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Tryin' to buy a house in the North Carolina Triangle. Boy howdy this is not fun. Every time I find a house it's immediately snapped up by someone buying it remotely sight unseen.
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Apr 28, 2022 01:42
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Dik Hz posted:We sold a nice 3/2 in a good location on the north side of Raleigh last summer. I think we had 17 full price+ offers in less than a day. Like Motronic said above, ignore list price and look for what houses actually sell for. Yeah we sold last year in Mississippi and sold in less than a day. Unfortunately we rented for a year when we moved here and things just got worse. And yeah nothing goes for list. We're planning to bid a large chunk of cash over and that likely won't even be enough. BonoMan fucked around with this message at 12:15 on Apr 28, 2022 |
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Apr 28, 2022 11:50
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Had a house showing cancelled as I pulled into the driveway because it was bought site unseen off the internet before it came onto the market. That's twice this week!
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Apr 28, 2022 18:40
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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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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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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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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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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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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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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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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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Update on my NC Triangle search (we're mostly looking Apex, Cary for the public schools). LOTS of price cuts in the past couple of days - lots of houses popping up (presumably to try to get a sale before the demand drops off) and they're staying longer. Seems like a positive turn is coming for the buyers. Not that prices will likely go down by the amount they went up (which was loving double) - but I'm hoping this means things will start going for around list than the ridiculous poo poo that's been happening.
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May 6, 2022 14:53
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DaveSauce posted:Cary was impossible even in 2016. Not sure what it's like now, but I can't imagine it's much better. We’ve been renting in Apex for a year - we like it! We moved right into a rental because we had to pick sight unseen (moved here for work/family) so we didn’t want to buy yet. Lol jokes on us. Currently we’re renting in Scott’s Mill. I like the little downtown and the restaurants are fine to me. But we’re a family of four so we’re rarely going out-out. I work in Durham and hop up on 751 and take it allll the way up (I work at the very tip of south Durham so 751 takes me all the way there). Sometimes I’ll use 55 (and yeah I try to avoid 540). We’re about to put an offer on a house in Cary. And also toured a few in NW Raleigh that weren’t that bad but the Cary house seems, to me at least, to be the one that would retain the most value with all the current growth. The Raleigh ones were… fine… but really seemed to be in neighborhoods that were riding the trend and might not be able to sustain it.
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May 6, 2022 19:50
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DaveSauce posted:I gripe about the restaurants, but I have high standards I guess? I'm used to the Minneapolis area, where there are a shitload of options to get good, unique food at a decent price. I'm not a foodie by any means, but that gripe is about the whole Triangle area, honestly... it's getting better, though. There are some gems, and Apex is no exception, but honestly by and large it's hard to find good food around here. The stuff in downtown Apex is solid, for sure, but nothing to really write home about. Yeah staying in Apex was our number one goal but it just escalated too quickly in price. If some of this stuff comes down a little then we’d love to stay. I’d love to have a little older place near downtown but lol that poo poo got out of hand in price *real* quick. There’s still a hope though. The schools here are great and we’ve made some friends. It’s nice just jumping out to Vicious Fishes and let the kids run around while we all catch up. We briefly teased going down to Holly Springs as well… but the landfill and being just even further away was a bit of a buzzkill. Fuquay-Varina I think is going to be awesome in a few years and if we didn’t have kids we get a big place for cheap out there. Also my brother lives in North Raleigh and we’d like to not get even further away from them. Funny you mention the RDU noise tunnel. We *just* looked at a house there this morning and my first comment to the realtor was that it was cheap builder grade crap as well. Knowing this is going to be a sub-10 year non-forever home we wanted to get something closer to Davis drive to have some good tech-job resale value. As for the restaurants, yeah you’re right there really isn’t a ton of variety. I’m always up for non-Southern food places so let me know if y’all have any favorites. I’m from Mississippi originally so the Southern Food and BBQ here isn’t anything to write home about. That’s about all the kids will eat though.
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May 6, 2022 22:07
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First offer officially submitted. Feeling like I'm going to barf.
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May 6, 2022 23:58
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Ha well luckily we're not first time home owners so we got all the delusional poo poo out of the way last time. So we're aiming for something that needs little to no work.
