How much is â€œWAY under the asking priceâ€? Are you paying cash or are you planning to finance your purchase? Itâ€™s hard to evaluate your strategy without having specific information about the homes you like, their prices, and your maximum offer. Itâ€™s not so much insulting the seller, although that IS a factor. Your local area agent will develop a Comparative Market Analysis (CMA) for you prior to your offer, showing you the likely market value of a home, regardless of its list price. Though dramatically low offers can succeed, if your best offer is more than 10% below the CMA value, your chances of success are extremely slim. Keep in mind that you will need money for closing expenses too. You might qualify for 100% financing (yes, thatâ€™s still an option out here in rural areas of the country, such as Milford, Pa), which might give you some additional buying power.
You have gotten some excellent advice from other agents here on Trulia. Your best bet is to work with a knowledgeable local area agent. Interview agents and find one that can assist you in maximizing your offer through lender financing or other means (owner financing, lease purchase?) Discuss your financial objectives and the homes you like from online â€œshoppingâ€. You may find an agent that is willing to work with you. By the way, I am a local agent in the Milford area. Feel free to contact me.