Misternatural 0 #26 March 24, 2008 Man, I just don't know what the fuck to think anymore, the way these guys are cooking the books these days as Jim Cramer says- a lot of it is fiction...All I know is I'm in the same boat as you except I've got a lot riding on the Stock market... lets just say Jan- Feb has been a rough ride- I try not to let all the red numbers bother me as I am a bullish investor but it sure ain't pretty. Just trying to buy the dips and sell the rips as they say. so far I am staying afloat.Beware of the collateralizing and monetization of your desires. D S #3.1415 Quote Share this post Link to post Share on other sites
PhreeZone 20 #27 March 24, 2008 Location and timing. Vegas has had some very agressive price hikes in recent memory but they are are in for a rough ride soon since a lot of people who bought property as a second home in the area got in on adjustable rates and now they are looking at huge increases in their payments and you will see a large number of units for sale shortly. The flood of units for sale will drive the prices down for the entire region and that 100k profit wouldn't be as much in another 6-12 months. Like I said I bought a few years ago when the markets were hot and dropped about $7-8000 in to upgrades but its going to take me another 2-3 years just to cover the original price again if I want to sell. I bought at lower then the asking price so I had equity at closing but it all was lost when 15% of my neighborhood is in forclosure or short selling. To cover the upgrades at the current rate of appreation is about 6 years. This is due to the market in Ohio being total shit and everything selling way below appraised values. For the vast majority of the county its no longer like the old days where you could buy a house, sit on it for a few years and have an instant profit.Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
Misternatural 0 #28 March 24, 2008 >>For the vast majority of the county its no longer like the old days where you could buy a house, sit on it for a few years and have an instant profit. Word! That goes for most investments now: Cash? nope, dropping dollar value. Savings? nope, lower interest rates. Stocks? nu uh, not yet- right now it's only the quick and the dead out there. Bonds and treasuries? nein, lower yields. Gold? meh I say buy big toys, art, wine,etc. Ebay is you friend.Beware of the collateralizing and monetization of your desires. D S #3.1415 Quote Share this post Link to post Share on other sites
jtval 0 #29 March 24, 2008 Elections are coming up in a few months (ok more than just a few) With any luck at all We'll have someone who isn't AS interested in mining the American public for their riches. I'll stop there because I DO NOT want this thread going from the topic of my buying a house to politics.My photos My Videos Quote Share this post Link to post Share on other sites
jtval 0 #30 March 24, 2008 So I get a call form my realtor this morning. Even after I put the earnest money check in they apparently had two offers. Possible that I was the 2nd offer. So he tells me that the bank said who ever bid the highest wins. I pretty much gave up on the whole situation. I offered up a bit more to see if they would take it. They didn't. I'm sure that the person who bought it probably has 2 incomes (married etc)and can afford to out bid me. So...My Realtor is fired and I am back to square one! Why the hell did I give him an earnest money check? I guess I will do the rest myself since all he does is make a phone call. Damn, I thought this one was a shoe in. I will go pick up my check in a little bit. My photos My Videos Quote Share this post Link to post Share on other sites
PhreeZone 20 #31 March 25, 2008 Don't fire your realtor over a lost bid. They tend to have listings you don't have, know who to refer you to for home inspections, for surveys, tax forms, title insurance, etc for all the needed paperwork once an offer is accepted. A good relator is worth as much during the closing process as they are during the locating process for a home. You gave him a check to show the seller that you really were serious about buying that property and it served as incentive for the seller to work with you since if you backed out later because you changed your mind they would keep the money. I lost on 2 offers before I won this one. Ask around, its not uncommon to have a few lost bids expecially if you think you are getting a great bargin.Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
