If you can find out these answers, then have your Agent perform a new CMA and make the offer based on those findings.
If it's 10K cheaper, that great news! I wish you the best, and I hope you get it this time. It's such a great time for buyers to snap up such great deals.
East Metro Specialist
You could have been seeing that it sold for 270 to previous owner or in the past. As stated before the price is not displayed until the property closes.
If this is the right home the best way to lose it is to decrease your offer amount......especially if there is other interest in the property.
A word of caution.....the fact that the deal fell through should also signal a "red flag" for you.... Why did it fall through? Was a problem identified when inspected? Our recommendation is to not run blindly into this situation but proceed with caution and see if the selling agent can fill in the blanks for you.....
It may be extraordinarily hard in our current economy in Clackamas County to overcome a lost job, a huge medical bill or some other unforeseen circumstance if you pay above market price--or even at market price. One way to help protect yourself is to pay as little as you need to for a home.
BeachBrokerBill from Encinitas, Calif., provided some excellent insight. The best person to answer your question is your buyer's broker. If you don't have one, you should retain one.
If you already have a broker, and you trust his/her judgment and advice, that is where you should go. If you're not sure whether you trust his advice, then you should get a different broker. You also would be wise to consult people you know and trust who hold jobs like that of a CPA, a real estate attorney, a mortgage broker, etc.
With that said, it may not matter and Oggi's insights could be a good strategy. Before I'd pull that trigger, I would talk to your agent. I can say that folks I have seen in a similar situations lost the romance quickly once they got the house and are now even further upside down in this market than they would have been if they had exercised some patience.
Why didn't they call you as a backup when the first deal fell through? Your questions are for a good agent in your area to answer based on the specific situation. It really cannot be answered legitimately in a forum here, despite the good suggestions and insights provided thusfar.
Do you have an agent? Are your loan qualifications solid? If you can't demonstrate that you are truly qualified to close, the price you offer really doesn't matter because you will not get the house. You call yourself absolutely clueless - take some time to talk to local professionals and change that self image.
As for what to do now, the question is, "Do you want this home badly enough to pay more than fair market value?" Also, "Are you willing to do (or pay for) whatever improvements are needed to bring the home up to current standards?" If the answer to those is yes, then raise your initial offer. If the answer is no, then reaffirm your previous offer.
In either case, be guided by your Realtor and their statistics with what comparable homes have sold for.
As Leigh Johnson said, fair market value is not necessarily the offer price.