Family can't move into house they bought

[tyecopeland]

Story involves covid eviction issue and California law so might end up in dc.

https://www.foxla.com/news/couple-buys-riverside-dream-home-but-seller-refuses-to-move-out-in-eviction-moratorium-loophole

Added article in spoiler for those who don't like clicking links.


RIVERSIDE, Calif. - When Tracie and Myles Albert purchased a beautiful four bedroom house in Riverside, California they never realized that at the end of escrow the seller would suddenly refuse to give up the keys and leave.

"It’s just draining, emotionally and financially," says Tracie. On January 31, 2020, the couple purchased the home. More than a year later, they still haven’t been able get inside their property. Chris Taylor is the Real Estate Agent who sold the house to the Alberts from a man who wanted to sell immediately.

"He needed $560,000 from the sale of his house in two weeks and he called me on a Sunday, so in traditional real estate there's no way of doing that unless the buyer’s a cash buyer," says Taylor.

Since the house was free and clear and worth more than $560,000 the Alberts felt it was a great deal.


"It took us scrambling to get everything we had, our life savings put together and a hard money loan on top of it to make that happen," Myles stated.



During escrow they discovered there was a $30,000 tax lien on the house which slowed things down, but in the end, all parties signed on the dotted line and the sale was completed.

"We own the house, outright. That's our house and it's all in a contract, written, legal, done. He's been paid the money in his account. How could we have no rights to go into our home," asked Myles.

FOX 11 News tried to speak with the seller but when reporter Gina Silva knocked and announced herself, no one came to the door.

Taylor says, "It’s genuinely unfathomable to me that we live in a state where something like this is even possible. They closed escrow on this home January 31, 2020." The Alberts and Taylor have contacted authorities and tried to get the seller evicted but because of the pandemic, they’ve gotten nowhere.

"They have this case under a COVID tenant situation, of no evictions when it doesn't fall under that at all. This transaction went through in January 2020 before any of that, it isn't a renter who was getting thrown out. It's the guy who collected all of this money," stated Myles.


Eviction Attorney Dennis Block says, "This year alone, we’ve handled at least 7 maybe 8 cases of this exact type of situation."

He says people purchasing homes need to be extremely cautious, especially if they notice any red flags during the process. Block says what’s happening to the Alberts could happen to anyone.

"This person is not a tenant, it’s a previous owner who is enjoying the benefits of the money that was transferred to his account but of course doesn’t want to move out of the premises that he no longer owns," Block stated.

The Alberts filed an unlawful detainer but because of the California eviction moratorium, the case has been stalled. Time is simply passing by and the immaculate house they fell in love with is now becoming an eyesore.

Tracie says, "I tried watering the lawn one time and he came out and ripped my sprinkler lines, ripped all the wires. The Palm trees are dying, everything was beautiful and everything is dying."

Her frustrated husband says when he contacted law enforcement, they told him, "If you were in Arizona, if you were in Nevada, this wouldn't be a problem, you would just go take your house back. But in California, like our hands are tied, even though we're on your side, there's nothing we can do."

[TLO]

This house lived close to you?

[DJJasonp]

thats brutal.

It would take all I had not to go crazy/violent....

[Jewish Rabbi]

Two takeaways

1 - Don’t live in California.

2 - I’d fuck the lady who bought the house.

[Munson]

Squatters deserve a special place in hell.

[GloucesterChief]

Owners should get a shotgun and do the eviction themselves. Dude is trespassing.

[displacedinMN]

i would say shut off utilities but that would not end well either
put a tent over that house and have it fumigated

time to start blaring the loud music

I do not understand how he has any legal right to be there even under covid rules. He is not a legal resident, he SOLD the house. But it is Kalifonia.

[notorious]

Hire a crew that will go in and beat the ever-loving shit out of him.

[wazu]

i would say shut off utilities but that would not end well either
put a tent over that house and have it fumigated

time to start blaring the loud music

I do not understand how he has any legal right to be there even under covid rules. He is not a legal resident, he SOLD the house. But it is Kalifonia.

I'm guessing he has utilities in his name and is paying them. That's why he destroyed the sprinkler system.

[Rain Man]

I'm curious what the loophole is. The guy is not a renter. It seems like you just pull your moving truck up, start moving in, and then tell the police you've got a trespasser. You've got to think the police would be sympathetic in this situation.

[Johnny Vegas]

Time to break the law and physically remove the douchebag from the house. Go to court, open a gofundme to pay for legal fees. Problem solved.

[tyecopeland]

Worst part of it is isnt the landscaping. It is the fact that he is likely to be tearing up the inside of the house too. Or at least letting it go to complete shit. Probably going to a huge fixer upper whenever it does get settled.

[Kellerfox]

I'm curious what the loophole is. The guy is not a renter. It seems like you just pull your moving truck up, start moving in, and then tell the police you've got a trespasser. You've got to think the police would be sympathetic in this situation.

Unfortunately, In all states, tenancy is established after a few days or weeks staying in a location regardless if you are paying or have a contact. Per law, the squater gentleman established himself as a tenant and has a "right" to be there. He can only be removed willingly or through a formal eviction process (which is paused in most states right now - not just California). Stories like this are happening everywhere right now and aren't uncommon.

The weird part about this story is that it actually happened/started before COVID (Jan 2020). It was always his plan to not vacate after sale, the COVID loophole just offered him greater protection. Makes him a special kind of assh*le and I hope the buyers are able to find a good lawyer than can get them $$$$$$$ damages after eviction.

[Deberg_1990]

I'm curious what the loophole is. The guy is not a renter. It seems like you just pull your moving truck up, start moving in, and then tell the police you've got a trespasser. You've got to think the police would be sympathetic in this situation.

Yea. What’s the point of this loophole in the law?

[notorious]

Unfortunately, In all states, tenancy is established after a few days or weeks staying in a location regardless if you are paying or have a contact. Per law, the squater gentleman established himself as a tenant and has a "right" to be there. He can only be removed willingly or through a formal eviction process (which is paused in most states right now - not just California). Stories like this are happening everywhere right now and aren't uncommon.

The weird part about this story is that it actually happened/started before COVID (Jan 2020). It was always house plan to not vacate after sale, the COVID loophole just offered him greater protection. Makes him a special kind of assh*le and I hope the buyers are able to find a good lawyer than can get them $$$$$$$ damages after eviction.

That's the worst part, they will receive damages, but this guy is worth NOTHING, so the new owners are fucked

[Mecca]

I'm curious what the loophole is. The guy is not a renter. It seems like you just pull your moving truck up, start moving in, and then tell the police you've got a trespasser. You've got to think the police would be sympathetic in this situation.

The problem with that is laws about this stuff don't favor who you think it should. Once it's established he lives there he has rights to live there and can draw you out for a long time.

In a lot of states it goes so far as that if you let a friend live in your house for a couple of weeks that's his established residence. He has renters rights and you can't just kick him out..think about that.

[displacedinMN]

The problem with that is laws about this stuff don't favor who you think it should. Once it's established he lives there he has rights to live there and can draw you out for a long time.

In a lot of states it goes so far as that if you let a friend live in your house for a couple of weeks that's his established residence. He has renters rights and you can't just kick him out..think about that.

If I had the time and energy, I would do what ever I could to get him out. Party on the yard, music, find the utilities shut offs--anything. When he is out, tackle him and arrest him. Tie him up and leave him on the yard.

[ThaVirus]

That's the worst part, they will receive damages, but this guy is worth NOTHING, so the new owners are fucked

Where did it say the guy's worth nothing? I only watched the vid but it said the squatter was the previous owner of the home who accepted the $560,000 cash for the sale.

[The Franchise]

Where did it say the guy's worth nothing? I only watched the vid but it said the squatter was the previous owner of the home who accepted the $560,000 cash for the sale.

Article says he needed the cash in two weeks. I’d bet he doesn’t have that money anymore if he needed it that quick.

[Hammock Parties]

lol

i had a temporary housemate a few years ago who, when the lease was close to expiring, PUT HIS NAME ON THE MAILBOX

i told him he had to be out of the house by a certain date - two weeks before i had to be out

he really dragged his ass getting out of there - i had all my shit moved out and everything he owned was still in the spare bedroom

3-4 days before the house had to be vacant i had to lay down the law with this guy

he was pretty spineless so a couple of sessions of that told him i meant business and there would be no squatting whatsoever

i stared daggers through that motherfucker after i saw his name on the mailbox

a few days later i was cleaning that nasty cunt's fecal matter off the toilet, so he got the last laugh - dirty bastard

[Baby Lee]

plop Jian Yang down in his living room.

1 year, . . . free rent!!

[Cntrygal]

thats brutal.

It would take all I had not to go crazy/violent....

Same here.

When I lived in Oklahoma, I had bought a house with 6 acres. The day after I closed on it, the former owner and a couple other guys showed up thinking that they were going to rip out the damn chain link fence. :#

Let's just say, it didn't happen and they all left pretty quickly. Fuckers.

[Mecca]

If I had the time and energy, I would do what ever I could to get him out. Party on the yard, music, find the utilities shut offs--anything. When he is out, tackle him and arrest him. Tie him up and leave him on the yard.

There are literally comedy movies about this very thing.

[PHOG]

There are literally comedy movies about this very thing.
"Guest House" with Pauly Shore :shake:

[Fansy the Famous Bard]

Justifiable manslaughter.

[displacedinMN]

"Guest House" with Pauly Shore :shake:

not sure if I saw that.

But....shows...yes. Desperate times call for desperate measures.

[PHOG]

not sure if I saw that.

But....shows...yes. Desperate times call for desperate measures.



https://www.imdb.com/title/tt10054316/

[mlyonsd]

I imagine the couple is carrying the homeowners insurance on the place. I'd be scared to death of what the idiot is doing to the inside of the house.

[displacedinMN]

retreat....let him think he is in the clear....then all out assault on him.

[ThyKingdomCome15]

As if I needed another reason to not like CA. I feel for that couple. That would haunt you every day.

[Halfcan]

Fraud- plain and simple.

[Bwana]

Worst part of it is isnt the landscaping. It is the fact that he is likely to be tearing up the inside of the house too. Or at least letting it go to complete shit. Probably going to a huge fixer upper whenever it does get settled.


That was my first thought as well. Any POS that would pull what the seller is doing, isn't going to give a damn about keeping up the house. The seller needs his ass kicked. I have mellowed out a little bit, but with that said, I would seriously go over and drag the deadbeat out of the house, if I were in this situation.

[LoneWolf]

I get that they can’t force him to move out, but why can’t they move in? Just show up with moving trucks and have a moving company remove his shit and move their shit in. Make his life miserable.

