So the medium income of Americans is like 50k
yeah these home buyers are cashing out homes 100k over the asking price
goddamn you're a moron, these are corporations making these purchases not people
House is swarmed after being listed in Raleigh for under $300k
- Thread starter Responsible Allen Iverson
- Start date
So the medium income of Americans is like 50k
yeah these home buyers are cashing out homes 100k over the asking price
goddamn you're a moron, these are corporations making these purchases not people
He's right there's plenty of cacs with cash money (i.e retirement,etc)
Where you lost at is thinking the “average American” are the ones swarming in to buy all these homes.
Where I lost at is actually responding to you.
No there's not, medium income of america is 31,000
THERE IS A RETIREMENT CRISIS GOING IN AMERICA RIGHT NOW
DO YOU LIVE UNDER A ROCK
Also these type of cash bidding wars are only going around in certain areas that are already over saturated
if you want a good deal on a great house you have to buy one in area that is just being developed, and your value will go up as the rest of the area around is fully developed
The house they are swarming was listed at 300k
and average american can have a down payment for that type of house especially a two income house hold
you're broke
Funny. You are assuming I got my knowledge from reading an article. However, I am a Realtor and deal with these type of transactions all of the time. So I am speaking from experience.
To your point about “investors”, you provided some clarity for me. It seems like you are strictly speaking of individual real estate investors and not investors as a whole. Because hedge funds and foreign entities are most certainly real estate investors when they use their available funds for the purpose of purchasing real property to add to their portfolio.
In regards to individual investors, again, they definitely do utilize the assistance of Realtors and the MLS. The off market/FSBO market has limited options. Therefore, the average investor would not have enough options to choose from to build a respectable real estate portfolio without considering on market listings.
Final point - you initially stated that it is “illegal” for homes to sell for more than the list price. You then followed up to say that banks/lending institutions will not lend money over the appraised value. That is two very different things.
You are correct that lenders will not find loans above the appraised value. However, that does not mean that a property selling for higher than the list price is illegal. In those circumstances the buyer is responsible for bringing the difference to the closing table in order to make the deal work.
Example
- Sales contract = $500k
- Appraised value comes in at $475k
- Difference of $25k
- Lender will only fund mortgage based on appraised value - $475k
- If the buyer did not implement an appraisal contingency in the sales contract then they would be required to pay the $25k difference out of pocket in addition to their down payment (let’s assume 5% for this example) and closing costs.
In the current market, sellers are getting buyers to agree to pay X amount over the appraised value (multiple offer situations). Again, none of this is illegal and is a direct result of the low supply, high demand that we are experiencing in the market.
This can happen tho. People list properties all the time without getting an appraisal.
I sold my old house in 2020. Bought it for 109K in 2012, we listed it for 169K because the market was lit, ended up accepting an offer the same weekend it went up on the realtor sites for 179K... the seller then went through the inspection and appraisal process.
I don't even know what the house appraised for, they only let the seller know what house appraised for if it's lower than the asking price. If it's the same or more, the buyers don't even know.
Realtor sucks, they take advantage of people who don't know about real estate or real estate investing
No Real investor is buying a house for than what it's worth
Realtors are fukking useless
also a realtor is just a real estate agent who's apart of the Association, you're a sales agent, stop trying to sound more important than you are
thanks for proving my point
Naw, he's correct. In 2021, more investment properties were sold than there has been in the past 2 decades.
https://www.washingtonpost.com/business/interactive/2022/housing-market-investors/
Last year, investors bought nearly one in seven homes sold in America’s top metropolitan areas, the most in at least two decades, according to the realty company Redfin.
Those purchases come at a time when would-be buyers across the country are seeing wildly escalating prices, raising the question of what impact investors are having on prices for everyone else. Investors were even more aggressive in the final three months of the year, buying 15 percent of all homes that sold in the 40 markets.
You sound hurt my bro. Not going to argue with you on your opinion on the importance, or lack of, for realtors in the market.
Realtor, real estate agent, salesperson… use whichever term you would like. Doesn’t discredit the info I just shared with you.
As for investors not buying houses for more than their appraisal value - it happens every day. Literally. Cash investors typically don’t even have appraisals conducted.
But never mind me. You got it bro.
Real estate investors can be large corporations, local companies or wealthy individuals, and they generally don’t live in the properties they are buying. Some look to flip homes to new buyers, while others rent them out.
He's not right, the article is bullshyt and it's telling you it's bullshyt
Once again, these aren't home buyers buying the homes, which was the point I was making
that's that problem yall DON'T WANT TO LISTEN, you just look for stuff you in articles to support what you want to believe
all these articles are bullshyt
you have to be active in real estate to know what's really going on
Real Estate Investors never stop buying or selling, first of all
We are talking about home buyers here
regular people just looking for a house for their family
I know I though
you called yourself a realtor not an agent or a broker, that's how I know you're full of shyt
because you don't even know what a realtor is you think it's a generic term for a real estate person
the only one hurt is you
People go to real estate professionals when they have no experience buying or selling real esates
real estate investors prefer not to deal with these people
HacksawJimThuggin
All Star
Bro, I'm starting to think you're just trolling.
But my proof is that I JUST bought a house for more than the asking price. Like literally a few months ago lol. Now tell me how that was allowed?
As far as me not knowing what I'm talking about, peep my post history. I'm pretty confident in saying that I'm just as qualified as anyone on this entire forum to be speaking on this particular topic.
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