What are your wants once you get beyond the material facts?
What would you be prepared to pay and what kind of terms do you need or will you offer? This of course will be greatly determined by your Loan Advisor.
Hopefully, you have already done your homework. The internet is the biggest source for information. You should begin at the chamber site if there is one for you area. They will usually have all the links to take you to the area schools, politics, employment, happenings, etc..
Now you are ready to call your Realtor. Once you begin the hunt, keep in mind that in addition to the cost of borrowing the money, you will also have to pay for an appraisal, survey, title review, attorney, pest inspection, and home inspection. Home inspections can include other inspections in themselves; construction, mold, septic, water, radon, appliances, etc..
There is no predetermined formula for the offer. It mostly depends on supply and demand. Your Realtor will give you great advice on this if he/she is working for you. Even if the Realtor is representing the Seller, please keep in mind that he/she must present your offer regardless if he/she thinks it is not a good one.
A note to you as a Buyer; always keep in mind that Realtors know the marketplace and can give you valuable information so that you don’t upset the Seller with a poor offer. On the other hand, you will not offer a price beyond what is reasonable. Happy Hunting!!