[Chief Pote]

Never pay cash. Lots of alarms should have been going off on this one.

[SupDock]

Can't they just break into their own house and start occupying it?

let the police know in advance what you are doing, and just start legally occupying your own house.

You would think the state would step in

[SupDock]

I get that they can’t force him to move out, but why can’t they move in? Just show up with moving trucks and have a moving company remove his shit and move their shit in. Make his life miserable.

Beat me to it

[dmahurin]

Man, I close on my first house in the middle of April, this is a nightmare situation.

[vonBobo]

i would say shut off utilities but that would not end well either
put a tent over that house and have it fumigated

time to start blaring the loud music

I do not understand how he has any legal right to be there even under covid rules. He is not a legal resident, he SOLD the house. But it is Kalifonia.

Correct! We have zero housing law problems here in Missouri!

[vonBobo]

Can't they just break into their own house and start occupying it?

let the police know in advance what you are doing, and just start legally occupying your own house.

You would think the state would step in

I would hate moving into that situation, and I especially wouldn't do it with my family.

How about they move in their own tennant "enforcer" on a day by day rental agreement? Can't be too hard to find an unemployed dock worker to make squatter's day and night hell.

[vonBobo]

Man, I close on my first house in the middle of April, this is a nightmare situation.

Congrats!

[Bill Brasky]

Fraud- plain and simple.

Agreed. Taking the money and not transferring product means he stole 560k. Perhaps try to get a federal agency involved...

[lawrenceRaider]

I'm guessing he has utilities in his name and is paying them. That's why he destroyed the sprinkler system.

They should be able to have him arrested for criminal destruction of property.

[Otter]

That couple is behaving way more civilized than I would be in the same situation.

[Couch-Potato]

I live here in CA and this is exactly the kind of bureaucratic bullshit that gives us a bad name. Far too many examples of legal nonsense replacing commonsense.

[vonBobo]

I live here in CA and this is exactly the kind of bureaucratic bullshit that gives us a bad name. Far too many examples of legal nonsense replacing commonsense.

This person isn't covered under the covid eviction laws, he was never a tennant.

The squatter is exploiting loop holes and only delaying the inevitable, this happens in various ways all across the country and has nothing unique to do with CA other than people are obsessed with California.

[Frazod]

That was my first thought as well. Any POS that would pull what the seller is doing, isn't going to give a damn about keeping up the house. The seller needs his ass kicked. I have mellowed out a little bit, but with that said, I would seriously go over and drag the deadbeat out of the house, if I were in this situation.

And end up in jail, and then get sued. And considering that it's Kalifornia, successfully. What a fucking nightmare. Reminds me of psycho tenant in Pacific Heights.

[BWillie]

The problem with that is laws about this stuff don't favor who you think it should. Once it's established he lives there he has rights to live there and can draw you out for a long time.

In a lot of states it goes so far as that if you let a friend live in your house for a couple of weeks that's his established residence. He has renters rights and you can't just kick him out..think about that.

Yeah and its ridiculous.

[Fish]

Why couldn't they just wait for him to leave the residence, then break into their own house and throw his shit out?

[Frazod]

Man, I close on my first house in the middle of April, this is a nightmare situation.

Back in the late 90s, my then-fiance/now wife worked for a title company in Chicago. The executives that ran the place were a bunch of weasels, and one day the feds swooped in, froze their accounts, and shut the whole operation down. Permanently. Not only did my wife lose her job, but it ended up that she worked the last two weeks for free, because she never got paid for them.

Of course, that's nothing compared to the people who were involved in closings that day at just the wrong moment. Old house sold, and then BOOM funds frozen, so they had to vacate their old home, but couldn't move into the new one because the purchase money was in legal limbo. IIRC this happened to two couples. Talk about getting fucked.

I assume that eventually these people got their money released, but eventually was undoubtedly a long, long time.

Anyway, situations like this are extremely rare; like getting hit by lightning while being eaten by a shark. But you never know.

Good luck! :D

[T-post Tom]

You just know the inside of that house is going to be trashed when they finally get in. I know a couple that went through a similar issue. The person squatting claimed to be a non-citizen and not subject to the laws of the country. They finally got rid of him. But he stalked them for four years and they finally sold the property just to get away from the maniac. Frontier Justice might be the only hope of a fair resolution for the couple in this story. Just be smart about it.

[displacedinMN]

You just know the inside of that house is going to be trashed when they finally get in. I know a couple that went through a similar issue. The person squatting claimed to be a non-citizen and not subject to the laws of the country. They finally got rid of him. But he stalked them for four years and they finally sold the property just to get away from the maniac. Frontier Justice might be the only hope of a fair resolution for the couple in this story. Just be smart about it.

Home invasion.

You cannot be charged for breaking into your own home.

[Munson]

Home invasion.

You cannot be charged for breaking into your own home.

I'm sure Commiefornia has a law against that.

[Hammock Parties]

Frontier Justice might be the only hope of a fair resolution for the couple in this story. Just be smart about it.

I know a guy. But he's a bit of a loose cannon. Known to shoot household appliances first and ask questions later.

[Rain Man]

Why couldn't they just wait for him to leave the residence, then break into their own house and throw his shit out?

I was thinking exactly the same thing this morning. As soon as you're inside the house and he's outside, then you claim that he vacated the premises and now California's laws work for you.

[Bwana]

And end up in jail, and then get sued. And considering that it's Kalifornia, successfully. What a ****ing nightmare. Reminds me of psycho tenant in Pacific Heights.


Probably but..........

[Frazod]

Probably but..........

Yep. No way I wouldn't end up in jail.

[Why Not?]

I get that they can’t force him to move out, but why can’t they move in? Just show up with moving trucks and have a moving company remove his shit and move their shit in. Make his life miserable.

Right! Start blaring loud music. Also, just start fucking everywhere in the house. Maybe this dude gets uncomfortable and splits.

[Hoover]

I'd stalk the shit out of the house, and when he leaves I'd break in throw all his shit out.

What bull shit

[Rain Man]

I'd stalk the shit out of the house, and when he leaves I'd break in throw all his shit out.

What bull shit

Yep. In truth, I bet the squatter is as shocked as anybody that he's managed to do it. If you come in with a baseball bat and common sense I bet you could get him out.

Of course, there's always the chance that he's a true paranoid schizophrenic and you'd end up dodging sniper shots for the next 20 years, too.

[T-post Tom]

Interesting that the recalcitrant seller’s name doesn’t seem to be published anywhere. If I were the buyer, I would quietly plaster the seller’s name everywhere. Turn up the heat.

[Perineum Ripper]

Have a couple friends put out sprinklers in the lawn, wait for him to come out to break them again. Wife and husband go into the house after he walks out, lock doors, call cops on the asshole for trespassing.

[threebag]

Two takeaways

1 - Don’t live in California.

2 - I’d fuck the lady who bought the house.

https://images.foxtv.com/static.foxla.com/www.foxla.com/content/uploads/2021/03/932/524/snapshot-95.jpg?ve=1&tl=1

If you’re claiming a dicking at least throw out her pic.

[Frazod]

Interesting that the recalcitrant seller’s name doesn’t seem to be published anywhere. If I were the buyer, I would quietly plaster the seller’s name everywhere. Turn up the heat.

The homeowners probably do, but I assume for legal reasons the news agency can't.

God forbid they violate that thieving shitbag's right to privacy.

[displacedinMN]

The homeowners probably do, but I assume for legal reasons the news agency can't.

God forbid they violate that thieving shitbag's right to privacy.

It has to be on Facebook

[Pepe Silvia]

Sadly the laws are for the criminals. I feel terrible for them.

[Mecca]

I'd stalk the shit out of the house, and when he leaves I'd break in throw all his shit out.

What bull shit

If you did this you'd get really fucked. He would tell the cops he's been living in this home for however many years etc. You're asked if that's true..it is..you're going to be told to remove him you have to go through legal channels because that is his established residence. You'd probably then be arrested for vandalism for doing anything to his stuff.

The laws that were written to protect tenants from landlords being douches are also used for these people, that's why you can't just do whatever you want.

[Red Dawg]

Cali is the worst state ever. Fucking pathedic. I would kill that mother fucker.

[wazu]

They should be able to have him arrested for criminal destruction of property.

That’s a great point.

[Frazod]

Cali is the worst state ever. Fucking pathedic. I would kill that mother fucker.

I don't even know if it's strictly a Kalifornia thing. As fucked up as the country is right now this could probably happen anywhere. At least when it comes to urban areas.

[Bump]

its a scumbag thing to do, but really blame the law allowing this to happen.

[Frazod]

It really is amazing that common sense can't be used in a situation like this. It's not like this is some widow working three jobs with five kids to feed; it's a pure lowlife sitting on half a million dollars in somebody else's house.

Sadly, the only time you hear the phrase "common sense" used these days, it applies to something that's anything but.

[Bearcat]

It really is amazing that common sense can't be used in a situation like this. It's not like this is some widow working three jobs with five kids to feed; it's a pure lowlife sitting on half a million dollars in somebody else's house.

Sadly, the only time you hear the phrase "common sense" used these days, it applies to something that's anything but.

Yeah, reading this earlier I was reminded me of a Dr. House quote... The whole point of the (criminal) justice system is to make things right when everything else fails.

And sadly, that's simply not true... sometimes you just need someone to stand up for what's right, and it shouldn't require a law degree or paying a lawyer $300/hr to figure it out.

[stumppy]

If the scumbag had to stay in a hospital a few days it would solve the problem. You just have to know the right people and your problems go away.

[TribalElder]

Oh yeah,

Reverse mortgages I've heard of those before

<iframe width="560" height="315" src="https://www.youtube.com/embed/O4FKPcLnd3Y" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

[rabblerouser]

Two takeaways

1 - Don’t live in California.

2 - I’d **** the lady who bought the house.

Those are two hard facts.

[rabblerouser]

'm just saying, I want to see this 4 bedroom house worth $460,000.

Buddha Fuck, I'm sleeping in a 6 bedroom worth 2/3 of that...

[rabblerouser]

its a scumbag thing to do, but really blame the law allowing this to happen.

Well, stupid California law.

In Missouri, things would be MUCH different.

[Cntrygal]

Interesting that the recalcitrant seller’s name doesn’t seem to be published anywhere. If I were the buyer, I would quietly plaster the seller’s name everywhere. Turn up the heat.

I wouldn't be quiet about it. If the news media wouldn't say his name, I'd post it all over every single social media platform that is in existence, along with any links to his online profiles.

[htismaqe]

Hey, at least they were able to buy a house.

