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Jenkl posted:Why are they calling out the garage location? Given everything else going on in the listing, I find that frighteningly odd. It's likely being called out because it's taking up most of the front of the house and is either a.) in the way of remediation (that lot is a postage stamp) or b.) the site of contamination so its impeding meaningful access to the rest of the house. Either way, it doesn't matter. Nobody is buying that for the house. All that matters is how much it costs to dispose of, which really ought to tell you something: that lot is probably worth MORE than the asking price because the new owner is gonna need to spend money to demo what's there. Whether it needs to be disposed as hazmat or not is the real question about costs.
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Oct 28, 2023 00:21
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Motronic posted:that lot is probably worth MORE than the asking price because the new owner is gonna need to spend money to demo what's there. Whether it needs to be disposed as hazmat or not is the real question about costs. Would have to go dig up the tax assessor blah blah to be sure but that looks... Within $75,000 of it's neighboring properties  Legal fees will be probably $60k and then remediation another $40-200k My guess is it goes for $1.2 to 1.3m Edit: re postage stamp, it's .14 acres (6000sq ft) with 2700 sq ft of house Hadlock fucked around with this message at 02:04 on Oct 28, 2023 |
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Oct 28, 2023 02:01
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Is meth remediation a tear-down situation, or would they just need to, like, take the garage down to the studs?
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Oct 28, 2023 02:51
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rjmccall posted:Is meth remediation a tear-down situation, or would they just need to, like, take the garage down to the studs? Depends on whether you're flipping it or intend to live there yourself.
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Oct 28, 2023 13:34
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We're looking at selling our house and buying another one and I've made it more complicated than I like - a family friend has been our realtor for ages, but he doesn't really operate on our side of the metro area. We asked him if he could recommend someone closer to us and he said "sure" and at some point it was kind of "assumed" that he would be selling our house. He said that's common and not a big deal with a large realtor like he works for where one agent sells and another helps buying. I can't help but think that selling is where the agents make most of their money though, and so if one agent handled both they'd be more incentivized to help find a house to buy so they can also make the sale. Should I not worry about this, or am I right in that having one agent makes the whole process more successful. Should I have the seemingly difficult conversation that we're going with another agent and that he won't be selling our house?
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Oct 28, 2023 20:35
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The commission comes from the sale price, but there's usually a split involved between the buyer and the seller so it's already figured out ahead of time. Realtors work with people who are ONLY buying or ONLY selling all the time, its not at all unusual. So no, it's no biggie. I guess as a matter of professional courtesy I'd make sure your buying realtor is aware another agent is helping sell your house, but otherwise there's nothing difficult or off about an arrangement like that.
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Oct 28, 2023 20:51
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luchadornado posted:We're looking at selling our house and buying another one and I've made it more complicated than I like - a family friend has been our realtor for ages, but he doesn't really operate on our side of the metro area. We asked him if he could recommend someone closer to us and he said "sure" and at some point it was kind of "assumed" that he would be selling our house. He said that's common and not a big deal with a large realtor like he works for where one agent sells and another helps buying. They make their money in volume, not in maximizing the sale price. Do not have someone who doesn't operate in your area sell your house. This should not be a difficult conversation. Realtors make their money on deal volume. If anything, they make less money when selling a house because they are sometimes paying for advertising or selling, which comes out of their split with the buyers agent. The buyers agents are just driving their buyers around after setting up automated MLS email alerts for them that they could have done themselves anyway on a better platform like redfin. Sounds like this person is counting on your conflict avoidance to steamroll you into something that they benefit from monetarily. Not really a thing a "friend" should be doing but very typical of the kind of people that excel in this industry.
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Oct 28, 2023 20:55
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There is something to be said for having a person you trust and have worked with in the past to put your needs first and sell your house vs finding a stranger who is a realtor, even if they don't operate in your area. Since he said "This side of the metro" so I assume they'd still be able to set a good market price.
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Oct 28, 2023 21:01
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He actually was our buying agent for this house, so it's not that he doesn't operate here, it's just that it's not his normal stomping grounds - if we weren't involved he probably wouldn't be out here - it's maybe 10 minutes further north than he normally goes. He's not a steam roller kind of person and we do trust him quite a bit, so I just wanted to try and understand how buyer/seller relationships work a bit better just to make sure we weren't entering into a more difficult scenario. My wife and I are really adept at setting up KML files and automated searches so we find stuff usually before our agents do, and I think he could get a really good price for our house with probably a single weekend of showings. Thanks for the input, I think we'll stick with him for now until we see something we aren't comfortable with. Lockback posted:There is something to be said for having a person you trust and have worked with in the past to put your needs first and sell your house vs finding a stranger who is a realtor, even if they don't operate in your area. Since he said "This side of the metro" so I assume they'd still be able to set a good market price. I'm 100% confident he could set a good market price.
