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Arsenic Lupin posted:Tell us about your hidden gem and why it was hidden! For us it was the seller's agent/(and more likely, the seller) trying to make money on a renovation that was a  amount of money. Seller bought the house in 2019 as a gift to his parents, and then spent a lot of money renovating it to his tastes using some well known designer from NYC, putting in all brand new bathrooms, floors, HVAC, landscaping, Pella windows, doors a tile roof, and essentially doing a lot of stuff that will never bring a profit. Just as the house was getting finished, his parents split up, and the point of the house was kind of moot. When the house got listed, it got listed for $(2019 price + insane renovations + profit) and sat on the market for a while. We ended up making a market-appropriate lowball offer, and ended up getting the house for less than $(2019 price + insane renovations). We were worried about the appraisal, but it actually appraised $100k over the selling price.This all happened last fall/we closed in December.
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Apr 29, 2022 17:03
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“Hey, what’s the attic like?” “No..” “Uhh…I don’t understand-”  “No.” Estate sale, for those wondering Residency Evil posted:For us it was the seller's agent/(and more likely, the seller) trying to make money on a renovation that was a Haha, good. I mean, I feel a little bad for the seller, but also not really.
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Apr 29, 2022 18:43
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Pollyanna posted:“Hey, what’s the attic like?” Looks like an attempt at sealing some air leaks. You know, instead of something complicated like weatherstripping.
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Apr 29, 2022 18:51
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Arsenic Lupin posted:I bought a house at double-digit interest rates (I think 13%?) in the mid-to-late 1980s. The housing market in Massachusetts was red-hot at the time, and if you didn't buy, even at 13%, you were never going to get to buy. We’re getting a Boston biotech layoff almost every day right now. Mostly small startups, but still….Just glad I bought two years ago, and not trying now in this market.
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Apr 29, 2022 18:52
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Pollyanna posted:“Hey, what’s the attic like?” Could be like my very old New England home - there’s an attic space only accessible by a hatch like that, but it has no floor, and it’s just a place where the soffits vent to and some wiring runs. You couldn’t even use it as storage if you wanted.
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Apr 29, 2022 18:54
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DaveSauce posted:Looks like an attempt at sealing some air leaks. Yeah, that was my guess, too.
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Apr 29, 2022 19:11
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Pollyanna posted:“Hey, what’s the attic like?” https://m.youtube.com/watch?v=-9dbAQJIu1o Came to mind.
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Apr 29, 2022 19:15
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Putting an offer in on a place this weekend... It's listed at 625,000 which seems roughly right for the area, I think we're gonna offer $620k + escalation to $650k, but gotta talk to our realtor first. It's our first place we've put an offer in on, so I'm trying to not get too attached.. but I really want it
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Apr 29, 2022 19:38
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Don’t stress, it’ll go for 750 all cash
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Apr 29, 2022 19:39
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i know its an investment firm probably but i think if i met someone who had $750,000 cash i wouldn't be able to contain my anger or be held responsible for my actions
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Apr 29, 2022 19:43
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Thom Yorke raps posted:Putting an offer in on a place this weekend... It's listed at 625,000 which seems roughly right for the area, I think we're gonna offer $620k + escalation to $650k, but gotta talk to our realtor first. If you really want it offer $650k
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Apr 29, 2022 19:44
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My folks bought a guest ranch back in the early 90's.. 8 acres, senior water rights, 7 buildings in a highly desirable area for less than I just spent on a 1,300 sqft fixer in Portland. They sold last year for a size-able amount of money that they plan on retiring on and they were joking that they are "that" buyer who is offering all cash for their next home. edit: This is whats so hosed up with homeownership for younger folks...
