Clevy - you can offer whatever you want to offer - then, hopefully, you will get a response (counteroffer) from the seller..... and see if you have a chance or not...it's called negotiating!! You have nothing to lose to give it a try.
I wouldn't put a lot of faith in the Zillow estimate, though.......if you are working with an agent ask them for guidance and comps for the area.
Prudential NJ Properties... more
Without a contract signed by both parties, you have nothing. Check with a lawyer, but for an agreement to be enforceable in real estate, it must be in writing and signed by all parties. The seller may be responsible for paying the real estate commission but, unfortunately, that's about it. And--again, I'm not a lawyer--even if you did have a signed contract it's very, very difficult to actually force a seller to sell if he changes his mind.... more