There are too many variables and not enough info provided. Does it need repairs, is it valued at 500K already, is it a short sale or pre foreclosure??

Carina, just because you want the prices to be lower, doesn't mean they are. Get real. It will seel at the price the market will bare. I seriously doubt it will be at 2002 levels though.

I would not give an offer for a house this days based on comparables. Prices of homes are still inflated. Remember that starting in 2002 many of those houses today in the market were bought by speculators and were flipped some times making a profit of $200 - $300K over night. What people interested in buying a house these days have to do is go back before 2002 and find out how much that house used to be, and take it from there. If someone had bought that house after 2002, most probably that person overpaid, and that is their problem. The fact that they overpaid for a property, does not mean that someone else has to pay the consecuenses of their mistakes. This is plain common sense, if every house in the market cost $500K and more, that only means that only rich people can make the committment to buy a house. Prices have to become affordable to people who are not rich. Like it used to be. $300K still a lot of money, buy a lot easier than $500K. Prices of homes all over NJ are still too high.

Hello,

As the others have mentioned, getting the comps for the area is your best bet for assisting you in your decision. If you just want to make a low ball offer, just remember to be prepared to walk away if the seller doesn't want to counter-offer. It all depends on you and if you really want this home to live in or what your situation is.
Good Luck to you!
Thank you,
Gina Fagnani
Realtor Associate
Century 21 Hearst Realty
office: (856) 232-8400 ext: 230
GinaFagnani@aol.com

I would agree with what the others have said and reiterate that you should find someone to run comparables in the area. Also consider what the house is worth to you..do you want to live there? If you're just looking for that "great" deal the novelty of getting one over on the market will quickly wear thin if it's not a house you're all that thrilled about living in or in an area that serves your needs.

If you're working with an agent, they should be able to run a market analysis for you to help determine what the home is actually worth. If you're not, I can do one for you if you send me the listing information. What do you mean the owner is in need of selling? Are they financially in trouble and might lose the house? Perhaps the home is listed as a short sale (pre-foreclosure) in which case the asking price is very likely at or below market value. If that's the case then the owner really doesn't have much to do with your offer being accepted, since the bank will make the final decision. Let me know if I can help.

adding to what Jennifer stated, You don't want to offend your seller because if you go to low and upset them, they may decide not to sell to you at all. Definately contact a Realtor in you're area as it doesn't cost you to work with them and they can guide you through the complete real estate process, and it is a process. Also I always advise my buyers to get a home inspection. Best of luck to you!

Hi Vanessa
Check with a Buyer's Agent for some comparables to find out what has closed recently in the neighborhood. You might find you're looking at a lemon in the middle of a grove of lemon trees. Zillow can help with some numbers, but if you want accurate info for the past 6 months, call a buyer's agent agent (it's no cost to you to use their services). I've worked with investors and home buyers who both want a great deal. The difference between them is whether or not you are planning on living in the home yourself. If you are, you're a homeowner, if you're not, you're an investor. Ask yourself this: by making a low ball offer, and don't get the property, will you be disappointed? If so, you may want to reconsider the low end. If it does not matter either way, bid low.
You can reach me at http://www.ElginFoxValley.com or follow me @jkinzle on Twitter

Hi Vanessa,

Have you looked at the comps for the area and based an offer on the comps? -or- Are you smelling blood and looking to take advantage of the person selling, as you state they are in great need of selling the home?

No one here can really tell ou what to offer for the house as we do not know the area and or comps.. Ifs the house priced to sell? I mean like really priced to sell? or based on what is selling int he are is it high?

More information is necessary as there is no percentage to just take off the top.