I just bought my first home a few months ago.. It had been on the market for 2 months.
He was asking 110K, down from the 117k he listed it at.. We weren't in a hurry, so I offered 105k with seller paying all closing costs- and paying for a new roof (architectural shingles). Now I've got a home that has a $600/month mortgage that I can rent for $950 all day..
My biggest piece of advice, don't fall in love with a house. View it as an investment in a down market. Deals are abound right now. Low ball offer every potential buy. Just don't become emotionally attached until you close on it.
This post was edited on 2/24 at 9:35 pm