Purchase price and sales price are the same thing. Both terms mean the amount of money the successful buyer actually pays to purchase the home. By making a drastically lower offer, you may be insulting the seller and limiting your chance of any further negotiations. This is particularly true if you ask for other concessions, such as the seller paying discount points, closing costs or including personal property in the sale. If you've seen comparable properties with similar asking and selling prices, and you feel that the listed price is fair, put yourself in the seller's shoes before making an offer.
Numerous programs exist to help first time buyers purchase a home.
A host of private lenders offer low-down payment loans. The U.S.Department of Housing and Urban Development offers a variety of programs through FHA that require approximately 4 to 5 percent cash down. Fannie Mae has a program allowing people to buy with just 3 percent down payments. For details, borrowers should contact lenders who offer government-insured loans. Make sure the inspector you select is accredited, licensed and insured.