I've been interested in 11 properties so far and all of them have sold before I can make an offer. The longest any of them have been on the market is 4 days.

:banghead:

[TribalElder]

is the home owner T. Williams?

Another example of why California is so fucked

they can't recover, too much piss in their pool

[scho63]

I wouldn't live in California for all the money in the World! ROFL

[tyecopeland]

I wouldn't live in California for all the money in the World! ROFL

I thought Arizona was quickly becoming California -ish.

[scho63]

I thought Arizona was quickly becoming California -ish.

If this place turns into CA, I'll have a moving van ready to go! :harumph:

[neech]

Hey, at least they were able to buy a house.

I've been interested in 11 properties so far and all of them have sold before I can make an offer. The longest any of them have been on the market is 4 days.

:banghead:

You snooze you lose.

Tell your agent to inform you when properties are coming up to be listed so you can get a bit of a head start.

[htismaqe]

You snooze you lose.

Tell your agent to inform you when properties are coming up to be listed so you can get a bit of a head start.

I live 1200 miles from my target market. We're having trouble getting timely communication with realtors at all, let alone housing updates. We're not a priority, there's too many people that can do this face-to-face, the realtors aren't hurting for business.

BTW, I'm not snoozing at all. You're WAY off base.

[neech]

I live 1200 miles from my target market. We're having trouble getting timely communication with realtors at all, let alone housing updates. We're not a priority, there's too many people that can do this face-to-face, the realtors aren't hurting for business.

BTW, I'm not snoozing at all. You're WAY off base.

That was a slight teasing you on my part. And that is a heck of a situation you have. Good luck though.

[Graystoke]

I live 1200 miles from my target market. We're having trouble getting timely communication with realtors at all, let alone housing updates. We're not a priority, there's too many people that can do this face-to-face, the realtors aren't hurting for business.

BTW, I'm not snoozing at all. You're WAY off base.

Sellers market for sure. I recently put my Mom and Dads house on the market. It was in a great historic area, great lot on a Boulevard but needed ton of work. We listed it and there was 7 offers on the table within 5 days, all significantly above asking. We took the biggest offer obviously at 15K above asking. And no we didn't undervalue this property.
It blew my mind how quick it went. There is absolutely nothing that stays on the market long around here.

[htismaqe]

Sellers market for sure. I recently put my Mom and Dads house on the market. It was in a great historic area, great lot on a Boulevard but needed ton of work. We listed it and there was 7 offers on the table within 5 days, all significantly above asking. We took the biggest offer obviously at 15K above asking. And no we didn't undervalue this property.
It blew my mind how quick it went. There is absolutely nothing that stays on the market long around here.

Yep.

My buddy's brother sold a house in SE Georgia recently. It was on the market for ELEVEN HOURS and sold for 20% over asking price.

[htismaqe]

That was a slight teasing you on my part. And that is a heck of a situation you have. Good luck though.

No problem man. It's just a real source of frustration for me right now.

We originally wanted to move to SE Texas but that market was non-existent (nothing for sale that really fit our needs) and then my job came calling about getting me closer to the action, which is North Carolina.

We're looking at places all over SE NC and northern SC and there's houses for sale but like I said, we're in Iowa, so the realtors don't look at us as "real" business and they aren't very attentive. They don't have to be because houses are literally flying off the market so fast.

[KCUnited]

We got desperate after accepting an offer on our condo and were getting out bid on the properties we were interested in. Finally lucked into finding a nearly completed new construction that had yet to be listed and pounced on it directly with the builder.

One property we made an above asking price offer and wrote them a handwritten letter promising to maintain their fucking flower garden LMAO and it still sold to someone else

[tyecopeland]

I live 1200 miles from my target market. We're having trouble getting timely communication with realtors at all, let alone housing updates. We're not a priority, there's too many people that can do this face-to-face, the realtors aren't hurting for business.

BTW, I'm not snoozing at all. You're WAY off base.

Make sure its vacant before you sign for one.

[htismaqe]

Make sure its vacant before you sign for one.

ROFL

We had originally planned on lining up a visit to look in person but we can't make travel arrangements fast enough.

At this point, we're down to putting blind offers in or just giving up.

[OKchiefs]

ROFL

We had originally planned on lining up a visit to look in person but we can't make travel arrangements fast enough.

At this point, we're down to putting blind offers in or just giving up.

What kind of timeframe are you on? I was in the market to buy my first house and didn't want to even take part in the feeding frenzy that's going on right now, so I just ended up building a new home. It will obviously take a little longer but I was able to avoid having to put in offers and getting rejected countless times.

[LoneWolf]

No problem man. It's just a real source of frustration for me right now.

We originally wanted to move to SE Texas but that market was non-existent (nothing for sale that really fit our needs) and then my job came calling about getting me closer to the action, which is North Carolina.

We're looking at places all over SE NC and northern SC and there's houses for sale but like I said, we're in Iowa, so the realtors don't look at us as "real" business and they aren't very attentive. They don't have to be because houses are literally flying off the market so fast.

Will the company you work for help you out? I just hired a new Operations Manager and him, his wife, and four kids are moving from Indiana to Wichita. We are flying his entire family down here for a week, putting them up in a hotel, and have a realtor assigned to work with them for that entire week looking at houses.

I can't imagine trying to buy a house without being physically able to look at them and in this market you basically have to be the first or second person to look at a property and put in an offer for above asking price. Good luck, I hope you find something soon.

[saphojunkie]

Hire a crew that will go in and beat the ever-loving shit out of him.

Never contact a lawyer. Contact your sporting goods store for a baseball bat.

[Bugeater]

Hey, at least they were able to buy a house.

I've been interested in 11 properties so far and all of them have sold before I can make an offer. The longest any of them have been on the market is 4 days.

:banghead:

That's what happened to us when we were planning on moving to Cheyenne a couple years ago. Everything worth a damn was selling in a day. Soooo we're still in Omaha...

[Bugeater]

ROFL

We had originally planned on lining up a visit to look in person but we can't make travel arrangements fast enough.

At this point, we're down to putting blind offers in or just giving up.

Yep, that's the lesson we learned, you pretty much have to buy sight unseen. It's easier to back out of a deal than to buy something that's no longer for sale.

[Lzen]

Sellers market for sure. I recently put my Mom and Dads house on the market. It was in a great historic area, great lot on a Boulevard but needed ton of work. We listed it and there was 7 offers on the table within 5 days, all significantly above asking. We took the biggest offer obviously at 15K above asking. And no we didn't undervalue this property.
It blew my mind how quick it went. There is absolutely nothing that stays on the market long around here.

Mind if I ask where was this located?

[Lzen]

What kind of timeframe are you on? I was in the market to buy my first house and didn't want to even take part in the feeding frenzy that's going on right now, so I just ended up building a new home. It will obviously take a little longer but I was able to avoid having to put in offers and getting rejected countless times.

Isn't the price on lumber still unusually high right now? Seems like not a good time to build.

[TLO]

They should take tips from this thread

https://www.chiefsplanet.com/BB/showthread.php?p=15124079&nojs=1

[Deberg_1990]

No problem man. It's just a real source of frustration for me right now.

We originally wanted to move to SE Texas but that market was non-existent (nothing for sale that really fit our needs) and then my job came calling about getting me closer to the action, which is North Carolina.

We're looking at places all over SE NC and northern SC and there's houses for sale but like I said, we're in Iowa, so the realtors don't look at us as "real" business and they aren't very attentive. They don't have to be because houses are literally flying off the market so fast.

Same thing down here in Texas right now. My wife is a realtor. Homes if priced correctly, get offers within a day or two at most. Even new build inventory is having problems keeping up with demand.

[displacedinMN]

Isn't the price on lumber still unusually high right now? Seems like not a good time to build.

Lumber prices way up

https://www.kare11.com/article/news/local/skyrocketing-lumber-prices-adding-to-construction-costs/89-f58c91c0-c23a-46e3-a411-e78fb9c29997

Home builders are used to putting things up, but these days they wouldn’t mind at least one thing coming down.

Since last April, lumber costs have spiked 180%, according to the National Association of Home Builders, increasing the cost of building an average home by $24,386.

“It’s stressful,” Mark Scherer, owner of Scherer Brothers Lumber Company says. “It’s stressful across the board, for the builders, the consumers and for the suppliers, because you’re just scrambling to keep up.”

Scherer points to one of the most common items used in new homes and remodels: oriented strand board, or OSB, used in floors, walls, and roofs.

“This cost about $15 last year in March,” Scherer says pointing at a stack of OSB. “Now it’s about $45, $47 a sheet.”

Even the price of basic 2x4 studs has spiked.

“They used to be $3 a stud and now they're $6 or $8, depending on what grade they are,” Scherer Lumber’s Terry Olynyk says.

Supplies tightened last spring when COVID-19 forced mill shutdowns, then tightened again when stay-at-home and low-interest rates caused a boom in construction.

RELATED: Edina launches pilot program to save affordable homes from teardown

“Labor’s up, concrete’s up, you can't get fuse box panels right now,” Scherer says.
Contractor Ryan Seifert has been riding the price hikes like everyone else in the building industry.

“This is 20th year for me, I haven't seen this,” the owner of Cyclone Construction says.

Still, Seifert says lumber prices don't seem be scaring off customers.
“The phone hasn't stopped ringing during this thing, even though the costs are up,” Seifert says.

Scherer doesn’t see an easing in demand or prices for at least for the next six to nine months.

“Look at interest rates, they’re ridiculously low,” Scherer said. “Money’s cheap, people are going to keep building.”

Related Articles

[htismaqe]

Will the company you work for help you out? I just hired a new Operations Manager and him, his wife, and four kids are moving from Indiana to Wichita. We are flying his entire family down here for a week, putting them up in a hotel, and have a realtor assigned to work with them for that entire week looking at houses.

I can't imagine trying to buy a house without being physically able to look at them and in this market you basically have to be the first or second person to look at a property and put in an offer for above asking price. Good luck, I hope you find something soon.

Nah, my company doesn't provide relocation assistance unfortunately. And they're not requiring me to move, at least not yet. It's just a suggestion. And I'm desperate to get the fuck out of the midwest.

[Jewish Rabbi]

Hey, at least they were able to buy a house.

I've been interested in 11 properties so far and all of them have sold before I can make an offer. The longest any of them have been on the market is 4 days.

:banghead:

Des Moines is brutal right now. I ended up just doing new construction.

[htismaqe]

Des Moines is brutal right now. I ended up just doing new construction.

I honestly can't believe why people would want to live here.

I fucking hate it here.

[Bugeater]

I honestly can't believe why people would want to live here.

