Property Market is going WILD

Geek Nasty

Geek Nasty

Brain Knowledgeably Whizzy
Supporter
Joined
Jan 30, 2015
Messages
30,860
Reputation
4,959
Daps
116,310
Reppin
South Kakalaka
Geek Nasty said:
The housing market went from wild to straight comedy :mjlol:

So, I saw this house back in 2018 for sale, loved the layout, rural house with plenty of acreage, already had my furnishing in mind and everything. House needed a lot of cosmetic work and a few big things, but nothing crazy. Sold before I could get my house in order (this was before shyt was selling in 2 days), came back on the market two times before the year was out because sales kept falling through. But, I missed out each time. Pissed me off so much I used to drive pass it a few times a year. Lo and behold it was back on the market this week :dahell:

So, now I'm plotting, getting my preapproval in order an everything. Calling around for agents. It's priced a little high about $90K over what it sold at in late 2018. I know with this market is going to go quick. Literally, I call up the day it goes on Zillow and they've already scheduled showings ON THAT DAY.
Buyer agents tell me that they already have 2 offers over asking. So, I'm juggling numbers thinking if it'll work going over asking (and over what I wanted to pay).

Open house a day later (today), there's 7-8 cars outside as soon as the house is open! This old white woman had bought the house and in 2 1/2 years she hadn't done jack shyt to fix it up. All the old issues were there. Some of it was covered up (flooring fukked up in places), but since I knew what it looked like before I knew it was in the same or worse shape. She had dogs too and didn't even bother to clean the dog shyt out of the 3-car garage (she was using it like a kennel). The only thing she did was the roof and that's because a storm trashed it and she got an insurance claim. I'm looking around like :dahell:, I don't care about what the market says, no way this house is work it.

I was kind of mad seeing something I wanted to buy neglected like that and back on the market 2 1/2 years later. Old bytch is probably going to walk away +$120K too by the time the bidding was is done.

fukk the free market, man somethings are just not worth it. I'd consider moving to a new city before I pay that much.
Click to expand...


OK some followup, that house is BACK on the market :dahell: :dahell: :dahell:

Now, the buyer agent told me they had MULTIPLE offers above asking and one told me not to even bother if I wasn't paying over asking. I posted before how I was seeing all these houes going "pending" then showing back up. Now, they're not even accepting offers if you're not pre-approved so it can't be credit falling through, so WTF is going on? And I've seen this happen with a bunch of houses in my filter list, so they can't all be failing inspections.

Same shyt happened with this plot of land I was looking to buy. Claimed there were multiple offers at asking, next week they're trying to get me to buy it $20K under as-is. :dahell:

I'm I conspiracy guy I think the industry is trying to inflate prices by conspiring with buyer agents. :patrice:Can't truss it
 
Last edited:
Hood Critic

Hood Critic

The Power Circle
Joined
May 2, 2012
Messages
24,130
Reputation
3,752
Daps
110,112
Reppin
דעת
Geek Nasty said:
OK some followup, that house is BACK on the market :dahell: :dahell: :dahell:

Now, the buyer agent told me they had MULTIPLE offers above asking and one told me not to even bother if I wasn't paying over asking. I posted before how I was seeing all these houes going "pending" then showing back up. Now, they're not even accepting offers if you're now pre-approved so it can't be credit falling through, so WTF is going on? And I've seen this happen with a bunch of houses in my filter list, so they can't all be failing inspections.

Same shyt happened with this plot of land I was looking to buy. Claimed there were multiple offers at asking, next week they're trying to get me to buy it $20K under as-is. :dahell:

I'm I conspiracy guy I think the industry is trying to inflate prices by conspiring with buyers. :patrice:Can't truss it
Click to expand...
Several houses we looked at and 2 we put bids on, ended back up on the market because deals fell through. The appraisal prices are ultimately killing a lot of these deals, even the cash based ones.

The home we bought came back on the market after a failed deal and the selling price ended up coming down $10K. We ended up covering the gap between the selling price and the appraisal to get in our home.
 
Unemployed GM

Unemployed GM

All Star
Joined
Mar 3, 2015
Messages
1,566
Reputation
50
Daps
3,076
Geek Nasty said:
OK some followup, that house is BACK on the market :dahell: :dahell: :dahell:

Now, the buyer agent told me they had MULTIPLE offers above asking and one told me not to even bother if I wasn't paying over asking. I posted before how I was seeing all these houes going "pending" then showing back up. Now, they're not even accepting offers if you're not pre-approved so it can't be credit falling through, so WTF is going on? And I've seen this happen with a bunch of houses in my filter list, so they can't all be failing inspections.

Same shyt happened with this plot of land I was looking to buy. Claimed there were multiple offers at asking, next week they're trying to get me to buy it $20K under as-is. :dahell:

I'm I conspiracy guy I think the industry is trying to inflate prices by conspiring with buyer agents. :patrice:Can't truss it
Click to expand...

Whenever I see that happen in real estate I assume the banks are not approving the loans after they get the property assessed. The properties might be over priced.
 
K

Kingcobrakai

Pro
Joined
May 14, 2015
Messages
312
Reputation
40
Daps
1,470
Hood Critic said:
Several houses we looked at and 2 we put bids on, ended back up on the market because deals fell through. The appraisal prices are ultimately killing a lot of these deals, even the cash based ones.

The home we bought came back on the market after a failed deal and the selling price ended up coming down $10K. We ended up covering the gap between the selling price and the appraisal to get in our home.
Click to expand...

My (now former) neighbors sold their house, but their realtor demanded anyone who wanted to offer above list price to sign a contract stating that no matter the appraisal, it’s the agreed amount for the sell. They had 23 people show up to see the house. Apparently, 17 people wanted to put in offers.

After being told of that stipulation, they ended up with 3 offers. It sold at list price. In 3 days.
 
Geek Nasty

Geek Nasty

Brain Knowledgeably Whizzy
Supporter
Joined
Jan 30, 2015
Messages
30,860
Reputation
4,959
Daps
116,310
Reppin
South Kakalaka
Kingcobrakai said:
My (now former) neighbors sold their house, but their realtor demanded anyone who wanted to offer above list price to sign a contract stating that no matter the appraisal, it’s the agreed amount for the sell. They had 23 people show up to see the house. Apparently, 17 people wanted to put in offers.

After being told of that stipulation, they ended up with 3 offers. It sold at list price. In 3 days.
Click to expand...
Does that force the buyer to buy even if they have to find a new lender or does that mean you cant renegotiate price?
 
K

Kingcobrakai

Pro
Joined
May 14, 2015
Messages
312
Reputation
40
Daps
1,470
Yeah, you can’t renegotiate. If you can’t secure the funding for the price you offered upfront then you lose out. Apparently, they kept getting feedback from realtors that potential buyers were shook as hell at feeling like they were being taken advantage of, when in fact, it was to keep them from hijacking the process.

A lot of people in the market are going 20/25k over asking to win the bid, then coming back with the appraisal and wanting the appraisal price. And then asking for more concessions. And then wanting to move the closing date out.

It’s a waste of time in my opinion. And it sucks when the seller’s own purchase is contingent on their house selling.

When I brought my house, I refused to pay over a certain amount, slightly lower than listing. The two people who outbid me found random reasons to get out of the running and then they called me up. It appraised at like a grand over what I was willing to offer.
If I had found another house between the time they got back to me, they would have lost out and had to go to an even lower bid.

If you’re selling, control the process.

If you’re buying, try to be personable and reasonable.
 
You must log in or register to reply here.
Top