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May 7, 2022 00:34
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Residency Evil posted:Yeah I went with something move in ready as well, but my friends who have been married a few years tell me the idea of renovations starts to creep in after a while. In the few minutes between me posting that and now my wife said “I kind of don’t like that it doesn’t have a garage… maybe we can add a portico?”
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May 7, 2022 01:03
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Arsenic Lupin posted:On the way to the closing on our first house, we had to stop the car so my husband could barf. Then he got back in and we drove off and signed. Ha well the fact that it was 3x higher than the last house we bought probably had something to do with it. Anyway. Doesn't matter. We lost it to some mystery site-unseen internet bidder. We went $40k over asking too. Edit: also the whole process is always just so shady. "Oh hey the listing agent says they have higher bids if you want to increase yours... Oh but they can't provide any proof and probably wouldn't if they legally could anyway." I just don't trust any of the gatekeepers. BonoMan fucked around with this message at 13:55 on May 7, 2022 |
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May 7, 2022 13:44
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spwrozek posted:I believe the OP wasn't referring to an escalation clause in this case but just the realtors talk pre your offer or once it is in. Just saying the have higher offers do you want another shot at it? but the have no obligation to not be lying. Yeah that’s what it was. They were just offering us the chance to counter. Which, I guess I appreciate it but I just hate the entire “we can’t tell you what price you’re trying to best so just take a wild stab and if you’re 20k over then teehee more money for everyone else!” Like just say “the highest offer is [X]” and I’ll tell you if I can beat it. But I’m not going to take a wild loving guess. Edit: We’re about to put an offer on another home. I noticed that both this one and the *last* one I bid on both had “no escalation clauses” in the terms.
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May 7, 2022 20:24
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QuarkJets posted:Yeah I know. The "no obligation to not lie" part is what outrages me; an escalation clause would cut off that possibility by requiring proof Yeah now I'm wondering if the "no escalation clause" in the terms was to intentionally get around having to show any proof of claims. I don't know... it's all very tin hat but it's hard to not feel that way when everything is so intentionally opaque.
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May 7, 2022 20:43
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Eagerly awaiting losing out on our second offer for a house. Exact same listing price/offer as the last house. A complete gut and renovation. On a little culdesac of cluster homes but it was a super cute and modern reno. Super busy open house though so I'm not feeling optimistic.
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May 8, 2022 17:01
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Offer on the second house got accepted! Oh God. So much money. I hate this market. Took $40k over asking and $30k in die diligence.
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May 8, 2022 22:29
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Deviant posted:i mean i got my place because the owner's dog liked me. When we sold, we sold to the seller with kids. We lived in a place with a 10/10 public elementary and middle school so it was super desirable and knew that's why they wanted it. It technically wasn't the highest offer (but was close of course.. we weren't gonna lose out on tons of money).
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May 9, 2022 01:28
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Dik Hz posted:This should be illegal, if it’s not already. The seller getting to decide what offer to take? Why should that be illegal?
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May 9, 2022 01:56
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And to be clear it was a competitive offer... Obviously. It just technically wasn't the highest. They offered better terms to potentially cover an appraisal gap and the highest offer didn't. We assumed the highest offer was banking on the appraisal coming in too low (this was the beginning of the craze) so they offered a price they knew they wouldn't have to pay. Then it would have locked us into an actual lower price.
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May 9, 2022 02:01
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Slugworth posted:I'm super confused because I thought it *was* illegal, and yet it appears everyone in this thread has done it. We sold to my girlfriend's nephew, and were warned we weren't allowed to know which offer was his. Yeah of course that makes sense. It's odd because it *was* the best offer (again technically not the highest ) in terms... So we likely would have taken it no matter what. But we even said "I like that they have kids and will go to a great school" and our agent didn't even blink. I think they even agreed with us. Which now obviously seems like they should have said "uh that can't matter." But maybe since it was the best offer they decided to just not mention it to us. Oof. Either way, old agent and different state. Not dealing with that anymore.
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May 9, 2022 02:11
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Turns out we got a bit lucky with our bidding situation that won us the house this weekend. There were two houses in the same desirable location. Very similar and same listing price. Both had open houses on Saturday. But for house 1, we got in on Friday and made an offer Friday night. Got word Saturday morning we likely weren't going to get it so we went out and saw House 2 during its open house. That's the one we ended up winning. Our realtor says that other bidders for House 1 made their bids after the open house - so by the time they got word they didn't get it, they couldn't turn around and see House 2 quick enough so we were competing against a more limited field which worked in our favor. Crazy market.
