gunnite pool filled with dirt and turned into a garden). New owners restored the pool. Condition of the property? Repairs needed? Age of furnace/AC/water heater?