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spoke to my LO today. appraisal came back with 5k above asking price but cost approach appraisal came back at 21k over asking price. he just called me to explain that this rarely happens and insisted that we have a fantastic deal on our hands. what does the cost approach mean?
http://en.wikipedia.org/wiki/Cost_approach
From what I understand, the price to rebuild an exact replica of your house with the land included, would be 21k more than the asking price. So if they were asking 50k, than the house would cost around 71k to be rebuilt exact to spec's. Someone please correct me if I am wrong, but sometimes the dictionary explanation can be confusing .