MLS price. Is it final?
 

Is the price for house at MLS final or it can be negotiated?
Please share your experience: Final price vs MLS price.

Re: MLS price. Is it final?
 

The MLS price is by no means final.

It depends on the economic conditions in a given region of Canada at a given time.

During an economic slump, it'll be a buyer's market. If a property owner doesn't get a bite for months and months, he/she may feel compelled to lower the listed price. Eventually, he/she may accept an offer that is below even the reduced listed price. It just depends on how desperate he/she is to unload the property.

During an economic boom, it's a seller's market. In those conditions buyers sometimes make offers above the listed price.

Read the thread entitled Buying a house in North Vancouver.
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Re: MLS price. Is it final?
 

Absolutely not. You can put your offer below or above this price after all it is your offer. :thumbup:

Re: MLS price. Is it final?
 

Nope always offer below the price and you can add other conditions to, i.e they include appliances is always a good one to add, also add a finance clause like "subject to mortgage" or similar even if you already have finances in position as this gives you a way out if you change you mind. Always add the "subject to home inspection" clause as well as this can be used to help reduce the purchase price further if problems are found or you can ask to have the seller pay for repairs before completion.

Remember once you sign to buy you (normally) have to buy!

Re: MLS price. Is it final?
 

Hi Judy,

The economy is a secondary market influence and not the primary driver. Like most markets it is driven by supply and demand. Even in a down economy it can be a sellers market if the supply is low in a demand area.

Have a good day
:thumbup:

Re: MLS price. Is it final?
 

Definitely not final, we have just bought a house and paid less than the asking price

Re: MLS price. Is it final?
 

There is no one rule fits all approach. In a hot market often conditions are not included or waived and the price is over list as the competition to secure the property becomes HOT.

Places like Vancouver and Toronto have seen properties going anywhere from 5-65% over the list price!:eek:

Re: MLS price. Is it final?
 

It will depend on the area. There is an old saying in business that if your first offer doesn't embarrass you, you went in too high!

Your best bet is to sit with your estate agent. S/he will have a list of asking prices against realised prices and a full sale history of each house you're considering.

Re: MLS price. Is it final?
 

Ontario must be very different to Alberta then. With the purchase contract, you are required to state what size mortgage with what size amortization period and what interest rate. If you get these (i.e., by being pre approved) then you will not be able to use that to get yourself out of the deal.

If you may the terms ridiculous (1.5 % for $1,000,000 over a 2 year period) the offer is likely to be rejected.

I assume that Ontario is very different in this respect. You would not be able to get out of an Albertan deal on something so capricious.:eek:

Re: MLS price. Is it final?
 

List price 112500
Offered 100000
Counter offer from seller at 107000
Realtor advised to accept.

Offered 102500 anyway knowing that the seller had just had a deal fall through due to financing problems and was keen to move.
Offer accepted..appliances included. Wont use that realtor again;)

Re: MLS price. Is it final?
 

Good deal, Iaink.
Any other experience will help.
List price: $ CAD
Offered by buyer: $ CAD
Counter offer from seller: $ CAD
Final price: $ CAD

Re: MLS price. Is it final?
 

Sold in Winnipeg for 13,500 over asking price; bought in Windsor for 10k under asking price (after seller already reduced 120k during course of listing!). It depends on your local market completely, be guided by your realtor but it's up to you what you offer.

Re: MLS price. Is it final?
 

Any other experience will help.
List price: $549,000
Offered by buyer: $558,000 no conditions
Counter offer from seller: $ No counter, multiple offers, 9 in all
Final price: $ sold for 630,000

Re: MLS price. Is it final?
 

If I remember correctly, asking price for ours was 289,000, we thought it was too expensive, someone else offered 290-something, sellers counter-offered 305,000... then it sat on the market at that price for a couple of months. We then offered 275,000 knowing they probably wouldn't accept it, and they agreed to take 280-something and include all the appliances in the price. So we got it with more stuff not only below the asking price but also below the original offer price.

Same design of house in the next road over with no garage and landscaping is now asking 315,000 (be more like 330-340,000 by the time the new owners finished it to the same level as ours), which really is crazy. I think a fair price would be more like 250,000 for ours and less for theirs.

Re: MLS price. Is it final?
 

The houses around here in the 350+ bracket are generally going at between 5 and 10% under asking.

The house we are renting has been "sold" twice since we've been here. Both subject to raising finance, first one fell through (couldn't get a mortgage) and we've just heard that the second "buyer" has now asked for more time.

Are the banks tightening up on lending here too?