Home buying thread

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Nija

Nija

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Lanx said:
idk w/ mortgage rates getting so high now, they might want to take a lesser "all cash" offer, rather than deal w/ mortgage sheneggans
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Yep, very perceptive. They received an all cash offer. I don't know the amounts yet, but they are up to 7 offers total. My advice to them was to consider the cash one first, provided it's not some foreign entity or a company, then buyers who already have funding secured and a known rate locked in. Don't bet on pre-approved buyers who, for whatever reason, haven't locked in a known rate.
 
Sanrith Descartes

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Nija said:
Yep, very perceptive. They received an all cash offer. I don't know the amounts yet, but they are up to 7 offers total. My advice to them was to consider the cash one first, provided it's not some foreign entity or a company, then buyers who already have funding secured and a known rate locked in. Don't bet on pre-approved buyers who, for whatever reason, haven't locked in a known rate.
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Often up here sellers will request financial docs with the offers. Pre-approvals don't mean much these days. It's more like show me how much you have in cash and how you are funding the down payment.
 
Khane

Khane

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Not so sure about that. In a sane market that might be the best option. But currently, even if financing on the top bid falls through there are 10 others ready to take their place.

Its madness
 
Lanx

Lanx

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Nija said:
Yep, very perceptive. They received an all cash offer. I don't know the amounts yet, but they are up to 7 offers total. My advice to them was to consider the cash one first, provided it's not some foreign entity or a company, then buyers who already have funding secured and a known rate locked in. Don't bet on pre-approved buyers who, for whatever reason, haven't locked in a known rate.
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if they can get the all cash, make sure that the house is "as is" no inspections, no nothing. usually all cash offers will gladly suck this up as well, which could also end up saving you more money not dealing w/ inspections
 
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Nija

Nija

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Accepted the cash offer, which was at $259k, as is, one month closing.
 
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P

Pescador

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Agonized a lot over the decision, but we ended up selling our house (3/2.5, small yard, 2k sqft) and buying to improve our commutes and kids school situation and also get more space (4/3.5 + office, 3.2k sqft, half acre, plus it's single story which was a nice bonus). Had to bid 200k over listing but sadly it's still a "bargain" in this market.

I figured It's the sort of house we could live in forever, and even if there's a true housing crash (I doubt it) we'll be in a place we love even if we're overpaying. Would be annoying to be underwater but we would just wait it out. Any other outcomes (rising rates with prices rising or leveling off) still end up with us benefiting, and it's tough to put a price on quality of life improvements that come with the space and location.

Wish I felt comfortable enough keeping the old house but it was too appealing to use the proceeds to cover the entire down payment on the new place without touching our cash. Hopefully not a decision I regret forever! I had reservations about buying our first place too, and that ended up being one of the smartest decisions we should make. It still feels like something has to give because house keep getting less affordable for the younger crowd.
 
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Lanx

Lanx

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Pescador said:
It still feels like something has to give because house keep getting less affordable for the younger crowd.
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under 30yr olds that want a house have to accept that it'll be 2bed/1bath and 1200sq/ft starter home from 1960
 
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Cad

Cad

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Nija said:
Accepted the cash offer, which was at $259k, as is, one month closing.
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Why a month close if it's an as-is all-cash deal? Close fucking tomorrow.
 
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Jysin

Jysin

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My mother-in-law just moved in. Sold her place out of a divorce (long overdue). But we've at least got a live-in nanny until she finds her next place.

She should do well after selling about 900k worth of a London house and looking to move to a coastal village.
 
Cad

Cad

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Nija said:
They aren't prepared to move out - I don't think they realized what the market is like right now.
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I'd still close tomorrow and just put the change of possession date in an addendum. Don't let the deal sit on the vine for a month while interest rates go up 2 more points and when your buyer drops out your other buyers can't get financing now or don't like the rates.

No sir, I'd get the deal inked.
 
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wormie

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Cad said:
I'd still close tomorrow and just put the change of possession date in an addendum. Don't let the deal sit on the vine for a month while interest rates go up 2 more points and when your buyer drops out your other buyers can't get financing now or don't like the rates.

No sir, I'd get the deal inked.
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They have a contract. Why would they drop out? And if they do, there is a contract deposit to keep.
 
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