You have executed your strategy, searched the websites, you are represented by a good realtor or attorney, found the ideal location and home, and now are ready to make an offer, with your pre-qualification letter in hand. But you wonder, how much you should offer and under what terms.

For even seasoned buyers, in today's market where there are many more buyers than sellers, creating a winning offer can be difficult and is frequently unsuccessful; your first offer needs to be close to your best offer and to the seller's asking price.

To determine a fair offer that is within your budget, look at the property's tax assessment value and comparable home sales that your agent can provide. You can find the assessment on county government tax sites or your agent can pull them from the listing and then advise you on the relationship of the assessment to the likely selling price. Remember, however, that assessments lag the current market.

Comparable sales are easily generated by a good agent who can adjust sale prices for differences for square footage, numbers of bedrooms, and other amenities in the subject homes. If the asking price is above the average and has been on the market for more than the current average time, the asking price is too high, so don't be surprised if your realistic offer is rejected; just move on to another property.

A good realtor can sometimes obtain guidance from the seller's agent on the acceptability of a price, the existence of previous or existing offers, and can certainly advise you on the current market. Low ball offers in today's market are likely to immediately create hard feelings in the seller, so, if you really want the home, develop a realistic price.

Other terms can be just as important to the acceptance of your offer as the price. The seller might want a long settlement period to match a child's graduation or a short one to minimize their costs. The seller will certainly be more attracted to a cash offer or one with a high deposit. They will certainly like an offer that does not ask them to spend thousands of dollars to meet the home inspection contingency so you could instead take the option to walk if some expensive repair is discovered.

Keep the offer simple; don't impose decision deadlines and don't initially ask for anything other than the property. First get the offer in negotiation to settle the major points before you ask for the minor items. Seek your realtor's or attorney's advice.

When you are ready to present the offer, strive for a personal connection with the seller to differentiate you from the competitors; don't let your agent just send the offer by email, as is so common these days. The best approach is to make the presentation yourself, in the presence of both agents, so you are able to look the seller directly in the eyes and convey your serious interest and the reasons for your offer.

If you can't do that, create a letter to accompany the offer that explains your situation and insist that your agent personally present it to the seller. Some sellers are uncomfortable with this and some seller's agents will resist it because they don't want other agents to meet their clients. That, however, is not helpful to your chances, so ask your agent to put on the charm with their counterpart.

When the seller responds, be dispassionate, strive to understand their position, and try for a satisfactory solution for both parties. If the monetary difference is small, you can sometimes solve it by the realtors' concession of part of their commissions, especially if it is a high percentage; don't be afraid to ask. Finally, always be emotionally prepared to walk away from the offer.

Next month: Selling your home.