On Mar 14, 7:42*pm, 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.

My realtor adviced me to put as much earnest money as possible to get
it
closed as quickly as possible and help through 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.

He explains that though it is buyers' market and knows that
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%, *that I don't know too much about home buying process anyway,
and 2nd, I respect his opinion that he's the expert and the one who
coordinates the whole thing.
however, in this given market condition, I'm not so sure,
feeling that I could demand lower price; and want some 2nd opinion.
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?
Thank you in advance.

Go back to square one and get yourself a lawyer experienced in real
estate matters. As a babe in the woods, the rapacious realtors will
eat you alive. Next contact a competent real estate appraiser. Their
advice can save you money and get you a fair price. Finally, contact a
home inspection firm, but be careful there. Home inspector competence
varies wildly from pure scam artists to old time construction pros
that are well worth what they charge. Good luck.

Joe