Home buying thread

Sanrith Descartes

Sanrith Descartes

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Kais said:
I offered above list and "was competitive" but won't know the final number until after it closes. Sellers agent is pretty tight lipped about it.
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Part of it is not just the dollar amount but the strength of the finances. Percent down, credit score, cash reserves etc all factor in to the ability to close and close on time. If you had a handful of those 12 offers being all cash its gonna be hard to beat them with a financed offer. Sellers really like the security of knowing the closing will happen.
 
Tmac

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Kais said:
House was listed Thursday afternoon, my offer was in Friday lunch. By Sunday lunch there were 12 offers and they ultimately went with someone who is out of state and will likely be listing it as a rental. This is why there's no affordable housing. /salty af
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Probably a hedge fund. A house 4 down from me was purchased by Xi Ping, who is tied to some hedge fund, who is tied to SoftBank, who is tied to China.

I have a buddy that works in this kind of market and he broke the whole thing down for me. Twas wild.
 
Kais

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So while I would typically not share finances, I may as well because fuck it. It was a 2bdr townhome "studs out" 1450 sq. ft. single level because its just me. Just a great layout inside with good room sizes and a kitchen that isn't a closet. Walk in closet in master and full size washer/dryer with appliances less than 3 years old. Newish LVP and carpet. I want a townhome not a house for one simple reason: about 10 years ago I had a bad injury to my leg and while I can still walk I'm unstable and cant carry any real weight. Pushing a lawnmower is out of the question.

It was listed for 285 and I offered 290 with escalation to 300. With a 20 year mortgage and credit score over 800 I was instantly approved at 5.55% fixed and was ready to put a deposit of 115k cash to make the payments approx 1,500. Talked to my agent a bit today and she is still scratching her head why I didn't get it. Sellers agent is not returning phone calls. I suppose sure full cash sale may have trumped my offer but securing the mortgage wouldn't have taken more than a week. Maybe they felt with that many offers my contingency of a home inspection report for the windows and hvac was something they could afford to pass on but my offer was solid.
 
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Kais said:
So while I would typically not share finances, I may as well because fuck it. It was a 2bdr townhome "studs out" 1450 sq. ft. single level because its just me. Just a great layout inside with good room sizes and a kitchen that isn't a closet. Walk in closet in master and full size washer/dryer with appliances less than 3 years old. Newish LVP and carpet. I want a townhome not a house for one simple reason: about 10 years ago I had a bad injury to my leg and while I can still walk I'm unstable and cant carry any real weight. Pushing a lawnmower is out of the question.

It was listed for 285 and I offered 290 with escalation to 300. With a 20 year mortgage and credit score over 800 I was instantly approved at 5.55% fixed and was ready to put a deposit of 115k cash to make the payments approx 1,500. Talked to my agent a bit today and she is still scratching her head why I didn't get it. Sellers agent is not returning phone calls. I suppose sure full cash sale may have trumped my offer but securing the mortgage wouldn't have taken more than a week. Maybe they felt with that many offers my contingency of a home inspection report for the windows and hvac was something they could afford to pass on but my offer was solid.
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Ah yea man anything under 500k is cancer to bid on around here. Just dumb market. First house we went to open house (granted during COVID) it was a modest 3/2 with no garage listed at like 340, they had a TENT setup in the driveway to check people in. There were cars packed like 3/4 of a mile down the road and people walking up. Drove right past that shit.
 
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Sanrith Descartes

Sanrith Descartes

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Kais said:
So while I would typically not share finances, I may as well because fuck it. It was a 2bdr townhome "studs out" 1450 sq. ft. single level because its just me. Just a great layout inside with good room sizes and a kitchen that isn't a closet. Walk in closet in master and full size washer/dryer with appliances less than 3 years old. Newish LVP and carpet. I want a townhome not a house for one simple reason: about 10 years ago I had a bad injury to my leg and while I can still walk I'm unstable and cant carry any real weight. Pushing a lawnmower is out of the question.

It was listed for 285 and I offered 290 with escalation to 300. With a 20 year mortgage and credit score over 800 I was instantly approved at 5.55% fixed and was ready to put a deposit of 115k cash to make the payments approx 1,500. Talked to my agent a bit today and she is still scratching her head why I didn't get it. Sellers agent is not returning phone calls. I suppose sure full cash sale may have trumped my offer but securing the mortgage wouldn't have taken more than a week. Maybe they felt with that many offers my contingency of a home inspection report for the windows and hvac was something they could afford to pass on but my offer was solid.
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Not to get your hopes up, but deals fall apart all the time. If you still want it, offer to go as a backup contract and pray their deal falls apart.
 
