Buyers aren't keen to overpay when they purchase a home, but their real estate agent will often discourage them from making a lowball offer. While requesting a discount on the asking price can be the start of negotiations over the price, too much of a reduction may offend a seller so much that they'll reject you outright.

However, buyers can often be successful in dropping the price considerably below the what the seller originally asked for. How low you can go depends on a number of factors, including market conditions and how motivated the seller might be to move out.

Naturally, an offer with a reduced price is unlikely to get serious consideration in a seller's market. Tara Mastroeni, writing for Realtor.com, says properties are more likely to be snapped up in popular areas with limited inventory. In these markets, homes can easily receive multiple offers and be involved in bidding wars. An offer with a request for a lower price is unlikely to receive serious consideration in some areas.

You may also be unsuccessful in asking for a lower price if the seller's asking price is already well below the value of comparable properties. Anthony Lamacchia, writing for the Boston Globe, says a seller may even deliberately underprice their home in an attempt to spark a bidding war.

A seller may be more likely to accept an offer with a reduced price if their home is in a buyer's market, such as an area where there are multiple competing properties. Mastroeni says buyers may consider submitting an offer with a 10 percent reduction in the asking price right off the bat. However, a particularly steep cut—namely 25 percent or greater—is more likely to be rejected as unrealistic.

Look for signs that a seller may be anxious to find a buyer. The property may have been on the market for several months, and the seller may have already reduced the price a few times. Constance Brinkley-Badgett, writing for Credit.com, says you can simply ask the listing agent—or have your own agent ask them—why the seller is moving. If they are relocating due to a job change or otherwise eager to find a buyer by a certain date, it may be easier to negotiate a lower price.

Sometimes you might want to bring down the seller's price not just to save some money, but because you think the asking price has been set too high. Amy Hoak, writing for MarketWatch, says you can include information on comparable properties which have been selling for a lower price or bring up deficiencies with the home that negatively impact its value.

Don't be too harsh in your criticism. The seller likely has a sentimental connection to the home, and won't appreciate a buyer pointing out perceived flaws. Michele Lerner, also writing for Realtor.com, says it is preferable to have your real estate agent communicate with the listing agent and express your overall appreciation for the property.

Sellers may think that an offer with a significant price reduction is insincere, so the offer should include components to show that it is serious. These may include a letter showing that you have been pre-approved for a mortgage and an earnest money deposit. You can further strengthen the offer by being flexible on the closing date and eliminating certain contingencies.

It's rarely a good idea to waive the home inspection contingency, however. This step in the process can identify any problems with the home's condition, which in turn can lead to further financial negotiations. Brinkley-Badgett says you might ask for a credit toward completing repairs, or for other concessions such as having the seller contribute some or all of the closing costs.

Be aware that a reduced offer can be the start of a prolonged negotiation over the price. The seller may counteroffer with the full price, or even above the original asking price if they think they are in a good negotiating position. Hoak says buyers should be flexible with their initial offer, but also know their limits and have a point where they'll be willing to walk away from the negotiations.

Consider how much you want the home before making an offer with a reduced price. Mastroeni says there's always the risk that a seller will refuse to even consider you if your offer is too low. This won't be a major concern if you'll simply resume your search; if you're eager to acquire a particular home, however, you'll want to make sure your offer won't offend the seller.