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Thanks friends. I thought replacing carpet was a bad idea and he thought my cosmetic things were silly. Structurally the house is fine and we've replaced the roof, ac/furnace, gutters all in the last ten years so those are all good to go.
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May 2, 2022 20:51
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BonoMan posted: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. Yeah, I mean anywhere else you put up a boatload of earnest money, but you traditionally attach contingencies to it where you can get it back if things go sideways. Theoretically, DD is supposed to be you putting up a smaller amount of money to buy the right to inspect, and then you can bail after a week or something while keeping your earnest money (which is nominally a higher amount). There are no contingencies to it; DD money is lost the instant you're under contract and there's no way to get it back. But at least you have a chance to get inspections done and walk away without risking your earnest money as long as you do it within a certain time frame. But that's all moot because the current market has turned it in to a nightmare deposit that is gone no matter what, so if you're not willing to risk it then you don't even have a chance at going under contract. So functionally it's used as an "all contingencies waived" deposit now.
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May 2, 2022 21:34
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Very unexpectedly - prelim Los Angeles Month/Month prelim numbers showing median house price drop. Aggressive FED is apparently taking hold? Very curious to see more markets. Just asked our landlord if they'd sell. If not, I think I'm at least gonna hold off a month. Crossing SEA/LA is a good metric for PDX imo, LA dropping should have a parallel in Milwaukie/Gresham. Camas <$1M housing sales is also something Ima check. Really hoping our landlord will sell (our realtor just toured our house with us, thinks it's likely they'd at least be open to the idea)
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May 2, 2022 21:46
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Out in the triangle area in North Carolina, we stopped looking because the rise in interest rates would eat into our lifestyle by a couple of hundred more dollars per month. I figure there will be a gap where interest rates rise, but people will still be going after homes with increased mortgage payments out of FOMO. Then maybe normalize to a situation where a home actually goes for what they're asking. But if you shouldn't spend more than 3 times your gross salary on a home, it sure seems like a lot of people are buying what they cannot afford. This is the only thing that makes me think it's a bubble (Raleigh median income was 75k I think), that and companies are tearing through Raleigh SFH market (including a japanese soy sauce brand apparently!) as an investment bubble as well.
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May 2, 2022 22:47
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Signed the sale papers today. Mobile notaries are fantastic. This is how it should always be done. Title company said we could drive to their office 30 minutes away or they'd hire a mobile notary to come to us. The guy happened to live a half mile away, and the whole thing took ~15 minutes.
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May 2, 2022 22:51
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I'm trying to figure out if a manufactured/mobile home would be a good option for me. Family size needs something bigger than our condo. I don't see a way to get more sq ft without taking out an even bigger 30yr loan which I want out of. I can pay 90-100% of the cost (lets say 150k) with the proceeds of selling the condo. I have no doubt prices will continue to rise short-term but I don't like the risk plus the demand to further stretch my finances to qualify for the 380k+ it would take. I guess the question is does a manufactured home retain any value against inflation? did my best to search the thread. Anonymous Zebra posted:In general, mobile homes/tiny homes/off the grid homes are losers when it comes to retaining value and building personal wealth and savings. There are very few situations I can see where they would be better than finding a place (even a very small place) to rent, so that your wealth is not tied to a piece of crappy property.
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May 2, 2022 22:56
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Chunjee posted:I'm trying to figure out if a manufactured/mobile home would be a good option for me. Family size needs something bigger than our condo. I don't see a way to get more sq ft without taking out an even bigger 30yr loan which I want out of. I can pay 90-100% of the cost (lets say 150k) with the proceeds of selling the condo. I have no doubt prices will continue to rise short-term but I don't like the risk plus the demand to further stretch my finances to qualify for the 380k+ it would take.
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May 2, 2022 23:16
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I believe Last Week Tonight did a show on manufactured homes and how they are a trap.
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May 2, 2022 23:18
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Chunjee posted:I guess the question is does a manufactured home retain any value against inflation? Nope, sorry. If you own the land, the land might appreciate, but the structure will not count as an improvement and will depreciate. If you don't own the land, it's guaranteed negative because the home depreciates and lot rent will just get more expensive as Jared Kushner buys more developments.