jtval 0 #32 March 25, 2008 This realtor is going to be fired. If it was a choice between him and doing it myself he can kiss the darkest part of my ass. I didnt have a good vibe about him in the first place. So far he's done nothing that I coudnt do myself. I went online and drove around and found the houses. All he did was get me inside which I could have done with a few phone calls. as far as inspectors go the rest of the works go. I can find them the same way I found him. LOTS of my friends and coworkers have recommendations. This guy is a fat fuck who so far has done nothing but get between me and the seller. On that note: I DO have another realtor on the hook. I've been far more impressed with her than I have been with this fat idiot. I'll give her a shot. As far as the earnest money goes it is not an incentive. it is a Check to say "while I am making an offer you won't accept other offers. If we agrre on conditions and I can not get financed you keep that money in earnest." It is not a check to say "HEY!! Can you consider looking at my offer." As I said in the other post it IS POSSIBLE that I was the second to offer. if that was the case they should have told me "sorry, someone got here shortly before you did." Instead they tried to turn it into a bidding war which imo is illegal unless you are at the townhall auction.My photos My Videos Quote Share this post Link to post Share on other sites
BillyVance 35 #33 March 25, 2008 Drop the fat idiot's name at www.ripoffreport.com Okay maybe not the right place but he sounds like a douchebag... "Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
jtval 0 #34 March 25, 2008 He is. He MUST BE GOOD but IMO he's a douche bag. He is the type who on the first day I met him told me about 8 times that he is in the top 2% of realtors in the area. That only means that he's not hungry and isnt willing to work for me. that was my first impression and it still is. This other woman whom I met 2 days before this moron has done more for me than he has and I haven't done much but return her calls and thank her for keeping me in mind. She already told me she would work with my on her commision. the ony reason I used fat-ass Mcguillicuty is because he's registered with USAA. I get a discount if I use him.....$1,000 return isnt worth it. I get the impression the other woman would save me more than that in discounted commision fees anyway.My photos My Videos Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #35 March 25, 2008 QuoteDon't fire your realtor over a lost bid. They tend to have listings you don't have, know who to refer you to for home inspections, for surveys, tax forms, title insurance, etc for all the needed paperwork once an offer is accepted. A good relator is worth as much during the closing process as they are during the locating process for a home. If you're not dealing with anything special, are in a populous area with properties changing hands reasonably often, and not in a tight buyer's market where you need to know what'll be for sale before it goes on the market you don't need to be paying a good Realtor $7500+ to hold your hand through the buying and selling process. A lawyer will do at least as well protecting your interests during closing for $250 an hour. Many will even give you a flat price option for ~$400 for up to several offers. When selling a real-estate apraisal service will give you peace of mind on what it's worth for $350 when selling if you can't glean that from property tax records, Zillow, etc. The last agent I used as a buyer made $1250 an hour. The last one selling (paid for by the company who relocated me) walked away with $8000 for less than a week's work (appropriate updates and staging moved it when several near-identical units languished for months). The last time we bought without an agent we got a fair price and then subtracted what the seller would have paid an agent. The last time we sold without an agent we got the highest price paid for a property in that development and netted $12K more by substituting a lawyer + MLS listing + showing service. Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #36 March 25, 2008 Quote As far as the earnest money goes it is not an incentive. it is a Check to say "while I am making an offer you won't accept other offers. If we agrre on conditions and I can not get financed you keep that money in earnest." Until the seller accepts your offer, the earnest money is just an indication that they can accept that offer without worrying as much about eating the carrying costs if they sale doesn't go through. After they accept, if they change their mind you could sue them for damages or to sell you the property. Your offer should include a financing contingency so you get your check back if financing falls through. Quote It is not a check to say "HEY!! Can you consider looking at my offer." Quote As I said in the other post it IS POSSIBLE that I was the second to offer. if that was the case they should have told me "sorry, someone got here shortly before you did." Instead they tried to turn it into a bidding war which imo is illegal unless you are at the townhall auction. If they had not yet given you a signed sales contract what they did wasn't illegal or uncommon. In seller's markets the bidding even gets included in the sales contract as an escalation clause "$450K plus $1000 more than any offer in hand without contingencies before this offer expires, up to a total price of $500K." The offer could even have been at the same price from a buyer they thought was more likely to close. Having had one first time buyer fail to close and a second with a small down payment + 1st + second combination trying to nickel and dime on the inspection to make the property more affordable, I'd _much_ rather sell to a professional couple with a loan package more likely to go through and less financial pressure to screw with me. Quote Share this post Link to post Share on other sites
