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King Of The Block: Renovated Hackensack Home Sells For $70K Over Appraised Value
A fully renovated Hackensack home just sold for $70,000 over appraised value.
The 4-bedroom, 2.5-bath home at 431 W. Lookout Avenue hit the market on May 14 for $849,900, according to George Mikhael, the New Jersey realtor who represented the seller, a repeat investor client. Within a week, it was under contract for $920,000.
But the deal nearly fell apart.
“The appraisal came back at $850,000,” Mikhael said. “The buyer got nervous. The lender didn’t want to move forward. We asked for a second appraisal — still $850,000.”
With the deal on the line, Mikhael said he stepped in and went to w…
