Post # 1
My husband and I have been looking at houses and are about to make an offer on our first home
Just out of curiousity, what is the difference between the asking price and what you paid?
We are putting in an offer $10,000 under the asking price…
Post # 3
My 1 bedroom condo was listed at $214,000. I got it for $195,000. I was pretty happy with that 🙂
Good luck with your offer!
p.s. My first offer was $185,000…
Post # 4
Totally depends on the market. When we bought, it was a guessing game of how much to bid over to “win” the bid but not overpay. No matter how crappy the house, it would sell on the day offers were read. Does anyone bid over right now?
Post # 5
Our house was a short sale so we paid the asking price since they had 2 mortgages on the house and it was a big chance if asking price would even be approved by both banks! Asking price was under value by about $20,000.
Post # 6
Our final price was 5% off asking price…the house is high in the 6 figures so it was an ok amount off.
Post # 7
Totally depends on the area. People here very often pay well over asking price (~100K!!) in certain areas/for certain homes. As someone who works in real estate I think it’s nuts. I would never encourage clients to pay over asking, that is totally up to them. I just think it’s a risky move.
Post # 8
We bought a pretty large townhouse in Southern California almost two years ago. It was a short sale. The previous owners paid almost $400,000 for it in 2006 and we got it for $160,000 in 2009. That’s a pretty typical price difference for the area we live. We offered 150,000 but the bank was at its rock bottom so we got it for asking. I think we freaking scored though.
Post # 9
I think it really depends on where the house is priced. The first offer we put in on a house was about $40,000 under list price, but we offered what the house was worth based on the comparables. The second house we put an offer in on was priced to sell quick and create a pricing war between buyers. We actually offered a little more than list, which makes me cringe to think about, but we got the house 🙂 In the end, though, we are settling for less than list, because the inspection showed a broken air conditioning unit 🙁 Good luck!
Post # 10
We got ours for $5,000 under asking. WE aimed lower and then the owners met us half way. Still happy because we got it for under our budget and there was no bidding war (which is a usual thing for Toronto)
Post # 11
I think we asked for $5,000 less, and asked them to pay for closing. We ended up going down even more after the inspection though, b/c there was so much wrong with it and it’s been on the market for so long that the bank just wanted to get rid of it.
Post # 12
I’ve bought plenty places, during lots of different economic times.
1st condo – asking $122k I got it for $115
2nd condo – asking $158k I got it for $135k
1st house – asking $225k I got it for $256k (so over asking bidding war)
2nd house – asking $315k I got it for $276k
Now DH and I just put an offer in on a house that is a short sale. All of these previous purchases were prior to the economic down turn. The house is the markert for $184k, The owner purchased it in 2000 for $284k. We offered $128k the bank came back with $140k, and we got it for $135k. Totally insane.
Post # 13
We got the house for about $22,000 less than the asking price which was about 8% less. Our first offer was 12.7% less. They had just reduced it too, we ended up paying about $47,000 less than the original asking price.
Post # 14
Our house was a short sale…. Priced $70,000 lower than the previous owners paid… It was probably $15,000 lower than fair market value, so after seeing it we made an offer immediately…. We offered full price + they pay closing costs (since banks typically do that for SS) but because of the type of loan the original owners had they legally could only give us 1%, so we asked for $5,000 off and we got it… The house was only on the market for 10days (4 of them were during thanksgiving) before we put an offer in and 40 days later (including Xmas and new years downtime @ the banks) the keys were ours!
Post # 15
Asking: $179,500. We bid $165,000, and after about a million back and forth counter offers, we settled on $171,500 with seller paying closing costs, and doing about $3,000 worth of repair or details.
Post # 16
Well I guess my state is the exception to this rule.
We’ve made 6 offers, 4 on short sales. 3 times the agent has come back to us with “would your clients like to up their offer $30,000, we under priced”. UM sorry that’s your fault you underpriced, I believe it’s the banks way of playing the bait and switch game. We lost all those homes as we can’t afford to pay an additional $30,000 plus clean the place up and do the necessary repairs. So back on the market they go for $30,000 than the day before, totally sucks.