Then 'NORMAL" percentage off the asking price is 2-4 %.

Hi Paula,
I agree, the first thing you should do is to have a buyers agent helping you with this transaction, especially since its a long distance one. We do not have the huge upswings in appreciation that other areas of the country experience, so consequently we do not have the radical price drops that they also experience. We have seen a moderation in pricing here of approx 5-7%, along with many more transactions including some sort of seller assistance with closing costs.

You need someone to do a comparable on this property and then give you an idea of the best recommendation of price for it. Ultimately its your decision though. I always advise my buyers to make an offer, it costs you nothing but a few minutes of your time and you never know what the seller may or may not be willing to do in the current market conditions. If you go into it with an idea of the absolute maximum you are willing to go and you can't get there with this seller, then a good agent will be able to help you find one that will suit, because there are lots of properties out there to chose from.

Jody Jones
Century21 Landmark Realty
Elkhart, IN http://www.calllandmark.com/jjones

Each property is different. An asking price is just that what they are asking for. Some sellers are very reasonable with their asking price, others see an asking price as their dream price, some on the other hand don't have any wiggle room at all. So you can offer what ever you like but the best resource you can have is a agent that works in the market you are considering purchasing in to ensure that you are making a wise investment. Every market is different. Watch HGTV's "What you get for the Money." In some areas a million dollars gets you a fixer-upper while in others you can't find a house listed for that much.

You can offer what ever you want but to be sure that you are getting a fair price I would agree with Joe and ahve a agent run some comparables.
FYI, I am a loan officer and not a real estate agent and during July I did purchases that were at or near asking price. With a 30k home I would find it challenging to purchase for 33% off

Just my two cents and good luck
Tony

Your agent is your best resource for the answer to that question, as every property is subjective.