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Thread: Home Buying

  1. #37
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    Re: Home Buying

    Quote Originally Posted by blah3 View Post
    Waive inspections too
    I would never waive inspections, unless a buyer knows lots about how a house is built and it's mechanicals. I strongly recommend against that when speaking w/folks. I've seen and heard many horror stories. That's just not sound advice to the average buyer.
    Last edited by blueridgemtnman; 06-02-2021 at 12:02 PM.





  2. #38
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    Re: Home Buying

    Quote Originally Posted by Culex View Post
    Sounds like another real estate crash is on the horizon if many people are buying this way.
    It is and people are just stampeding right into it. Down the road, they will be looking for someone to blame or bail them out. Playing the victim card. When whatever equity they might have had at one point is gone like the wind. Sit back and watch it unfold before your very eyes. All a part of the great transfer of wealth.





  3. #39
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    Re: Home Buying

    Quote Originally Posted by blueridgemtnman View Post
    It is and people are just stampeding right into it. Down the road, they will be looking for someone to blame or bail them out. Playing the victim card. When whatever equity they might have had at one point is gone like the wind. Sit back and watch it unfold before your very eyes. All a part of the great transfer of wealth.
    Yup. Heading towards disaster on a speeding train with no way to get off.
    "I support anyone's right to be who they want to be. My question is: to what extent do I have to participate in your self-image?" óDave Chappelle





  4. #40
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    Re: Home Buying

    Quote Originally Posted by NCRAVEN View Post
    Yup. Heading towards disaster on a speeding train with no way to get off.
    Oh, there's a way to get off that speeding train, it's just that people don't want to......we work hard all our life to build up equity and then just piss it away. It's no different than the stock market. Everyone clamors to jump in when things are steaming ahead and overpriced. The thing is, they know it and do it anyway. It's called a bubble for a reason and yes, it will burst. Where you are when it bursts is what matters, not unlike a Ponzi scheme.





  5. #41

    Re: Home Buying

    Quote Originally Posted by blueridgemtnman View Post
    I would never wave inspections, unless a buyer knows lots about how a house is built and it's mechanicals. I strongly recommend against that when speaking w/folks. I've seen and heard many horror stories. That's just not sound advice to the average buyer.
    Sure, its sound to have inspections. But in todayís market itís practically a must to waive them. You are very unlikely to get selected if you dont.





  6. #42

    Re: Home Buying

    Quote Originally Posted by blueridgemtnman View Post
    I would never wave inspections, unless a buyer knows lots about how a house is built and it's mechanicals. I strongly recommend against that when speaking w/folks. I've seen and heard many horror stories. That's just not sound advice to the average buyer.
    Seems like waiving inspection just means you are agreeing you can't use that as as a condition to back out of a contract or squeeze the seller. I thought that was more what it meant. You should of course always use one anyway so you don't get fucked. Termites, foundation, electrical issues, HVAC inspection (like looking for hole in heat exchanger WHICH HAPPENED TO ME AND MY INSPECTOR SAVED ME). So basically you have a guy look at the house during open house or at an agreed upon time and then put down a contract where you waive the inspection.





  7. #43
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    Re: Home Buying

    Quote Originally Posted by blah3 View Post
    Sure, its sound to have inspections. But in today’s market it’s practically a must to waive them. You are very unlikely to get selected if you dont.
    I get it. But, that's just buying into the hoopla, doing something you know is not right, just so you get what you want. I still wouldn't do it and will always recommend people not doing so. To each their own, though. People have to live w/their choices. Maybe down the road, when they find out all what's wrong w/the overpriced moneypit they bought, they can just say...."but everyone else was doing it" and that'll make it all better.





  8. #44
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    Re: Home Buying

    Quote Originally Posted by bandc View Post
    I just offered 36k over list plus fully covered taxes plus 10k appraisal gap and still nothing. I'm about to give up on this thing.

    Sent from my SM-N986U using Tapatalk
    Dude, this ain't the time to buy then. Rent and wait, this is a massive bubble if that's the case.





  9. #45

    Re: Home Buying

    Quote Originally Posted by bandc View Post
    I just offered 36k over list plus fully covered taxes plus 10k appraisal gap and still nothing. I'm about to give up on this thing.

    Sent from my SM-N986U using Tapatalk
    Bidding over list is important but not always the most important thing especially if some of it is tied up in an escalator clause.

    Earnest money is important.
    Waiving the inspection helps a lot too.

    Escalator clauses won't do you any good if you are competing with someone that is placing down a lot of earnest money and willing to waive inspection.

    We had a couple that couldn't believe they didn't get our last house since they put in an escalator clause that was 15K more than what we sold for. The reason we didn't sell to them was after the escalator they were only offering 1K more than the next highest bidder but that couple put down a ton of earnest money and waived the inspection. Had the one couple offered the amount they were willing to pay rather than create an escalator clause we would have sold to them.

    That's just a word of advice based on a real world scenario.





  10. #46

    Re: Home Buying

    Quote Originally Posted by Greg View Post
    Dude, this ain't the time to buy then. Rent and wait, this is a massive bubble if that's the case.
    I'm totally gonna pull the "expert card" I work in the RMBS industry, there is a huge bubble right now. Just wait, once it deflates it'll be to anyone's advantage.

    They hype about rates rising is a joke, this will all reset to 2% rates.





  11. #47
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    Re: Home Buying

    Quote Originally Posted by BuryRaven View Post
    I'm totally gonna pull the "expert card" I work in the RMBS industry, there is a huge bubble right now. Just wait, once it deflates it'll be to anyone's advantage.

    They hype about rates rising is a joke, this will all reset to 2% rates.
    I can't believe we were stupid enough to do this again in less than 15 years since the last one. There might be a year or two left in this run but I can't see much more.

    It's a shame it isn't 10-15 years from now when I might want to sell and downsize.





  12. #48

    Re: Home Buying

    Quote Originally Posted by Greg View Post
    I can't believe we were stupid enough to do this again in less than 15 years since the last one. There might be a year or two left in this run but I can't see much more.

    It's a shame it isn't 10-15 years from now when I might want to sell and downsize.
    I'm not sure how much of this is the same issue. The GSEs still exist, PMI is a thing. IDK. I'm renting until the drop is so bad I can pay cash for near 75% the value. I'm looking at 1 to 1.5 mil houses today, they should be priced at 40%-60% their current valuation if equilibrium is still a thing.

    My wife's family has a place in georgetown, they could get 2-3 mil for it, 2 years ago the value was 750k. This is way off.





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