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Also, I'm just curious, will a real estate agent tell you the price a property sold for? (for example, one that you looked at a few weeks ago at an open home) That would seem pretty good, because then I could just make phone calls and find out what prices local properties are actually selling for.

Thanks for all the advice. I'd still really like to see some examples though! What was the asking price of your last purchase, and what did you buy it for? Feel free to add all the detail you like Props...!

Thanks Daz, but what's DD? Hopefully it's something I've already done :) (I'm guessing it's not Dunkin' Donuts!)

Hmm, valid points certainly, but let me ask a different question: Say the vendor had bought elsewhere and was very motivated to sell, they want a quick sale which you can offer them. In other words you think you can get them to discount their price a lot. Using the above example if you like...

For example, if a property is advertised at $280,000 and you've decided it's worth $260,000, what would you offer to start with? Obviously if you start with your maximum you've got nowhere left to go, but if your offer is ridiculously low you will probably not get taken seriously. (I know...