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Oct 28, 2023 21:10
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Everyone involved at every step of the whole loving process is loaded with perverse incentives. It's just a perverse incentive circus.
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Oct 28, 2023 22:55
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Ham Equity posted:Everyone involved at every step of the whole loving process is loaded with perverse incentives. It's just a perverse incentive circus. Always be closing
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Oct 30, 2023 19:42
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The most successful real estate agents treat their clients well because they understand that this is a reputational industry and the best way they can get more work is by having happy clients. As motronic said, it's a volume industry, so getting more clients is way more important than getting an extra $2k or whatever on a given deal. That said, making clients happy is often not the same as getting them the best deal. It is not that hard to manipulate typical (ignorant, anxious, vulnerable) clients. For example "you should take this offer on day 1, day 1 offers are the best and if you don't, leaving it on the market longer risks them pulling out for some other house!" vs. being willing to wait a couple weeks and perhaps sell into a multi-bid situation that gets a higher price. Being nice and polite and responsive maybe wins more thumbs up than squeezing an extra $20k out of the other side of the deal for your client. But would you trade a nice realtor for one that made you or saved you twenty thousand american dollars? I sure would. Their 3% commission on that is only $600, they don't give a gently caress about six hundo, but they ought to give a gently caress about $20k in or out of your pocket. On the other hand, realtors who have a reputation as hard-rear end ruthless negotiators may also be more abrasive and gross to work with? Would you tolerate someone who is, say, snide and condescending to you, if they're also making you a lot more money? Maybe not. So like, that's one of the hidden perverse incentives. The people who are best at being friendly and nice win more clients and make more money while, sometimes, simultaneously disserving those clients in a monetary sense. The rarest sort of realtor is one who is simultaneously a hard rear end negotiator on behalf of their client and great at helping you feel good and get through the whole process smoothly and with a minimum of fuss.
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Oct 30, 2023 20:23
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Barrel Cactaur posted:Always be circusing
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Oct 31, 2023 19:55
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This seller is dumb as hell and I just want the paper signed already.
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Nov 2, 2023 18:04
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Business, Finance, and Careers > House-buying thread: This seller is dumb as hell and I just want the paper signed already
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Nov 2, 2023 18:46
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BadSamaritan posted:This seller is dumb as hell and I just want the paper signed already. (taps thread title)
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Nov 2, 2023 19:05
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The wife and I are looking at buying a home in a suburb an hour and a half from DC, and the prices/interest rates on Ryan Homes are great, but, well, you know. How dumb would I be to consider going with them?
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Nov 6, 2023 22:39
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Nov 6, 2023 22:44
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Red posted:The wife and I are looking at buying a home in a suburb an hour and a half from DC, and the prices/interest rates on Ryan Homes are great, but, well, you know. How dumb would I be to consider going with them? Their pricing is what it is for a reason. Would this be a new home that is still under construction? If it's at an early stage you could hire someone to supervise/inspect the build and perhaps come out with something reasonable. Otherwise you're rolling the dice.
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Nov 6, 2023 22:50
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Red posted:The wife and I are looking at buying a home in a suburb an hour and a half from DC, and the prices/interest rates on Ryan Homes are great, but, well, you know. How dumb would I be to consider going with them? Are you planning to commute to DC? That would be a nightmare commute if the majority of it is spent in a car.
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Nov 6, 2023 22:51
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Motronic posted:Their pricing is what it is for a reason. This'd be a new build; my preference would have been to buy their model home that had a gigantic back yard, but that's gone. I had already considered having my father-in-law who lives nearby kind of do this (retired civil engineer who has built a lot of his own home). grenada posted:Are you planning to commute to DC? That would be a nightmare commute if the majority of it is spent in a car. Nope, straight work-from-home. I currently live in Falls Church and work in Bethesda, and WFH, and the few times I've commuted are hell.
