Depends on the individuals offering their home for sale. Some people are just very attached and inmovable on the value they perceive their home to be worth. Some people are very savy and price well to get out. I met a man today with a very nice 3/2 condo in a very nice suburb, not on the water, for sale by owner. His asking price is $239,000. He has real estate friends who I'm sure have advised him, but still he waits for the right sucker to com along. I'm not sure what planet he hails from but he'll never come close to getting his asking price not in this market. Be bold and offer what you think it's worth. It can't hurt to make an offer! Good Luck! - Sat Jul 26 2008, 11:59
Absolutely see a professional Mortgage Broker who's been around the block a few times. If that person has been doing mortgages for some time and has managed to perserver in this market he or she is good at what they do. You don't need a pro to tell how much your income is or how much you owe. You need the pro to tell you how much you can barrow. Prequalify yourself and do yourself and everyone else a favor. No point in spending time and money searching for a home when you can't get a loan! - Sat Jul 26 2008, 11:41
MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.