Maggie,

This is what the process of negotiations is all about. Through a series of steps the buyers and sellers reach a point that is acceptable to both parties.

It is in your best interest to use a realtor as all information will be provided, you can then make an educated decision and be a step closer to your new home; otherwise utilize MLSLI.com, and Zillow.com.

When I am working with a buyer I make sure that they know the selling prices in the area. I keep them informed of every sale in the area. It would be my buyer's job to do some homework and take the information I provide and compare condition, price, and most important LOCATION to justify those sold prices. Now with a well educated buyer and a property they LOVE I come to my signature phrase..."your final offer should be one that should the one person you like the least on earth offered $1,000.- over your offer , you would wish them well and walk away with no regret."

Hi Maggie,

It's a big advantage to work with a buyer's agent, not a seller or broker agent, since their loyalty must be to the seller.

A buyer's agent will work in your best interest and can do a market evaluation to help you decide where to make your offer. In addition, a buyer agent can advise you on what to offer based on the big picture, not only what other houses are selling for, but also based on the seller's motivation, time on the market, and more.

Good luck!

Maggie,
Great Question! Seems to be the general consensus is to get a professional to help you. Get an agent to help you with a CMA. Take into consideration how long the property has been on the market and where the low end of the market actually is. Make an offer based on this information and factor in how much you want the property. If you make an offer and it is rejected and you decide to move on than your motivation is more about price, I would suggest you could make a lower offer. If you would be disappointed by being rejected because you really want the property, you can still ask for a lower price, but be sure it will have some interest to the seller. Good Luck

First of all, use a Realtor. He/she should be able to guide you through the process. They will pull coparable properties and help you determine a fair price. They will also negotiate on your behalf.

Most realtors and appraisers use the comparable method which takes into consideration the most recent sales of properties most like the subject property. If you have the address of the property you can generally find some good sites that can give you an estimated value of the home, however to find the most accurate information it is a good idea to do your own research. Find the most similar homes with the same bedroom count, same bathroom count, comparable square footage, similar upgrades, etc. to get your final value. The best method is to contact an appraiser or a Realtor who can give you an objective, most accurate value of the property.

The final value of the property will be the amount that can most be considered "fair" for the offer price. That is very sweet of you to want to provide the seller with a fair offer considering the market instability in recent days and it being a buyer's market for over a year now. It is good to know that not everybody is out for a bargain or a "deal" in real estate. Good luck making your offer!

Maggie - Are both you and the seller unrepresented in the contemplated transaction (ie neither party has an exclusive agreement with a real estate agent or Realtor)? Since you are a buyer, I highly recommend that you consider taking advantage of working with an exclusive Buyers Agent representative. The best part is that most sellers and listing agents agree to compensate your buyer's agent. Therefore, you get professional representation, access to real time information, market statistics, and professional advice and negotiating skills all without cost to you. In fact, you may be surprised to learn how much an experienced and well-trained buyer's agent who is an Accredited Buyer's Representative (ABR) may be able to save you in the transaction. Best wishes for a smooth purchase. - Ted

Ask your Realtor to pull comparables on the property you are interested in and base you offer upon the comps. The comparables should be within the last six months. Take into consideration how long the property has been on the makret, size, amenities, upgrades, location of the property and what the market in like in the area of the property. Good luck.