Initial offers should be within the range of what the buyer is willing to pay for the subject property. The buyer, with the Realtor's help, should try to determine the estimated value based on recent closing comparables, property condition, location, etc.
By knowing what the value is, a buyer can then determine what he/she is willing to pay. Determine a range, for example $325.000 to $335,000, and obviously you can start your initial offer at $325k, knowing that if you have to negotiate you're not willing to go passed $335k. Just my idea.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797