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Real estate rant..... ************!

GeauxLSU

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I've been attempting a relocation for the last 6 months. I assumed at the time the RE market had peaked. WRONG! It's gotten steadily worse.
Real kick in the gut this week. Put another offer in on a home. NOTHING like what we initially said we wanted (home on acreage in the boonies) but at this point, I'm just tired of it all and want to get there and get it done.
So we offered, all cash, $16k ABOVE asking, NO inspection/option period or inspection contingency, free leaseback, etc... etc.... I couldn't believe I was actually doing that :dizzy: but here is the stats from the listing agent.
We ended up with 35 showings and 17 offers in 3 days.
The lowest offer we received was $11k above asking.
11 offers were $xxx,xxx ($55k above asking) or more.
8 offers were cash.
Only 3 offers included a home warranty
The highest option fees were $500
Only 1 offer had a 10 day option period, the rest were 3-7 days.
4 offers waived the option period
10 offers included buyer paying title policy (expensive there)
all 17 offers included buyer paying for survey
4 offers had full appraisal waiver
3 offers had partial appraisal waiver
2 offers had no appraisal waiver.


Stuff I passed on 6 months ago because I thought it was too expensive is now another $100k. Insanity doesn't begin to describe it. :shocked:
 
Daughter has been looking awhile, first home. $252k townhome, she went in at 12k over asking, no contingencies.

We were at first showing, 9AM. Before we got in, there were 5 people waiting for their show times in the driveway.

21 offers, sold at $312k.

Finally got one for her via word of mouth before it went on the market. Sad part is when she started looking, rates were 3%, she locked this week at 5.125%. Lot of extra money to the mortgage company....
 
Daughter has been looking awhile, first home. $252k townhome, she went in at 12k over asking, no contingencies.

We were at first showing, 9AM. Before we got in, there were 5 people waiting for their show times in the driveway.

21 offers, sold at $312k.

Finally got one for her via word of mouth before it went on the market. Sad part is when she started looking, rates were 3%, she locked this week at 5.125%. Lot of extra money to the mortgage company....
Market I'm in you can't finance or your offer won't even be considered. The Kalifornians sell their dinky home on a postage stamp lot for a million and a half and realize they can buy a relative mansion (to them) for half that so waltz in with cash and throw an extra $100k on the table without batting an eye. They were already unlikable....
 
I've been attempting a relocation for the last 6 months. I assumed at the time the RE market had peaked. WRONG! It's gotten steadily worse.
Real kick in the gut this week. Put another offer in on a home. NOTHING like what we initially said we wanted (home on acreage in the boonies) but at this point, I'm just tired of it all and want to get there and get it done.
So we offered, all cash, $16k ABOVE asking, NO inspection/option period or inspection contingency, free leaseback, etc... etc.... I couldn't believe I was actually doing that :dizzy: but here is the stats from the listing agent.
We ended up with 35 showings and 17 offers in 3 days.
The lowest offer we received was $11k above asking.
11 offers were $xxx,xxx ($55k above asking) or more.
8 offers were cash.
Only 3 offers included a home warranty
The highest option fees were $500
Only 1 offer had a 10 day option period, the rest were 3-7 days.
4 offers waived the option period
10 offers included buyer paying title policy (expensive there)
all 17 offers included buyer paying for survey
4 offers had full appraisal waiver
3 offers had partial appraisal waiver
2 offers had no appraisal waiver.


Stuff I passed on 6 months ago because I thought it was too expensive is now another $100k. Insanity doesn't begin to describe it. :shocked:
I know exactly how you are feeling. Been on the outside looking in for two years. Hindsight sux right now.
 
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