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Nov 6, 2023 23:01
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Red posted:This'd be a new build; my preference would have been to buy their model home that had a gigantic back yard, but that's gone. So let me lay this out for you: the bulk of the labor will be under or entirely unsupervised, using the lowest cost bulk materials, built to the lowest denominator codes they could lobby into existence primarily by undocumented migrants they picked up in the parking lot of the closest home deport or lowes that very morning. If you can have someone skilled watching the build who will know when they can just check back in a few days vs. needing to spend the entire day on site and they have the kind of time to do so I'd almost consider buying that house. Almost. I guess the other component is just how much cheaper is this place than a comparable one nearby that would suit your needs and how long do you plan to live there? Because houses like this develop very annoying quirks pretty drat quickly. The classic kinds of things like floors that squeak because nobody is forcing them to glue and screw the decking down and a few screws or nails will last through the warranty period. And just absolutely everything failing early due to being literally the cheapest version of shingle, siding, water heater, HVAC, etc installed by the local company that's not good enough to do work for anyone other than a budget volume builder....so you get things like flex duct everywhere. Motronic fucked around with this message at 23:15 on Nov 6, 2023 |
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Nov 6, 2023 23:13
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Motronic posted:So let me lay this out for you: the bulk of the labor will be under or entirely unsupervised, using the lowest cost bulk materials, built to the lowest denominator codes they could lobby into existence primarily by undocumented migrants they picked up in the parking lot of the closest home deport or lowes that very morning. If you can have someone skilled watching the build who will know when they can just check back in a few days vs. needing to spend the entire day on site and they have the kind of time to do so I'd almost consider buying that house. Almost. That was my assumption, and I would guess the other builders in the area (DR Horton, etc.) are similar.
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Nov 6, 2023 23:19
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'Construction Defect Lawyer' is the search term you're looking for OP
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Nov 6, 2023 23:39
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Red posted:That was my assumption, and I would guess the other builders in the area (DR Horton, etc.) are similar. Yes. If you're going to build new always go with a more expensive builder and reduce square footage / finishes as needed to hit budget. You can always do an addition but lovely framing and assemblies are forever (almost).
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Nov 7, 2023 01:14
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Red posted:That was my assumption, and I would guess the other builders in the area (DR Horton, etc.) are similar. New build quality is 100% a factor of the local supervisor and the subcontractors that built the place. Doesn't matter the name unless you're talking semi custom or custom small time builders that pay enough to get the "A team", or are busy enough to keep their own crews. You're probably not in this price range. Hire a 3rd party inspector and have them check in on the place multiple times during the construction process.
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Nov 7, 2023 01:19
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Most of my work is in old homes, new homes, or additions. We just started a project that involves the significant renovation of a home built by a large-volume builder in 1994. We are replacing all the bathroom floor framing because it isn't stiff enough for us to install tile (and making some other structural modifications to support the floor replacement). A rounding error on this project, but something I hadn't come across before. Couldn't build it today (modern span table doesn't allow it), but a good example of how any loophole will get used by a large-volume builder.
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Nov 7, 2023 01:58
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Tezer posted:Most of my work is in old homes, new homes, or additions. We just started a project that involves the significant renovation of a home built by a large-volume builder in 1994. We are replacing all the bathroom floor framing because it isn't stiff enough for us to install tile (and making some other structural modifications to support the floor replacement). A rounding error on this project, but something I hadn't come across before. Couldn't build it today (modern span table doesn't allow it), but a good example of how any loophole will get used by a large-volume builder. I feel like this is a bad ish example. It was built to code per the requirements and got 30 years of utility.
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Nov 7, 2023 02:11
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spwrozek posted:I feel like this is a bad ish example. It was built to code per the requirements and got 30 years of utility. I'm of the opinion that a quality home should outlast the mortgage before needing structural repair.
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Nov 7, 2023 02:14
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E: never mind not really worth it
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Nov 7, 2023 02:37
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welp: https://www.cnn.com/2023/11/07/investing/home-prices-affordability/index.htmlquote:Wannabe homebuyers are getting hammered by a painful combination of high mortgage rates and high home prices. The one-two punch of has pushed the principal and interest payment needed to buy a median-priced home up by $144 over just the past month alone, according to ICE. For the first time, monthly payments are above $2,500 – and that doesn’t even include taxes, insurance or other fees. Like, I can't find loving anything in a nice but remote area under $3k a month. I make good money, but gently caress that.
