On Fri, 14 Mar 2008 17:25:20 -0700 (PDT), wrote:


I'm interested in buying a home in IL, first time home buyer.
There is a home came out as fair condition and is priced $195000.
My realtor said it is 'a bit under priced' didn't exactly mention how
much.

If you are willing to offer 180 and go up to 190, and you take the
advice not to let 1000 get in the way (or maybe 2000) and you probably
will take that advice because once someone, almost anyone, has made up
his mind he wants something, it's hard to change his mind, so you will
almost certainly get the house.

So the first thing hyou have to decide is if you want it. Are you in
a hurry to buy? How many houses have you looked at. How many did you
like. How many did you like more than this one, less than this one.
When you describe it as in fair condition, is that only the amount of
work it needs? You haven't said you actually like the house, or that
you would like it a lot when it is fixed up. I don't know how many
choices you have in your price range, because I don't know where you
are.

Now my townhouse in suburban Baltimoire is probably worth 195 or 190
now, based on the postcards I get from one realtor telling me how much
houses in my n'hood sold for (and I verified this when my next door
n'bor sold (Here they have all the prices on the net, based on
address), and I like it a lot except for 3 of the neighbors. I don't
know how much more it would have cost me to buy a free-standing house
(I planned to get married and let my wife pick out the house) but I
think only 10, 20 or 30K. Not sure.



My realtor wants me to put as much earnest money as possible to get it
closed as quickly as possible.
He also believes that will help him for negotiation process.

In this market condition - I heard it is buyers market, what is the
reasonal amount for earnest money?
I was thinking that I can put $5000. Should I put more or less?
Also, my realtor is thinking about making initial offer for $180,000,
expecting to close the deal
around $190,000. My realtor explains that though it is buyers' market
and for some houses, those come out
as discounted as much as 20 - 30%, however that would be rare for the
housing market that I am interested in,
under $200,000. In usual situation, I would agree with my realter
100%, however, in this given market condition, I'm not so sure,
feeling that I could demand lower price; however, on the other hand I
wouldn't want to scare off sellers that I'm getting a bit tired of
home buying process.

well, this pretty much sums up my situation.
Do you think that I could demand lower than or around $180,000?