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...we're seeing bidding wars where buyers will in fact pay more than appraised value.

But that will not be the average Joe or Jane who bring the bare min down payment to the table. Selling real estate is about appealing to the broadest market possible.

Every contract I submit for ourselves states that the property must appraise for full purchase price. It has helped me to bring down the purchase price more than once...but we are not the average buyer.

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