First, if you have an agent you should speak to them and ignore the responses here. We are all experienced in representing home buyers, however none of know the details of your loan and situation.

Offers should be based on a lot of factors. Are you contigent? Is the home move in ready, or are there a lot of cosmetic needs? Is it on a busy street or culdesac? What have simliar homes closed at?

Ask your agent to pull SOLD comps of homes in Kempton Park. We can't see closing costs, but we can see what a home was listed at and what the final sales price is. Your agent should be aware of average concessions for the price point you are looking at. Base your offer on those comps, NOT the asking price.
Just remember, it's a negotiation game now. Have some patience and don't take it personal if they counter.

You may want to look at short sales in Kempton Park. There are currently two (yes, I represent one). If you can wait it out (apprx.30-45 days) it is usually the best deal. Most short sales just need cosmetics like paint, carpet, etc. I normally do not 'advertise' on here. I usually just give opinions, however since you are looking in a specific neighborhood I have a listing in I couldn't resist. So please forgive me for advertising the listing.
The full details of it are here -- http://williamewood.com/reinftp/0850361

Tony,

Kempton Park was built between 2001 and 2004, and about 24 homes were sold in 2007. Not surprisingly, the values increased between 2004 - 2005 but prices have basically held steady since and have not decreased. The median sales price for 2007 was about $308,000, and the average market time was 49 days.

There's 19 properties currently for sale on the MLS and except for one or two listings, most are priced to market and are not overpriced. All but 3 have been on the market just this year, and one actually just increased their asking price to $306,900.

Your offer depends on a lot of factors; square footage, year built, whether it offers 3 or 4 bedrooms, condition, terms of your offer, etc. As an Accredited Buyer Representative, I’d be happy to assist you in your purchase at no charge to you. Not only can I help make sure you are receiving the lowest and best price possible, it is also likely I can obtain seller concessions on your behalf as well.

Please feel free to call me any time if you’d like to discuss this further.

I hope this has been some help.

Frank Biganski, Realtor ABR
(757) 303-0517