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Everything in your offer was pointless if your offer wasn't selected. Against a cash offer, it doesn't really matter whether you have escalation or just submit whatever your max offer is; buyers like the shorter timeline and reduced risk of a cash offer. It sucks but it's true.
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Apr 30, 2022 09:57
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We were supposed to see a house Thursday, but there was some kind of issue from the seller's side and it was moved to today at 11 am. The seller's agent contacted our realtor yesterday to see if we could see it at 9 am instead. Sure, no problem. Our realtor just happened to check something on her end late last night and noticed that our showing got moved to 9 am on Monday by the seller with no notice. We cannot make that since, you know, jobs, so hopefully we can find a time that works for them. It's a family who is selling the house, so I get that kids and animals are sometimes challenging to work around. It's just a little annoying and we haven't run into this kind of thing before.
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Apr 30, 2022 10:08
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Tapping out of buying a house this year. Will just get a rental in the neighborhood we want to live in. The math just doesn’t make sense anymore with rising rates and prices continuing to rise in my target neighborhood. Probably means my long term plan should be to get out of DC and into a cheaper area.
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Apr 30, 2022 12:44
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laxbro posted:Tapping out of buying a house this year. Will just get a rental in the neighborhood we want to live in. The math just doesn’t make sense anymore with rising rates and prices continuing to rise in my target neighborhood. But you can just keep moving west out past manassas and deal with the hell of 66! We rent in Springfield, but our friends bought in Alexandria last year. They had an insane time.
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Apr 30, 2022 12:56
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Pollyanna posted:- Oil tank heating, looked hard to service and undermaintained i can't speak to the other stuff but if you do go for a house with oil heating MA law allows for a free inspection from whichever oil service company you want, when i did it they inspected the tank, boiler, gauges, and greased everything back up. once you have your inspection you can get a rider on your homeowner insurance for oil tank spills - it's cheap to get and if your tank does go (god help you) it can be 125K+ for environmental clean-up without coverage. would also suggest having a plumber unaffiliated with your oil company do an inspection of the piping/boiler as well to get a less biased opinion on the life of your boiler and fix any less obvious issues with the plumbing supporting it (e.g. wrong psi, bad expansion tank, etc) home owning rules
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Apr 30, 2022 14:39
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Zerot posted:We were supposed to see a house Thursday, but there was some kind of issue from the seller's side and it was moved to today at 11 am. The seller's agent contacted our realtor yesterday to see if we could see it at 9 am instead. Sure, no problem. This kind of stuff is frustrating. The place we bought they didn't respond to our offer and we had to resubmit it. The realtor was mad at ours for the 24 hours we have them to respond as it was Father's Day weekend and they were "out of town"... Did they not expect offers once they listed? It was so dumb.
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Apr 30, 2022 20:26
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So these articles a year ago were for $400k but here you go here is how much $ https://www.azfamily.com/2022/04/30/5-family-friendly-homes-around-phoenix-under-525000/
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Apr 30, 2022 20:26
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QuarkJets posted:Everything in your offer was pointless if your offer wasn't selected.  luckily the appraisal came in low but manageable and the inspection was pretty positive
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Apr 30, 2022 20:44
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bawfuls posted:we finally beat a cash offer by waiving appraisal and inspection contingencies Congrats on having your earnest money accepted!!! EDI: I can't believe mortgage rates at the moment. I'm helping a buddy navigate the process in the greater Seattle metro and it was shocking to see 5.25% at the LOW low end, and ~5.5 to 5.75% much more common.
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Apr 30, 2022 20:48
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Oh know what else sucks about buying in NC? "Due Diligence"... Which is a non-refundable earnest money. And it's basically been weaponized by people with large amounts of cash. "Hey man I'll pay $75k due diligence... So if I walk away... That money is yours!" So non Richie's essentially have to try to compete... Only it's not money we can walk away from. So whatever house you decide to put an offer in you better be prepared to buy no matter what the inspection says. Basically making it pointless.
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Apr 30, 2022 21:03
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My house hit MLS this morning and I have 10 showings scheduled already for today and tomorrow. Help.
