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

[GeauxLSU]

Some of these due diligence time frames for cash buyers are like 3 days long, if they are even including them.

As a buyer, that makes me the most nervous. Mine is 5 days. Seems way too short. Hopefully my agent has it all lined up. Got to get scrambling this morning.

 

[fast306stang]

The wife and I are in Florida looking for a new home. Way, way, way more demand than supply. This is our second trip. We are on several builder "lists" hoping to obtain a lot and a house style, size, price that we like. Some lists have hundreds of names on them. There's a new development just starting phase 1 where there are only 60 names on the list (ours included) for a 250 home development. That's probably our best shot so far. They'll be contacting everyone in June that's on the list, then it's first come, first served.

All the developers are telling us not to be discouraged by the numbers. So many people are now priced out of the market due to rising mortgage rates that the lists will be substantially reduced.

I know a couple who built their vacation home somewhere down in FL, just like you said. Had their name on the list, got called, had it built...completed a year ago. They're selling it this month, after capital gains/realtor fee/etc, they'll clear over $200K, which means they made $100K/year since this was a 2 year process start to finish.

 

[Retired Army]

I am not a real estate expert, but correct me If I am wrong. My real estate agent last year, told us that you can do this, but it is a frowned upon practice by realtors because it is really not ethical. The deal is when you go to look at a house and want it, claim that you will make a cash offer to lock up the house for you and stop all other bidders and or buyers. Then when it comes down to actually signing the paperwork, as far as the contract, it does state you still have the option to finance.

When we were looking at houses in early 2021, anybody that said they will make a cash offer trumped all other buyers / bidders.

I’ve been a real estate agent 18 years. If I’m the sellers agent, I tell them to accept all offers and make a decision then. Words don mean anything, signed offers do. I try really hard not to be involved in anything that may be unethical. Too easy for people to get angry and throw me under the

 

[mustang12]

I’ve been a real estate agent 18 years. If I’m the sellers agent, I tell them to accept all offers and make a decision then. Words don mean anything, signed offers do. I try really hard not to be involved in anything that may be unethical. Too easy for people to get angry and throw me under the

I think I replied too hastily, meaning that as an agent and Broker of Record, of course I don’t want to be involved in anything unethical. I don’t recommend or condone someone outright lying about their offer, but I do agree with you about going by the books and laying all offers on the table, discussing them with them client, and letting them decide what’s best for them. There’s also the option, if the buyer can pay all cash up front, to offer cash then back out financing on the back end.

 

[Bagman]

I am not a real estate expert, but correct me If I am wrong. My real estate agent last year, told us that you can do this, but it is a frowned upon practice by realtors because it is really not ethical. The deal is when you go to look at a house and want it, claim that you will make a cash offer to lock up the house for you and stop all other bidders and or buyers. Then when it comes down to actually signing the paperwork, as far as the contract, it does state you still have the option to finance.

When we were looking at houses in early 2021, anybody that said they will make a cash offer trumped all other buyers / bidders.

Telling the seller you are a cash buyer doesn't lock up anything. In this market, sellers keep collecting offers until they are satisfied they have the best one. Cash offers and Pre-approved offers get more attention but don't "lock up" anything.

 

[spistols]

Telling the seller you are a cash buyer doesn't lock up anything. In this market, sellers keep collecting offers until they are satisfied they have the best one. Cash offers and Pre-approved offers get more attention but don't "lock up" anything.

Cash offers get way more attention. This is what I meant by "locking up".

 

[killerv]

My buddy's moving service is through the roof right now, says they are moving folks stuff to warehouses/storage units. Folks selling their houses for a ton and gonna rent until things get back somewhat in line or if they are lucky enough find something up their alley.

I swear once a week I'll check zillow and my house is steadily still going up.

Tax assessment time is gonna suck for all of us.

 

[lostchild]

Y’all need to get your counties on board with this..

Scarlett Williams - freeze your property taxes in Glynn County, GA

In addition to a homestead exemption in the amount of $10,000 of your assessed property value, a owner occupied home in Glynn County Georgia is entitled...

activerain.com

 

[rOmiLaYu]

Sell, buy an old RV and pull a Cousin Eddie until the market improves or you find something. Worst case you end up at an RV park until the market crashes.

The wife and I have talked about doing just this. We already own an RV and monthly rent at some places we have looked is less than 1/3 of our current mortgage payment. The one thing holding us back is the one bathroom in the RV. It works on vacation...but no way four people are getting ready for work/school every morning in one bathroom. That alone made us decide to ride it out.

 

[Fish Fry]

The largest investment co in US Glen Beck talks about them a lot and their intentions. they are buying up properties way over asking price causing the market to be this way.

BlackRock Stock Lost 30% YTD, What To Expect?

The improvement was primarily due to a 7% increase in base fees, coupled with a 12% growth in distribution fees, and an 11% rise in technology services.

www.forbes.com