Kithani

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Kais said:
So while I would typically not share finances, I may as well because fuck it. It was a 2bdr townhome "studs out" 1450 sq. ft. single level because its just me. Just a great layout inside with good room sizes and a kitchen that isn't a closet. Walk in closet in master and full size washer/dryer with appliances less than 3 years old. Newish LVP and carpet. I want a townhome not a house for one simple reason: about 10 years ago I had a bad injury to my leg and while I can still walk I'm unstable and cant carry any real weight. Pushing a lawnmower is out of the question.

It was listed for 285 and I offered 290 with escalation to 300. With a 20 year mortgage and credit score over 800 I was instantly approved at 5.55% fixed and was ready to put a deposit of 115k cash to make the payments approx 1,500. Talked to my agent a bit today and she is still scratching her head why I didn't get it. Sellers agent is not returning phone calls. I suppose sure full cash sale may have trumped my offer but securing the mortgage wouldn't have taken more than a week. Maybe they felt with that many offers my contingency of a home inspection report for the windows and hvac was something they could afford to pass on but my offer was solid.
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If I were selling my house and knew my windows and/or HVAC were shit, I would probably avoid the offer that makes it clear you also knew the windows and/or HVAC were shit.
 
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Captain Suave

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Kais said:
my contingency of a home inspection report for the windows and hvac
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Kithani said:
If I were selling my house and knew my windows and/or HVAC were shit, I would probably avoid the offer that makes it clear you also knew the windows and/or HVAC were shit.
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This is it. Dollars to donuts the winning offer waived inspection contingencies. Thank god that idiocy seems to have phased through my local area. In 20-22 sellers wouldn't even look at your offer unless all contingencies were waived.
 
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Creslin

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Captain Suave said:
This is it. Dollars to donuts the winning offer waived inspection contingencies. Thank god that idiocy seems to have phased through my local area. In 20-22 sellers wouldn't even look at your offer unless all contingencies were waived.
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It’s a two way street. I see a lot of buyers who walk through a home and see shit wrong and make a full price offer fully intending to try to call out the wrong shit after inspection to get the price down.

bad faith on both sides in those cases. Inspection and offer revisions imo are meant to cover reductions that you as a layman buyer didn’t notice needed fixing in the initial walk through not to cover reductions that you did notice and wanted but wanted to zone out other bids before bringing up.
 
Tmac

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Creslin said:
It’s a two way street. I see a lot of buyers who walk through a home and see shit wrong and make a full price offer fully intending to try to call out the wrong shit after inspection to get the price down.

bad faith on both sides in those cases. Inspection and offer revisions imo are meant to cover reductions that you as a layman buyer didn’t notice needed fixing in the initial walk through not to cover reductions that you did notice and wanted but wanted to zone out other bids before bringing up.
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Letting the bad news come from an expert isn’t bad faith, imo. Particularly if you, in good faith, are trusting the seller to get their house up to snuff before listing.
 
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Captain Suave

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Tmac said:
Letting the bad news come from an expert isn’t bad faith, imo. Particularly if you, in good faith, are trusting the seller to get their house up to snuff before listing.
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This. Initial offers are made on the presumption that the house is in the condition implied by the showings and seller's disclosures. Anything not disclosed and not superficially obvious is presumed in good repair. Both parties should expect that anything discovered during inspection (if this isn't waived) is negotiable. If the seller doesn't like someone coming to hit them on windows, they neither have to take the offer (which is likely what happened here) nor give money back afterwards that they don't want to. This is how it has worked forever.
 
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Koushirou

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Closest thread I can think of: husband just got a cold text from a “group of realtors” wanting to buy our house; had his name, the address, etc. I know a lot of that info is public record, but I find it weird they messaged him and not me considering I was the only or primary one doing anything regarding purchasing the house. His work was also hit with a data breach recently and I know title theft is a thing. Checked both our credit reports to make sure nothing’s weird and everything’s normal there. Should I be worried about some potential identity theft/title theft attempt or is this cold calling shit common these days? We have owners title insurance but is that enough to prevent that sort of fraud? Are there other steps I should be taking to mitigate the risks of this? Am I just overreacting to this text?
 
Blazin

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Koushirou said:
Closest thread I can think of: husband just got a cold text from a “group of realtors” wanting to buy our house; had his name, the address, etc. I know a lot of that info is public record, but I find it weird they messaged him and not me considering I was the only or primary one doing anything regarding purchasing the house. His work was also hit with a data breach recently and I know title theft is a thing. Checked both our credit reports to make sure nothing’s weird and everything’s normal there. Should I be worried about some potential identity theft/title theft attempt or is this cold calling shit common these days? We have owners title insurance but is that enough to prevent that sort of fraud? Are there other steps I should be taking to mitigate the risks of this? Am I just overreacting to this text?
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Given what is public record I wouldn’t give it much consideration , just don’t speak to them. They can even look up your mortgage , property taxes, what you paid etc.

