Offers way over list price

[Ben Crego]

A buddy listed his house that he has lived in since May 2018 and received 11 offers within two days. One was 13% over list and then he had multiple at 8.7% over list (I.e. 20-30,000 on $230,000 list). The comps are around his list price.

He is concerned if he takes the highest offer that it won’t appraise and then he’s going to be stuck either renegotiating or relisting. Someone else was telling me that just happened to them.

Are buyers offering high numbers expecting the appraisals to come in low so they can pull the price back down?