So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
That’s that bullshit .Just when you think this shit can't get any worse.......
I just put a bid in on a house I really wanted on Monday which I didn't actually expect to win but it turns out I put in the highest bid and won
Despite the bid deadline passing the realtor selling on behalf of the owners went back to two people who bid less than me and the owners ultimately took their bid because they were willing to skip the home inspection and cover the difference in cost in the event the home appraises for less than they agreed to pay
I swear that shit was a gut punch.
It's one thing to be outbid but to find out you bid the highest amount and still lose because of some goofy shit really makes the shit seem unfair and hopeless
I hear you but this isn't about us although we are affected by it obviously.
This was inevitably going to happen as we emerged from the COVID pandemic which isn't exclusive to the housing market.
What we're experiencing now is essentially the housing market version of the Xbox Series X/Playstation 5 shortage which drove up prices ridiculously.
Which Vancouver neighbourhoods have the cheapest rents?
There are still 10 neighborhoods in Vancouver where the average one-bedroom apartment is less than $2,000 a month – a relative bargain as rates continue to climb, according to a recent report.
That shit is mad unethical, and reminds me of the types a dirty tricks they used to keep black people from buying certain homes back in the sixties and seventies. If you are working with an agent ask them to put you in touch with their broker, and see it he or her will talk to the selling agents broker. Not sure what can be done now, but you might have a legal case, via Equal Housing Opportunity laws.Just when you think this shit can't get any worse
I just put a bid in on a house I really wanted on Monday which I didn't actually expect to win but it turns out I put in the highest bid and won
Despite the bid deadline passing the realtor selling on behalf of the owners went back to two people who bid less than me and the owners ultimately took their bid because they were willing to skip the home inspection and cover the difference in cost in the event the home appraises for less than they agreed to pay
I swear that shit was a gut punch.
It's one thing to be outbid but to find out you bid the highest amount and still lose because of some goofy shit really makes the shit seem unfair and hopeless
The bold part is 100% false.
My wife‘s ideas of a home is bigger than what’s on the market. She knows this, but has a hard time accepting it. And I’m like, we ain’t never getting out of here until she tones down her expectations some.
If you buying in the market you’re mostly going to be settling for something. Because what you want, hundreds of other mofos want it too.
I only meant you have someone to be miserable with that can understand what you are going through but it sounds like she's also contributing to it lol
Fam, wifey and I had a moment today
She ain’t too happy with the process and I like “But you knew what we was getting in to. What don’t you understand?”
Just when you think this shit can't get any worse
I just put a bid in on a house I really wanted on Monday which I didn't actually expect to win but it turns out I put in the highest bid and won
Despite the bid deadline passing the realtor selling on behalf of the owners went back to two people who bid less than me and the owners ultimately took their bid because they were willing to skip the home inspection and cover the difference in cost in the event the home appraises for less than they agreed to pay
I swear that shit was a gut punch.
It's one thing to be outbid but to find out you bid the highest amount and still lose because of some goofy shit really makes the shit seem unfair and hopeless
We just put in an offer today.
Crib dope as fuck too.
Sorry to hear you lost, however, you know what’s happening and what you need to offer.
That shit is mad unethical, and reminds me of the types a dirty tricks they used to keep black people from buying certain homes back in the sixties and seventies. If you are working with an agent ask them to put you in touch with their broker, and see it he or her will talk to the selling agents broker. Not sure what can be done now, but you might have a legal case, via Equal Housing Opportunity laws.
No case, fam. Sellers can take whatever they want regardless of what you put in.
Buyers are at 100% of the mercy of the seller.
Agent wanted me to offer a 30-day closing because it looks more attractive. I said my mortgage company said it could take up to 45. Called my mortgage company and they said they can close in 30 days but not guarantee. So if I offer the seller 30 day closing and the process takes a day longer, I would lose my due diligence and the seller can pull from the contract.
Told my agent I can’t offer 30 day closing. It’s too unsettling to think I could lose my due diligence because of something that is out of my control.
