I don't live anywhere near you. However, I feel I can answer this because there is a general right answer.
But first let's decipher how the list price was arrived at. Often the seller (whether is is a bank or a "civilian") prices their home too high figuring a buyer such as you will lowball them and it will give them more room to neogitate. Other very savvy sellers will price their property 10% under the market to invite multiple offers and thus arrive at a higher than asking price. The only way you are going to know which kind of seller you are dealing with is ask your agent to run a search for comparable properties nearby. If it supports the asking price 10-15% is generally to much under. If it is under market, it will probably won't work.....but if it is over market in its' asking price, definitely. Your agent can guide you. They will also be talking to the listing broker to see what they think about the activity on the home. Any agent who does not want to do this for you should be left behind while you find one willing to work. - Fri Feb 20 2009, 17:16