"Edwin Pawlowski" wrote in message
news:AE5Od.27985$QS5.11366@trndny06...
(snip)
Te answer lies with your deisre to own that particular house. Real estate
is vauled at what people are willing to pay. If the base price of a house
is $200,000 three people can look at it and walk away with three idfferent
ideas. One will try to buy it lower because he things it is good
practice. Another may be willing to pay the asking price but expects the
house to be in good condition. The third may think the house is severely
underprice, knows it the location he always dreamed of, and is willing to
pay for $20,000 in repairs just to have it. The deciding factor is your
willingness to pay the asked price, and the lender's willingness to
finance it for you. They usually want an apraisal to be sure they won't
have a loss if you run off to a South Sea island.

You have to decide what your pain tolerance is on something like that. Is
renovation something you enjoy doing, or a chore to be avoided. If you
have serios concerns after seeing the report, just move on to another
house.

Excellent advice to which I would add the following:
1. Sometimes all those zeroes in the price can take your attention away
from the reality of the transaction, so pretend you're dickering on a
used car. How would you respond to a vendor who said the price was
firm and a mechanics report wouldn't change it? How much would you
drop your offer for a toasted engine, bad transmission, bald tires etc. Is
it
a "must have" '57 Belair or a '98 Corolla?

2. It might be worthwhile to get a realtor to help in your first home
purchase. This is what they do and a good one can be invaluable.
I think they're overpaid but I've used them for several transactions
and I don't regret it. A good realtor knows the answers to all those
niggling questions, should know a good home inspector and can tell
you what similar homes have been selling for in the area. It might
be worth the peace of mind, and 2 or 3%, or whatever the going rate
is in your area, to have a professional smooth your first purchase.
Brian, in Cedar