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May 2, 2022 23:25
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Tricky Ed posted:Nope, sorry. If you own the land, the land might appreciate, but the structure will not count as an improvement and will depreciate. If you don't own the land, it's guaranteed negative because the home depreciates and lot rent will just get more expensive as Jared Kushner buys more developments. You say that, but when I Googled if manufactured homes are better than single family homes, this manufactured home builder told me this quote:When talking about mobile home pros and cons, the benefits always seem to outweigh the quality of the manufacturing process and the flexibility increases. Mobile homes are gaining in popularity and are considered a strong favorable alternative to traditional homes.
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May 2, 2022 23:29
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Upgrade posted:You say that, but when I Googled if manufactured homes are better than single family homes, this manufactured home builder told me this "Mobile homes are gaining in popularity and are considered a strong favorable alternative to traditional homes." Must admit that line got a hearty real life chuckle out of me. Marketers have to earn their nut like everybody else and they do it by lying through their teeth, I guess
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May 2, 2022 23:33
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A manufactured home retains much less value than a regular home. In more balanced times they can even be hard to sell. There's a handful of exceptions, not your price range. They also have much shorter lifespans (~50 years) than normal houses, so if this is a preowned manuf house - the house value could be reaching $0 or negative as only the lot retains value. Mobile homes are great for travel & avoiding living on the streets. Other negatives - often built in undesirable locations, neighbors usually similar and drag down lot/area value, higher crime rates (lender's can't discriminate against manuf. for this), no/very limited remodel options. In general the product is an outdated concept that's big selling points are - easy/quick install anywhere (i.e. you own 10 remote acres), affordable "luxury"/modern appliances, cash influx for retirees (sell home, buy cheaper manuf, don't care about lifespan), cheap utilities. It's unlikely you can upsize without a bigger loan or a more remote location, and now is an unfortunate time to need to do so. As noted in my last post - LA looks to have just seen a price drop, short term prices are a major wildcard, rising rates are nearly guaranteed.
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May 2, 2022 23:41
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DaveSauce posted: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.
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May 3, 2022 00:47
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“the benefits always seem to outweigh the quality of the manufacturing process” Nice unintentional self-own right there.
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May 3, 2022 00:49
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Hutla posted:“the benefits always seem to outweigh the quality of the manufacturing process” I could not figure out what they were trying to say and still can't. All I see is mobile-home-selling scumbag word salad.
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May 3, 2022 01:18
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BonerGhost posted:I could not figure out what they were trying to say and still can't. All I see is mobile-home-selling scumbag word salad. "it's cheap and can be put up fast and that's worth compromising on the quality of the construction"
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May 3, 2022 02:16
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There are some good manufactured homes brim made but most people with the budget for them will opt for stick built or modular because they can afford it. Manufactured homes must be tied to a permanent foundation with steel tie downs on a lot you own and then de-titled with the state DMV and te-titled as real property in order to qualify for conventional financing. They will still require a higher interest rate to compensate for it being a manufactured home, and even in a appreciating market you will be giving a sizable discount to the buyer when it’s time to sell. Sometimes when I’m looking at listings and trying to figure out why one house is $100-$200k less that all the others in the neighborhood I start checking the interior photos for that shallow slop vaulted ceiling or the back narrow side of the exterior for a seam.
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May 3, 2022 02:31
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The best use case for a manufactured home is plopping it onto an amazing piece of land you own so you can live in it while you save to build a permanent home there at a later date (and sometimes, never)
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May 3, 2022 04:01
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I got curious about escalator clauses because of this thread, lol, nc doesn't have them. The standard contract language here specifically prohibits buyers from seeing seller offers. Good for sellers, not as much for buyers.
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May 3, 2022 04:11
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I didn't put an escalator on my offer to buy last year or actually deal with any escalations on my sale - but does an escalation clause actually require any proof that the other offer exists?
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May 3, 2022 04:13
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Gravitee posted:Thanks friends. I thought replacing carpet was a bad idea and he thought my cosmetic things were silly. Structurally the house is fine and we've replaced the roof, ac/furnace, gutters all in the last ten years so those are all good to go. If you're like the typical homeowner, then be sure to pick up all of the broken glass in your back yard and maybe throw a tarp or something over the racoon family living in the attic
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May 3, 2022 04:14
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BonerGhost posted:I could not figure out what they were trying to say and still can't. All I see is mobile-home-selling scumbag word salad. They're saying that everyone understands that manufactured homes are poorly made compared to an actual house but just think of all of the incredible upsides! Look at these testimonials!
