Real Estate Crash thread

[RootSkier]

Sellers' agents never say what the other offers were, but simply come back with "Make your last best offer." Umm, nope.

You are right, it's often not about the actual amount but about the best terms and most likely to actually close. I used to put out the multiple counter offers and tell buyers' agents to bring the best terms. My clients sometimes ended up with buyers who had no inspection contingencies, and all other contingencies other than the title commitment had to be wrapped up within 10 days. Then, if the buyer flaked, sellers got to keep the earnest money. But the buyers never flaked in those scenarios.

[grrrr]

Well, it looks like the Denver boom is spreading. House across the street sold today after 3 years on the market.

[4matic]

A couple pictures of the short sale/flip house. Staged it myself with some junk lyin around:

[El Chupacabra]

^^^ That looks great. No need for a professional photographer with pics like that.

[4matic]

^^^ That looks great. No need for a professional photographer with pics like that.

Thanks. I staged it myself but hired a professional photographer. $150 was worth it but he wasn't very creative. I had to coach him on what I wanted and I think he used too much light in some of the interior pictures. Most of that furniture is free stuff from garage sales in the hood.

[sfotex]

Housing in east side Salt Lake is going crazy. Put in an offer over the weekend on a house that have been on the market 24 hours, they have 6 offers on the table 72 hours later...

[concretejungle]

Housing in east side Salt Lake is going crazy. Put in an offer over the weekend on a house that have been on the market 24 hours, they have 6 offers on the table 72 hours later...

Do you think the husband forgot to tell his wives which one was supposed to make the offer?

[13]

We got ours for asking after the appraisal came in $8k below offer - apparently appraisals are coming in low all over the place. Sellers can't be too happy about this.

As a first-time buyer, I'm thrilled. 3.625% 30 yr in one of the best public school districts in SE MI. Booya.

[13]

Thanks. I staged it myself but hired a professional photographer. $150 was worth it but he wasn't very creative. I had to coach him on what I wanted and I think he used too much light in some of the interior pictures. Most of that furniture is free stuff from garage sales in the hood.

Does that place have a garage? Basement? What's the ft^2?

Still amazed by CA real estate pricing. Ridiculous.

[4matic]

Does that place have a garage? Basement? What's the ft^2?

Still amazed by CA real estate pricing. Ridiculous.

1000 sf. No basement. No garage

[shroom]

those pictures look good though, i spend half my time on redfin bitching about cell phone snaps and shitty HDR images. well-done pictures can definitely get someone in the door.

[iceman]

1000 sf. No basement. No garage

Damn, tiny place. Pics look good though. Definitely makes it look bigger than 1000.

[meatdrink9]

Here's a follow up tale on the one Denver property we listed. 2 offers immediately (blind, no showings). Lowball offers. Had a 2-day open house over a weekend. Had 20+ showings each day. Got a full price offer from a young couple, first time home buyers, wanted to fix up house etc... It had been a rental for us for nearly 10 years and living out of state I haven't maintained it as well as my other properties. We took the offer. The first time home buyers got cold feet after the inspection. Part of the deal was I needed to have the tenants out prior to move-in so I'd already given them notice. D'oh!!! We put the home back on the MLS and within hours have a cash offer from one of the other groups that saw the home for $27,000 over asking and closing a week earlier. Their inspection deadline was yesterday so fingers crossed this comes through. I bought and held 20 properties through the crash. Excited to see it pay off and RE feel liquid again, it all cash flows, but nice having options for quick payouts again. Wanting to start a few other businesses.

[Tips^Up]

Bought a house yesterday. I'm rich.

[Tips^Up]

Good luck closing yours MD9. Had some serious issues at the 11th hour on mine. Then again at the 11:30th hour. Then another issue at the 11:59th hour! But it all worked out for the best. It'd been under contract since February. With the way things are selling now, I should refi equity into it ASAP!

[IVplay]

Market here in Canada is stagnant.

Edit: ill never forget toronto in the glory dayz. My mom payed 100k over asking for my current house. Crazy!

[MontuckyFried]

Had some serious issues at the 11th hour on mine. Then again at the 11:30th hour. Then another issue at the 11:59th hour! But it all worked out for the best. It'd been under contract since February. With the way things are selling now, I should refi equity into it ASAP!

Geez. Same thing here. I've been under contract since March 1st. Every step of the way has been held up, so we had to get an amendment from the seller extending the closing date. Every time we think we're good, the bank will call up asking for something stupid, or the appraisal's still taking forever, or...

We are supposedly closing the end of next week for realz, but I'm getting nervous because the bank STILL hasn't received the appraisal and they HAVE to get all their paperwork into the title company by this Friday. Freaking two months to get a house? I was told that appraisers out of Bozeman are behind about 6-8 weeks. I'm in the wrong freaking line of work! Maybe I should be an appraiser. Sheesh.