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Apr 30, 2022 21:14
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saintonan posted:My house hit MLS this morning and I have 10 showings scheduled already for today and tomorrow. Help. Your realtor didn't put you up some place for the weekend so you could relax? Weak.
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Apr 30, 2022 21:25
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BonoMan posted:Oh know what else sucks about buying in NC? Is this any different than just submitting an offer with no contingencies and a fat amount of earnest money? I think a bunch of people itt have done that. I know one couple who offered like $80k earnest money and offered to release it immediately, as in that amount was released from escrow to the seller weeks before the closing date. Absolutely bonkers move imo
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Apr 30, 2022 21:39
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QuarkJets posted:I know one couple who offered like $80k earnest money and offered to release it immediately, as in that amount was released from escrow to the seller weeks before the closing date. Absolutely bonkers move imo This is the norm for Seattle. Didn't offer quite 80k but close enough. Actually helped us get the place because offer 2 was substantially less earnest money with a week to catch up to what we put down as earnest money. Usually all contingencies are waived too. Crazy out there. gariig fucked around with this message at 21:54 on Apr 30, 2022 |
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Apr 30, 2022 21:48
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spwrozek posted:Your realtor didn't put you up some place for the weekend so you could relax? Weak. Woah what’s this now? We went away for the weekend on our own dime.
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Apr 30, 2022 22:49
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QuarkJets posted:Is this any different than just submitting an offer with no contingencies and a fat amount of earnest money? I think a bunch of people itt have done that. The technical difference is that Due Diligence is non-refundable at all whereas, technically there’s a (due diligence) period for earnest money where the earnest money could be refunded if the buyer backs out. Due Diligence is paid to the seller *basically no matter what*. But yeah if you’re going to drop $80K in earnest money and release it immediately you’re basically doing the same thing. Just agreeing it’s going to be paid no matter what. But unfortunately Due Diligence, in NC, is a pretty standard thing and not an exception to the rule.
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Apr 30, 2022 22:56
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BonoMan posted:The technical difference is that Due Diligence is non-refundable at all whereas, technically there’s a (due diligence) period for earnest money where the earnest money could be refunded if the buyer backs out. Due Diligence is paid to the seller *basically no matter what*. Yep, and my realtors been pushing me to put down fairly large amounts. I put 5%/5% on my last offer and she seemed to be suggesting I should've gone more. Traditionally it was like, a few hundred dollars to pay seller for taking it off the market, it's getting totally absurd. I'm looking at it as basically the same as the "I won't bother you about fixes below x amount" clauses people in the thread are talking about.
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Apr 30, 2022 23:08
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Went to a couple open houses in Livermore CA today and all of them, even the one that was listed Thursday, are taking offers on Tuesday. Up until now, they've generally been listed for 14 days and then they pick an offer... Wonder if this is about timing things for the people who got rates locked just before they went up?
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May 1, 2022 03:53
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Pham Nuwen posted:Went to a couple open houses in Livermore CA today and all of them, even the one that was listed Thursday, are taking offers on Tuesday. Up until now, they've generally been listed for 14 days and then they pick an offer... Wonder if this is about timing things for the people who got rates locked just before they went up?
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May 1, 2022 04:11
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BonoMan posted:Oh know what else sucks about buying in NC?
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May 1, 2022 13:12
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Oh God, I'm about to offer on a house 20K over listing in Chicagoland. We got blown out in our first attempt and after running some rough numbers, I felt most comfortable where numbers might be tight but feasible.
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May 2, 2022 04:55
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After less than 48 hours on the market, my house is going under contract for about $20k over list assuming the appraiser comes in at that level. There are a couple of neighborhood comps at the $/sqft I need, but not a lot. I have a feeling I'm unreasonably nervous, but nervous all the same.
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May 2, 2022 13:05
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Was out of the house for 5 days straight, living out of a suitcase while my house was available for showings. Weeks and months of prep, home improvement projects, packing, etc. All paid off! We started at $20k over our tax assessment price at $270k. We thought $290-$300k was a reasonable expectation in this market. Instead we got: $341k No inspection 100% appraisal gap $20k earnest money How anyone is buying a first time house right now is beyond me. Our house is nice, we completely updated the electricity, plumbing, insulation, etc. Its on a big plot, but it still needed work. I wouldnt consider it a turn key do nothing house.
