Deal or no Deal?

Deal or no Deal?

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!


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