So, you've found a home you'd like to purchase. How much do you offer? Your realtor will be able to give you guidance here, provided she is not also representing the seller. Your realtor will have seen many homes in the area. She will know if the home price is right or not. But in the end, only you must make the decision on what to offer. Many sellers place a high value on their homes. They will be insulted if you offer too little. This is especially true if the home is already priced right. If your offer is way too low, the seller will often not even answer your offer. By guidance, I do not mean legal advice. I mean examples of what's happened in past negotiations and results of that experience. In other words, your agent will share experience, not legal advice. I am not a lawyer.
On the other hand, if the home is perfect for you, and you must have this home, then offer within 5% of full price. If the home is overpriced, and you are not firm in needing that home over many others in the area, then offer less. Unfortunately, sellers in this area seem to rather over-price their home and let it sit forever before they'll lower the price by more than $10,000. And in this market, many home prices need to be lowered much more than that amount.
Tip: If your realtor represents both you and the seller, ask for someone else in the office to assist you in negotiating the price. Then once an agreement is reached, you can then go back to working with your original realtor. Prudential Sawicki is a designated agency office, so we have the ability to do this for our clients. A smaller office would not be able to provide this service.
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