CHICAGO - Home sellers are not automatically turning up their noses at offers that come in far below their asking price these days as prices stagnate and the inventory of homes for sale remains elevated in many markets.

But buyers who do ask for deep discounts still risk offending sellers to the point where they quash any deal. So before making an aggressive offer, some homework is in order, real estate professionals say. Further, buyers need to effectively explain why the price of a home should be lower.

I had an adjustable-rate mortgage once. I fully understood that after two years, my low come-on interest rate would be reset at a more realistic level. But when the two years passed — powee! It was still something of a shock.The current mortgage crisis is about aggressive lenders, reckless borrowers and cheated investors. It’s also about psychology. The adjustable-rate mortgage has been the perfect enabler for an instant-gratification society.

The EZ early payments let homebuyers borrow more money to buy more house than they could with a stodgy fixed-rate mortgage. Thus, they spare many the chore of saving for a solid down payment. As for the rate spike on the horizon, well, tomorrow is another day.

Despite charges of improprieties against builder-owned mortgage companies - and a federal investigation into the practices of at least one such firm - borrowers themselves were generally satisfied with their builder-lenders, according to new research.

As part of its 11th annual survey of new-home buyer satisfaction with their builders, J.D. Power and Associates for the first time measured the experience of purchasers who used their builders as their lenders in 17 of the 24 markets covered in the larger survey.

Q: I would like to acquire my elderly neighbor’s house so I can build a large new home across his lot and mine, but he refuses to sell to me. I want to present him with an offer for an open-ended purchase option or a right of first refusal. His health is deteriorating. I am willing to wait for the property to become available as part of his estate. What strategy can I suggest without being perceived as the grim reaper?