Don't listen to that bs. You determine what you are willing to pay and then you offer it. Comparative market analysis my ass (You don't have to do something just because everyone else is doing it).

The important thing to notice in both answers provided previously is the first step of finding a professional agent / Realtor. Attached is a link to a web page that will give you a great overview of what to look for in a professional Realtor. The important thing to remember is that in almost every case, the seller of a property will be the person paying the commissions, so why not have a professional looking out for your best interest that has not cost to you?

Absolutely, your agent should do a CMA for similar properties which will give you a good idea of where you should make your first offer. Ultimately the property will be worth what you are willing to pay for it (and what the appraisal comes in at)!

You get a professional realtor to due a CMA (comparative market analysis) on similar properties that have sold in the past year in the area. This should give you the market value of the house. Use this price as a guide as to how much you may eventually end up paying for the property.