help in pricing a home (Union: sales, broker, how much)

[cool-breeze]

We are looking for a home in central NJ. We saw a home which was purchased by the current owner for 1.2 million 1 year ago. Family has to leave area rather suddenly and therefore selling. We heard about this through a common friend. When we saw the house, we asked them how much they are asking and they want 1.2 million. This would be done without a broker and therefore save them commission. Trying to figure out how much to ask. thanks

[Ira500]

The county auditor or recorder should have home sales that recorded. See if you can find nearby homes that are of similar age, style, and size, and see what they sold for. You can also try to find out how prices have changed in your area since that house was last sold.
And just because they're not using a broker/agent doesn't mean they intend on passing the savings on to you.

[Roselvr]

Originally Posted by cool-breeze

We are looking for a home in central NJ. We saw a home which was purchased by the current owner for 1.2 million 1 year ago. Family has to leave area rather suddenly and therefore selling. We heard about this through a common friend. When we saw the house, we asked them how much they are asking and they want 1.2 million. This would be done without a broker and therefore save them commission. Trying to figure out how much to ask. thanks

You can also pay or split the cost of an appraisal.
I can recommend 2 that I've used before, one is in Union County, the other goes all over.