Many houses have been lingering on the market for many months and the sellers are desperate to get rid of them. Many of these sellers would probably like to just pay off their mortgage, closing costs and broker and walk away. If you have the time, you can try to figure out what price point would accomplish just that.
For houses in the five boroughs, you can go on the ACRIS website online (click here) and find out whether there is a mortgage on the house and what the original mortgage amount was. With that information, you know approximately how much money the seller needs to be at a break even point (assuming its a fairly recent mortgage) and you can make an intelligent offer. Outside the five boroughs try logging on to Propertyshark.com. You never know the situation of the seller until you make an offer.
A recent popular trend is for sellers to apply for a "short sale" with their lender. This means that the seller will try to convince the bank to accept a lower amount of the balance due on the mortgage. If the lender agrees, then the seller will be able to sell the house for less than the amount due on the mortgage.
I will post more about this in the future but for now, buyers should know that they should not be afraid to make low ball offers.
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