List price vs what you paid (house buying)

posted 3 years ago in Home
Post # 2
Member
487 posts
Helper bee
  • Wedding: September 2017

Ours was over – we asked that the white goods be included for the extra 5k though.  We bought in London and everywhere was going for over the asking.

Post # 3
Member
8099 posts
Bumble Beekeeper

soontobee1109 :  over by about $10k which was still a great deal. Many of our neighbors have paid $50k or more over asking. 

Post # 4
Member
47203 posts
Honey Beekeeper
  • Wedding: November 1999

I bought in a seller’s market. My place wasn’t even published online yet. The agent had signed he listing that morning. I viewed it early afternoon and submitted a bid at list price that afternoon and was successful.

The local market will dictate whether houses will sell at ask, or over or under ask.

Post # 5
Member
1298 posts
Bumble bee

We paid about 15k below list price  Our place is older and it had been on the market for a while since it needed a new roof.

Post # 6
Member
608 posts
Busy bee

What julies1949 :  said! 

As for us…our house was purposefully under-valued at the list price to incite multiple offers, so we paid about $74,000 over asking, but at exactly what the house should have been listed at (we were $1000k over the next highest bidder). 

Post # 7
Member
2400 posts
Buzzing bee
  • Wedding: October 2016

I paid a few thousand under & asked for an appliance allowance when I bought my house. 

Post # 9
Hostess
1724 posts
Bumble bee
  • Wedding: August 2015

We paid a little over the list – it was a new construction and we asked the seller to put in the large appliances and fence the yard. 

Luckily we’d just sold our old house at over the list price too!

Post # 10
Member
518 posts
Busy bee
  • Wedding: October 2016

For me, the offer / buying price was the exact same as asking price.

Something to consider if you offer over the asking price is the appraisal price, and how much cash you are putting down. If the appraisal comes up lower than your offer, the bank will not give you a loan for the full amount and you will need to make up the difference in cash. I lost out on my first home offer / fell out of escrow because of this. Asking price was 250K, I offered 250K, appraisal came back at 220K. In order for a bank to give me the mortgage at that selling price, I would have had to come up with the difference in cash myself. The sellers decided they cannot sell for 220K and break even, so they took the house off the market. A bank will not give you more money than they can sell the house for in the event you default. 

Post # 11
Member
713 posts
Busy bee
  • Wedding: June 2017

We only paid $1k over asking (it was priced appropriately in a buyer’s market), and had a serious advantage because our realtor and the seller’s realtor knew each other and had worked together before so we were able to get a heads up on what the other offers were – there were 7 in less than three days, so we had to move fast!

Post # 12
Member
2680 posts
Sugar bee
  • Wedding: September 2014

We paid approx $40k under asking and got closing costs included. I think the original asking price was right on the mark, but we benefited from a couple of things:

1- we went directly through the listing agent. Since no other agent was involved & he was essentially both sides, he cut his commission to make the offer acceptable to the seller 

2- it was tenant occupies with a few months left on the lease. I think this turned off other buyers who wanted to move in sooner or didn’t want to deal with the potential hassle of tenants. It also limited showings because there were no open houses, etc. 

Post # 13
Member
9961 posts
Buzzing Beekeeper
  • Wedding: City, State

House was listed at $52k and that’s what I paid. It was a fair price for what I was getting and I mean, can you really argue with getting a whole three bedroom house for under $100k?

Post # 14
Member
454 posts
Helper bee

Homes in my neighborhood are currently going 25k+ over asking. It’s crazy! 3 years ago we paid 5k under list price, but it was an odd circumstance.

Post # 15
Member
441 posts
Helper bee
  • Wedding: June 2019

My last house I paid $32,000 under asking price – that was 2009 when the market was tanking. I still should have waited a few more months when things were going for another $30,000 cheaper!

i bought my recent house in 2013 and paid list price as it was a new construction home. 

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