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I NEED ADVISE on home buying process. PLEASE HELP!
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. |
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