Purchasing homes from the bubbleWe are looking at buying our first home, and are noticing a trend in a significant number of the homes we are looking to buy. Most were purchased in 2008 during the housing bubble, for more than the current market value, and are asking $20-40k above similar sales in the neighborhood. Most of these homes have been on the market for 35-50+ days. We made an offer on a home at what we think is market price ($20k less than asking price), and they told our agent that they can't afford to take anything less than asking price, due to outstanding costs on their loan. What can we do as part of the negotiations?May 30 2014 - Salt Lake City00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.