When talking with the owner, you should find out the asking price of the property. Ask how he or she arrived at that price. Under what, if any, circumstances could the price be reduced (for example: cash at closing within 30 days or a pre-approval letter from your bank referencing your ability to borrow the purchase money)?
The owner may or may not be flexible in price. The only way to tell is to make a reasonable offer that reflects your desire to purchase the property, yet respects the owner’s need to make a return on the sale. It should be the goal of both parties to make
the transaction a win-win. As the buyer, you should get property you feel good about and owner gets an acceptable price in return.
When making an offer, visit the owner in person or by other reasonable contact (your offer may not be considered if given over the phone), with willingness to make a deposit and sign contract to purchase based on those agreeable terms.