Opinions please! New to real estate and in NY area. NY area is fulled with houses for sale but asking prices are way above FMV. I am currently searching for a month on weekends, with agents and a few brokers. I still cannot figure out how to get 25 offers out a week as agents will not do this if I don't agree to walk through or they look at me like I have two heads.
Anyway I currently made an offer on this home "for investment purpose". Listing price is 479k, on the market for 2 years and in good condition. Via walk through "minor repairs from eyes" siding paint etc.I made an offer for $400k as FMV is $411K and owner purchased it for 385 back in 2003. Do you think this will be a good purchase or should I also think about market and FMV still dropping. I am looking to keep this property for a long time and let rents pay off mortgage.
In Ny area I notice a lot of asking prices are way high compared to FMV and owners payed more a few years back on the high marker which out ways FMV.I cannot come across any great deals as I am still trying to grow my network of connections.Its seems hard to find a great deal but I see and get a lot of motivation from Dan and his site....
Thanks in advance hope this makes sense and cannot wait for opinions!