Brokers are still saying what they think they need to say in order to earn a commission. You didn't want to pay over asking before, why would you want to pay now? There are more how must sell than there are buyers. Wait until you get the deal you want. There is nothing wrong with putting in an offer, with just a cover letter, not their contract, and a small check, at any % of the asking. Worst case, they give you back your check. A broker need not forward an offer, unless it is in writing. Protect yourself, if you pay too much, you'll just lose it later. Prices have only begun to fall, by 2011 nearly 48% of all mortgages will have negative equity according to industry.

Hello Miss, I would say whatever you are comfortable with! what is the worse that can happen to you? It will be not accepted! It is a buyer's market and you should take it as such!

Again - I will restate - I don't believe, in my opinion, that a "blanket toss up" on what to make as an offer is a successful strategy for buying real estate. Unless you're buying in bulk, and you've got 5 million in the bank and you're mass direct marketing, trying to buy houses for 50 cents on the dollar -

as a basic home buyer - work with a real estate agent to sort your way through to a SUCCESSFUL real estate purchase negotiation.

Remember this is business. Nothing personal. The Seller isn't shy when they come up with a price so I would suggest twenty per cent

Miss,

What's the follow up on this?

There is no formula for your question. Comparative market anaylsis are usually close to the price that a buyer would be willing to pay for a home. If a price is too low, a homeowner may be insulted at your offer. Work with a Buyers Representative who will work for you and your best interests. We are Certified Buyer Representatives, working for the buyer and if you have any questions, you can contact us at our email: longislandrealtors@gmail.com

Miss - The agent you're working with might serve you well if they provide you with a "CMA" on the subject property. IF they work for you, as a BUYERS AGENT, then this will not be a problem. If they are a "brokers agent" then they work for the seller and their goal is to get the seller the most money and the best terms. So the CMA will most likely be inaccurate.

Now in terms of offering a "reasonable percentage" within asking price - that's something you really have to have an agent do homework on. I would look at the area, the homes closed and under contract. I would focus in on the type of home, bedrooms, baths, etc - to determine a fair market value.

Where are you with this process?

Obviously you aren't using a buyer's agent. What is more important to you, getting a bargain or getting that house? How would you feel later if you found out that the home went for a price you would have been willing to pay?
If there are multiple offers, I would recommend your highest and best offer. If you are outbid, you could ask to be the back-up offer in case the original does not go through.

Miss,

It appears the house has just reached its market value as evidenced by the multiple offers. There has been a upsurge in buyer activity recently, most likely due to the lower interest rates. When you say "the realtor", do you mean the listing (sellers) agent? If so, it is their duty to get the highest and best offer for their client. You need to find a buyer agent to represent your interests. It is not uncommon for a house that has been on the market for months to have multiple offers when the buying public determines the price is right. If you truly love the house and don't think you will find another like it, make your initial offer the asking price and be prepared to go up.

If you hire a Realtor to represent your interests, she/he will provide you with an area comparative analysis to let you know what a fair sales price will be. But keep in mind, you are purchasing a home that no matter what you pay for it, over the long term, will always appreciate in value.

Hi Miss

I would not go more that 10% off the asking price, 5% for Huntington below asking is reasonable in Huntington.

If the listing has been on the market for 7 months and the price was just reduced 10k, it is very likely a handful of interested buyers have been watching this property and waiting for this drop.

I work a lot with first time home buyers, and the scenario and concern your expressing is very common, especially in today's market. While most buyers assume that a buyers market is all good (for buyers), truth be told there is a lot of extra pressure and competition for the good homes.

What I tell my buyers is this - "If you really like (love) this home and you're being told that there are multiple offers, you should go in with your best offer"

While in most cases the highest offer is usually the winning offer, this is not always the case so the feedback from the listing agent about multiple offers above asking should not alter your position.
You go in with your best offer, or the offer you feel is in line with your opinion and desire for the home. You may not be the highest, other factors such as cash in the deal and closing time-frame often play a big role in choosing and offer to accept.

You should consider hiring an agent to represent your interests.
If I can be of any help please don't hesitate to call or email me directly

631-697-5777
paul@callpaulhome4sale.com

It all depends on how much you love this house and willing to take a chance of loosing over few dollars. It's very hard to put a price on something we love and find the right house with our criteria.
It's possible there may be 2 offers on the table, however it should not stop you from making an offer. If this is your Dream Home, then go with your Best Foot Forward.
Good Luck..........
Please feel free to call me for any questions you may have...Jane 631-889-2997..jzilpelwar@yahoo.com

Homes in Huntington usually sell between 1-5% off the listing price. I know it is hard to believe in this buyer's market that there are actually bidding wars but when a home is priced well this often happens.

You should think about hiring a broker that is a buyer's agent and represents you not the seller. If you have any other questions, please feel free to call me directly, 516-375-9313.

Cori