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Apr 29, 2022 20:09
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Squinky v2.0 posted:Could be like my very old New England home - there’s an attic space only accessible by a hatch like that, but it has no floor, and it’s just a place where the soffits vent to and some wiring runs. You couldn’t even use it as storage if you wanted. I’d like to at least be able to see what’s up there. Also found some other things that made me a bit nervous: - No disclosure form at all, executor had no idea of the state of the house (repair history, roof age, foundation health, insulated/not insulated, etc.) - Oil tank heating, looked hard to service and undermaintained - No gas service to the street from National Grid (this one really sucks) - Gutter running directly into the ground @ back of house, not away from basement - Termite damage above basement window @ ventilation fan - Electrical smoke/searing on back of house, prolly sparks from a short Among other things. Most is that is fixable with enough money, but at the price it’s going for (725k), I’m already dipping heavily into the high end of my budget…
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Apr 29, 2022 20:17
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BonoMan posted:If you really want it offer $650k Unsure what their area is but even then that might not be enough. That is ""only"" 4% over after all. Seemingly 15-20k hasn't been cutting it on my offers on places in the mid 200s at least.
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Apr 29, 2022 20:18
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Deviant posted:i know its an investment firm probably but i think if i met someone who had $750,000 cash i wouldn't be able to contain my anger or be held responsible for my actions Why? It's pretty common for someone who sold a house with a ton of equity in it to be able to pay for their next house in cash. Very common in my area for California and West Coast transplants to pay for houses in cash no problem. My co-worker just sold their house for 550K all cash to a retiring couple moving closer to their kids and grandkids. They cashed out that massive West Coast equity.
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Apr 29, 2022 20:22
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jaffyjaffy posted:Unsure what their area is but even then that might not be enough. That is ""only"" 4% over after all. Seemingly 15-20k hasn't been cutting it on my offers on places in the mid 200s at least. Maybe true but the other part is sellers have weird rationale sometimes. On the house we ended up buying, I was going to offer the asking price of $350k up to 390k. My realtor suggested offering more than $350k because some sellers are like “oh, they just think our house is worth asking price but will go up in a bidding war? Nah, let’s give it to this person who is starting out by offering more than asking.” Stupid loving mind tricks.
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Apr 29, 2022 20:24
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BonoMan posted:If you really want it offer $650k This is probably bad strategy in the hot markets - it makes the seller/seller agent think they can drive it even higher in general, rather than "we'll never see an offer that high, take it now" sentiment from a more balanced market. If it sells for $700+ you were never in the race, your strategy doesn't matter, it just feels bad (see my venting earlier in the week). Portland public schools are rough. But Portland has a lot of lifestyle upsides - food, neighborhood activities, entertainment, parks & sidewalks - that the surrounding areas are missing. Honestly we'd prefer to go rural over the more generic. Milwaukie (just south) is an appreciating market, closer to downtown than half the east side, and has okay public schools. It's not for us, but it's an area to consider if you're looking at Gresham already.
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Apr 29, 2022 20:35
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jaffyjaffy posted:Unsure what their area is but even then that might not be enough. That is ""only"" 4% over after all. Seemingly 15-20k hasn't been cutting it on my offers on places in the mid 200s at least. Most places have been going for below asking or 1-2% over, I'm not gonna offer way over for no reason when we can just have an escalation clause. There is a similarly sized place (that we didn't like as much) on the market for $575k a few blocks away. My agent is recommending we offer to cover an appraisal gap - it would really drive up the amount I need to close, but I could afford it by selling off a bunch of (non retirement) mutual funds. Is it possible to offer like, up to a $40k increase, but only a 20k appraisal gap? I have $115k set aside for downpayment, and I was always planning on selling some mutual funds to get to whatever we needed to close at 20% down was, but if we have to bring an extra $50k to closing that basically wipes out all my mutual funds, other than my retirement savings. Thom Yorke raps fucked around with this message at 20:57 on Apr 29, 2022 |
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Apr 29, 2022 20:55
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remigious posted:Aw dang, we have a little guy and were considering Gresham. What is one of the “good” suburbs? So most of this is from having friends and family that work as teachers and know the reputation of various school districts. Others may have differing opinions. Portland Public Schools is is a huge district that is larger mismanaged and disorganized. There are probably some magnet schools that are good but there is enough bad poo poo going down in that district that the best recomendado is to stay away. For Gresham, stay out of Reynolds school district and you should be OK. Gresham-Barlow isn’t great but not terrible either. Centennial covers part of Gresham and is supposed to be decent. For other suburbs North Clackamas school district is decent and covers Happy Valley, Oak Grove, and Milwaukie. Lake Oswego is good unless you are a minority. Tigard has good schools, Beaverton has really good schools. Gladstone’s schools are alright but lily-white and it is a really churchy community. Ditto Oregon city. West Linn-Wilsonville schools are great. Tualitan is really good too. On the Washington side of the river Vancouver is very dependent on which schools they will be in and has serious equity issues. Camas and Ridgefield are known to be really good. I have heard good things about Evergreen but haven’t heard it directly enough to form an opinion myself. Battleground is gonna be a bunch of white ex-urb people and that district caused the state of Washington to have to pass a law mandating sex ed because they had abolished it in their district.
