There are a few things I can add. First, be aware that closing costs are expensive (can add as much as an additional 2% to the cost of the house), so make sure you take that and moving costs (may be another $1000 or more depending upon distance who is going to help you move your possession, etc.) into consideration when figuring your down payment/out of pocket expenses. Find out what the real estate taxes are and when the properties were last assessed. I, too, highly recommend having a Home Inspector go through the house. Around here it seems that the most common closing times are about 60-90 days after the offer is accepted. I understand you are not worried about the fact that housing prices are going down (I don't think they are going to be going down so much at this time that it will make a difference), but don't allow that to sway you into making an offer that is really more than the home is worth. I really agree with Karen about going low at first.