There is no formula. A Sellers Agents will want as much they can get for their seller, and a buyers agent will want little to no amount. 1% is on the high end, however due diligence could be what wins your bid if you are in a multiple offer situation.
3 years is the consistent answer. HOWEVER. In some rare cases you can be considered in one year. HUD, if im not mistaken just changed their requirement to 1 year. All is not loss.
Each house is unique, so a house should be price based on features, condition, and how soon you want to move. We'd gladly sit down with you to explain your options. www.RaleighPropertyValue.com 919.576.9004