As far as down payment goes, that depends on the type of loan you get. You can get an FHA loan for as little as 3.5% down. Talk to a mortgage broker or lender to see what you qualify for and what would be the best loan option for you.
Asking price may well be spot-on. Then again, it may be way off. So, in either case, basing an offer solely on a percent discount off asking really doesn't say if the offer is what the market will bear.
Seek guidance from a Realtor who works in the market area. They will guide you to arriving at the value. From there, price AND terms will affect how likely an offer is accepted. An extreme example is a cash offer of $153,000 in your example versus an offer of $1,000,000... paid at a rate of $1.00 per year for 1,000,000 years.
Ron Krauch - SRS
Emerald Estates Realty, Inc.
Palos Heights, IL 60463