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Apr 29, 2022 20:56
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therobit posted:So most of this is from having friends and family that work as teachers and know the reputation of various school districts. Others may have differing opinions. Portland Public Schools is is a huge district that is larger mismanaged and disorganized. There are probably some magnet schools that are good but there is enough bad poo poo going down in that district that the best recomendado is to stay away. For Gresham, stay out of Reynolds school district and you should be OK. Gresham-Barlow isn’t great but not terrible either. Centennial covers part of Gresham and is supposed to be decent. I really appreciate the insight. I will definitely give some real consideration to happy valley/north clackamas. I think my husband would murder me if I suggested Beaverton lol, basically all of our friends and family are in SE Portland and we want to be accessible to them.
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Apr 29, 2022 21:14
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Having Kids? I’m this economy!?? My realtor said that the next few months are when the most inventory will hit the market. So I guess it’s now or never for me. There are almost no housing options in my price range so I just gotta be super diligent and be prepared for heartbreak when a different offer is accepted.
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Apr 29, 2022 22:18
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remigious posted:I really appreciate the insight. I will definitely give some real consideration to happy valley/north clackamas. I think my husband would murder me if I suggested Beaverton lol, basically all of our friends and family are in SE Portland and we want to be accessible to them. For what its worth I currently live in Bethany (Beaverton area) and work/play in SE it really sucks. We "considered" homes in SW but ultimately wanted SE.
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Apr 29, 2022 22:31
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1st_Panzer_Div. posted:This is probably bad strategy in the hot markets - it makes the seller/seller agent think they can drive it even higher in general, rather than "we'll never see an offer that high, take it now" sentiment from a more balanced market. If it sells for $700+ you were never in the race, your strategy doesn't matter, it just feels bad (see my venting earlier in the week). My experience so far has been you get one shot at it. No back and forth or negotiation. So if you really want it, offer what you're willing to pay. Don't hedge your bets.
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Apr 29, 2022 22:40
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BonoMan posted:My experience so far has been you get one shot at it. No back and forth or negotiation. So if you really want it, offer what you're willing to pay. Don't hedge your bets. I don't think an escalation clause is hedging your bets. Any seller that would consider that a reason to not take your offer already has a level of brainworms you probably don't want to deal with.
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Apr 29, 2022 22:45
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Thom Yorke raps posted:Most places have been going for below asking or 1-2% over, I'm not gonna offer way over for no reason when we can just have an escalation clause. There is a similarly sized place (that we didn't like as much) on the market for $575k a few blocks away. Covering the appraisal gap is pretty much standard here right now. You bid what you bid and if there's a gap (there almost always will be in this market) then you better have the cash to cover it. It's nuts. We had 20% cash for down payment but split it to 10% to have cash to cover a gap.
