Help, making an offer on FSBO house. Need help quick!

We found one that we like. It lists a price that says "negotiable". What is the rule of thumb? What % below asking price do we start bidding at? I was thinking 10 % below asking??

Also, as far as closing, I would like a 60 day closing, do I request that also?

Do you make the requests and further offers in writting, or is it all done verbally? Do we just contact a real estate lawyer?

Help, we may make an offer today or tomorrow!!!

Message edited 2/2/2010 2:20:00 PM.

Re: Help, making an offer on FSBO house. Need help quick!

we purchased a FSBO and it was a bit of a nightmare but this is what i can tell you.

We did a verbal offer. We checked out prices of sim. houses in the area (comps) and deducted what a normal real estate agent makes in commission. When making your offer inform them you took into consideration comps in the area. If its well price then just adj to the commission (i think its 6%). Also include what you want out of the sale (if they need to fix something that you can see right away ,etc.) Then we signed a binder once verbal offers were accepted.

If you need any more help i am more then happy to answer any questions.