I fucking hate it here.

Awesome bike trails?

[htismaqe]

Awesome bike trails?

I should neg rep you for that.

[DaneMcCloud]

'm just saying, I want to see this 4 bedroom house worth $460,000.

Buddha Fuck, I'm sleeping in a 6 bedroom worth 2/3 of that...

In most cases, the real estate prices in California (outside of the $2+ million homes) aren't reflective of the quality or size of the home at all. You're paying for the "privilege" of living in California or in simple terms, the land.

My home is worth 2-3 times that of family that lives in Leawood but our home is nowhere near 2-3 times as nice or even "nicer" at all, nor do we have an HOA nor modern conveniences of those that live in that area.

I've never understood why people that don't need to live in California, live in California. There's a freaking surcharge for every aspect of life on top of the highest taxes in the union. And while sure, Disneyland and the beach are great, unless you can afford to live at the beach, it means nothing. The nearest beach is 45 minutes from my home and I'm lucky if I make it down there 4 times a year and many years, that number has been zero.

Sellers market for sure. I recently put my Mom and Dads house on the market. It was in a great historic area, great lot on a Boulevard but needed ton of work. We listed it and there was 7 offers on the table within 5 days, all significantly above asking. We took the biggest offer obviously at 15K above asking. And no we didn't undervalue this property.
It blew my mind how quick it went. There is absolutely nothing that stays on the market long around here.

There are houses in my neighborhood and others that are going same-day for $100k over asking price. It's insanity right now because investors are looking to take advantage of these super-low interest rates before they disappear.

Never pay cash. Lots of alarms should have been going off on this one.

Cash deals are extremely common in California. I had a friend that was looking recently that lost out on more than a dozen homes that were $1+ million because buyers stepped in with cash.

[displacedinMN]

housing market is crazy everywhere
Free money. Lack of supply of homes. Older people that do not need to move out of their homes.

[OKchiefs]

Isn't the price on lumber still unusually high right now? Seems like not a good time to build.

Perhaps, but still comparable to owned homes we see on the market. We also got in at the right time where we're building, since paying our deposit and locking in the purchase price two months ago the starting cost with our builder has gone up almost $20k.

[Bugeater]

I should neg rep you for that.

Well it's a good reason to visit...

https://i.imgur.com/bSoWnPB.jpg

[Bugeater]

Oops, that trail actually isn't in DSM. But this one is.

https://i.imgur.com/EyzC1zf.jpg

[Bearcat]

I've never understood why people that don't need to live in California, live in California. There's a freaking surcharge for every aspect of life on top of the highest taxes in the union. And while sure, Disneyland and the beach are great, unless you can afford to live at the beach, it means nothing. The nearest beach is 45 minutes from my home and I'm lucky if I make it down there 4 times a year and many years, that number has been zero.

Yeah, I've browsed a bit after applying for a job or two in Southern California and it's just insane.... one job was a potential 25% raise, but 95% of that would have gone straight to a higher mortgage just to be within an hour drive of work, much less gas prices, the money thrown down the shitter for personal property taxes, the traffic and all the fucking people, and on and on.

And I personally love LA for several reasons, but seriously doubt I'll ever live there for any real length of time (much like Chicago).

[dmahurin]

I got really lucky recently. Got my pre-approval letter on a Thursday. Looked at 2 houses on Saturday, 2 on Sunday, made on offer on the second one for 5k over asking, it was accepted within 2 hours. Everything is good to go and I close on april 15th. It went surprisingly smooth and easy with all the horror stories of the market right now.

[xbarretx]

Same thing down here in Texas right now. My wife is a realtor. Homes if priced correctly, get offers within a day or two at most. Even new build inventory is having problems keeping up with demand.

Its the same up here in north dallas (Prosper)... its great and im loving it. My wifes a realtor as well and we relocated to DFW about 2 years ago for a job offer I couldn't refuse. Started our build in early 2019 before all of this crap happened and everything really exploded. id be happy about the instant 100K in equity but as you know.. property taxes down in the lone star state are nothing to shake a stick at. Either way, we still got a great deal on a 4400+ sqft brick home and was able to work out some sweat deals with the builder because things were slow. long gone are those days... peeps are putting down 20 - 40k and my wifes current developer in Frisco has waiting lists over 80 people long. no ones offering discounts.

BTW, finally visited San Antonio a couple weeks ago... river walk is a nice area and looks to be a clean city... then we went to Austin.... #WompWomp #NuffSaid .... other than PintHousePizza... no need to ever visit austin again.. ((sorry for the random tangent....Shawnee Mission North Highschool Football RULES!))

[scho63]

I got really lucky recently. Got my pre-approval letter on a Thursday. Looked at 2 houses on Saturday, 2 on Sunday, made on offer on the second one for 5k over asking, it was accepted within 2 hours. Everything is good to go and I close on april 15th. It went surprisingly smooth and easy with all the horror stories of the market right now.

Wait until you find the dead cheerleaders in the basement. That's why they sold it to you so quicky.......LMAO

Or watch the Money Pit with Tom Hanks and Shelly Long.

[Rain Man]

I got really lucky recently. Got my pre-approval letter on a Thursday. Looked at 2 houses on Saturday, 2 on Sunday, made on offer on the second one for 5k over asking, it was accepted within 2 hours. Everything is good to go and I close on april 15th. It went surprisingly smooth and easy with all the horror stories of the market right now.

Congrats! You should build a celebratory turret on it.

(I like turrets.)

[kccrow]

Was there a contingency in the contract that allowed for the seller to find a new home before leaving the residence? If so, the buyers are fucked either way.

If not, the seller is likely very much in breach of contract, COVID restrictions be damned. I'm not familiar with Cali at the moment, but if those restrictions were not passed into law by the state congress and are merely governor's orders then that creates a whole other layer of shit because contract laws will trump executive order's when the day of reckoning comes. Maybe one of the Cali locals can chime in on that.

[mlyonsd]

Did we arrest this POS yet?

[Peter Gibbons]

Wait until you find the dead cheerleaders in the basement. That's why they sold it to you so quicky.......LMAO

Or watch the Money Pit with Tom Hanks and Shelly Long.

Love the Money Pit. It is a little known fact that the Money Pit was actually a remake of “ Mr. Blandings Builds His Dream House” with Cary Grant. I’ve seen both and each has their own charm. If you haven’t seen the original and like old movies, it’s worth your time.

[htismaqe]

I got really lucky recently. Got my pre-approval letter on a Thursday. Looked at 2 houses on Saturday, 2 on Sunday, made on offer on the second one for 5k over asking, it was accepted within 2 hours. Everything is good to go and I close on april 15th. It went surprisingly smooth and easy with all the horror stories of the market right now.

Are you buying in the same market in which you live now?

[cooper barrett]

Have you been to a full service building center recently? Can’t buy shit. Can’t manufacture it no employees to make them.

[dmahurin]

Are you buying in the same market in which you live now?

I am. I was able to see homes. I wasn't the first viewer of the one I bought but I was the first offer. Kind of a perfect storm. They were 'desperate' to sell so they could move on to their new purchase. My realtor and their realtor work in the same office, so had an inside track on ease of discussion and a good working relationship between our respective realtors.

[TLO]

https://www.nbc4i.com/wp-content/uploads/sites/18/2018/07/Landlord_s_eviction_notice_to_tenant_goe_0_49222368_ver1.0.jpg

[Chief Pagan]

In most cases, the real estate prices in California (outside of the $2+ million homes) aren't reflective of the quality or size of the home at all. You're paying for the "privilege" of living in California or in simple terms, the land.

My home is worth 2-3 times that of family that lives in Leawood but our home is nowhere near 2-3 times as nice or even "nicer" at all, nor do we have an HOA nor modern conveniences of those that live in that area.

I've never understood why people that don't need to live in California, live in California. There's a freaking surcharge for every aspect of life on top of the highest taxes in the union. And while sure, Disneyland and the beach are great, unless you can afford to live at the beach, it means nothing. The nearest beach is 45 minutes from my home and I'm lucky if I make it down there 4 times a year and many years, that number has been zero.



I guess a lot of it all depends on your particular situation and what you are looking for. So I live in a modest 3 bed/2 bath house that would sell for well north of a half million. Yes, most of that is the lot. That really hit home when I found out my home owners replacement policy only covers ~$150k or so for the house because you don't have to rebuild the lot if everything burns down in a fire.

Sure, I could probably buy something twice as big in KC, but what would I do with that? I'm not sure I need twice as nice either. And I don't want a HOA.

I'm not sure what modern convenience I'm missing.

I live in a pleasant University town and work ten minutes from my office when I'm not working remotely. It has nice parks, nice green belts, nice schools, no crime.

No snow, no ice. Nine months of constant sunshine. The town is surrounded by farmland so I'm at minimal risk of the fires, although it was pretty smoky last fall.

Yes, the cost of living is higher. If I was struggling to raise a family living paycheck to paycheck, I would certainly be looking for some place cheaper.

Before a bad back sidelined me, I spent a huge number of hours rock climbing in Yosemite and other locations in northern California. No McMansion in Leawood/Overland park is going to make up for that, for me. I was also fortunate to have a flexible schedule so I mostly avoided weekend traffic.

And again before I slowed down, I enjoyed that I could drive down to SF in only 90 minutes (if I left in the afternoon), have dinner, have a couple of cocktails, see a live show, and then make it back home in 90 minutes. SF is a really cool place to visit.

Your mileage may vary.

[Cntrygal]

Well... they finally got in. I still think that they should have offered up the house has a temporary meeting place for their local Hells Angels Chapter.

Link (https://www.foxla.com/news/riverside-family-finally-moves-into-new-home-after-standoff-with-squatter-that-lasted-nearly-a-year?utm_campaign=trueanthem&utm_medium=trueanthem&utm_source=facebook&fbclid=IwAR1mU0TbWKWrqZ7t-VTOEgJdYjY9R5dSo1f8rD_oBm4lbX414zHPRQ_66nU)

[Halfcan]

I am. I was able to see homes. I wasn't the first viewer of the one I bought but I was the first offer. Kind of a perfect storm. They were 'desperate' to sell so they could move on to their new purchase. My realtor and their realtor work in the same office, so had an inside track on ease of discussion and a good working relationship between our respective realtors.

If they were desperate to sell- why did you pay 5 k over list? :hmmm:

[Halfcan]

Well... they finally got in. I still think that they should have offered up the house has a temporary meeting place for their local Hells Angels Chapter.

