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I just signed on my house, anyone else get a great deal on their house?

I've been in the process of buying a house and I finally signed for it on Thursday. I've talked about it a few times here and there on deals. I got such a good deal I find myself wanting to share it with people. Some people are shy about asking and I laugh when they say "If you don't mind my asking how much did you pay?" I always want to tell people but don't wanna sound like I'm gloating so I won't go in to too many details here but I closed for just over half of the assessed value of the property! My Woot deal hunting training has paid off.

by gideonfrost
asked 5 months ago

8 Answers answer

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Woo, congrats! I became a homeowner a little over 2 years ago; I got a great deal already IMHO (7% below the market price), but not as great as your's!

My house got 11 offers the weekend it was listed, a couple of them all-cash offers. So I'm thankful that they took my higher-but-conventional-financing offer over their's. Still, it was fewer offers than some of the other properties I looked at. One house, the listing agent told my agent "I got 14 offers already. If it's not all-cash, or the first digit isn't a 3, don't bother." FWIW, the listing price was $249k; our target price for the area would've been $275-280k.

BTW, the home improvement projects still haven't stopped.

narfcake
5 months ago

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congrats!!! deals are wonderul and so is homeownership. i got an amazing deal on mine too. signed wednesday.
no, the improvement/repair projects haven't stopped (i've lived here for eight years) and i don't see them stopping anytime soon, but luckily i am a quick learner on how to fix stuff and enjoy doing it.

moosezilla
5 months ago

vote-for4vote-against

I thought I got a great deal in 2004...haha! We're now 100k underwater but luckier than most because we can still pay the mortgage. Our plan is to make this house a rental and buy a bigger house next year so it's encouraging to hear stories from folks who made a great deal. Congratulations!

ohcheri
5 months ago

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Not a new purchase but a killer re-fi (in our opinion) 3.25% for 15 years, no points.

mellielou
5 months ago

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home ownership is the best investment! My first was a townhouse which I now rent out to pay the mortgage on my single family home!

I did end up underwater but can remedy that when I finish the unfinished walk out basement. (I did plan for this, to increase property value, and it will save me in these down times.)

almirar
5 months ago

vote-for3vote-against

OP you got a steal of a deal! Congrats

Was it a foreclosure, short sale or did you just negotiate really well?

@mellielou: I too am looking into refinancing @ 3.75% (currently @ 5.75%) for 30 years we have only owned for 2.5 years so it only makes sense, the break even point is less then 2 years.

eeekdageek
5 months ago

vote-for4vote-against

@eeekdageek: It was a short sale and despite all the horror stories I heard about short sales it went super smooth.

gideonfrost
5 months ago

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@gideonfrost: A good listing agent and an asset manager that cares to move things forward can definitely make a short sale go a lot smoother.

3 months before I entered contract on my house, I put an offer on a short sale. The bank's asset manager strung the listing agent, who in turn strung my agent along for a couple weeks. So we continued looking.

2 weeks after I closed, my agent got a call that they were ready to move forward on the SS ...

narfcake
5 months ago

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