Here are some questions that readers often ask when considering the search for bargain priced homes:

Q: How realistic is it to think that the average buyer might come across a true bargain property?

A: My definition of a bargain in real estate is being able to buy a house for at least ten percent below appraised value. Given the fact that most home buyers see less than 20 homes in their search for their next purchase, and given that a number of those would be ruled out as unacceptable for some reason, I think it is unlikely that the average buyer would come across a bargain.

In addition, most home buyers are working under a specific time constraint. Maybe they need to be in a house before school begins, or maybe their current house is under contract to sell in a few weeks, and they don’t want to move twice.

In real estate terms, bargain hunting requires the luxury of time. If you are not in a hurry, and you are comfortable making offers, there is a real chance you can find a bargain of your own.

Q: If bargain hunting is based on buying a home below its true market value, how can anyone be sure what true market value really means?

A: While it is true that all values are relative, it is possible to be convinced that you have found a bargain. The way to do it is to familiarize yourself with the selling prices of similar homes which have sold nearby recently. This process, called looking for "comparable sales," is much more difficult in some neighborhoods than in others.

Your real estate agent has access to both the proprietary data in the local multiple listing service and the broader listing of sales maintained by the local county Clerk of Superior Court. If all else fails, you can retain a licensed appraiser to give you a professional estimate of a home’s fair market value, but if you do your homework, that should not be necessary.

Q: To what extent does our current economic situation affect the availability of bargain homes?

A: Certainly, it helps that home sales have retreated from their red hot pace of the past several years. But economists still expect a strong year for real estate sales in 2006, and only a soft-landing for the housing market. Perhaps more important is the fact that interest rates continue to climb. Each quarter point rise in long term rates means fewer potential buyers are able to enter the housing market, and that means less competition for you.

Q: If I am determined to find a real bargain, and I want to consider all homes available for sale, should I still work with an agent, or is it better to go it alone?

A: In my opinion, bargain hunters are perhaps most in need of the expertise available through a real estate professional. Agents are trained in how to negotiate, and can provide powerful analysis of comparable sales data through their access to the MLS and county tax digest.

In addition, agents often find out about new listings even before they hit the computer, and can get you in to see them while the prospective seller is still unsure of an asking price. I urge all buyers to be candid with their agent, and advise them of their desire to see "for sale by owner" properties. You can either approach unrepresented sellers on your own, or you can negotiate a flat fee or a commission to pay the agent who assists you in the buying process.

I do not, however, recommend that a bargain hunter sign a "buyer brokerage" agreement with any single agent. Most true value shoppers will want to work with several agents in differing areas, and this would create a conflict with that type of agency. Instead, you can promise each agent that you will protect their commission on any property they present to you.

Q: What specific advice would you give to someone who wanted to begin the process of looking for a bargain home?

A: There are three essential elements that can help you find success when bargain hunting for real estate:

* See a lot of houses. The more houses you actually view, the more comfortable you will be in judging the value of future homes you see. That’s because each house becomes part of your mental inventory, and you will automatically be able to compare each house to every other house that you have seen.

* Make a lot of offers. Recognize that we can not be sure of any seller’s true motivation level until we actually make the written offer. And even if the seller is unwilling to accept your first offer, the fact that you filled out all the paperwork is likely enough to elicit a counter-offer. Remember that the seller’s agent is working on your behalf, encouraging the seller to come down as much as he is willing.

* Be prepared to act quickly when you see a good deal. Bargain properties do come along, but when they do, they usually sell quickly. And if you have no homes in your mental inventory for comparison purposes, or if you have to "sleep on it" while you decide what offer to make, you may very well miss the best deal you are going to find.