Link (https://www.foxla.com/news/riverside-family-finally-moves-into-new-home-after-standoff-with-squatter-that-lasted-nearly-a-year?utm_campaign=trueanthem&utm_medium=trueanthem&utm_source=facebook&fbclid=IwAR1mU0TbWKWrqZ7t-VTOEgJdYjY9R5dSo1f8rD_oBm4lbX414zHPRQ_66nU)

How is this pos fraudster not in jail?

[T-post Tom]

Well... they finally got in. I still think that they should have offered up the house has a temporary meeting place for their local Hells Angels Chapter.

Link (https://www.foxla.com/news/riverside-family-finally-moves-into-new-home-after-standoff-with-squatter-that-lasted-nearly-a-year?utm_campaign=trueanthem&utm_medium=trueanthem&utm_source=facebook&fbclid=IwAR1mU0TbWKWrqZ7t-VTOEgJdYjY9R5dSo1f8rD_oBm4lbX414zHPRQ_66nU)


That house needs to be inspected thoroughly from top to bottom. No telling what the squatters did before they left. Looks like the squatter has a history with the legal system: tax evasion and assault.

[tredadda]

In most cases, the real estate prices in California (outside of the $2+ million homes) aren't reflective of the quality or size of the home at all. You're paying for the "privilege" of living in California or in simple terms, the land.

My home is worth 2-3 times that of family that lives in Leawood but our home is nowhere near 2-3 times as nice or even "nicer" at all, nor do we have an HOA nor modern conveniences of those that live in that area.

I've never understood why people that don't need to live in California, live in California. There's a freaking surcharge for every aspect of life on top of the highest taxes in the union. And while sure, Disneyland and the beach are great, unless you can afford to live at the beach, it means nothing. The nearest beach is 45 minutes from my home and I'm lucky if I make it down there 4 times a year and many years, that number has been zero.



There are houses in my neighborhood and others that are going same-day for $100k over asking price. It's insanity right now because investors are looking to take advantage of these super-low interest rates before they disappear.



Cash deals are extremely common in California. I had a friend that was looking recently that lost out on more than a dozen homes that were $1+ million because buyers stepped in with cash.

This is having effects across the country. Those who can't afford to stay in California or are tired of it are cashing out and moving eastward causing housing and cost of living to skyrocket in places like Oregon, Montana, Idaho, and Utah to name a few. I am a part of that Nextdoor app for my area and I swear almost daily someone introduces themselves and mentions how they just moved from California. They aren't moving into smaller, older homes either. They are moving into new ones in new developments that "start" at $500K and up.

[cooper barrett]

I can see them buying nice houses as CA houses sell for alot but the cost of living? Did your gas bill go up because a couple moved from Compton?


This is having effects across the country. Those who can't afford to stay in California or are tired of it are cashing out and moving eastward causing housing and cost of living to skyrocket in places like Oregon, Montana, Idaho, and Utah to name a few. I am a part of that Nextdoor app for my area and I swear almost daily someone introduces themselves and mentions how they just moved from California. They aren't moving into smaller, older homes either. They are moving into new ones in new developments that "start" at $500K and up.

[neech]

If they were desperate to sell- why did you pay 5 k over list? :hmmm:

Because he was desperate.

[tredadda]

I can see them buying nice houses as CA houses sell for alot but the cost of living? Did your gas bill go up because a couple moved from Compton?

Property taxes are a part of it, but overall the cost of goods and services are going up rapidly as the population explodes in the area. This also puts more demand on the existing power grid which forces prices up. Fortunately our utilities are not as high as other places I have lived.

[dmahurin]

If they were desperate to sell- why did you pay 5 k over list? :hmmm:

Not necessarily desperate, as I had it in quotes. They were buying another house and needed to sell this one to afford the new one. The market being crazy, we wanted to make sure out offer was accepted and 5k over asking is nothing compared to the 20k+ I have heard about other people paying. The appraisal came back and I still got a good deal even paying slightly over asking.

[cooper barrett]

bullshit, cough, BULLSHIT




Property taxes are a part of it, but overall the cost of goods and services are going up rapidly as the population explodes in the area. This also puts more demand on the existing power grid which forces prices up. Fortunately our utilities are not as high as other places I have lived.

[cooper barrett]

Appraisals have nothing to do with a houses value, just what it should sell for at the . Did you know the appraiser knows the sale price before seeing the property?

I had one that made a 210SF error and gave up 10K for the error.

[cooper barrett]

You were desperate.





Not necessarily desperate, as I had it in quotes. They were buying another house and needed to sell this one to afford the new one. The market being crazy, we wanted to make sure out offer was accepted and 5k over asking is nothing compared to the 20k+ I have heard about other people paying. The appraisal came back and I still got a good deal even paying slightly over asking.

[dmahurin]

You were desperate.

Are you always miserable or just on CP?

[cooper barrett]

How many houses has he or you bought? multiply by X 5 and you're not even warm of how many I have built.

This paying over list is total bullshit in any market I have lived in,

In a popular vacation area in Ca. (Serrira Nevada Mountains) we have "bid" sales where you slipped $5K and your bid in a box but that's still not paying over asking price.

[tredadda]

bullshit, cough, BULLSHIT

Ok.

[Bugeater]

Ok.He gone. Guy has to have the record for the most thread bannings in CP history.

[scho63]

<iframe width="560" height="315" src="https://www.youtube.com/embed/KwIe_sjKeAY" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

[Graystoke]

Mind if I ask where was this located?

Sorry, late replying to this.
Located in Cedar Falls Iowa.

[Lzen]

Sorry, late replying to this.
Located in Cedar Falls Iowa.

Thanks for the response. I was just curious. We sold ours a little over a year ago. It definitely was not as easy as your story and some others I've heard about. Must depend a lot on the location. I don't know if that's just my city or the neighborhood within.

[displacedinMN]

homes here are selling like crazy. many fast and over asking

cheap money


like this one. It is in great shape but not worth 369k. On the market for 7 days and already contingent.

https://www.themlsonline.com/minnesota-real-estate/listings/property/5732739/3346-Boone-Circle-N-New-Hope-MN-55427

Mine is 5 years old. I could sell it in 4 days for at least 75k more than I paid for it. I have put 0 investment in it.

Need rain man to chime in

[tredadda]

He gone. Guy has to have the record for the most thread bannings in CP history.

ROFL

[Valiant]

Yeah, sadly the exodus from cali is going to hurt all the surrounding states. As a large portion of those people will take their insane policy thoughts with them and drive up costs.

As for houses, it is insane. Houses are selling In my neighborhood for almost 100k more than what I bought. My house I grew up in in the 90s were 90k, dropped to 40ks because of all the other hud homes taken over. Now the neighborhood hoods is around 200k for 3bed one or two bath homes around 1200sf.

I have read that they are trying to drop the canadian lumber tariff.

That will help, but no builders want to build starter homes either unless you find these tiny home builders.

[vailpass]

It would be frigging insane to be trying to buy a house right now. Buyers are offering well above asking price and waiving the inspection just to get an offer accepted. Can you imagine doing that?

[Rain Man]

Does anyone else get home value updates from Zillow? Zillow is loving my house right now. It just shot up almost 15 percent.

These home value estimates are all over the board so I don't put too much stock into them. Redfin is 25 percent lower than Zillow on my house, for example. But I think the Zillow estimate is much closer based on what I see in the neighborhood, and I'm tempted to sell it and go live on a yacht in Bali.

[Rain Man]

homes here are selling like crazy. many fast and over asking

cheap money


like this one. It is in great shape but not worth 369k. On the market for 7 days and already contingent.

https://www.themlsonline.com/minnesota-real-estate/listings/property/5732739/3346-Boone-Circle-N-New-Hope-MN-55427

Mine is 5 years old. I could sell it in 4 days for at least 75k more than I paid for it. I have put 0 investment in it.

Need rain man to chime in

Yeah, houses have been selling over the asking price in Denver for years. I guess supply just can't catch up with demand, and low interest rates are ramping demand up even higher.

I did a housing study for a city here in Colorado a while back, and we started tracing back what was causing the big increases. To our surprise, we're still feeling impacts from the Great Recession. Construction shut down for a while and population growth didn't. For states with positive in-migrant flows from other areas, it's created a wave of home demand (buying and renting) that keeps getting bigger, and losing basically two years of construction in the 2009/2010 time frame was a big deal that's still reverberating through the market today.

[tredadda]

Does anyone else get home value updates from Zillow? Zillow is loving my house right now. It just shot up almost 15 percent.

These home value estimates are all over the board so I don't put too much stock into them. Redfin is 25 percent lower than Zillow on my house, for example. But I think the Zillow estimate is much closer based on what I see in the neighborhood, and I'm tempted to sell it and go live on a yacht in Bali.

We get those as well. What I get annoyed with is the constant calls, texts, and flyers in the mail from investors trying to buy our house If I want to sell, I will do it when, through whom and for how much I decide.

[tredadda]

Yeah, houses have been selling over the asking price in Denver for years. I guess supply just can't catch up with demand, and low interest rates are ramping demand up even higher.

I did a housing study for a city here in Colorado a while back, and we started tracing back what was causing the big increases. To our surprise, we're still feeling impacts from the Great Recession. Construction shut down for a while and population growth didn't. For states with positive in-migrant flows from other areas, it's created a wave of home demand (buying and renting) that keeps getting bigger, and losing basically two years of construction in the 2009/2010 time frame was a big deal that's still reverberating through the market today.

Ft Collins had that issue for a while and Colorado Springs is dealing with it now. I remember reading not too long ago about how the area is suffering a housing shortage as there are just not enough houses on the market and they can't seem to build them fast enough.

[Hammock Parties]

He gone. Guy has to have the record for the most thread bannings in CP history.

Just 86 him for good and we can start telling fun hookup tales in the romper room thread again.

[neech]

We get those as well. What I get annoyed with is the constant calls, texts, and flyers in the mail from investors trying to buy our house.

But they will pay you in cash!

[Lzen]

It would be frigging insane to be trying to buy a house right now. Buyers are offering well above asking price and waiving the inspection just to get an offer accepted. Can you imagine doing that?

We did that when we bought ours a little over a year ago, though I would say we bid slightly above asking. But yeah, we waved the inspection. But that was November 2019 before all this Covid crap started screwing with the market. We did it because our realtor whom we trust advised us to do so. We knew it was a little bit of a gamble but it was the home we had been searching months on end to find.

[vailpass]

We did that when we bought ours a little over a year ago, though I would say we bid slightly above asking. But yeah, we waved the inspection. But that was November 2019 before all this Covid crap started screwing with the market. We did it because our realtor whom we trust advised us to do so. We knew it was a little bit of a gamble but it was the home we had been searching months on end to find.

