Is 2% below asking reasonable for this $1.445m New York home?

M

ModernPath

First-time buyer
I can offer close to asking and protect the deal, or bid lower and risk losing a house that may have real competition. Neither feels comfortable after only 12 days on the market.

The detached four-bedroom is listed at $1,445,000 and requires updating. I am considering $1,416,100, which is 2% lower, backed by solid financing and flexibility on completion. Similar active listings do not tell me where buyers are actually closing, and the agent’s suggestion that someone else may waive inspection is adding pressure.

Would you present the offer simply around condition and financing strength, or first ask whether another written bid exists? I also want to retain inspection protection and understand any deposit exposure before signing. Which other contingencies should remain non-negotiable?
 
Two percent below is not inherently aggressive, especially when the condition is reflected in your reasoning. I wouldn’t send a long critique of the house; state the price, attach solid financing proof, mention your completion flexibility and give a clear response deadline.

Keep inspection, financing and appraisal protection unless you fully understand and can absorb the downside of losing each one. A clean offer does not have to mean an unprotected offer.
 
The missing piece is whether there is genuine competition. Twelve days is neither proof of a slow listing nor proof that a bidding contest exists. Has the agent said there is another written offer, or only that somebody might waive contingencies?

Also, asking-price comparables are weak evidence. Try to get completed sales with similar size, condition and location. I’d keep inspection but could signal that you won’t pursue minor cosmetic items; that is different from waiving it.
 
So far it has only been framed as what another buyer “will” do, not confirmation of a written offer. I also don’t know the seller’s motivation or preferred completion date, so I’ll ask about both rather than assuming price is everything.

The updates appear mostly visible, but I’m not comfortable treating that as a substitute for inspection. I like the distinction between retaining the contingency and not using it to renegotiate every small defect.
 
Be careful with the appraisal side too. At this price, even a modest shortfall can change the cash required. Decide in advance whether you would cover any gap, cover only a capped amount, renegotiate, or walk away if your contract permits. Don’t let “clean financing” accidentally imply an unlimited appraisal commitment.

The same applies to the deposit: understand exactly when it becomes exposed under the contract and contingencies used in New York.
 
One more practical point: settle your repair-credit approach before submitting. If inspection reveals a major issue, would you want the seller to fix it, provide a credit, reduce the price, or simply preserve your ability to exit? Sellers may respond better when the offer says you accept visible cosmetic updating while retaining protection for significant findings.

I’d submit the $1,416,100 offer with financing proof, the flexible date, normal protections and a reasonable explicit deadline. Then judge the counteroffer rather than bidding against the agent’s hypothetical buyer.
 
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