"Joseph Meehan" wrote in message
...
46erjoe wrote:
All things being equal, how much should a prospective home buyer offer
to a home seller. If I go too far below the asking price, I could
insult the seller and he won't want to deal with me again. If I go too
near the seller's asking price, I stant to lose a lot of money. Any
general rule of thumb?

1% less, 5% 10% ?????

No one will be 'insulted" by a low bid. They might refuse it, but it
will not prevent them from accepting your next bid.

Your real problem here is that you don't seem to have any idea what the
property is really worth. I suggest you need to get a professional
appraisal of the property. It will be worth the cost. If it is a
development with a lot of like homes, you can do a little research
yourself and get a good idea. Same type home in the same development sold
recently is what you want. Most local taxing authorities now have recent
sales histories for homes on line. Be sure to get several examples. You
can even use that in bargaining.

You may want to get a professional to represent you in this deal.

--
Joseph Meehan

You don't want to use the bank's appraiser to get an accurate value. Somehow
their value always equals just enough to make the mortgage work. Also,
beware an appraiser who asks you what you think the place is worth. Some
appraisers think they are doing you a favor by pricing something where you
want it. You'll want an honest, knowledgeable, licensed appraiser who can
give you a fair price between a willing seller and willing buyer.

Bob