Home Buying – How Much Did You Offer?

posted 3 years ago in Home
  • poll: I paid...
    Significantly Below Asking (More than 10%) : (13 votes)
    18 %
    Slightly Below Asking (Less than 10%) : (29 votes)
    41 %
    Asking Price : (17 votes)
    24 %
    Above Asking Price : (12 votes)
    17 %
  • Post # 3
    Member
    10489 posts
    Sugar Beekeeper
    • Wedding: January 2011

    I can’t imagine putting in an offer that low on our house.  We went a more than 2% off and our offer was accepted 1/2 way between our offer and their asking price.

    Post # 4
    Member
    10384 posts
    Sugar Beekeeper
    • Wedding: September 2010

    This is going to vary widely among markets. We went 36k over asking, which was about 8% over asking. We live in an aggressive seller’s market with very little inventory. We consider ourselves very lucky, since smaller homes in our building are now selling for $50-75k above our purchase price. A townhome two doors down just sold for $100k (25%) over asking.

     

    Post # 5
    Member
    8905 posts
    Buzzing Beekeeper
    • Wedding: August 2013 - Rocky Mountains USA

    We offered exactly listing price, because it was a great place that was well-priced and had only been on the market for 1-2 days.

    Post # 6
    Member
    7075 posts
    Busy Beekeeper
    • Wedding: August 2012

    We offered significantly less than asking price. It was somewhat overpriced and had been on the market for more than 6 months though, and the real estate market was terrible at the time. We ended up settling at 10k less than asking.

     

    Post # 7
    Member
    10748 posts
    Sugar Beekeeper
    • Wedding: February 2014

    We offered $20k below asking, which was like 3%. They countered and then we settled at $10k below, so smack in the middle of our initial offer and their asking price. We were very pleased –  considering it had only been on the market 4 days we didn’t think they’d drop it at all. 

    Post # 8
    Member
    1679 posts
    Bumble bee
    • Wedding: October 2013

    We offered 30k over asking, I think about 9%. Similar market to what @crayfish: is describing. Houses are off the market in 1-2 days and buyers are offering significantly over list price. Its pretty brutal here.

    Post # 9
    Member
    895 posts
    Busy bee
    • Wedding: September 2012

    On the house we actually purchased, we offered 3% less because the house needed quite a bit of work.  Offer was accepted with no negotiation.

    However, we had a few failed attempts on other houses before this one.  We offered about 12-15% over and were getting outbid by offers 25% over and up.  It was super discouraging so we completely changed our strategy and looked at houses that needed more work.  We feel it ended up being the right decision.  Got our dream neighbourhood, more house than we thought we would, and can eventually make it our own.

    Post # 10
    Member
    102 posts
    Blushing bee
    • Wedding: October 2014

    My FI and I recently bought our house and we move in July 26.  Smile

    We paid about $9000 (approximately 3.5%) less than the asking price.  The house was priced well but the owners were motivated to sell since they were retiring and they wanted to move to another city since they were already building a new house and they had tried unsuccessfully to sell their house on their own for a few months before we put in an offer (we found out this information after we had purchased the house). 

     

    We live in a city that is in a buyers market right now in our area so we were very lucky.  It really depends on where you live, what the market is like where you live and the sellers motivation.  We also had a great realtor that was very helpful during the home buying process.

     

     

     

    Post # 11
    Member
    654 posts
    Busy bee
    • Wedding: February 2014

    The house had been on the market for less than a week before it got two offers, including ours. We offered asking price, while the other offer was below asking price, so the owners went with us.

    Post # 12
    Member
    416 posts
    Helper bee
    • Wedding: April 2011

    We offered about 8% below asking, went back and forth a couple times, and ended up paying 5.5% below asking.  It had been on the market for months though, so we went for it and were a little ballsy.  Our realtor gave us some guidance too.

    Post # 13
    Member
    688 posts
    Busy bee
    • Wedding: September 2013

    We offered roughly 8% below asking price. It had only been on the market for roughly 2 1/2-3 weeks but it was a previously foreclosed home that was purchased and flipped. We negoiated for a day or two and settled on 4% below asking. Even at 4% below asking the man still made a good profit on it considering he bought it for next to nothing. And we were happy because we got a crazy nice home for a crazy good price.

    Post # 14
    Member
    1734 posts
    Bumble bee
    • Wedding: March 1998

    We went $8k above the asking price (which was right around $70k). Why? Because it’s horribly competitive here – it was nearly impossible to get an offer accepted at or below the asking price. This was our sixth or seventh bid – on the first, we bid slightly under (about $1k – and lost). The next 4, we bid significantly above…and still lost.

    So we went all out. We were not the highest bidder – but as we had a conventional loan (the other bidder had FHA), they chose our bid. There were 2 or 3 other bids that were just a few hundred dollars less than ours.

    Knowing what I know now, we would have gone all out sooner. I’m so glad not to have to do any of the house-hunting crap anymore. We looked at 40.

    Post # 15
    Member
    1822 posts
    Buzzing bee
    • Wedding: May 2013 - Pavilion overlooking golf course scenery, reception at banquet hall

    We offered over asking, because we’ve been watching houses in this market for about 6 months and recognized that the sellers lowballed themselves. We were competing with 5 other offers, all of which I believe were over asking, several near our offer. I believe we won by the skin of our teeth – our offer was “$XXX,125” just in case someone else offered “$XXX,000”

    Post # 16
    Member
    8282 posts
    Bumble Beekeeper
    • Wedding: July 2012

    We asked for 15k less…When all was set & done, paid only 7k less than the asking price. But we were 12k under our budget anyway, so we felt it was a great deal. 

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