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May 9, 2022 15:48
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1st_Panzer_Div. posted:Offer away. Realtor agrees with me on doing the 24 hour expir's in this weird rear end market, so once again we'll know soon. Good luck! Both houses we offered on had "no expirations allowed." But I totally get it. It's the one power the buyer has in this market. Time is so of the essence that you can't afford to miss out on other houses.
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May 13, 2022 18:15
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BaseballPCHiker posted:Whose sitting on offers longer than a weekend at this point? Nobody I've seen really, but being able to put in more than 1 offer in a weekend is crucial at this point in some markets. It's literally the only way we got the house we got. Offer in on Friday for house 1. When we realized we weren't getting it, we retracted and put an offer in on house 2 on Saturday and it was accepted on Sunday. It's nuts but every day helps. edit: Also holy poo poo our house just appraised for $10K *over* what we paid. Did not expect that. BonoMan fucked around with this message at 20:48 on May 13, 2022 |
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May 13, 2022 20:26
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Chillyrabbit posted:Wait so in the US you can lock in your interest rate for 20-30 years? And if the rate lowers? You can refinance! Just gotta pay the new closing costs.
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May 14, 2022 04:55
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God I forgot how much extra costs come with house buying. Attorney fees, radon/termite/hvac/general inspections, survey (which we need to do for the abnormally shaped property line), closing costs. And on top of that we need a washer/dryer/fridge Ugh.
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May 14, 2022 16:11
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Yeah buyers agent contract is just between you and the realtor. Three months is just to make sure it covers enough time to look for a few houses, make offers, then go through the whole process.
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May 15, 2022 20:15
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spf3million posted:Yeah, seems weird that this new agent is trying to force an exclusivity contract on you when he is just filling in for your normal agent. Yeah on second thought... Why the new contract if he's just filling in? Or does the first agent think he's going to be out for an indefinite period? If they're from the same group surely they have a better way to handle this.
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May 15, 2022 21:21
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I’m currently renting a town-house and was sitting out back with my son today. There’s a unit two houses down that is owned by a guy that only lives there like 3 months out of the year. Today a car pulled up. Couple of young folks popped out (30s). Walked around for a bit looking at it then left. Came back about 20 minutes later and did the same thing. Then walked up to me and said “he the guy that owns that unit is a friend of a friend and we heard he’s selling it… but we can’t get in it. Any way we can come in your place and look around to see what it’s like?” WTF? I was just like “uh…. No.” They seemed embarrassed to have asked and then left. Like drat… that’s quite a bold ask.
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May 19, 2022 02:06
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nwin posted:Ugh, just picked up my cashiers check for the cash to close. I think I’m going to puke. Yeah the very first thing we did when going under contract was to turn off all other notifications for the various sites.
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May 20, 2022 15:34
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spf3million posted:You lost me here In a normal market, you could negotiate the purchasing price down to the appraisal price potentially. In this market it's "hope you got the cash to cover the gap fucker! NEXT PLEASE!"
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May 24, 2022 17:05
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Hey bat removal is expensive by the way. Removal, guano cleanup and mitigation is about $1200-1300 *minimum*. And you can't move them (at least in NC) from May-August. Just some general info. Kthx
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Jun 5, 2022 01:18
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Well this thread sucks now.
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Jun 12, 2022 02:10
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Arsenic Lupin posted:Home warranty companies will probably replace your water heater, but with the caveats Motronic mentioned. Anything major? Hah. They have multiple exclusions that you will not find out about until you try to make a claim. Things that are often excluded: I'm not a fan of home warranties.. we were gifted one on our last house and it sucks. Our agent did give us a brochure on the new house and all of the stuff you mentioned is all on separate modular add ons. Still stupid but it was pretty clear what was covered in the base plan and what had to have separate add ons to get covered.
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Jun 12, 2022 19:45
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fknlo posted:That feeling when a house you put an offer on goes pending but you haven’t heard anything from your realtor. Not a fan. Then watching it pop up for rent 30 days later
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Jun 18, 2022 16:18
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