Misternatural 0 #37 March 25, 2008 >>as far as inspectors go the rest of the works go. I can find them the same way I found him. Absolutely bro, the Last thing you need is a realtor recommendation for a home inspector...thats my line and I know for a fact that many realtors play favorites with this- Favorites meaning the crew that will NOT do a thorough job. Search the web and and the yellow pages -look for an experienced and well established company with good reputation, ask how long their average inspection is- it should be at least 2.5 to 4 man hours long. pay no attention to what certification they have because that is representative of classroom time and not actual experience, there is a BIG difference. If there is licensing in your state, they should be licensed.Beware of the collateralizing and monetization of your desires. D S #3.1415 Quote Share this post Link to post Share on other sites
billvon 3,121 #38 March 25, 2008 >I'll be here for at least years and this will hopefully prove to be a fruitful >investment. >I'm buying low and hoping to sell high. in 5 years. A lot of people down here got raked over the coals trying to do that. If you want to live there, and you like the house and can afford a fixed mortgage, then by all means do it. Do NOT do it hoping you can clear $100K in five years or something. Quote Share this post Link to post Share on other sites
marks2065 0 #39 March 25, 2008 scan the internet yourself - use the realtor that is selling the house and have him/her drop the commision by 40% and split the 40% with the seller and everyone wins Quote Share this post Link to post Share on other sites
PLFXpert 0 #40 March 25, 2008 Quote If you want to live there, and you like the house and can afford a fixed mortgage, then by all means do it. I can't stress this enough. If it's not intended to be a quick-flip, go fixed. Hell, I'd even go fixed on a "quick" flip. Paint me in a corner, but my color comes back. Quote Share this post Link to post Share on other sites
jtval 0 #41 March 25, 2008 Quote>I'll be here for at least years and this will hopefully prove to be a fruitful >investment. >I'm buying low and hoping to sell high. in 5 years. A lot of people down here got raked over the coals trying to do that. If you want to live there, and you like the house and can afford a fixed mortgage, then by all means do it. Do NOT do it hoping you can clear $100K in five years or something. I won't be over extending myself. I also won't be thinking that I can make 100k in 5 years. that was an example I used for Vegas. There are 17,000 more army troops slated to come here in the next year or so. That does not make me want to run out and buy a house that I can't afford. It makes me want to get a good deal while the crash is still in mid skid.My photos My Videos Quote Share this post Link to post Share on other sites
Muenkel 0 #42 March 26, 2008 Good thing you're getting that economic stimulus check. _________________________________________ Chris Quote Share this post Link to post Share on other sites
BillyVance 35 #43 March 27, 2008 Quote Good thing you're getting that economic stimulus check. I'm getting one too, but I'll probably be one of the last ones to get it. The last two digits of my SS # are in the high 90's. "Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
jtval 0 #44 April 2, 2008 Mine ends in a low number which means two things. Not only will I get mine first but the value of the dollar will be even less when you get yours. Update. I had my offer excepted on a house it was a foreclosure and I got the bank to pay closing. I also got them to repair the sheetrock that the prev owner punched.I'll go for the inspection tomorrow and as long as that and the appraisal come back in good order I'll be moving in on my birthday. My photos My Videos Quote Share this post Link to post Share on other sites
BillyVance 35 #45 April 2, 2008 Quote Update. I had my offer excepted on a house it was a foreclosure and I got the bank to pay closing. I also got them to repair the sheetrock that the prev owner punched.I'll go for the inspection tomorrow and as long as that and the appraisal come back in good order I'll be moving in on my birthday. Awesome! "Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
jtval 0 #46 April 2, 2008 Quote Awesome! Hopefully.My photos My Videos Quote Share this post Link to post Share on other sites
BillyVance 35 #47 April 2, 2008 Quote Quote Awesome! Hopefully. Yeah, it better be a thorough inspection."Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
jtval 0 #48 April 2, 2008 It will, this guy is a prick to the sellers. My photos My Videos Quote Share this post Link to post Share on other sites
