Charlotte, NC area: hate on OP, houses, boats & hoes

...only took 7 months!

 

What was the trick? We’re struggling over here.

 

There isn’t shit for inventory where we are looking. I keep telling my other half that we just need to cash out, rent (yes it will cost more) for the time being, and see how the market plays out over the next year or so. She still isn’t taking the bait.

the market is headed for a fiery crash at some point. I want to be in a position to leverage myself into a nice lake house and live the high life like @Bannerman

 

Wish I could tell you. The ones I’ve bid on and lost I’ve bid much higher than list and been outbid. I think if you're gonna buy right now just realize that you’re gonna pay out the ass.

It’s just a terrible time to buy a house. If I knew it was gonna get to this point I doubt I would’ve sold. There was a neighborhood, Fieldstone, we were looking in. All brick ranch homes, not too big, which is what we like. There’s an empty lot in there right next to a transformer, odd-shaped and a hoarder looking doublewide through the woods that you can see. Not desirable and it’s sat there since we started looking. Builder had listed this lot/house to be built starting at $385K back then. 7 months later it hasn’t sold but that lot today is listing at $435K. Increased $50K in half a year. A house in my old neighborhood just went on market yesterday. It’s basically the same floor plan as my old one and is listing exactly $50K more than I listed mine. Existing home sales seem to be following the pricing trend of new construction. Best I can tell you is buy a house that you really like because you’re probably gonna be in it for a while.

 

People buying more house than they could otherwise afford thanks to low interest rates.

wait until the value of the dollar keeps crashing due to all the “free money” and inflation going crazy. All of a sudden people will be underwater on their mortgages, can’t pay it, and we have 2007/2008 all over again.

I want to be in a prime position to take advantage of this when it does happen.

Edit - could also be totally wrong here.

 

Have everything ready to go inspector ready and on call, time frame for closing shorter possibly if you're willing to not haggle over certain repairs or anything like that. Your bank and everything set to run as smoothly as possible not slacking on appraisers. It's not always about how much over you bid but as smooth and hassle free a closing and transaction can go. Get a really good buyers agent that knows how to play the game and isn't lazy.

 

I’m trying the same.

You have just described my situation and I still have lost a handful of bids at up to 31k over ask. It’s nuckin futs out here.

 

We put a bid on a house today that had 30 offers at deadline.

 

You people are doing it wrong. We got our house last year $40k under asking price.
*It’s a total turd but has promise. ​

 

So my folks won theirs by essentially offering up the easiest close possible. Cash no bank, anything but structural issues was waived for negotiations, close to 60k over asking, and as soon as a 15 day closing. They had their inspector there in 4 days of offer acceptance. Where they were looking they were going up against folks in similar scenarios so they just had to up their bid over asking.

If you have the cash flow to cover anything that appraisals may not value a house at you'll probably have to raise your bids quite a bit and over look minor inspector issues. It's a seller's market right now tides have turned so now buyers don't have the bargaining chip in their corner.

 

All of what you just listed happens after you get under contract. You need to get an offer accepted before any of this can happen, which is the tough part.

 

You can call your inspector and tell them hey bud I need you on call ready, You can also make sure every bit of banking is set and ready as well making sure they will have appraisers ready to go (don't want to end up like @Bannerman ).

When you write your offer you can put in there you'll waive xyz type repairs if the inspector finds them as well in your offer if possible be ready for a short closing which circle backs to making sure everything on your end is in order ready to go. So no not all of that happens when you are under contract.

Like I said it's making your offer as smooth seemless and most desirable not just the $$$$$. If you don't stay on top of the people in your corner and everything looks disorganized you'll loose the bid.

 

If you’re poor, you don’t pic the inspector. The lender does.

I don’t believe I have any control over who the inspector is. But, my lender is Johnny on the spot with things so it doesn’t bother me.

I’m pre approved with great credit. Just can’t compete with cash offers and those that can bid to the moon and cover appraisal gap.

 

Look at how much inspectors cost they really aren't that much in the long run and you hiring them they'll be working for you not the lender, seller, or anyone else involved in the process.

 

Now you know that doesn't matter....

 

Inspectors are a waste of time and money. Get the cheapest one possible just to keep the bank happy, and save 5 figures cash to fix shit that breaks.
- person who bought two houses with "great inspectors, THE BEST" and got hosed each time and is now a self declared expert

 

when we bought our house the sellers already had an inspection done and repair receipts. One condition of them accepting our offer was no inspection from us....guess you could call that a rookie mistake that won’t be made again.

 

Yea that has trap all over it LOL!!!

Both the houses I bought had some pretty big issues, first one was rookie mistake on our part didn't know what to look for, second is regional stuff the inspector should have saw since his ass FUCKING LIVES HERE.... Not pissed about it though.... At least my homeboys on an offroad forum bailed me out and told me what the issue is!