Post # 1
As a first time home buyer the process is both exciting and scary at the same time, I hope I’m not the only one feeling like that 🙂
My question arose last night b/c one of our friends is also going through this and when he found out some of the particulars about our house (# of baths, bedrooms, sq ft and price) he said we had gotten such a good “deal”. So I started thinking about that, did I feel like we had gotten a good “deal” or not. It’s so different then buying a pair or shoes or a dress.
I also negotiate at work and we’ve been told that the best negotiation is one that settles but neither party is “happy”, meaning both sides have to compromise to some extent. We did negotiate with the seller before our offer was accepted sooooo
My question is: Do you feel like you got a good deal on your house? Why? Why not? Were you happy and the sellers weren’t OR were the sellers happy and you weren’t?
Post # 3
We got a really good deal on our house (we purchased last year) because the sellers were motivated. They had just had a baby, and found a larger home in the same community, but couldn’t finalize their offer until this house sold, so we just got lucky. It was so well priced that the first day on the market 8 couples scheduled a viewing.
Post # 4
I think we paid a fair price for our house. I agree that it is rare to find a true “deal” because the sellers aren’t going to let you get away with it. Both parties have to be happy with the agreed upon price.
Post # 5
Yes! Partly just because we love it, so any deal seems like a good deal. Beyond that though, we purchased the property as a short sale. As part of that process, we were privy to the details of the sellers’ debt on the property. They borrowed over $500,000 to build this place, plus putting in some of their own cash, and we were able to buy it for $285,000. We had played with the idea of building our own home rather than buying an existing house, but knowing that we couldn’t even come close to building what we have here for the amount of money we paid makes it seem like an especially excellent deal.
It also helps that all our friends live in the city, where you’re lucky if $285k buys you a little old rambler with a postage stamp yard. We live in the boonies, but we have 5 bedrooms and 15 acres. 🙂
Post # 6
We got $5000 below what the appraisal came back at, so we did get a decent deal on it. We struck gold in our own way. It’s a wonderful house.
Our housing market is very high right now, so you can get a junker for a terrible price, so I suppose in that case I can say we got a really good deal. We went through a private seller rather than a relator.
Post # 7
I think we paid a fair price. Unfortunately though, the sells were probably still unhappy because they had bought at the peak of the market, updated some of the kitchen, and still owed money at closing. But that was a result of the real estate market, not cause we lowballed them or anything and got a great price.
Post # 8
I think we paid what we should have given the comps in the area and the pristine condition it was in.
Post # 9
I think we overpaid. The first house we lost because of Darling Husband was a larger twin and it sold for 3 grand less than what we paid for a rowhome.
Post # 10
We did! We paid 525k about 2 years ago and houses down the street similar to us are selling for 620/630k now. We were lucky and had desperate sellers so we lowballed them and they took it!
Post # 11
I think we got a good deal, but we’ve only had the house for 1 year so only time will tell. We paid close to list price because it was priced to move already (the owner’s husband died and she had to downsize quickly). We didn’t realize we had picked such a good location, though. We’re in a small and growing town, but all of the growth is happening around our neighborhood (we’re in the center of town and within walking distance of a lot of things). So within the last year, all of the for sale homes have been bought up, and there are zero houses up for sale right now due to demand. A house down the street which had fewer square feet and a much smaller yard just sold for the same price we paid for our house, so we’re hopeful that our house has increased in value since we bought it.
Post # 12
We got it for $20k less than what it appraised for. Unless house appraisals are inflated like jewelry appraisals are inflated. But this wasn’t the insurance appraisal. It was the bank’s hired appraisal.
Post # 13
We got a great deal… buuut it’s a fixer 🙂
Post # 14
After all is said and done I have to come back and say that we did in fact get a “deal”. Our home appraised for $79,000 more than what we paid. 🙂 We got so lucky and going through all the headaches of a short sale was totally worth it in the end!