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Old 05-06-2013, 10:48 AM  
El Jefe El Jefe is offline
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Housing market is down? LOL, yeah right.
All the realtors in our area keep saying its a buyers market right now, no freakin way. Looking at some houses/land in a couple different areas, bear in mind that these areas aren't the best areas. They are selling 2 acre plots for $75k, not bad huh, deed restriction madates the house must be 2500 square feet w/o the basement. The average cost of the houses going up by my grandpas house is 450k-500k. Who in the midwest can afford a 500k dollar house? Let alone a development of them.

So, if you go out into the country a little bit, acres are selling for 18-21k right now (undeveloped land), sweet sassy mollassy! Hows the market in your area?
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Old 05-07-2013, 10:34 AM   #91
El Jefe El Jefe is offline
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Quote:
Originally Posted by mikeyis4dcats. View Post
why can you not see the house? you may not be able to withdraw your offer and tender a new one, but no reason you can't keep shopping.
I thought the same thing. The lawyer for this particular real estate company told me that I should have no interaction in looking, shopping or offering on a house.
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Old 05-07-2013, 11:00 AM   #92
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Originally Posted by El Jefe View Post
I thought the same thing. The lawyer for this particular real estate company told me that I should have no interaction in looking, shopping or offering on a house.
Thats asinine. You can go look at homes even when you have a valid contract on a home.
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Old 05-07-2013, 11:02 AM   #93
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I wish I was able to buy now. but, not in the cards. probably not until another 3 years-ish.

I'm sure by that time, it'll be a sellers makret. ....yay for me.
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Old 05-07-2013, 11:20 AM   #94
El Jefe El Jefe is offline
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Quote:
Originally Posted by mikeyis4dcats. View Post
Thats asinine. You can go look at homes even when you have a valid contract on a home.
I thought the same thing, but I figured I would sit on my hands if they say thats what I need to do.
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Old 05-07-2013, 11:22 AM   #95
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Originally Posted by El Jefe View Post
I thought the same thing. The lawyer for this particular real estate company told me that I should have no interaction in looking, shopping or offering on a house.
Is this your buyer's agent lawyer or someone working for the sellers agent?
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Old 05-07-2013, 11:25 AM   #96
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Originally Posted by El Jefe View Post
I thought the same thing. The lawyer for this particular real estate company told me that I should have no interaction in looking, shopping or offering on a house.
right....it isn't because you can't it is because they are afraid you will change your mind and buy elsewhere from someone else.
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Old 05-07-2013, 11:37 AM   #97
El Jefe El Jefe is offline
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Originally Posted by Chazno View Post
Is this your buyer's agent lawyer or someone working for the sellers agent?
My agent.
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Old 05-07-2013, 11:48 AM   #98
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Originally Posted by El Jefe View Post
My agent.
That is what I figured. Hes just making his case stronger in the event the other party does file suit. If you were to offer on that other house the next day the parties from house 1 could say you were just using the inspection as an excuse. The less chance the parties from house 1 think they have, the less likely they'll file. You could still proceed ,but if they file suit you are instantly out significant money in legal fees even if you win.
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Old 05-07-2013, 11:51 AM   #99
El Jefe El Jefe is offline
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Originally Posted by Chazno View Post
That is what I figured. Hes just making his case stronger in the event the other party does file suit. If you were to offer on that other house the next day the parties from house 1 could say you were just using the inspection as an excuse. The less chance the parties from house 1 think they have, the less likely they'll file. You could still proceed ,but if they file suit you are instantly out significant money in legal fees even if you win.
He emailed me a bit ago, and I just got to it. Your post pretty much sums it up.
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Old 05-07-2013, 11:59 AM   #100
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Originally Posted by El Jefe View Post
Listen to this little predicament I find myself in. My wife and I have been looking to purchase our first house. We offer on a short sale, and then find another we like better, so we retract offer on said short sale house. We then look at this house a couple times, we like what we see, so we decided to put an offer on it. We bartered back and forth, and came to an acceptable price for both parties. We sent in the inspector and he found some major issues. We then (per our written agreement/contract) withdrew our offer from the house. They now are threatening to take us to court (which they really cant), the bad thing is that the legal counsel has said we cannot do anything for a week. The reason this sucks is a house we direly wanted fell out of contract yesterday, so we cannot see it for a week, I hope it lasts lol.
Just wondering. What were the major issues that the inspector found?
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Old 05-07-2013, 12:05 PM   #101
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Just wondering. What were the major issues that the inspector found?
The guy who was selling the house was apparently one of these "Tim Taylor" home improvement types of guys. When we first looked at the house minus the inspector, I noted things that caught my eyes. Wiring that wasn't done correctly IMO.

The seller said the roof had been replaced. When our inspector got up on the roof he could lift three rows of shingles off, apparently it was not fastened down correctly, and he found a lot of rotten wood. No installation in the attic at all. The duct work on the house was not done correctly, two rooms had no duct work going to them. The basement foundation had accumulated water from a leak he found in the wall. He also found major wiring issues, and a sizeable hole in the floor under the fridge.
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Old 05-07-2013, 12:05 PM   #102
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I had him estimate it and then had another guy give me a comparable estimate. They estimated 15-20k for necessary repairs.
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Old 08-01-2013, 05:57 PM   #103
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I have a friend who is a mortgage broker who told me today that mortgage rates will be the highest in years tomorrow after today's financial news. He said mortgage bonds took a hit today.
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Old 08-01-2013, 06:47 PM   #104
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The housing market tanked in 2005 - 8 years ago. Entire homebuilders have closed shop and housing starts dried up to a trickle. It can't stay that way forever. We won't be going back to the peak bubble prices anytime soon, but the housing crash just can't last forever. A lot of inventory has dried up, especially at the low end of the market.
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Old 08-01-2013, 06:48 PM   #105
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I have a friend who is a mortgage broker who told me today that mortgage rates will be the highest in years tomorrow after today's financial news. He said mortgage bonds took a hit today.
The bond vigilantes have been waiting about 10 years for this. Bernanke and the Fed kept the shell game going as long as they could.
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