Appraisal came in high, 30 over asking.

[Kenneth Gore]

Hello Everyone. So I Found a decent duplex with a double lot ( buildable with permission from neighbors) highly desirable area for a 575, offered 605, appraisal came back at 605.... I honestly don't think the house is worth 605 I think it's worth about the asking. It breaks even at market rents at 605.

The Question is, what do you do when the appraisal comes back high?

Higher than expected for what you ideally want to pay.

Is this a dumb deal with such tight numbers on my first house? I Will be house hacking. The building has potential to become three units without a lot of work, already zoned for it. Thank you all for your time.

BTW property was bought by the seller 2 years ago for 301. Rapidly increasing area.

[Reed Vennel]

Is there a typo in your post?  It appraised for what you offered, so you're clear to close.  

If you're having buyer's remorse, that's nothing to do with the appraisal, and unless you have some other contingency you'd likely have to walk from your earnest money.  

If your plan was to offer over asking to have it intentionally not appraise just to beat out other buyers with a misleading offer... Well then you've learned why sellers want an earnest deposit to help limit their risk with this type of shady behavior.