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[QUOTE=MRM;7353335] Someone overpaid for the property. I/QUOTE]
Not neccessarily. The appraisal process is generally too simplistic to determine a real value. Plus, the appraisers that I have known really didn't have a sufficient understanding of house construction and construction/renovation/repair costs to really understand what they were doing. Houses vary far too much for there ever to be "comparable" sales and an appraisal is very superficial, at best.
Home inspectors can be equally clueless.
JR
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