Is Overpaying Standard In This Market?

[Adah N.]

House is in a B neighborhood in Atlanta area, purchase price is 370K. I thought I was overpaying a little, perhaps 5-10k. However, I see now it is closer to 25-35K overpayment. Worse, I wanted a house that was move in ready, this one is not. I still have to deal with the hassle of repairs/upgrade, exactly what I was looking to avoid right now. It is too late to back down without losing my EM(4K).

Yes, it appraised but what the heck are appraisers doing? Is overpaying by 10-15% a big deal or is it pretty much standard in this market? Did you go back and ask for a reduction knowing seller had the upper hand? Have you backed out even though it meant losing your EM?  How did it work out for those who moved forward? For those who moved forward what did you do to make up for the mistake? When is walking away the lesser of two evils?

[Jonathan Greene]

What is your metric for saying you overpaid 25-35k when the house appraised at the value you bought it for? And it seems like you are looking to place blame elsewhere for you buying a house that needs updates when that's not what you wanted. You probably bought this because you didn't want to pay the price for done houses, but you were also desperate to lock one up. If you are past inspections and have no grounds to back out, you will lose your EMD unless you can negotiate out of it. But what is your end game? Back out of this deal and then start all over again, go under contract, and then complain again that you paid too much even though the house appraised? Doesn't make much sense.