That shit is mad unethical, and reminds me of the types a dirty tricks they used to keep black people from buying certain homes back in the sixties and seventies. If you are working with an agent ask them to put you in touch with their broker, and see it he or her will talk to the selling agents broker. Not sure what can be done now, but you might have a legal case, via Equal Housing Opportunity laws.
I hear you but its not really a matter of ethics or discrimination in a lot of cases right now.
This is a sellers market and they're all talking advantage of which I can't be mad at since I'd work this to my advantage too if I were in there position. When you're able to get more money, guaranteed and quicker you're definitely going to take it.
It's fucked up but I have to respect it.
However, I can't front like I'm not aware of the discrimination that we face when purchasing (and selling) a home which is just another thing that complicates this process for us.
Which is why I switched realtors and started working with a sister after my first week of looking for houses. I needed to work with someone who understands what I'm facing and why moving to certain areas is a no go for me without me having to say anything.
But I can honestly say that so far, with this market as it is now, the only factors that have cost me a home have been greed and desperation/panic (from other buyers.)
Fam, wifey and I had a moment today
She ain’t too happy with the process and I like “But you knew what we was getting in to. What don’t you understand?”
Thanks, I appreciate it and good luck to you and wifey with getting that house.
This.
When trying to buy a house in this climate you have to live by those Kenny Rogers lyrics: "You've got to know when to hold 'em, Know when to fold 'em, Know when to walk away, Know when to run"
Housing bubble ain't going to be bursting anytime soon. You can get that out your head, corporations own most of these homes and I don't see them going belly up. Negroes will have to do what we did in the past as illustrated in Lovecraft Country and start living in border houses.
4 Dimensional
Then such tactics can be used against anyone to steer and control what kinds of buyers prevail. I still think it would be worth talking to the associated brokers. Are you an agent @4 Dimensional?
No, sir. I’m just in the process of trying to buy a house. So I have been doing a lot of reading and communicating.
You could try and bring up a case, but it would be hard to prove any discrimination even if it existed.
There is an obvious class discrimination, but there is really nothing you can do about it when prices are inflated across the board.
Yeah, just sucks to be on the buying end right now. And if you're black you have the market, and the prevailing culture against you.
I know that’s not about us. I’m sayin they picked a damn good time to offer housing programs to us. When they’ll probably mean nothing what so ever
I hear you, it is fucked up timing.
Same for me. I finally get myself in the perfect position to purchase a home and shit goes completely left
The game is rigged.
let’s say there is a house worth 370k. Pre-2022 (with exception of Cali), you put in an offer.
You offer 5k over the asking price and 20k in due diligence money (that you will not get back, but does go towards your down payment).
Here is the fucked up part. That offer isn’t good enough, not because of the due diligence, but because it isn’t high enough over the asking price.
So people comes in and says they’ll pay 50k over the asking price for that same house, which would have that at 420k. The problem therein becomes the appraisal. If the appraiser values the house at 390k, then the bank will only approve you for what the house is worth, thus you will have to make up the 30k difference out of pocket on top of the due diligence you offer which is usually 5% of the house value. So a person will have to come up off at least 50k out of pocket.
IF YOU CAN’T COVER THE OVERAGE, THE SELLER HAS THE RIGHT TO PULL FROM THE CONTRACT AND KEEP YOUR DUE DILIGENCE MONEY.
In order words, you have to have cash in this market. And don’t make an offer you can’t cover.
I don’t want to go over the asking price too much because there is no way of telling what the appraisal will come back as because that’s during the due diligence period.
It’s completely rigged. Discouraging. I’m not breaking my savings I worked hard for to just buy a house. Makes no sense to do that. I’m trying to move in with at least 4 to 5 mortgage payments already in savings.
let’s say there is a house worth 370k. Pre-2022 (with exception of Cali), you put in an offer.
You offer 5k over the asking price and 20k in due diligence money (that you will not get back, but does go towards your down payment).
Here is the fucked up part. That offer isn’t good enough, not because of the due diligence, but because it isn’t high enough over the asking price.