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May 3, 2022 04:19
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IOwnCalculus posted:I didn't put an escalator on my offer to buy last year or actually deal with any escalations on my sale - but does an escalation clause actually require any proof that the other offer exists? The point of an escalation clause is that you're willing to match what some other potential buyer is offering, so the contract needs to make that provable to the buyer somehow - either by requiring that the buyer be provided with a copy of the competing offer, or you could use some 3rd party such as a notary. One of the real estate agents could be used I guess but lol you'd have to be a moron to put that level of trust in a real estate agent e: The escalation clause is offered by the buyer, so they buyer could always say "I'll escalate even if you don't provide proof" but that seems weird to me, like choosing to not have an inspection done because the seller's agent says that house is in good shape. You should probably ask for some kind of verification, or just make a normal offer without escalation QuarkJets fucked around with this message at 04:43 on May 3, 2022 |
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May 3, 2022 04:25
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1st_Panzer_Div. posted:As noted in my last post - LA looks to have just seen a price drop, short term prices are a major wildcard, rising rates are nearly guaranteed. ??? https://www.redfin.com/city/11203/CA/Los-Angeles/housing-market Seems like prices are still going up Up UP!!!!
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May 3, 2022 04:39
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1st_Panzer_Div. posted:Very unexpectedly - prelim Los Angeles Month/Month prelim numbers showing median house price drop. Aggressive FED is apparently taking hold? Very curious to see more markets. I don't see "official" preliminary numbers for SF / BA April yet, but Redfin/Zillow sales records are showing enormous spikes in median price in March and no signs of anything slowing down at all here. Median market time is 9 days, and median prices are up 20% from January 2022. quote:Seems like prices are still going up Up UP!!!! No April data in that yet, to be fair. That graph ends at March.
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May 3, 2022 05:53
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fuuuuuuuuuck - landlord won't sell. I saw it on a CRE site so I dunno. redfin/zillow data soon. i hate this poo poo.
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May 3, 2022 06:25
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BigPaddy posted:I believe Last Week Tonight did a show on manufactured homes and how they are a trap. All homes are traps
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May 3, 2022 15:08
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I don't know how it is elsewhere, but it seems like the "price drop" e-mails are starting to become way more frequent here in Denver.
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May 3, 2022 16:03
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The question is “are the prices after the drop still trending up?”. A slow down in price growth isn’t really a shock with rates going up.
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May 3, 2022 16:05
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BigPaddy posted:The question is “are the prices after the drop still trending up?”. A slow down in price growth isn’t really a shock with rates going up. If it could bring things closer to "just pay listing" instead of "20% over list" then poo poo I'd be ok with that. edit: I am seeing more price drops as well (not substantially more, but a few have popped up in the last day). The price is , of course, still nearly drat double 2 years ago.
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May 3, 2022 16:06
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Residency Evil posted:I don't know how it is elsewhere, but it seems like the "price drop" e-mails are starting to become way more frequent here in Denver. Denver in total or Denver real estate in your price bracket? I'm still seeing strong demand for A and B tier homes in the sub 700K market around me. C and D tier homes are sitting a little longer and taking a small price cut before they move.
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May 3, 2022 16:20
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Yes please. I lost on a bid yesterday and I had offered 10K above the listing. My guess is the house went for more than that. I'm okay with missing out if it went for more
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May 3, 2022 16:24
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Went to see two mobile homes yesterday. They seemed way overpriced to me (150k, 137k) Out of curiosity can you lowball these for 90-110k or are they happy to wait for a full price sucker? I would probably be fine with either of them but the rest of the family wasn't feeling it and or the neighborhood. We saw a grandma staring at us wide-eyed and slack-jawed; later a "'NO SOLICITING WE ARE TOO BROKE TO BUY ANYTHING" sign which sorta summed up the vibe there. One thing I didn't like was the park fees were both around $900+/month so I have a hard time understanding how this is a cheaper option in the long run. Thanks for the thoughts and input.
