Current pricing on homes?

Question

I will be buying my first home sometime this year.(hopefully) My question is, on foreclosed properties, do they usually accept a fairly low offer? I have noticed that these bank owned properties in my area seem to be priced for the same as the other homes in the neighborhood, and I have always heard that they sell lower than other homes. Also, when I make my first offer on a home (non bank owned), how much lower than the asking price is ok? I mean is it pretty standard to offer maybe 10k less, or is this not realistic? Thanks in advance, and please only people who know what they are talking about.

Answer 1

do you have a buyers agent? thats their job, to realistically do this homework. Ask them for a CMA (comparative market analysis) on any property you are interested in. Or, if you are looking alone, try www.zillow.com for a rough idea of home values. Offering lower is common and 10k less may get you an acceptance, no harm in asking. Good luck!