Everyone wants a bargain. However, most real estate sells for Fair Market Value. It is easy to regret losing the perfect home over a few hundred or even thousand dollars. You need to decide how important a particular property is to you and at what price you are willing to walk away.
Offers must be in writing.
Your offer contains much more than just the price. Settlement date, inclusions, financing terms, and inspection contingencies are a few other terms to consider.
A deposit, sometimes called "good faith" money, will be put in an escrow account when your offer is accepted. This money goes towards your purchase at closing.
Seller Assist - The buyer can ask the seller to pay for some or all of their closing costs as a condition of the offer. Lenders have requirements as to how much seller assist is allowed.
Your Buyer Agent can give you recent comparable sales to help determine the property value.
Contingencies are terms that must be met before you agree to continue with the purchase. Getting a mortgage or inspecting the property are common contingencies.
When competing with other buyers put your best offer forward - you may not get another chance.
A lower price offer can be made stronger with less contingencies.
Above all else ask yourself "What is the home worth to me?"