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Apr 29, 2022 22:46
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raggedphoto posted:For what its worth I currently live in Bethany (Beaverton area) and work/play in SE it really sucks. We "considered" homes in SW but ultimately wanted SE. Yeah it seems like that drive would be horrible 
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Apr 29, 2022 22:49
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BonoMan posted:My experience so far has been you get one shot at it. No back and forth or negotiation. So if you really want it, offer what you're willing to pay. Don't hedge your bets. No Realtor is going to ignore your escalation clause. If the financing is similar (no cash offers) they will let the escalation go until it maxes out. More money in their pocket and the POs.
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Apr 29, 2022 22:53
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BonoMan posted:Covering the appraisal gap is pretty much standard here right now. You bid what you bid and if there's a gap (there almost always will be in this market) then you better have the cash to cover it. It's nuts. We had 20% cash for down payment but split it to 10% to have cash to cover a gap. That was the same for us. We were worried about a low appraisal so we divided a 20% downpayment into 10% and 10% low appraisal cash to cover. Proving we had more cash on hand to cover our bases in case the appraisal came in low and we had to walk away reassured the sellers we were less likely to back out for any reason.
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Apr 29, 2022 23:00
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Tremors posted:I don't think an escalation clause is hedging your bets. Any seller that would consider that a reason to not take your offer already has a level of brainworms you probably don't want to deal with.
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Apr 29, 2022 23:01
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bawfuls posted:an escalation clause is kind of pointless these days, it's not really different from just offering your max It's not clear to me that escalation clauses are ever a good idea in a lot of places because the fox is guarding the hen house with zero oversight.
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Apr 29, 2022 23:04
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Tremors posted:I don't think an escalation clause is hedging your bets. Any seller that would consider that a reason to not take your offer already has a level of brainworms you probably don't want to deal with. Ha yeah I wasn't super clear and to be fair I may have misread the OP. Here it's basically been blind bidding before houses even get officially "active" so a lot of buyers seem to be taking bids they think are good for them without even *starting* the bidding process. So my thought process was just bid what you are willing to pay at the outset and maybe catch the buyer in a "this is great for us" moment.
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Apr 29, 2022 23:06
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bawfuls posted:an escalation clause is kind of pointless these days, it's not really different from just offering your max I am glad i kept $19k by using one. E: Denver last June spwrozek fucked around with this message at 01:39 on Apr 30, 2022 |
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Apr 29, 2022 23:19
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Motronic posted:It's not clear to me that escalation clauses are ever a good idea in a lot of places because the fox is guarding the hen house with zero oversight. I did an escalation clause and the seller only used a bit of it. I was perplexed but thrilled DC metro for reference.
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Apr 30, 2022 00:08
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Same, except MA.
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Apr 30, 2022 01:32
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I just got a house in the DC metro are using an escalation clause, it did max out, but my realtor showed me the competing offer with the buyers name redacted and their escalation clause as proof. Our bid won by $1000, 661 to 660. Always use odd numbers folks
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Apr 30, 2022 02:20
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Somebody needs to set up an AuctionSniper for real estate. (My son's suggestion, at supper.)
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Apr 30, 2022 03:23
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Maybe it's a DC area thing, but I also won my house with an escalation clause. Only invoked once to beat the other offers, would have maxed out 27500 higher if we just put in our max. I was skeptical but it worked with no shenanigans!
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Apr 30, 2022 03:25
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I got my house in a small city in Wisconsin with an escalation clause, after 9 rejections in summer/fall 2020. I was also shown the next highest offer in full, even though I think they're only supposed to show you the first page.
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Apr 30, 2022 03:33
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bawfuls posted:an escalation clause is kind of pointless these days, it's not really different from just offering your max Only if you're losing your bids. But when you win it's nice not having to pay X extra dollars because your escalation didn't go that high, as opposed to simply offering that much, and I think that should be pretty normal (e: again though, it'll only matter if you win; that should go without saying though, as nothing in your offer matters if you aren't selected) QuarkJets fucked around with this message at 05:09 on Apr 30, 2022 |
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Apr 30, 2022 03:54
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Must be market differences. In SoCal we lost repeatedly to all cash offers for less than our financed offers so an escalation was pointless.
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Apr 30, 2022 09:02
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