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May 3, 2022 17:39
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I'm super mad about the market and my next post is gonna be gibberish mad posting. I forgot Redfin has weekly data available through 4/24. Thursday will be their analysis drop. The numbers below are 4 week rolling average month/month calculations which... good trend indicators, not of actual price movements in each market. LA - <1% M/M increase - starting to flatten out, still climbing aggressively. Seattle - >3% M/M. Still hot af. SF - >2% M/M. Still hot af, about to cross median $1.5M lol. PDX - 2.8% M/M - pretty hot especially given YTD is only 5.4% increase. Visually curving up maybe, certainly not flattening  So uhhh - LA is starting to flatten a little, but didn't drop, poo poo still is absolutely insane
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May 3, 2022 17:46
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Rant gently caress LANDLORD SCUM HOLY loving poo poo. It's not loving passive income you dumb fucks, it's at best a form of indentured servitude where you, the super wealthy piece of poo poo literally take a third to loving half of someone's hard loving work and pocket it. And you do what? Judge the poo poo outta people, say they needa work harder, enjoy your FREE loving MONEY. The house loving falls into disrepair and becomes worse and worse for loving everyone. Ever hear of a landlord adding radon prevention for their tenants health? gently caress NO they get free loving money from their loving income slaves that they're poisoning. Asbestos? Get hosed. Mold - that's your responsibility to clean. And these are regular loving landlord scum, slumlords is a whole new loving level. An estimated loving TWENTY loving PERCENT of all single family homes are loving rentals and these dumb shits have the loving gall to blame tenants and poor people. Just god drat scum of the loving earth. And now we're back to the GOD drat SPECULATIVE INVESTORS. LANDORD SCUM NOT ENOUGH? How bout we jack prices through the loving roof, shrink that middle class and make sure we have enough loving drones to work the lovely jobs while I slave away at golf. Guillotines are too good for these shits that are born rich and only loving contribution to society is to steal from those below them. This country would literally enter a golden age of prosperity if this entire segment were to disappear. AND IT COULD SO loving EASILY - this poo poo shouldn't even be loving legal. I'm incredibly loving lucky to have the income I do and yet I can't afford to loving buy cause ohhh of all these fucks that are just at an un loving touchable level of wealth. The system isn't broken, it's designed to prevent class change and it's working as loving intended and millions of loving landlord and investor scum get free loving income off the rest of us that didn't loving inherit money or get lucky on loving timing. gently caress this all for loving ever.
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May 3, 2022 17:59
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1st_Panzer_Div. posted:I'm super mad about the market and my next post is gonna be gibberish mad posting. I get up every day in Seattle and marvel that my tiny, tiny house might actually be worth what the market says it is just because Seattle. And it breaks my brain just a little bit. Our market system is loving broken.
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May 3, 2022 18:01
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1st_Panzer_Div. posted:I'm super mad about the market and my next post is gonna be gibberish mad posting. At this point I'm just hoping for this: 
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May 3, 2022 18:08
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1st_Panzer_Div. posted:The house loving falls into disrepair and becomes worse and worse for loving everyone. Ever hear of a landlord adding radon prevention for their tenants health? gently caress NO they get free loving money from their loving income slaves that they're poisoning. Asbestos? Get hosed. Mold - that's your responsibility to clean. And these are regular loving landlord scum, slumlords is a whole new loving level. Yeah this is the part where I got thrown off the trail of multi-family ownership. I was looking to pick up something where I could keep a unit for my mother and turns out every multi-family that was close to my price range (400ish and below) was just a nightmare of deferred maintenance. The two places that I actually got my offers accepted ended up falling apart because they were both infested with toxic mold to the point where a gut rehab would barely make them healthy enough to live in. I had to double check to make sure the current tenants knew about it. The one 3-family that I know was well maintained was because it had been owner occupied since it was constructed. The guy had meticulous notes on everything he did and extra things he left in case folks wanted to swap heating methods and poo poo. That house was underpriced listed at 375 and ended up going way over my price range.
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May 3, 2022 19:20
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1st_Panzer_Div. posted:The system isn't broken, it's designed to prevent class change and it's working as loving intended Don't worry, soon you'll pull off a purchase. Then after years of blood sweat and tears you'll eek out a tiny sliver of equity. So then when the bolsheviks show up, you'll take up arms against them to defend your paltry gains.
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May 3, 2022 19:36
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Chunjee posted:I would probably be fine with either of them but the rest of the family wasn't feeling it and or the neighborhood. We saw a grandma staring at us wide-eyed and slack-jawed; later a "'NO SOLICITING WE ARE TOO BROKE TO BUY ANYTHING" sign which sorta summed up the vibe there. A mobile home in a mobile home park is a speedily-depreciating asset. Don't buy it.
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May 3, 2022 19:37
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