So people comes in and says they’ll pay 50k over the asking price for that same house, which would have that at 420k. The problem therein becomes the appraisal. If the appraiser values the house at 390k, then the bank will only approve you for what the house is worth, thus you will have to make up the 30k difference out of pocket on top of the due diligence you offer which is usually 5% of the house value. So a person will have to come up off at least 50k out of pocket.
IF YOU CAN’T COVER THE OVERAGE, THE SELLER HAS THE RIGHT TO PULL FROM THE CONTRACT AND KEEP YOUR DUE DILIGENCE MONEY.
In order words, you have to have cash in this market. And don’t make an offer you can’t cover.
I don’t want to go over the asking price too much because there is no way of telling what the appraisal will come back as because that’s during the due diligence period.
It’s completely rigged. Discouraging. I’m not breaking my savings I worked hard for to just buy a house. Makes no sense to do that. I’m trying to move in with at least 4 to 5 mortgage payments already in savings.
Wifee and I have A+ credit. Our income to debt ratio is great. We lease our cars and those aren't considered debt either.
I was thinking of selling my house (plenty of equity) and renting until housing comes back to earth. My problem is that I hate moving... Lol. And if I haven't done it by now, I'll probably just hold on to it.
Renting is over priced and there is no time of when the market will correct itself and what that even looks like when it does.
It definitely have to be a big decision on your end.
Last edited:
That is mothafucking crazy. We lucky as fuck we started this mid 2020. Even then it was wild crazy with over bidding but prices were not nearly as crazy as now. Houses we looked at were in the 600-650 range. Those same size/ style houses are going for 800-850 now. The house we bought was appraised at 750 and we paid 620 for it. If we sold now I’m sure we could get 800. Problem is there’s no houses less than 700k so it’s a wash. We’d get out bid by all cash rich people.
The way these interest rates are going, shit will have to give. Can't have all cash buyers and second home buyers sustain shit.
We just found out our offer wasn’t accepted. We didn’t offer enough over the listing price.
Sorry to hear that
It'll happen though
it’s all good.
I just created an excel sheet with estimates to see how I can make my best offer.
I’m basically seeing estimate appraisal values and how much I’m willing to offer over the potential appraisal value.
I estimate that houses will be appraised 5% over the listing price in this current market. Of course that varies depending on the area you’re trying to move in to. So that means I am willing to offer 7% over the listing price. Which is 2% over the estimated appraisal value.
Right now, I’m only willing to do 5% of the listing price for my due diligence. I could lower the due diligence and put that on the back end on what I am willing to pay over the listing price.
my math may be off, but trying to find my best offer and how I can leverage what I got in my account. I feel like I’m overdoing all of this.
Your attorney can handle that. Do your thing.
Why not? Houses appreciate more than anything else , provided it’s in a good location. They are also more enjoyable. If I were single I’d still live in a 4000 Sq Ft home.
Last edited:
Shit is just nuts right now. You’re up against 5-10 people who are willing to go well over asking.
Yeah you have to try all sorts of weird shit. One house we were out bid on the buyers offered 50k cash over asking and a new Range Rover. It’s like why not just offer 150k cash over. The faggots accepted that. Apparently they had a family and wanted an suv without having to haggle for a car.it’s all good.
I just created an excel sheet with estimates to see how I can make my best offer.
I’m basically seeing estimate appraisal values and how much I’m willing to offer over the potential appraisal value.
I estimate that houses will be appraised 5% over the listing price in this current market. Of course that varies depending on the area you’re trying to move in to. So that means I am willing to offer 7% over the listing price. Which is 2% over the estimated appraisal value.
Right now, I’m only willing to do 5% of the listing price for my due diligence. I could lower the due diligence and put that on the back end on what I am willing to pay over the listing price.
my math may be off, but trying to find my best offer and how I can leverage what I got in my account. I feel like I’m overdoing all of this.
Don’t you fucking touch that 2.5 % loan that you got. Just take out a home equity line and deal with it otherwise your new loan will be 5.75%
Damn.
Wow that's crazy...Damn hate hearing this because I am thinking of moving to Charlotte, NC from DC in the next year....