It has been a crazy year in real estate, and only getting stranger. I got a message from my broker on how to word contracts that might not appraise. People are paying more then the lender will lend. This is always a funny thing as they argue appraised values as the current price. But when you have people willing to pay way more, that is the current price.
Value is what you can get from someone else. I think it is funny when the bank says it is worth this, but the market says otherwise.