I’ve never had a text but i receive letters from all over the country with offers to buy my property they are just doing searches that meet certain criteria.

The text just makes it more likely to be shady just mark as junk and delete . As an aside I think everyone should freeze their credit yes it’s a little bit of pain to unlock if you want to take out a loan but to that I say stop borrowing money . Would take about 10 mins to freeze credit with the three agencies
 
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Jysin

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Blazin said:
...
As an aside I think everyone should freeze their credit yes it’s a little bit of pain to unlock if you want to take out a loan but to that I say stop borrowing money . Would take about 10 mins to freeze credit with the three agencies
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Had a call from my mother member a couple days ago where she got notified that a credit card had been opened in her name. I had to walk her through the process with the 3 credit bureaus. Then yesterday, I got a letter from one of my financial institutions that my data had been leaked including name, address, and SSN.

So, guess what I am doing today? Freezing credit. Heed Blazin Blazin 's advice.
 
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Sanrith Descartes

Sanrith Descartes

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Jysin said:
Had a call from my mother member a couple days ago where she got notified that a credit card had been opened in her name. I had to walk her through the process with the 3 credit bureaus. Then yesterday, I got a letter from one of my financial institutions that my data had been leaked including name, address, and SSN.

So, guess what I am doing today? Freezing credit. Heed Blazin Blazin 's advice.
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This brings up one of my pet peeves. That companies have months and months before having to report a data breech. This shit should be mandated to be released immediately so those affected can be on the lookout. Finding out six months later is a joke.
 
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Daidraco

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Outside of all of that shit and to be more specific about what Blazin said - You can not only look up who owns what property and what their taxes are, but also peoples local criminal and civil cases. You can do this for free and these websites dont mind scraping that info and trying to sell it. All of this is listed on either the counties website, or the states website. At least for Virginia and North Carolina (where I've used them.) But I'm sure they arent alone in offering this information for free.

As much as we're astonished when people dont know about current political events - People are still wildly out of touch about the value of their property when they've lived there for years and years. Bought a single family home for 135k last year that according to my brother, the active realtor in the family, should have sold for 185-230k. He remembered his neighbor selling his house for 140k "a couple of years ago and it was way nicer." Zillow loves sending me emails about how the property is now worth 254k now - even though I personally, would never pay that much money for that particular property and I dont think anyone else would either.

The point of that story is that any advertising that gets some dumb ass to sell their property for 10's of thousands of dollars less than what its worth it. So sending out some random text probably has a better success ratio than a mailer, which in all honesty - most people are probably just throwing those ads directly into the trash. Where you'll at least read a text message. But just like you pointed out - you also get a ton of fucking scams through text, too. I mean really, how many fucking packages do I have waiting in a god damn non-existent USPS warehouse? As if they have a fucking "warehouse" to begin with.
 
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Sanrith Descartes said:
This brings up one of my pet peeves. That companies have months and months before having to report a data breech. This shit should be mandated to be released immediately so those affected can be on the lookout. Finding out six months later is a joke.
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The thing is there are rolling data breaches and provided you had credit however many years ago Equifax got hit, you should expect all of your data is out there anyway. Also OPM for many people. If you are not checking regularly you're just going to be surprised one day.
 
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Daidraco

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The thing is there are rolling data breaches and provided you had credit however many years ago Equifax got hit, you should expect all of your data is out there anyway. Also OPM for many people. If you are not checking regularly you're just going to be surprised one day.
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Well in that same vein of conversation - those companies advertising security features for Titles make it sound like "IT COULD HAPPEN TO ANYBODY!" .. and I just dont believe thats true. As much as I deal with the shit, I've only ever heard "horror stories" about titles, but not a single experience from anyone that I've ever met. Im sure it "can" happen - but I think the archaic processes that a lot of locales have keeps people safe. More so than some of the offices in CA or similar "embrace the tech lords" kind of places.
 
Khane

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I'm guessing the fraudulent part of that text encounter would be them pretending to be a realtor and buyer to get you to actually, physically sign your deed over to them without them actually giving you any money.

I just don't see how anyone could steal your deed just by stealing your identity.

My deed is in a safe... in my house. How is a text message going to change that?
 
Gravel

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Yeah, I'd like to know more about this title fraud happening. I'm not sure how this scam works in any way outside of people willingly doing something stupid to assist.
 
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