Is this a good offer? asking price for 209k originally 2249k, ?

Question

If we offer 200k with seller giving us 5% at closing

(3 % for the down payment and 2 towards closing)

the house has been on the market since April of 08.

Answer 1

Check the prices and availability of comparable properties.  If you have an agent (a buyers agent doesn't cost you anything and does not increase the price of the house) then they can do that for you and also  find out what the loan balance is on the house for you too.

As for if it's a good offer, it is really all about what it is worth to you but to determine if you are offering too little or could offer less your agent should also know how much house prices increased in your area over the past few years.  Some areas had ridiculously high increases so even offering 40k less might be OK but other areas that didn't see as much of an increase so offering 10% less might be an insult and the owner may just ignore your offers.

Good luck to you and get an agent you trust.  They could save you tens of thousands of dollars.

Answer 2

if you like the house it is