[MRM]

Everyone who bought property based on appraisals between 2002 and 2008 did pay too much. Anyone who wants to pay more than an appraisal either doesn't care about fair market value or they are speculating that the market will catch up to them. Either way, paying more than an appraised value is over-paying for the property based on fair market value. Is it worth more to you than anyone else in the world? Fine. Spend your own money on it and take the risk yourself. Don't expect someone else to loan you the money to but something that is under water at the time of purchase. We've done that already and it wasn't a good idea.