Sister-in-law is selling their house. Had a showing, one of the interested parties ended up being the best man of the son of the previous owners, and was always interested in the house. They're so interested, they tell the SIL they'll pay nearly 100k over what the SIL originally paid. She gets to talking to her realtor, and she's told the family how says they won't pay more than $20k over appraisal, which she don't think will be close to what they were originally offered. Sounds like a tough situation. They had to move from IL to NC due to job transfer, so they can't really let the house just sit. Do you take a smaller, guaranteed offer; or wait a little longer to see if you get more offers?
I’d wait because if someone says $100k when they really mean $20k they’ll probably end up being difficult in other aspects of the negotiation
no clue when she bought it, what the market is like in Illinois, or what the house is listed for. 20k over appraisal is good in most markets (assuming it’s an average priced house and that’s 5% plus). 100k more than what his sister paid.
Without knowing the difference between the list price and the estimated appraisal, we just went through something similar. Got an offer slightly over list and then dealt with super unreasonable buyers after inspection. We decided to roll over on their demands to get it done and to avoid future showings and because we have some time constraints. It's probably decision of time vs. money, but I'd be hesitant to roll the dice if the issue is the appraisal depending on the list price since they may run into that issue with other buyers as well. If it's an $800k house, getting an appraisal waiver of $40-50k wouldn't scare me. If it's under $500k, I'd personally take it and be done with it.
Need some wifi help. I have Eero first-gen, I bought them 5 years ago and they've been ass the past few months. So I'm thinking of switching to something better. I have AT&T Fiber and have to use their modem but it just doesn't reach the entire house well so I'm using Eero also and have ethernet lines dropped around the house and using those as the access points. I was looking at Google Nest Wifi - but it looks like their access point hubs can't take an ethernet in. Any advice on what to get?
Honestly I gave up after son, best man, SIL, realtor and family. I’m just drinking beer and watching sports all day not making flow charts.
Basically house was bought for like 330k less than 5 years ago (it’s an old farm house). A buyer familiar with the house said they’d buy it for 420k. No clue if it’s even listed yet. After talking to realtors they said they wouldn’t pay more than 20k over appraisal. Current owners estimate it’ll be worth 380. I’m guessing their realtor told them to take their emotions out of it; the house isn’t worth 420k. I just wondered if you’d take their appraisal offer, or see if somebody else would offer higher. Guessing you can’t hold them to the 420 they said earlier. it’s a lot harder to explain over text, lol.
So you're talking about a potential $20k profit reduction to lock in the floor, all the while getting an appraisal waiver of 5%? I'd take it, man. Even if they get another buyer, it's risky to assume someone else may come out of pocket for more than 20k in cash.
I told my wife I'd advise them not to risk it, either. Take the guaranteed profit, especially since they're now living in NC opposed to IL.
In this market is crazy news. My dad bought a 5 acre lot about 15 years ago for 130K. It's a pretty awesome lot, end of a long street with only 2 other lots on the street, just outside city limits, couple creeks on it, etc. Always planned to build his dream house there but things never lined up and recently decided he would rather sale it to get a beach house. Tax value is now 330K but that doesn't mean anything in this market. Listed it for 800K yesterday which I thought was aggressive but it's a super unique property that you just won't find right now, so kind of said fuck it, lets see what happens. Already got an offer for 657K. Going to counter at 750K and see where that goes.
Rebates from the city or the electric company are pretty common But usually your hvac installing guy will know about those and tell you
"14 SEER vs 16 SEER: Cost & Long-term Savings Comparison" https://www.pickhvac.com/faq/14-seer-vs-16-seer/ Better comparison
This DFW market is uhhh...no joke. Been looking in earnest for about 5 weeks and using far three offers have been rejected, one was accepted but the inspection was a lot less favorable than we wanted, and the seller was not forthcoming with certain issues. Made another offer today, 16k above an already higher list price, so we’ll see. Our offer is roughly 25k above comps, so here’s to hoping we get to overspend!
Just found out that some neighbors sold their 2/2 1217sqft place for $60k over asking (asking $1.19M, sold in three weeks for $1.25M) Also just found out that there's a house in the neighborhood that's been on the market for 9 days with no sign out front, 2/1 1200sqft for $1.35M
some parts of Cali really going to become exclusively tech and finance millionaires living in houses like my grandparents but paying insane amounts
Rio Del Mar was developed in the 1920s as a weekend golf retreat for wealthy Bay Area types to come down and congratulate each other about how much money they had. Then came the Depression, which hampered development, and somewhere along the way all those 2/2 1300sqft vacation homes were bought up by people like us who actually wanted to live here year round instead of just visiting every other weekend (our house is newer and bigger, 4/3 2200sqft). The people next door live in Millbrae, next to SFO, and only visit their $1.2M weekend vacation house every once in a while
We have about a week to fix a couple more menial things for our crazy buyers, both of which are outdoors. When the weather prevents that from happening and they walk for a $100 repair, you can just buy my house for one of those fuckin' cookies that was mentioned earlier* *and some money
I’m putting an offer in tomorrow for 15k over asking of 225k, which I think was too low, with an escalation clause up to 25k over. Also appraisal waiver for up to 10k and potentially forgoing inspection contingency pending a quick look around in the crawl space. If this doesn’t get me the house I’m going to lose my mind.
Good luck, but the inspection waiver scares hell out of me. One thing our agent recommended was a big increase to the earnest money, if you're looking for ways to sweeten the pot.
Yea. The house looks like it was really well maintained, so I’m not too worried about something catastrophic showing up from the inspection. The current owners have slowly done updates/reno and are currently in the process of finishing up some other stuff. You can tell from the way they’ve done the work that they took care to do it well. I am putting down 5k earnest money. Not sure if upping that would help, especially since I don’t quickly have access to a lot of cash outside of my down payment money.
Inspection/ mortgage contingency waivers are all the new normal up here - if you really like a place, visit the house with a general contractor or an inspector who can highlight the trouble spots or give you a ballpark on how much some potential issue might take to fix.
I work for a commercial gc, so I feel pretty comfortable that I’m going to see things other people may miss/not look for, and can get a number in my head pretty quick for cost of the work. Obviously commercial construction and home building is different, but the principles are the same. But yes, I’ve lost three houses now to other buyers waiving contingencies/inspections. I was originally against it, but I’m never going to be able to compete as long as other people are waiving them.
I waived all contingencies last year for a couple of listings (including the one we bought) but that has been the trend in most competitive over the last few years here - it has only escalated since last summer with no signs of stopping.
Curious what the downside is there? It rolls into the down payment and you get it back if you bail in the option period, and as a seller I feel like a buyer would be less of a flight risk. We did it on our purchase, but maybe we goofed for some reason?
But it's not more cash, right? It doesn't change the down payment amount, you just prefund a portion of it. Since the appraisal waiver is more cash outside of the down payment, it seems like that would be a separate pool anyways.
Roof is on. Just need the end caps, doors, and a ramp and we can start moving stuff in. Plan is to add a loft as well, for additional storage. Inspector doggo checking things out.