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(CNBC)   Owners are moaners, and buyers are liars   (cnbc.com) divider line
    More: Obvious, Real estate, Real estate pricing, Sun Belt cities, rate of home price growth, brief period, home purchase agreements, highest rate of canceled contracts, large coastal hubs  
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1593 clicks; posted to Business » on 27 Sep 2022 at 2:20 PM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



20 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-09-27 2:23:21 PM  
cold feet?
 
2022-09-27 2:25:24 PM  
Half of areas listed are in Florida, which is going to missing a few houses in 3 days
 
2022-09-27 2:34:54 PM  
We got our house after the prior two buyers' escrows fell through. It's a very odd house and had been on the market for over a year, the price was almost 100k under the original asking.  Then there's this place around the corner. An older* couple bought it in June and moved in, two months later it's stripped and back on the market at the same price. I think someone died.

*Note: I'm 70, so older means OLDER.
 
2022-09-27 2:48:43 PM  

ranchguy: Half of areas listed are in Florida, which is going to missing a few houses in 3 days


It's the perfect time to buy!  There won't be another hurricane to worry about for another four, maybe three years at the earliest.
 
2022-09-27 3:17:05 PM  
Gosh what's to hate about living in Texas or Florida, aside from the awful weather, awful political climate, and awful people?
 
2022-09-27 4:00:34 PM  

bdub77: Gosh what's to hate about living in Texas or Florida, aside from the awful weather, awful political climate, and awful people?


This is why I don't get upset when the immigrants are shipped out of those states. They are better off.
 
2022-09-27 4:12:33 PM  

ltdanman44: cold feet?


Buyers were left with the pullout method once Roe was overturned and they banned birth control.
 
2022-09-27 4:32:46 PM  
When I bought my house in the spring, my agent told me that cancelations were way up because so many people were listing homes on a Thursday and Wednesday, and asking for offers no later than Sunday night; people were using the inspection contingency as a way to give themselves more time to think about if they really wanted to buy the house.

The market may be nowhere near has hot as it was in the spring, but I'm guessing a lot of sellers are still not accepting a financing and appraisal contingencies because if the deal is going to fall through, they want it to fall through quickly. And, I doubt buyers are putting offers in without feeling certain they'll qualify for a loan because or can cover the difference if the house appraises low because they don't want to risk losing the earnest money.

So, I suspect cancelations are driven by people using the inspection to think longer, or with all of the shoddy flips out there because people were renovating homes so quickly, maybe a lot of inspections are coming back bad (I had that happen to me and canceled a contract).
 
2022-09-27 4:39:25 PM  

natazha: We got our house after the prior two buyers' escrows fell through. It's a very odd house and had been on the market for over a year, the price was almost 100k under the original asking.  Then there's this place around the corner. An older* couple bought it in June and moved in, two months later it's stripped and back on the market at the same price. I think someone died.

*Note: I'm 70, so older means OLDER.


If they were in their 90s (I'm supposing), they should have rented. If they can afford a down payment for a home, they can probably afford at least a year or so for rent.
 
2022-09-27 5:00:53 PM  

thornhill: When I bought my house in the spring, my agent told me that cancelations were way up because so many people were listing homes on a Thursday and Wednesday, and asking for offers no later than Sunday night; people were using the inspection contingency as a way to give themselves more time to think about if they really wanted to buy the house.

The market may be nowhere near has hot as it was in the spring, but I'm guessing a lot of sellers are still not accepting a financing and appraisal contingencies because if the deal is going to fall through, they want it to fall through quickly. And, I doubt buyers are putting offers in without feeling certain they'll qualify for a loan because or can cover the difference if the house appraises low because they don't want to risk losing the earnest money.

So, I suspect cancelations are driven by people using the inspection to think longer, or with all of the shoddy flips out there because people were renovating homes so quickly, maybe a lot of inspections are coming back bad (I had that happen to me and canceled a contract).


It was hard finding a seller that would entertain an offer with an inspection. On three different properties we went in over asking and weren't requiring the seller to fix what was found to be wrong, we just wanted to know what we were getting into - sellers must have known they had a real turd on their hands.
 
2022-09-27 5:17:53 PM  

WhiskeySticks: thornhill: When I bought my house in the spring, my agent told me that cancelations were way up because so many people were listing homes on a Thursday and Wednesday, and asking for offers no later than Sunday night; people were using the inspection contingency as a way to give themselves more time to think about if they really wanted to buy the house.

The market may be nowhere near has hot as it was in the spring, but I'm guessing a lot of sellers are still not accepting a financing and appraisal contingencies because if the deal is going to fall through, they want it to fall through quickly. And, I doubt buyers are putting offers in without feeling certain they'll qualify for a loan because or can cover the difference if the house appraises low because they don't want to risk losing the earnest money.

