Hi Mary,
How far is $325,000 from the comps? Part of your decision needs to include consideration of how much YOU like the property and how long you plan to live there. I think many buyers have lost sight of the fact that their purchase is that of a HOME primarily and an investment secondarily. This change in the market is not forever, we've had down markets before and real estate tends to come back every time. Historically appreciating between 5 and 6% per year. If the purchase price isn't too far off from the comps, then I'd say that the difference between $317k and $325k is not significant enough for you to walk away from the what could be the home of your dreams! (now - if I was counseling the seller, I'd use the same tactic - to lose a deal over less than $10k in today's market is plain nuts!).
You can also put a clause in the contract that gives you an option to renogiate or to walk away if the property doesn't appraise for its purhcase price.
Good Luck!
Jennifer

Hello Mary:

Talk to your Realtor and review the comps in the area to see if it is wise to agree with the $325K.
Much luck to you!

Thank you,
Gina Fagnani
Realtor Associate
GinaFagnani@aol.com

What does your Realtor advise?
Jim Scott,CRS*
Broker/Owner 609 425 7121 to 9 PM daily.
ERA At the Shore, serving Cape May County
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