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Nov 7, 2023 22:31
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So there's this place that's been under construction for years outside of a hiking trail I go to. The house is basically being build on a steep gully in the hairpin of a road with hillside above the hairpin. Anyhow the sale history on this place sure tells a story: https://www.zillow.com/homedetails/7087-Skyline-Blvd-Oakland-CA-94611/299071357_zpid/ El Mero Mero fucked around with this message at 00:44 on Nov 10, 2023 |
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Nov 9, 2023 08:15
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Red posted:welp: https://www.cnn.com/2023/11/07/investing/home-prices-affordability/index.html A few years ago I felt pretty smug that I understood the economic factors in my little area of the country driving home prices and what equilibrium looked like. Then rates went up AND home prices shot up and now when I think “man I hope rates go down” my next thought is “won’t that make people more willing to take out larger loans, and therefore make prices go up more?” The solution is the same - “more supply” - but where we are now is so out of whack that the prospects of that happening within the prime years of our generation are slim, to say the least Lol lmao Crazyweasel fucked around with this message at 15:18 on Nov 9, 2023 |
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Nov 9, 2023 15:15
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Crazyweasel posted:A few years ago I felt pretty smug that I understood the economic factors in my little area of the country driving home prices and what equilibrium looked like. Yeah. And when a half-decent home opens up, it's bought immediately. I'd like to think this is a bubble that will burst, but, well
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Nov 9, 2023 15:54
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It's probably a bubble, but I'm not entirely confident it is. It may well just be late stage capitalism--i.e. people and companies with plenty of capital buying up every property worth buying as soon as it hits the market, rapidly leading to a world where 90% of residential property is owned by 5% of people, and if your income isn't high six figures at a minimum, you are a renter for life.
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Nov 9, 2023 16:10
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Eric the Mauve posted:It's probably a bubble, but I'm not entirely confident it is. It may well just be late stage capitalism--i.e. people and companies with plenty of capital buying up every property worth buying as soon as it hits the market, rapidly leading to a world where 90% of residential property is owned by 5% of people, and if your income isn't high six figures at a minimum, you are a renter for life. It’s interesting because maybe this is the dynamic I’m not understanding in my area. It is very obvious that the demand around here for a starter/smaller home is gigantic because Millennials and Boomers are vying for the same properties, and Boomers are winning out with attracting new builders to do high end 2000 sq ft side-by-side condos or large ranches, which they can finance mostly by selling their 40 year old family home. For Boomers who don’t want new, they are driving prices up on anything less than 10 years old in a similar manner. So this leads to a ton of demand for that end of the market. What doesn’t make sense to me is the huge price increase for “mid level homes”. Not mansions, but something you’d see a family of 4 or 5 comfortably fit in, let’s say 2700+ sq. Ft. Those are hitting like, $800k - $1m or more. I guess I’m underestimating the drive for Gen X/Elder Millennials, or there is serious out-of-state corrections still happening where richer than average city dwellers are moving my way. It’s just like…to afford those homes you need to be making like at least $250k, which is a very very high end salary around here. Certainly something I dont think I’d hit. 3 years ago at 3% rates these houses were more like $700k and you could maybe get one with like $200k and a high degree of fiscal responsibility….but now it’s like they exist for an entirely different bracket of society.
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Nov 9, 2023 16:54
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Northern Virginia is especially weird in some respects with the few houses that are getting built. Check this place out, new construction, $1.8M. They built two of them next to each other to the point it might as well have no yard. https://redf.in/Lx3R6U Oh, and it’s right on the busy road (Route 29) and literally across the street from a fire station. Just 400 meters away is a development with new homes with almost as many bedrooms (4 vs 6) and it’s an actual neighborhood with yards. — anyway better planning is needed, thankfully some of the underused office space in the region is being turned into mixed-use developments, but new houses with 6 plus bedrooms that aren’t tucked away in nice neighborhoods make no sense to me. Surely that kind of buyer is finding a better spot.
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Nov 9, 2023 17:03
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Nybble posted:Northern Virginia is especially weird in some respects with the few houses that are getting built. Check this place out, new construction, $1.8M. They built two of them next to each other to the point it might as well have no yard. That road is terrible and the area is strip mall waste land. I assume they're targeting California transplants that don't know any better. You could get a new build in Del Ray or North Arlington for that kind of money.
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Nov 9, 2023 17:17
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Red posted:Yeah. And when a half-decent home opens up, it's bought immediately. I think it's a bubble but not one that necessarily bursts. It probably stagnates at some point or maybe a slow deflate but I just don't think there'll be a 10% yoy drop or anything.
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Nov 9, 2023 17:23
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Eric the Mauve posted:It's probably a bubble, but I'm not entirely confident it is. It may well just be late stage capitalism--i.e. people and companies with plenty of capital buying up every property worth buying as soon as it hits the market, rapidly leading to a world where 90% of residential property is owned by 5% of people, and if your income isn't high six figures at a minimum, you are a renter for life. I mean its an asset price bubble proped up by the need for the asset prices to never fall or political and finacial systems start to fail. The knock on effects are insane as most are based on a % of the asset price. So we've invented a system that goes boom about the time the baby boomers dont need it anymore and the next generation is smaller (see population charts). Late stage capatalism is just when the rich get so rich its throws all the balance out of wack because they forgot they need people with money AND each member of the rich wants the other members to have to fix it but they wont. So its yet anouther tragaty of the commons.
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Nov 9, 2023 17:33
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