Also, anybody else getting hassle from the banks? They are offering amazing interest rates right now, but they seem to be extreeeeemely tight with their lending right now. I'm as good of a borrower as a bank could ever dream of having, yet I've been put through the ringer worse than a tax audit! You would not believe the amount of documentation they've made me provide. They've questioned just about everything possible, and are still being weird about it. These are no longer the days where all you'd need is some cash down, proof of assets, a few paystubs, some W-2s, and a healthy credit report.

[4matic]

You would not believe the amount of documentation they've made me provide. They've questioned just about everything possible, and are still being weird about it. These are no longer the days where all you'd need is some cash down, proof of assets, a few paystubs, some W-2s, and a healthy credit report.

Patriot act. That's what my mortgage broker told me. All money has to have a documented trail for at least 90 days.


Money Laundering

International terrorists sometimes finance their operations by laundering money using real estate transactions. The Patriot Act stops some of this activity as well as helps lenders detect mortgage fraud. The organization buys a house and then sells it several times to other known associates, each time raising the price of the home. Eventually, they sell the home for well more than it is worth, then send the money to their terrorist leaders and associates. Because the money comes from a title company, the wire usually isn't questioned. The wire sends the funds to an overseas account where it is transferred several times and eventually winds up into the terrorists' hands.

Disclosure

Mortgage companies must provide the borrowers with the Patriot Act disclosure as part of the normal loan process. This document requires the borrowers fill out the form with their names, addresses, dates of birth and Social Security number or tax ID number. The borrowers do not sign and date the document. The loan officer who takes the application signs it once she verifies the borrowers' identity using two of the required forms of identification.


Read more: Mortgage and the Patriot Act | eHow.com http://www.ehow.com/info_8275191_mor...#ixzz2QjP7oCsM

[Hugh Conway]

Suddenly they feel they need to comply with the Patriot Act 12 years later? That sounds bullshit when they didn't give a crap during the boom.

[4matic]

Suddenly they feel they need to comply with the Patriot Act 12 years later? That sounds bullshit when they didn't give a crap during the boom.

Just sayin.. I had hassle's after a loan funded and prior to final record because I moved some money around.

[MontuckyFried]

Patriot act. That's what my mortgage broker told me. All money has to have a documented trail for at least 90 days.


Money Laundering

International terrorists sometimes finance their operations by laundering money using real estate transactions. The Patriot Act stops some of this activity as well as helps lenders detect mortgage fraud. The organization buys a house and then sells it several times to other known associates, each time raising the price of the home. Eventually, they sell the home for well more than it is worth, then send the money to their terrorist leaders and associates. Because the money comes from a title company, the wire usually isn't questioned. The wire sends the funds to an overseas account where it is transferred several times and eventually winds up into the terrorists' hands.

Disclosure

Mortgage companies must provide the borrowers with the Patriot Act disclosure as part of the normal loan process. This document requires the borrowers fill out the form with their names, addresses, dates of birth and Social Security number or tax ID number. The borrowers do not sign and date the document. The loan officer who takes the application signs it once she verifies the borrowers' identity using two of the required forms of identification.


Read more: Mortgage and the Patriot Act | eHow.com http://www.ehow.com/info_8275191_mor...#ixzz2QjP7oCsM

Hmmm. They did give me the disclosure at the very beginning come to think of it. So it's not necessarily that they have a problem with me, but that they are legally required to question everything. Sure does make it a pain now, but the reasoning makes sense I suppose.

Suddenly they feel they need to comply with the Patriot Act 12 years later? That sounds bullshit when they didn't give a crap during the boom.

Seriously. Funny how NOW they decide to follow the law to the very letter. How convenient.

[Benny Profane]

Patriot act? Oh fucking please.

[MontuckyFried]

Just sayin.. I had hassle's after a loan funded and prior to final record because I moved some money around.

That's one of the things they gave me crap for. I moved money from some of my investment accounts to my bank account for the very purpose of the down payment. I had proof of it on the statements, the transaction details, etc. But no, that wasn't good enough. They wanted me to write some lengthy letter about it. They also wanted statements from our financial advisers and our CPA. It's gone from one extreme of easy lending to the other extreme of being a royal PITA.

[Hugh Conway]

meanwhile Mainland chinese who are actually laundering money don't have a problem

well, unless they don't get all of the control in their crappy Bay Area condo mega-projects. then they quit and sulk. if they were actually ever serious in the first place

[Benny Profane]

It's because they don't want to lend you a large amount of money at rock bottom interest rates for thirty years, without protection from the taxpayers, which means satisfying some balding cube dweller in DC.