It all comes down to recent comparable sale of homes in the area. If the home has been on the market for a year it's obviously because it's priced too high. You then need to look at recent sales. How much work does the home need for defects?
If you wanted seller assist, the way that works is that the buyer offers more for the home and then asks the seller to assist with their closing costs. Normally, a seller will not want to help you with closing costs if the buyer low balls them.
If you do not have enough money for closing costs and a down payment then you will need seller assist. However if you do have enough money for both, its usually best not to ask for assist and take the lower loan amount. If you already wrote the Agreement of Sale and didn't ask for assist, you can't ask for it later.
You should have asked your agent why she wanted you to bid $91,900 on a home that has been on the market for a year.
Have you talked with your agent?
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
May I make 2 suggestions?
1) Ask your agent to provide you with comparable properties that have SOLD in the lase 6 months in that neighborhood to substantiate your asking price. If there are no comparable sales similar in condition, size, and location... then you can make an informed decision.
2) Ask your agent to elect a mortgage contingency so that the bank will do their own appraisal of the property. If the appraisal comes in low, you will not have to buy the home unless you can negotiate the price.
I think that these 2 suggestions will offer you the knowledge and the protection you will need to make the right decision. I hope this helps you.
Long and Foster Real Estate Inc.