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In todays ever changing market you can see that prices fluctuate dramatically. A person might be trying to sell their house for what his neighbor sold theirs 3 years ago. I had a client once who was buying a house for his daughter and he wanted a house 76k or less and she wanted 3 beds with 1.5 bath plus good square footage. First house they found was 13 k less then asking and had everything they had wanted plus a fireplace but needed 2k worth of repairs that was negotiated to be paid by sellers and lender, since it was a short sale.

My buyer did not like the idea however that he would have to pay for it up front and be reinburst at closing and who could blame him. Contractors very rarely will do work and then get paid at a later date in time. They want their money upon completion of a job. Who can blame them if the deal falls through they have to go after the seller.

The second house we found they offered 14k less then asking price with no repairs. Very quickly I think my buyer realized for the kind of house that he was wanting they were all going to need some type of repairs. Home inspections are not cheap and he was already out 300$ since this was the second contract. Proceeding with the appraisal puts him out another 375$ so far the anty has gone up considerably. this house has less square footage, and only one bath with no fireplace not to mention very outdated interior.

The moral of this story is to be patient but know a good deal when you see one. Sometimes its good to be stubborn and there are times when it can kill you too. Since you might be the buyer it really is up to you what you can and cannot afford or finance at the time.