Real estate rant..... ************!

[Granite3]

You did get lucky, also lucky that the owner has not sold it yet, that is an issue with a lot of rental homes as well.

Yea, ask KSouth about that....

Don't forget, Mortgage rates are over 5% now, and will continue to climb as the Feds keep bumping up rates.

30 year fixed and 10/6 ARM have flirted with 7%.

 

[KSouth]

Yea, ask KSouth about that....

Don't forget, Mortgage rates are over 5% now, and will continue to climb as the Feds keep bumping up rates.

30 year fixed and 10/6 ARM have flirted with 7%.

Yes sir. Still trying make the best out of it. Can’t really blame the owner but trying to find a new place in today’s market is awful. I’m sorry but some houses just not worth the $200sq ft they’re asking for. Not including the interest rate mentioned. It’s stupid.

 

[Grub Master]

I am not a real estate expert, but correct me If I am wrong. My real estate agent last year, told us that you can do this, but it is a frowned upon practice by realtors because it is really not ethical. The deal is when you go to look at a house and want it, claim that you will make a cash offer to lock up the house for you and stop all other bidders and or buyers. Then when it comes down to actually signing the paperwork, as far as the contract, it does state you still have the option to finance.

When we were looking at houses in early 2021, anybody that said they will make a cash offer trumped all other buyers / bidders.

If the sellers agent is worth a nickel they would require POF upon acceptance of the offer, just like I just did 2 weeks ago.

 

[Grub Master]

Fool’s errand.
Those folks will never get back into a house as nice as the one they sold for near the same money.
Plus, they will be out all the rent and storage money they’ve spent, plus the expense/aggravation of another move.

They forget they had selling, moving and now closing expenses. Also, I've never seen anyone buy a house and not spend some cash decorating, et.

 

[Grub Master]

There is all kinds of BS out there now days. I have two rental houses that went vacant at the beginning of the this month. I listed one on Zillow just to see if I could get a reasonable offer with out having to rehab it myself, it is just dirty and needs paint, flooring etc. seems no one want to put in the effort but investors.

All I get is real estate agents with "lots of buyers in my area" wanting to "help me" which equals list it for me. Or investors wanting it low balling it looking up the price $50k on a flip. The best ones are want to lease purchase it in 2 years for my asking price - like that will work, be able to walk at any time.

After couple weeks of that BS, decided to rehab and then really see how hot the market is for a move in ready house in Forsyth county really is.

Listed a rental on Zillow raised the rent $490 from the previous tenant and in 10 days had 1600 views and I lost count of the inquiries and applications. Got a very qualified long term tenant.

 

[Grub Master]

This all day long, Housing going to be same way also...

The difference is, folks have to have a place to live and with rates at where they have been up until the recent increase, their payments will usually be lower then rent. They will not have a reason to let it go into foreclosure like 2008.

 

[AC-130 Above]

bunch of ****tards moving in from California bringing all their monopoly money and bull**** with them. Hope they all get burned

 

[mustang12]

Only 50K over? That seems to be a low offer right now for a lot of houses. I'm sure removing the contingencies makes it more appealing though.
Wife said there was a study that showed a lot of people are regretting purchasing a home last year, one reason being they didn't get the home inspected. That is the one contingency we really don't want to remove.

That was last year, ….at the current velocity, houses seem to go up about 100 k in value a year. Today it would be more than 50k over ask

 

[killerv]

How does someone spend that kind of money and not have a home inspected, this is for most folks the biggest purchase of their lives. Must have money to burn.

After our inspection, I got the sellers to replace a 5ton hvac system with a brand new carrier system...all at their expense. About 6k in foundation issues that they paid 3/4s of. I would have hated to have bought a house just to shell out another 12-13k right out of the batters box due to major issues.

I remember at closing, I saw what they walked away with, they had owned this house for 15 years and only walked away with a little over 30k.

 

[Hayata]

How does someone spend that kind of money and not have a home inspected, this is for most folks the biggest purchase of their lives. Must have money to burn.

After our inspection, I got the sellers to replace a 5ton hvac system with a brand new carrier system...all at their expense. About 6k in foundation issues that they paid 3/4s of. I would have hated to have bought a house just to shell out another 12-13k right out of the batters box due to major issues.

I remember at closing, I saw what they walked away with, they had owned this house for 15 years and only walked away with a little over 30k.

Nephew and his wife bought a house last year in Holly Springs. Had to use a bridge loan to make an all cash offer. No inspection or anything. Lots and lots problems with the house. A/C failed, leaky drains staining ceilings, cabinet doors falling off, built in appliances going south, you name it, they experienced it. I don't think they have termites but they did have to replace the roof.

I don't think they have buyers remorse and they are finally settling in.

But if they had waited a year to buy they probably couldn't have afforded to purchase in the town they wanted.

Different times we're living in, that's for sure.