Susan,

It is not unusual for homes in Livingston County to be on the market more than a year, which is why you need to have your buyer's agent run recent sales as suggested. The property may or may not already be priced correctly for the market. Hopefully, you are also taking into account the cost of repairs and have experience performing these (and hidden) repairs.

Your buyer's agent can show you what's selling and for how much. You are then able to make an educated offer.

it depends on many factors. Hopefully you are working with an agent who can help your recognize the market value of the property, and who can discuss how that compares to your objectives. I do not like to give a blanket answer when every situation varies and every buyer's objectives are different. Some people are interested in buying a home at a particular percentage below market value and others are willing to pay up to fair market value because it's their dream home and they plan to stay in the home for several year. Our motivation all vary. When I work with buyers under an exclusive buyer agency agreement, in today's climate, we often strategize to get the home at the absolut best price possible. However, consider that some of the banked owns are actually already listed far below list price. A competent Realtor can help you make a confident decision. If I can be of further assistance, I can be emailed at kaypearson@maxbroock.com

Susan, has the property been listed for over a year or been vacant for a year? You should consult with a your buyers agent to get an idea what similar properties have sold for. Your offer should take into consideration the condition of the home. If it has sat listed for a year, then possibly it is overpriced. Remember, when making offers you can always come up, but not necessarily down. Consult with your agent to help guide you through the process. Good luck

Your agent should be able to pull some comps and help you prepare an offer. Do you have a buyer's agent? They will research the property, look at other recent sales, talk to the other agent and find out what they can, and help you formulate an offer.

Banks have different guidelines, and often different paperwork. Your agent will guide you through it.