I’m glad it worked out for you, it’s great you guys got a house. It’s a definite plus you had a realtor you trusted.

It seems too risky to me but if I needed a house I might feel different. It’s so nuts right now. Houses here are getting multiple offers within an hour of listing and being sold the same day. Californians and Canadians.

[Lzen]

Does anyone else get home value updates from Zillow? Zillow is loving my house right now. It just shot up almost 15 percent.

These home value estimates are all over the board so I don't put too much stock into them. Redfin is 25 percent lower than Zillow on my house, for example. But I think the Zillow estimate is much closer based on what I see in the neighborhood, and I'm tempted to sell it and go live on a yacht in Bali.

Wow! That is crazy. I just looked at my home on Zillow. We have only lived here about a year and a third. Zillow estimate is 36% higher than we paid.

[Bugeater]

Jeezus, my Zestimate has gone up $9244 in the past 30 days. Unfortunately the only person that benefits from all this is the county assessor.

[tredadda]

According to Zillow my house has gone up by over $100,000 since we bought in early 2018. And to think it's viewed as an "old" home by Colorado Springs standards and it was only built in 1997.

[tredadda]

I’m glad it worked out for you, it’s great you guys got a house. It’s a definite plus you had a realtor you trusted.

It seems too risky to me but if I needed a house I might feel different. It’s so nuts right now. Houses here are getting multiple offers within an hour of listing and being sold the same day. Californians and Canadians.

I think low interest rates have as much to do with it as those two groups.

[vonBobo]

We did that when we bought ours a little over a year ago, though I would say we bid slightly above asking. But yeah, we waved the inspection. But that was November 2019 before all this Covid crap started screwing with the market. We did it because our realtor whom we trust advised us to do so. We knew it was a little bit of a gamble but it was the home we had been searching months on end to find.

Me too. Closed Sept 2019.
The homes that were available:
1: had too many problems and the asking price plus repairs didn't make sense.
2: had too many problems, exhausted roofs, old HVAC, old windows and doors, etc. But Iif there was fresh paint people appeared to overlook all the problems and pay asking price.
3: priced accordingly and sold for more than asking price by noon.

After my realtor drug me to 40 houses sifting through junk to make my dreams come true, I finally had to go all in plus to snag a house that would work ok but didn't check my main needs. Happy to have it now, but it was a compromise

[displacedinMN]

Jeezus, my Zestimate has gone up $9244 in the past 30 days. Unfortunately the only person that benefits from all this is the county assessor.

I challenged that a year ago. Saying I had done no improvements to my new house their valuation went up 20% They will tax us out of our houses someday

[Bugeater]

I challenged that a year ago. Saying I had done no improvements to my new house their valuation went up 20% They will tax us out of our houses somedayThey're working on it here as well, my valuation went up $70k this year, a 30% increase. I'm fighting it, but with the way the market is going...it might not be that far off from reality.

[Halfcan]

It would be frigging insane to be trying to buy a house right now. Buyers are offering well above asking price and waiving the inspection just to get an offer accepted. Can you imagine doing that?

I was a Realtor for over a decade and I would never recommend this. Pretty bad financial decision.

The housing market is on a huge bubble. Rent for a year and then buy when prices go down.

[Bugeater]

I was a Realtor for over a decade and I would never recommend this. Pretty bad financial decision.

The housing market is on a huge bubble. Rent for a year and then buy when prices go down.I'm thinking the same thing...it can't maintain this pace. I love the place we're in now but damn, we could make a killing off of selling now...

[DaneMcCloud]

People always contend there's a "Housing Bubble" and that prices will eventually "Come Down". But when has that ever happened in large markets before?

We bought our home 17 years ago and all I heard was "Wow! That's a lot of money! I'm going to wait until prices come down because these prices can't last!!".

17 years later, my home is worth three times the purchase amount and no, it has never gone down in value.

The market is going crazy everywhere, from South Carolina to the panhandle of Florida to the entire West Coast. If it goes down in one market, it'll go down in every market and I just don't think that's going to happen.

Welcome to low interest rates and a housing shortage.

[tredadda]

People always contend there's a "Housing Bubble" and that prices will eventually "Come Down". But when has that ever happened in large markets before?

We bought our home 17 years ago and all I heard was "Wow! That's a lot of money! I'm going to wait until prices come down because these prices can't last!!".

17 years later, my home is worth three times the purchase amount and no, it has never gone down in value.

The market is going crazy everywhere, from South Carolina to the panhandle of Florida to the entire West Coast. If it goes down in one market, it'll go down in every market and I just don't think that's going to happen.

Welcome to low interest rates and a housing shortage.

Vegas maybe after the housing bubble burst in the early to mid 2000s? I do agree that almost always houses go up in value. The biggest jumps I have been seeing are in the price range the average American can afford. Million dollar homes appreciate, just not as fast as the market of available buyers is so much smaller. Middle class priced homes are skyrocketing as people try to get in while interest rates are so low.

[neech]

They're working on it here as well, my valuation went up $70k this year, a 30% increase. I'm fighting it, but with the way the market is going...it might not be that far off from reality.

How are you fighting it, are you getting an appraisal done to your property?

[vailpass]

I think low interest rates have as much to do with it as those two groups.

That’s a big part, definitely. Also, the Phoenix housing market has been a prime spot for investor-buyers from Canada and other places for years, and we’re a destination market for Californians who sell big then move out of state. In both cases they are mainly cash buyers.

[vailpass]

People always contend there's a "Housing Bubble" and that prices will eventually "Come Down". But when has that ever happened in large markets before?

We bought our home 17 years ago and all I heard was "Wow! That's a lot of money! I'm going to wait until prices come down because these prices can't last!!".

17 years later, my home is worth three times the purchase amount and no, it has never gone down in value.

The market is going crazy everywhere, from South Carolina to the panhandle of Florida to the entire West Coast. If it goes down in one market, it'll go down in every market and I just don't think that's going to happen.

Welcome to low interest rates and a housing shortage.

This. It might dip a little but it will never go all the way back. A relatively small investment in a piece of property in San Jose 20 years ago has turned into something bordering on ridiculous.

[Bugeater]

People always contend there's a "Housing Bubble" and that prices will eventually "Come Down". But when has that ever happened in large markets before?

We bought our home 17 years ago and all I heard was "Wow! That's a lot of money! I'm going to wait until prices come down because these prices can't last!!".

17 years later, my home is worth three times the purchase amount and no, it has never gone down in value.

The market is going crazy everywhere, from South Carolina to the panhandle of Florida to the entire West Coast. If it goes down in one market, it'll go down in every market and I just don't think that's going to happen.

Welcome to low interest rates and a housing shortage.I don't necessarily think prices are going to fall, but they have to level off at some point. This isn't Colorado or California...it's the goddamn midwest, not exactly somewhere people are clamoring to come live.

[tredadda]

That’s a big part, definitely. Also, the Phoenix housing market has been a prime spot for investor-buyers from Canada and other places for years, and we’re a destination market for Californians who sell big then move out of state. In both cases they are mainly cash buyers.

I can see why Phoenix would be a destination for people from California. Still close to there without the outrageous cost of living. What does fascinate me is with so many people leaving, who is overpaying for homes in California? Where are they coming from?

[Bugeater]

How are you fighting it, are you getting an appraisal done to your property?I told them, in no uncertain terms, that there's no goddamn way in hell my home appreciated that much in one year. And it didn't.

[neech]

I told them, in no uncertain terms, that there's no goddamn way in hell my home appreciated that much in one year. And it didn't.

Well good luck with that, in many cases I’ve heard you need an appraisal paid by you to get them to budge. I don’t know what they cost these days.

[sedated]

Hoping a bubble bursts might be too much, but I've bid on 2 houses recently - 25% over asking - and lost because someone else did the same while waiving inspection and appraisal. Is it really too much to ask to not have to blindly throw a ton of cash at someone to get a house? Apparently not because in both cases there were over 10 offers within 24 hours.

[tredadda]

Hoping a bubble bursts might be too much, but I've bid on 2 houses recently - 25% over asking - and lost because someone else did the same while waiving inspection and appraisal. Is it really too much to ask to not have to blindly throw a ton of cash at someone to get a house? Apparently not because in both cases there were over 10 offers within 24 hours.

The bubble won't burst, but I do think once interest rates rise again there will be a slow down. The incentive is to buy now while rates are very low. People waiving that stuff is ridiculous and is a bad move, but also shows the desperation in trying to get a home no matter the cost.

[scho63]

Doghouses are even selling for $250,000 in Cali.

[DaneMcCloud]

I can see why Phoenix would be a destination for people from California. Still close to there without the outrageous cost of living. What does fascinate me is with so many people leaving, who is overpaying for homes in California? Where are they coming from?

A lot of the homes are being purchased by investors because the interest rates are so ridiculously low right now.

I don't necessarily think prices are going to fall, but they have to level off at some point. This isn't Colorado or California...it's the goddamn midwest, not exactly somewhere people are clamoring to come live.

Yeah but that's bound to happen when you're pricing out millions of people from affordable homes.

[DaneMcCloud]

This. It might dip a little but it will never go all the way back. A relatively small investment in a piece of property in San Jose 20 years ago has turned into something bordering on ridiculous.

Yeah, for sure. We have 17 new hotels going up down the street from us along with the new Netflix/Avengers tower, which is 22 stories tall, so I'm expecting our value to skyrocket in the next 3-5 years.

But when everything else around us is rising simultaneously, it doesn't really do us much good, unless we want to move from the area, which really isn't a consideration.

[DaneMcCloud]

The bubble won't burst, but I do think once interest rates rise again there will be a slow down. The incentive is to buy now while rates are very low. People waiving that stuff is ridiculous and is a bad move, but also shows the desperation in trying to get a home no matter the cost.

The big question is this: Will interest rates rise again?

I tend to think the answer to that question is no.

[Halfcan]

Hoping a bubble bursts might be too much, but I've bid on 2 houses recently - 25% over asking - and lost because someone else did the same while waiving inspection and appraisal. Is it really too much to ask to not have to blindly throw a ton of cash at someone to get a house? Apparently not because in both cases there were over 10 offers within 24 hours.

How are people waiving appraisals unless they are cash buyers?

FHA and VA buyers have mandatory inspections.

This is the kind of stuff that causes the housing market to crash. There has to be a check and balance on properties and loans. I guess people have forgotten the Obama years. The market was depressed by foreclosures and loans being very difficult to get.

[displacedinMN]

People always contend there's a "Housing Bubble" and that prices will eventually "Come Down". But when has that ever happened in large markets before?