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May 2, 2022 14:12
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I looked at a place this weekend that didn’t have insulation, needed every (single pane, weighted, custom-sized) window replaced, had a fieldstone foundation that will need regular repointing for the rest of eternity, and still had horsehair plaster walls and ceilings. It’s probably going to go for 725-750k, and I wish whoever gets it luck because it’s more work than I’m prepared to handle. Houses are expensive and now is an especially tough time to buy.
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May 2, 2022 14:54
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Did you take your home buyer course
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May 2, 2022 15:47
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Shoutout to our Zillow Zestimate, officially up $200k from where we closed in December, and the only think that's positive in our portfolio. 
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May 2, 2022 16:45
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BaseballPCHiker posted:Was out of the house for 5 days straight, living out of a suitcase while my house was available for showings. Weeks and months of prep, home improvement projects, packing, etc. All paid off! IIRC this is in Minneapolis? I actually didn't know you could get a house that cheap there right now. Plenty of high paying jobs in the area. If you have two workers, no kids, $341k for a first house is not much at all.
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May 2, 2022 16:58
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Not sure if I should ask in this or the regular home owner's thread but I'll start here. My husband and I are having a difference of opinion what to do to our current house to get it ready to sell. I'd rather focus on small, easy changes that would make the house more put together like paint and changing out drop ceiling tiles that are missing or stained. He wants to focus on larger stuff like replacing the carpet or adding a deck. We can afford both and we have time but is it worth spending on bigger projects to get the house to sell? Like how do you decide where we should draw the line at upgrades?
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May 2, 2022 18:17
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Gravitee posted:Not sure if I should ask in this or the regular home owner's thread but I'll start here. My husband and I are having a difference of opinion what to do to our current house to get it ready to sell. I'd rather focus on small, easy changes that would make the house more put together like paint and changing out drop ceiling tiles that are missing or stained. He wants to focus on larger stuff like replacing the carpet or adding a deck. We can afford both and we have time but is it worth spending on bigger projects to get the house to sell? Like how do you decide where we should draw the line at upgrades? Have you paid attention to the market in general? If your market is anything at all like the average market these days you literally don't have to do anything at all. Just not being actually on fire during a showing is considered a bonus. Your real estate agent should be the person you go to for local advice on very local market things like this. If they don't have a good answer with supporting examples fire them and get a better one. They need to do something to earn their outsized commission.
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May 2, 2022 18:23
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Gravitee posted:Not sure if I should ask in this or the regular home owner's thread but I'll start here. My husband and I are having a difference of opinion what to do to our current house to get it ready to sell. I'd rather focus on small, easy changes that would make the house more put together like paint and changing out drop ceiling tiles that are missing or stained. He wants to focus on larger stuff like replacing the carpet or adding a deck. We can afford both and we have time but is it worth spending on bigger projects to get the house to sell? Like how do you decide where we should draw the line at upgrades? Don't upgrade anything. You're right in a regular market, though, big upgrades are a bad idea to do for selling because you have to be exactly right in what the prospective buyer wants, and that's unlikely at best. But yeah don't upgrade anything right now.
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May 2, 2022 18:33
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We missed out on our dream house... we had the second best offer, but someone came in with a mostly cash offer, waive all contingencies, significantly over our offer. Rough to lose it, but I wouldn't have wanted to compete against that offer anyway. Giving myself a day to mourn, and then trying again
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May 2, 2022 18:34
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Motronic posted:Your real estate agent should be the person you go to for local advice on very local market things like this. If they don't have a good answer with supporting examples fire them and get a better one. They need to do something to earn their outsized commission. Because we let them do the driving, we both made out like bandits. However, we'd lived in the house for 20 years without doing any updates, so the house needed painting, floor refinishing, the works. In this market, if the house is in clean condition, that may be all you need. Ask the realtor.
