making my 1st offer today

[Miguel Romero]

I have been looking into purchasing my first buy and hold property. I looked into a property being sold by fannie mae (through homeopath.com), the property is in pretty good condition all i would need to do really is remove the carpet and tile and install new tile throughout the house.  The property has been on the market for about three months, their initial asking was $120k. Early this month they dropped it down to $109,900.  I don't believe it has had any offers.  I have an appointment with my broker in 1 hr to make an offer.  I plan to offer $75,000 for it with a $5,000 earnest check and offer to pay half the closing costs with contingency of passing inspection to my satisfaction and getting my loan approved.  Do you think this is reasonable if the house is in overall good shape?  Have you had experience with fannie mae (homeopath.com)?