How much under ask did you offer?

posted 2 months ago in Home
Post # 31
Member
975 posts
Busy bee
  • Wedding: September 2016

Our house was listed at 400k. We ultimately thought it was reasonable to meet them around 380ish, so our first offer was 365. We eventually landed on 385 and that’s what we bought our house for. Our house was built in 1987 and not a thing was done to it since then, so there was definitely work to be done!

Post # 32
Member
1812 posts
Buzzing bee
  • Wedding: October 2013

We got our current house (4 years ago) for 20k over list. We just bought a new home for $12,500 over list. The market here is nuts but I think it’s starting to even out a bit. 

Eta- our new house needs a lot of updating (kitchen and 2 bathrooms need complete cosmetic updates) as did our current home. So the condition doesn’t matter here. 

Post # 33
Member
579 posts
Busy bee
  • Wedding: October 2016

When we bought, the housing market in our area was warming up after the recession (US), in a somewhat economically distressed metro-area where people who had been foreclosed on were finally starting to get back the ability to get financing. Houses were just starting to move fast, but we also put our offer in at the end of winter so there were fewer buyers looking but also not a ton of inventory. The actual town that we bought in is one of the more sought after in the area because of good schools, nice community, etc.

We offered asking price ($179,900 which was priced appropriately for the area) with seller paid closing costs. They claimed they had another offer on the table and countered with asking price and they would not cover any of our closing costs. I really wanted the house…but I also believe that you have to be willing to walk away. I countered with asking price, with $4k in seller paid closing costs and they accepted the offer.

That was about 2 years ago…since then the market has completely changed and gotten really competitive for buyers. I’m so glad we bought when we did because unless the pricing is way off the mark, houses in our area are selling in just a few days to weeks and our house would probably sell for about 20% more today than it did when we bought.

Post # 34
Member
12572 posts
Honey Beekeeper
  • Wedding: November 1999

It depends on the market where you are.  In my neighborhood, houses are selling thousands OVER asking because demand is high and supply is low.  When we bought, we offered 10k under asking and ended up coming to 5k under, but there were 5 or 6 houses for sale in the neighborhood.  Now, they’re selling for thousands over within 36 hours of being listed. 

Post # 35
Member
37 posts
Newbee
  • Wedding: January 2018

Our market in South Florida is super seller-friendly right now. We saw our condo and made an offer within 2 hours, we went in right at asking with pre-qualifcation. Apparently there were two other offers that got rejected, so they were either under or they didnt’ have the pre-qualficiation for their mortgage. I wish we could’ve gone in under asking, but that’s tough down here right now! Good luck! 

Post # 36
Member
356 posts
Helper bee
  • Wedding: November 2014

We didn’t get much out of negotiating down the price (around 10k) but then also had the sellers do a lot of repairs after inspections came back… the biggest of which was a new roof which would have cost us around $25k. I think having  decent offer in hand helped them compromise on some of the repairs.

Post # 37
Member
794 posts
Busy bee
  • Wedding: April 2016

We offered $5k over plus a 15-day close. We were one of 4 offers on our house 3 days after the house went on the market. It’s very competitive where we are. We would have gone to $10k over asking if they had countered. We did ask the sellers to do some minor work and we are doing some other stuff ourselves.

Post # 38
Member
255 posts
Helper bee

Chicago, IL two-bedroom condo 1000SF (foreclosure)

On market for 180K but price had been lowered twice from

original ask of $220K. I offered 170K and the bank accepted! Got it for a steal as my downstairs neighbor just sold his identical unit for $235K in five days. 

Post # 39
Member
2341 posts
Buzzing bee
  • Wedding: August 2015

We offered 10k less than asking and ended up paying 5k under asking after they countered.

Post # 40
Member
1208 posts
Bumble bee
  • Wedding: October 2016

Went in 6k over ask. Ended up with 15k in seller concessions for work that needed to be done (new roof, amongst other things). We were the only offer, but only because we walked in to the brokers open house ready to buy.

Post # 41
Member
809 posts
Busy bee
  • Wedding: November 2017

Curlycupcake :  similar story. We offered about 15k below asking (5-7%)within hours of attending the open house. Sellers came back saying they had multiple offers (I think it was 3) and to put in our final offers. We went in at 5k over, offering them a free month “lease-back.” We ended up getting the house because of that and the fact that their realtor remembered us and knew how much we loved the house so he pushed for us and it worked. 

Post # 42
Member
2034 posts
Buzzing bee
  • Wedding: November 1999

tillymac :  according to your update, I’d put an offer in at 227k especially if your certain that the house was listed a few months ago and didn’t sell. The owner may be keen to sell so you never know. They can always counter offer and it can give you a ballpark as to where they are genuinely at.

Good luck! 

Post # 44
Member
2430 posts
Buzzing bee
  • Wedding: June 2009

I offered only 1K under asking price, while also asking sellers to cover closing costs. We offered after the house had been on the market only 24 hours. We purchased with a conventional mortgage. 

Post # 45
Member
132 posts
Blushing bee
  • Wedding: October 2013

tillymac :  this is very geographical. home sales are competitive here, we saw a house the third day it was on the market and made an offer just below ask ($190k for a $200k ask) and they countered with $198k, which is what we bought it at.

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