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Am I overpaying with this HUD home?

In the process of purchasing a HUD property at 5291 Greenshire Circle 60156. It was listed for 236,000 but our accepted bid was for 260K. The com parables in the area are for over 300k. Looking at the property and the area, are we over paying?

Realtor thinks it will appraise for over 300k but we are nervous since FHA appraised it at 236K. 

It needs new appliances and also an HVAC unit. 
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December 31 2013 - Lake in the Hills
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Answers (4)

I assume you have an appraisal contingency in your contract.  The appraisal your bank hires will tell you the value they came up with.  You can cancel the contract or negotiate a new price (assuming your contract allows that) if the appraisal is too low.

If the other comps are $300K+, you should be OK.
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December 31 2013
I just wish we could get a home like that for $236K in this area…..Nice place congrats. As long as you are getting a conventional loan, I wouldn't worry too much about the FHA appraisal. FHA appraisals for HUD homes rarely reflect the true market.
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December 31 2013
Your lender will get an appraisal and then you will know. As long as your appraisal comes in at or below what you paid you are not over paying. if you are asking could you have gotten it for less, the answer is Who Knows.

Tim

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December 31 2013
To hard to determine with the information provided. Your broker should be able to help.
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December 31 2013
 
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