We bought our home 17 years ago and all I heard was "Wow! That's a lot of money! I'm going to wait until prices come down because these prices can't last!!".

17 years later, my home is worth three times the purchase amount and no, it has never gone down in value.

The market is going crazy everywhere, from South Carolina to the panhandle of Florida to the entire West Coast. If it goes down in one market, it'll go down in every market and I just don't think that's going to happen.

Welcome to low interest rates and a housing shortage.

We bought at last house in 2001. Houses were moving fast. when the market "crashed" in 2007-8, we still could have sold our house for more than what we bought it. Sure, not as much of a profit, but still with equity.

Rode it out, refinanced. Waited and sold at a good time when our development started. Don't think you ever really lose on a house unless the areas around you go to hell for some reason.

[Rain Man]

The big question is this: Will interest rates rise again?

I tend to think the answer to that question is no.


They can't really go down, so it seems like at some point they'll go up. But I'll be happy if they don't.

Living in an expensive market, one of my concerns has been the impact of changes to mortgage interest deductions: https://www.nerdwallet.com/blog/mortgage-interest-deduction/ It seems like this would hurt home values at the higher end of the spectrum in the long run. But I'm not seeing it right now.

[displacedinMN]

Yeah, for sure. We have 17 new hotels going up down the street from us along with the new Netflix/Avengers tower, which is 22 stories tall, so I'm expecting our value to skyrocket in the next 3-5 years.

But when everything else around us is rising simultaneously, it doesn't really do us much good, unless we want to move from the area, which really isn't a consideration.

Holy crap at all of that.
You could have bought the Brady Bunch House.

[Halfcan]

We bought at last house in 2001. Houses were moving fast. when the market "crashed" in 2007-8, we still could have sold our house for more than what we bought it. Sure, not as much of a profit, but still with equity.

Rode it out, refinanced. Waited and sold at a good time when our development started. Don't think you ever really lose on a house unless the areas around you go to hell for some reason.

It is called Foreclosure. There will be a Lot of them in the coming years when all the free money dries up and hyperinflation fully kicks in.

[Rain Man]

Yeah, for sure. We have 17 new hotels going up down the street from us along with the new Netflix/Avengers tower, which is 22 stories tall, so I'm expecting our value to skyrocket in the next 3-5 years.

But when everything else around us is rising simultaneously, it doesn't really do us much good, unless we want to move from the area, which really isn't a consideration.

When I bought my house 25 years ago, I stood on the front porch and noticed a sign up on the corner. "What does it mean that we're in a historic district?" I asked my Realtor.

It was sheer luck, but it's awesome. There's notable redevelopment to our west and our southeast, but nothing can change in our neighborhood. So we get the benefits of development in terms of services and property values, and we have no risk of someone wanting to plunk a high-rise down on our block. Plus, the development is eliminating single-family homes in favor of multi-family, which decreases the supply of houses like mine.

[vailpass]

Yeah, for sure. We have 17 new hotels going up down the street from us along with the new Netflix/Avengers tower, which is 22 stories tall, so I'm expecting our value to skyrocket in the next 3-5 years.

But when everything else around us is rising simultaneously, it doesn't really do us much good, unless we want to move from the area, which really isn't a consideration.

This is the rub. You only come out ahead if you leave the market or if what you’re selling isn’t your primary residence. Thus the investors and flippers.

[vailpass]

How are people waiving appraisals unless they are cash buyers?

FHA and VA buyers have mandatory inspections.

This is the kind of stuff that causes the housing market to crash. There has to be a check and balance on properties and loans. I guess people have forgotten the Obama years. The market was depressed by foreclosures and loans being very difficult to get.

Inspections. Not appraisals.

[Chief Roundup]

They can't really go down

Negative interest rates are a real thing. There is talk that we very well may be headed into that situation. When that situation has raised in the past banks generally charge a person a percentage rate, beyond their monthly account rate if they have one, for the amount of money that a person has in their account.

[Halfcan]

Inspections. Not appraisals.

He stated Both in his post. ;)

[displacedinMN]

had a voice mail saying they were looking to buy my house. It was just a spam call. Never gave any specifics.

[DaneMcCloud]

How are people waiving appraisals unless they are cash buyers?

FHA and VA buyers have mandatory inspections.

This is the kind of stuff that causes the housing market to crash. There has to be a check and balance on properties and loans. I guess people have forgotten the Obama years. The market was depressed by foreclosures and loans being very difficult to get.

People are dropping $1+ million dollars cash all over Los Angeles, without inspections and without appraisals because the interest rates are so cheap that investors can put a couple hundred thousand into them and rent them out for $6k-8k per month all day long.

[displacedinMN]

People are dropping $1+ million dollars cash all over Los Angeles, without inspections and without appraisals because the interest rates are so cheap that investors can put a couple hundred thousand into them and rent them out for $6k-8k per month all day long.

Anyone there doing teardowns?

[DaneMcCloud]

They can't really go down, so it seems like at some point they'll go up. But I'll be happy if they don't.

I think that interest rates will "rise" at some point but it won't be to levels that we saw around the year 2000, in which they're 6%-9%.

I'd be surprised if they even reach 4% before the end of the decade because it would leave millions homeless and without the ability to own a home.

[DaneMcCloud]

Anyone there doing teardowns?

All over, although it's generally in the pricier areas like Beverly Hills or the Birds in which enormously wealthy people buy two to three lots and build one house in its place.

That said, it's also happening quite a bit down in Inglewood near the new Rams stadium and that area, which has become Silicon Beach. 20-30 years ago, you could buy a house down there for next to nothing and now it's going for $1,000 a square foot or more.

But the main thing is people buying older homes built in the 50's-80's, tearing them down to stud and building them back up. In most cases, the plumbing and electrical is no where near code so you're better off tearing out the old plaster and starting from scratch, although those fixer uppers are generally $800k-$1 million.

[Rain Man]

had a voice mail saying they were looking to buy my house. It was just a spam call. Never gave any specifics.

I figure that any business calling to buy your home wants to give you a below-market offer so they can flip it for the market value. No way would I sell to a business.

That said, I know someone who (long ago) got a letter from an individual that said, "We want to buy a house in your neighborhood. Are you considering selling?" It turned out that my acquaintances had been pondering a move and hadn't told anyone. They ended up selling the house and moving.

[DaneMcCloud]

It is called Foreclosure. There will be a Lot of them in the coming years when all the free money dries up and hyperinflation fully kicks in.

Nah, they'll go to Short Sales long before foreclosures, especially if you're talking $750k and above.

[tyecopeland]

We bought at last house in 2001. Houses were moving fast. when the market "crashed" in 2007-8, we still could have sold our house for more than what we bought it. Sure, not as much of a profit, but still with equity.

Rode it out, refinanced. Waited and sold at a good time when our development started. Don't think you ever really lose on a house unless the areas around you go to hell for some reason.

I bought my first house in 2009. It was one of the better houses in a white trash neighborhood. Lived in it for 4-5 years then rented it out for a couple of years. Ended up selling it for almost exactly what I paid for it. But even then when you factor in what I would have spent renting for 4 years I came out ahead.

[DaneMcCloud]

Inspections. Not appraisals.

Appraisals are ordered by the financing company but pre-Zillow/Trulia/Redifin, I paid for a few appraisals out of pocket for a few properties I considering purchasing.

As for inspections, they aren't the end all, either. We hired a supposedly "great" firm to do the inspection on our home but the guy missed all kinds of stuff, including a super leaky flat roof, a balcony that leaked into our laundry room and all kinds of electrical that wasn't even close to code.

When I asked our realtor about this crap six months after purchase, he said that there's nothing the inspector could have done because they're not allowed to perform any leak detection or electrical inspections.

Fortunately, we found all of the issues early on because we basically tore it down to stud, which is probably the same plan for those that are purchasing without inspections as well.

[DaneMcCloud]

I bought my first house in 2009. It was one of the better houses in a white trash neighborhood. Loved in it for 4-5 years then rented it out for a couple of years. Ended up selling it for almost exactly what I paid for it. But even then when you factor in what I would have spent renting for 4 years I came out ahead.

Plus, the mortgage interest write-off is worth it on its own.

[Frazod]

When I bought my house 25 years ago, I stood on the front porch and noticed a sign up on the corner. "What does it mean that we're in a historic district?" I asked my Realtor.

It was sheer luck, but it's awesome. There's notable redevelopment to our west and our southeast, but nothing can change in our neighborhood. So we get the benefits of development in terms of services and property values, and we have no risk of someone wanting to plunk a high-rise down on our block. Plus, the development is eliminating single-family homes in favor of multi-family, which decreases the supply of houses like mine.

When we bought ours 20 years ago, the back of our lot was adjoined to a golf course on the right and federally protected wetlands on the left. I don't play or give a shit about golf, but it was a much better view than the backs of other homes. In fact, we paid an extra $5,000 for it in the purchase price.

Unfortunately, the golf course was poorly run and had mob ties. One day they rather foolishly saw fit to have a hooker/stripper event, which involved scantily to non-clad women wandering the course (I was at work that day and missed it). But several residents complained, and from that point on the city was up their asses like a rocket. Not long afterward the liquor license for the clubhouse was pulled, and from that point on the course deteriorated and eventually went under. I hoped that someone else would take over, but instead it was sold to developers, and now there are houses there. The only good part is the area closest to us is too low and marshy for buildings, so there aren't houses right on top of us; but still, the nice view is history and instead I see the backs of homes a couple of hundred yards distant. And of course there will be no reimbursement coming for the loss of our view from our original builders, an LLC which ceased to exist as soon as our neighborhood was completed. :grr:

[tyecopeland]

Zillow has never had my current (soon to be former) house priced correctly and has fluctuated like crazy in the time Ive been in it. But since January of 2020 when it was shown at its lowest, its gone up 45% in valuation according to them. Thats about where it was actually appraised for 6 years ago though.

The house I bought at auction in August, was shown on zillow for 50% more than what I paid, but appraised at only 10% more. Zillow shows that it went way down in value when I bought it but climbed back up past its peak in the last 3 months. Im a few months away from getting it appraised again for a new loan for more improvements.

[Bugeater]

Well good luck with that, in many cases I’ve heard you need an appraisal paid by you to get them to budge. I don’t know what they cost these days.Our home was just appraised two years ago when we purchased it. They know what we paid for it, they know what the condition was because the pictures were available online for over a year. They have no goddamn excuses. But I certainly don't have my hopes up too much with values skyrocketing the way they are.

[tredadda]

A lot of the homes are being purchased by investors because the interest rates are so ridiculously low right now.



Yeah but that's bound to happen when you're pricing out millions of people from affordable homes.