So, I suspect cancelations are driven by people using the inspection to think longer, or with all of the shoddy flips out there because people were renovating homes so quickly, maybe a lot of inspections are coming back bad (I had that happen to me and canceled a contract).

It was hard finding a seller that would entertain an offer with an inspection. On three different properties we went in over asking and weren't requiring the seller to fix what was found to be wrong, we just wanted to know what we were getting into - sellers must have known they had a real turd on their hands.


I made 11 offers that weren't accepted, some as much as 15 percent over asking, all of them waiving the financing and appraisal contingencies. I never waived the inspection. Unless you're planning on gutting the house or so rich that you can afford to burn money, I just don't understand why you would ever buy a house without at least getting several hours to test everything and look behind the walls.
 
2022-09-27 6:57:53 PM  

ranchguy: Half of areas listed are in Florida, which is going to missing a few houses in 3 days


A few houses, sure. Many more will be trailers, tho.
 
2022-09-27 8:10:22 PM  
I just backed out of selling the home from my mom's estate.  The buyer just kept getting crazier and crazier with their demands.  We'd agree to something and then they'd come out of left field with something completely wild.  The final straw was when our respective agents negotiated to a dollar figure for closing credits and home warranty and they instead demanded twice that and the original boxes for the smoke detectors.  No.  Done.  It's back on the market as-is, no contingencies.  I don't care if that leaves a huge chunk of money on the table, not going through that again.
 
2022-09-27 8:10:44 PM  

thornhill: I made 11 offers that weren't accepted, some as much as 15 percent over asking, all of them waiving the financing and appraisal contingencies. I never waived the inspection. Unless you're planning on gutting the house or so rich that you can afford to burn money, I just don't understand why you would ever buy a house without at least getting several hours to test everything and look behind the walls.


I'd been posting here that the housing market would crash as soon as I put my dad's 1841 Victorian up for sale. The listing went live the day after the Fed said they were raising rates. That weekend, I got a cash offer, no inspection. Not as much as I'd been hoping for, but considering how much much I figured was wrong with the place and how mortgage rates suddenly started taking off, I wasn't gonna quibble. I have no regrets.

We're looking for a new place. Couldn't even get a tour in the spring, places were snapped up so quickly. Now prices are dropping $10-25k and suddenly buildings that were all under contract have units available.
 
2022-09-27 9:17:26 PM  

Fear the Clam: thornhill: I made 11 offers that weren't accepted, some as much as 15 percent over asking, all of them waiving the financing and appraisal contingencies. I never waived the inspection. Unless you're planning on gutting the house or so rich that you can afford to burn money, I just don't understand why you would ever buy a house without at least getting several hours to test everything and look behind the walls.

I'd been posting here that the housing market would crash as soon as I put my dad's 1841 Victorian up for sale. The listing went live the day after the Fed said they were raising rates. That weekend, I got a cash offer, no inspection. Not as much as I'd been hoping for, but considering how much much I figured was wrong with the place and how mortgage rates suddenly started taking off, I wasn't gonna quibble. I have no regrets.

We're looking for a new place. Couldn't even get a tour in the spring, places were snapped up so quickly. Now prices are dropping $10-25k and suddenly buildings that were all under contract have units available.


With a cash offer on a house that old and waiving the inspection, I assume the buyer plans to gut it.
 
2022-09-27 9:35:31 PM  

thornhill: With a cash offer on a house that old and waiving the inspection, I assume the buyer plans to gut it.


That's what I thought, too, but the buyer expanded a downstairs half-bath to a full and immediately rented it out.

/With the new and improved gas prices coming up, I'm sure the tenants will enjoy the heating bills even more than I did.
 
2022-09-27 10:04:56 PM  

ranchguy: Half of areas listed are in Florida, which is going to missing a few houses in 3 days


Maybe the prospective buyers can't do math either?
 
2022-09-27 10:29:16 PM  

ranchguy: Half of areas listed are in Florida, which is going to missing a few houses in 3 days


It's because people are trying to dump old homes with no work done to them for the price of a brand new house that has better features. Like one house I looked at the window frame was literally cracked. It's right in the path of Ian too. They also ripped the old mfg sticker off the compressor and slapped a new one saying it was just a little over a year old. Bullshiat, it would not be so rusted.

shiats going to give out.
 
2022-09-28 7:47:26 AM  
My market has turned fast in the last 6 months. We're seeing many price reductions and deals are falling through. Buyer activity is drying up even though there's still little supply on the market.
 
2022-09-28 1:34:27 PM  

Lance Robdon: ranchguy: Half of areas listed are in Florida, which is going to missing a few houses in 3 days

It's the perfect time to buy!  There won't be another hurricane to worry about for another four, maybe three years at the earliest.


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