First, you need to understand your loan to value ratio. The LTV is the difference between the amount of your loan and your home's value. It is easy to calculate your LTV. Simply divide your loan amount by the value. For example, if you borrow $135,000 for a house value at $150,000 , your LTV will be 0.9 or 90 percent.
Also remember, that you will have some expenses during this process. Talk to a mortgage broker that can review your documents and advice you properly.
I agree with Cindy and Mike. You need to have a current market analysis done in order to get an answer to that question. It will depend greatly on what is going on around you.
I have had several sellers tell me during this process that they are sure there are no foreclosures or short sales in their area or subdivision - actually very adamant about it. Then I meet with the seller and gather all of the info I need and go back to my office and do the research. In each and every case, I can tell you that the seller was misinformed.
You have two offers from agents in your area, I would take them up on it.
I would offer whatever I felt comfortable with ....in this market the worst that is going to happen is that they counteroffer. If the property has just came on the market it may be a little risky but if it's been on for awhile you have nothing to lose.... more