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May 2, 2022 18:40
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Gravitee posted:Not sure if I should ask in this or the regular home owner's thread but I'll start here. My husband and I are having a difference of opinion what to do to our current house to get it ready to sell. I'd rather focus on small, easy changes that would make the house more put together like paint and changing out drop ceiling tiles that are missing or stained. He wants to focus on larger stuff like replacing the carpet or adding a deck. We can afford both and we have time but is it worth spending on bigger projects to get the house to sell? Like how do you decide where we should draw the line at upgrades? Do not upgrade anything on house you are going to sell. Feel free to fix material defects, and small cosmetic issues like touch up paint or small drywall holes. If the oven doesn't work, fix it. Do not replace carpet, add a deck or anything else like that.
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May 2, 2022 18:48
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I think shelling out for a fresh exterior paint job might be worth it. That and some landscaping.
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May 2, 2022 19:01
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spwrozek posted:IIRC this is in Minneapolis? I actually didn't know you could get a house that cheap there right now. Plenty of high paying jobs in the area. If you have two workers, no kids, $341k for a first house is not much at all. Minneapolis is really weird, at least in some spots. I paid $238K for my place in 2020. Right by Lake Nokomis, but also right by crosstown and the airport. Obviously all the red hot realestate is in the exurbs.
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May 2, 2022 19:02
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spwrozek posted:IIRC this is in Minneapolis? I actually didn't know you could get a house that cheap there right now. Plenty of high paying jobs in the area. If you have two workers, no kids, $341k for a first house is not much at all. Yeah Minneapolis. Gravitee posted:Like how do you decide where we should draw the line at upgrades? If there are any structural fixes that need done do those. Otherwise leave them alone, in my opinion at least. My realtors have said that they prefer houses that are "clean slates" so to speak. Structurally sound, mechanicals all in good order, leaves aesthetic decisions up to new owners. Thom Yorke raps posted:We missed out on our dream house... we had the second best offer, but someone came in with a mostly cash offer, waive all contingencies, significantly over our offer. Just as another data point for my market in the Twin Cities. We received 8 offers. 6 of them waived inspection, all had $20k plus appraisal gaps, all went over at least 15%. House we bought had 12 offers, 8 of which waived inspection and we had to go 20% over and cover a $10k appraisal gap.
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May 2, 2022 19:05
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BonoMan posted:Oh know what else sucks about buying in NC? lmao my DD was $500 back in 2016. And this was for a place in a popular Triangle suburb where even then homes were disappearing within 2-3 days of listing and occasionally going under contract sight unseen. Someone in my office just moved to the area and is looking... expecting a kid, of course, and she said her realtor told her that DD is easily $20k right now. I've read news stories of DD being $100k in some instances in the past ~year. poo poo's crazy, but I guess that's what you get for being in one of the fastest growing areas in the country. Slugworth posted:Moved from Illinois to NC in 2020, and yeah, when our realtor was explaining due diligence to me, my head just about exploded. I know it sounds quaint compared to the current market, but at the time it was massively riskier than I was used to. I think the best way to think of it is as paying for an exclusive inspection period that you can walk away from without losing gobs of money. That's meant to be your time to perform inspections and whatnot and uncover issues worth walking away from without losing the entire earnest deposit. It's kind of nice, conceptually, except that right now it's being used as a negotiating lever for sellers since once the seller goes under contract it's 100% non-refundable.
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May 2, 2022 19:57
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Arsenic Lupin posted:Because we let them do the driving, we both made out like bandits. However, we'd lived in the house for 20 years without doing any updates, so the house needed painting, floor refinishing, the works. This was the condition my old house was in. Even listed it as such and it still sold quick last summer. If nothing else, consider that anything you can't do with tools and materials immediately available to you will take much longer than you expect, and I'd rather that timeline be the buyer's problem, not mine.
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May 2, 2022 20:07
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DaveSauce posted:lmao my DD was $500 back in 2016. And this was for a place in a popular Triangle suburb where even then homes were disappearing within 2-3 days of listing and occasionally going under contract sight unseen. $20-$100k seems a lot like gobs of lost money.
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May 2, 2022 20:32
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spwrozek posted:$20-$100k seems a lot like gobs of lost money. I think he means the practice as it stood before this huge boom. My coworker also talked about just putting in $500 back before this nonsense started. Now it's not gobs of lost money because *you ain't losin' poo poo you're gonna buy this fuckin' house no matter WHAT the appraisal or inspections says!*
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May 2, 2022 20:45
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