That makes a lot of sense then.

[tredadda]

I think that interest rates will "rise" at some point but it won't be to levels that we saw around the year 2000, in which they're 6%-9%.

I'd be surprised if they even reach 4% before the end of the decade because it would leave millions homeless and without the ability to own a home.

Agreed. I believe these ridiculously low rates can't last forever, but at the same time high rates would be even more devastating and lead to economic bloodshed as well. 4% seems like a good balance.

[Rain Man]

When we bought ours 20 years ago, the back of our lot was adjoined to a golf course on the right and federally protected wetlands on the left. I don't play or give a shit about golf, but it was a much better view than the backs of other homes. In fact, we paid an extra $5,000 for it in the purchase price.

Unfortunately, the golf course was poorly run and had mob ties. One day they rather foolishly saw fit to have a hooker/stripper event, which involved scantily to non-clad women wandering the course (I was at work that day and missed it). But several residents complained, and from that point on the city was up their asses like a rocket. Not long afterward the liquor license for the clubhouse was pulled, and from that point on the course deteriorated and eventually went under. I hoped that someone else would take over, but instead it was sold to developers, and now there are houses there. The only good part is the area closest to us is too low and marshy for buildings, so there aren't houses right on top of us; but still, the nice view is history and instead I see the backs of homes a couple of hundred yards distant. And of course there will be no reimbursement coming for the loss of our view from our original builders, an LLC which ceased to exist as soon as our neighborhood was completed. :grr:


I like watching those shows on HGTV where people are shopping from homes in different cities. There'll sometimes be comments made like, "this is open space so there'll never be houses there".

I don't trust those statements. Things change all the time. Unless it's a national park, and maybe even then, it just takes a vote of a random council or committee to change things.

On that same note, it just takes a vote to eliminate our historic district around our house. I hope it'll be around for my lifetime at a minimum, but it wouldn't shock me if some powerful developer eventually screws the district over.

[vailpass]

He stated Both in his post. ;)

Sorry, I thought you were replying to my post.

[tredadda]

It is called Foreclosure. There will be a Lot of them in the coming years when all the free money dries up and hyperinflation fully kicks in.

Man I hope you are wrong on that. No good can come from that economically. The last time we had a huge rash of foreclosures the market tanked.

On another note why would there be a rash of foreclosures when people are getting into loans at low rates? The last crash if I remember correctly had people financing at much higher rates. It would lead me to believe that with people locking in low rates they would be more able to afford their loan long-term.

[Frazod]

I like watching those shows on HGTV where people are shopping from homes in different cities. There'll sometimes be comments made like, "this is open space so there'll never be houses there".

I don't trust those statements. Things change all the time. Unless it's a national park, and maybe even then, it just takes a vote of a random council or committee to change things.

On that same note, it just takes a vote to eliminate our historic district around our house. I hope it'll be around for my lifetime at a minimum, but it wouldn't shock me if some powerful developer eventually screws the district over.

We were first time homeowners, and certainly learned some lessons from the weasels we bought from. The most important is that sellers are only interested in selling. A few things they told us about the area that were beyond their control ended up being pie in the sky. We're still here, and I'm generally happy with the house and location, but if the time ever does come to relocate I'll damned sure know what questions to ask and what answers to question.

[Hammock Parties]

We were first time homeowners, and certainly learned some lessons from the weasels we bought from. The most important is that sellers are only interested in selling. A few things they told us about the area that were beyond their control ended up being pie in the sky. We're still here, and I'm generally happy with the house and location, but if the time ever does come to relocate I'll damned sure know what questions to ask and what answers to question.

Gonna need some deets here.

I recently caught some sellers who turned out to be pretty untrustworthy IMO.

"We cleaned the sewer line. It looks good!"

Plumber: "Yeah this is going to cost you $6k to fix." LMAO

[KCUnited]

We've always tossed around the idea of keeping a condo in Chicago after we relocate our primary residence within the next 3-5 years. With money cheap and a surplus in downtown, its very tempting now. Currently there's 3bd/2ba for under 400 and 2bd/2ba in the 200-300s happening now for downtown properties.

They go quickly but it seems like a limited opportunity to get in as the 2020 dust is still settling.

[displacedinMN]

I like watching those shows on HGTV where people are shopping from homes in different cities. There'll sometimes be comments made like, "this is open space so there'll never be houses there".

I don't trust those statements. Things change all the time. Unless it's a national park, and maybe even then, it just takes a vote of a random council or committee to change things.

On that same note, it just takes a vote to eliminate our historic district around our house. I hope it'll be around for my lifetime at a minimum, but it wouldn't shock me if some powerful developer eventually screws the district over.

There is an area in Plymouth, MN that is a golf course. Wont be for much longer. It has been sold to a developer. People are trying to stop it but I dont think they will have any luck.
I can think of three golf courses that are now gone. A friend is living on the 4th hole of one he used to golf. The one I work at still going strong. I am sure the city gets approached about it ALL THE TIME.

But our current mayor is a golfer and lives next to it. If it survives another 20 years it will be amazing.

[Rain Man]

Gonna need some deets here.

I recently caught some sellers who turned out to be pretty untrustworthy IMO.

"We cleaned the sewer line. It looks good!"

Plumber: "Yeah this is going to cost you $6k to fix." LMAO


This may be silly, but if you're thinking of buying in an area that's anywhere close to commercial area or busy street, you might consider a quick call to the county planning office to just ask if there are any long-term changes that might happen. They're generally friendly people who don't mind talking to the public, and you can find out if there's an application for a sex offender home or a big apartment complex or a road widening. They won't know everything but they often know if something big is happening.

It's probably not necessary if you're looking at a place that's buried in the middle of a subdivision surrounded by similar homes, but as noted earlier if you're overlooking a golf course or an open space, it doesn't hurt to ask if it's going to be gone in a year.

I had a relative who bought a restaurant once, and he didn't do this. A few months after he made the purchase, a major road widening project started and made it a huge hassle to get to his restaurant. It was a disaster. I figure the seller knew about it, which was why he sold.

[Halfcan]

Man I hope you are wrong on that. No good can come from that economically. The last time we had a huge rash of foreclosures the market tanked.

On another note why would there be a rash of foreclosures when people are getting into loans at low rates? The last crash if I remember correctly had people financing at much higher rates. It would lead me to believe that with people locking in low rates they would be more able to afford their loan long-term.

It is not just about rates with the scenarios people are posting about. Paying 5 to 20% more than an already inflated ask price also includes Taxes and Insurance at that higher price. That is a lot of money over a 15-30 year note.

As far as inspections- any Realtor worth his credentials would not let a buyer do this, even in new construction. Inspectors get paid for a reason. The inspection report also gives leverage to the buyer to get the most serious things credited or fixed before closing.

Anyone who thinks this new Real Estate model is sustainable must have forgotten the last crash.

[Halfcan]

People are dropping $1+ million dollars cash all over Los Angeles, without inspections and without appraisals because the interest rates are so cheap that investors can put a couple hundred thousand into them and rent them out for $6k-8k per month all day long.

This is a good example of where the country is headed. Super rich elite at the very top gobbling up every asset, 2nd tier wealthy millionaires, a shrinking middle class, and an enormous population of poor.

Real Estate is like any ecosystem- it takes all levels to stay healthy.

The poor and lower middle class have to have a way to get out of the rentals and move into starter-type homes with other first-time buyers. First-time buyer programs are amazing and essential. Lower cost FHA and VA loans as well.

These previous 1st timers need to build equity to move to the nicer neighborhoods- which then let retired folks cash out or continue to move up to gated communities.

Right now the fixer-upper/starter homes are getting bought by major investment firms and turned into expensive rentals. This will eventually put negative pressure all the way up the ladder.


The last crash happened mostly because all the First-time buyer money dried up and banks started demanding vast amounts down. It sent ripples throughout the markets. Along with high unemployment, the stock market crash wiping out retirement funds, and ridiculous hyperinflation- it was the perfect storm.

[Lzen]

...The last crash happened mostly because all the First-time buyer money dried up and banks started demanding vast amounts down....

There's more to it than that, but this is what was the root cause:

The stock market crashed in 2008 because too many had people had taken on loans they couldn’t afford. Lenders relaxed their strict lending standards to extend credit to people who were less than qualified. This drove up housing prices to levels that many could not otherwise afford.


Easy credit and raising home prices resulted in a speculative real estate bubble. While the market crashed in 2008, the problem started years earlier.

In the late 90s, the Federal National Mortgage Association, or Fannie Mae as it’s commonly known, began its crusade to make home loans accessible to borrowers with a lower credit score.

Fannie Mae wanted everyone to attain the American dream of homeownership, regardless of credit. Lenders who extended home loans to high-risk borrowers offered mortgages with unconventional terms to reflect the increased likelihood of default.

The relaxed lending standards fueled the housing growth and corresponding rise in home values. People with bad credit and little-to-no savings were offered loans they could not afford. Meanwhile, banks were repackaging these mortgages and selling them to investors on the secondary market.

While housing prices continued to increase, the rising subprime mortgage market thrived. Because house values rose so quickly, the increase in home equity offset the bad debt buildup. If a borrower defaulted, banks could foreclose without taking a loss on the sale.

The resulting seller’s market meant that if homeowners couldn’t afford the payments, they could sell the house and the equity would cover the loss.

A crisis was virtually inevtiable. Once the housing market slowed down in 2007, the housing bubble was ready to burst.

https://www.wealthsimple.com/en-us/learn/2008-market-crash

[htismaqe]

This is a good example of where the country is headed. Super rich elite at the very top gobbling up every asset, 2nd tier wealthy millionaires, a shrinking middle class, and an enormous population of poor.

Real Estate is like any ecosystem- it takes all levels to stay healthy.

The poor and lower middle class have to have a way to get out of the rentals and move into starter-type homes with other first-time buyers. First-time buyer programs are amazing and essential. Lower cost FHA and VA loans as well.

These previous 1st timers need to build equity to move to the nicer neighborhoods- which then let retired folks cash out or continue to move up to gated communities.

Right now the fixer-upper/starter homes are getting bought by major investment firms and turned into expensive rentals. This will eventually put negative pressure all the way up the ladder.


The last crash happened mostly because all the First-time buyer money dried up and banks started demanding vast amounts down. It sent ripples throughout the markets. Along with high unemployment, the stock market crash wiping out retirement funds, and ridiculous hyperinflation- it was the perfect storm.

The first crash happened because homebuyers and banks were drawing up loans neither of them could afford.

I used to consult for a very large lender. They took billions in losses because they decided it was a good idea to lend mortgages to people that had zero means to pay them off.