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Paying over asking price is not necessarily overpaying or paying over "market value."

If you go to a sealed-bid auction and buy a rusty old yacht and end up paying $40,000 over the auction reserve, the selling estate doesn't then suddenly owe you $40,000 worth of nonsense.

If they misrepresented the condition, ie. the motor is blown, sure, you can definitely try to get something for it. But other than that, you are just paying what it costs.

Importantly, if something is old, that doesn't count as a defect on its own. If you buy a 1965 mustang, and your mechanic "inspects" it for you, and says that most engines last around 12 years and this one is 56 years old, the seller doesn't have to then somehow drop a 2021 engine in there. If it runs at all, it is what it is.

Edit 1: In this hypothetical nonsense scenario, they person may or may not have actually overpaid. It's aside the point.

submitted by /u/Wrong_Onion66
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source https://www.reddit.com/r/RealEstate/comments/pxuc81/paying_over_asking_price_is_not_necessarily/
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