Real Estate Crash thread

[schuss]

Realtors are required to carry E and O insurance. Anyway, bash on..

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Hey man, it's your industry organizations keeping the bar low, not us. Like I said, I've met some stellar realtors that know their shit and have excellent sense in how to get a house sold at the right price to the right people, but the way the industry is setup that's not rewarded as much as just jamming the channel and overpromising/underdelivering.

[frorider]

I just learned I shit in the kitchen.

You moved to a tiny NYC apartment?

Visited a friend there who had a bathtub a few feet from the oven/kitchen counter. She had a detached door we put on the tub to create a table for dinner.

[The SnowShow]

You moved to a tiny NYC apartment?

Visited a friend there who had a bathtub a few feet from the oven/kitchen counter. She had a detached door we put on the tub to create a table for dinner.

Got to love the creativity of New Yorkers in their apartments. Ovens as storage. TV within arms reach of couch (no need for a remote).
Bedroom/kitchen/dining/living room all within a 300 sf space. Full mirrored walls to double the size. Cooking pot storage under the couch.

[I Skied Bandini Mountain]

"Efficient" living in my past usually meant the refrigerator was out on the porch.

[neufox47]

evaluate CC&R’s, easements, liens, clouds on title, etc.

You give legal opinions on these items or you say, “this looks like a potential problem you need checked out”? Do you ever tell someone affirmatively in writing they can do X based on a CC&R, easement, etc? If you are im pretty sure you are either treading dangerously close to practicing law without a license or fully guilty.

I know so many people who have said the realtor told them affirmatively something but when they ask about it in writing the answer suddenly changes to “you should ask an attorney”.

[frorider]

From Nov 11 Economist:

[byates1]

https://nbcmontana.com/newsletter-da...uld-be-removed

Buh bye

" Hey honey, let's build a house 4 feet from the river inside glacier national park, should be no big deal right?"

[Harry]

These people rank right up there with that rich clown who landed his helicopter right in the middle of the Bob Marshal Wilderness to go fishing.


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[yeahman]

To build that close to a river or stream you would have to be a complete moran.

[RootSkier]

From Nov 11 Economist:

I've been extremely critical of the NAR in this thread but this article has enough significant inaccuracies to convince me that everything else in that rag is not to be trusted.

[BC13]

The whole real estate transaction process has amused me for most of my adult life. Mortgage brokers, realtors, title insurance companies, and certain locales of attorneys all have set up a beautiful money making system.

I've bought one house in my lifetime, nearly 20 years ago. I wanted the house and bid over asking price to assure I got it. Back then, not many were bidding over asking. Our realtor put the bid in, but we did not get the positive experience we were expecting.

A good friend of mine, who is a real estate attorney, was representing me and asked what the hold up was and why the sellers were not responding positively? When I told him I had no idea, he just conversationally asked who the sellers were. The owner had a very unique name and when I mentioned it, my attorney said "holy shit - unless there is another guy with that name, I went to college with him". He told me to hang tight and he would get back to me. 30 minutes later my attorney calls and says "they are accepting your offer".

Turns out our realtor had bad mouthed the sellers' realtor to the sellers' without realizing that agent was the BIL of the seller. My buddy had indeed gone to college (300 miles away) with the seller and vouched for me not being a dick and the deal was done. Small world got me the house.

Generally speaking, in Upstate NY attorneys get paid well less than $1000 to do a residential closing. Where they make their real money is on the tie insurance, which is either sold by their own title insurance company or through a relationship they have with another title Insurance company. Downstate, it is a different world and representing downstate banks is also good $.

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[frorider]

Where would you say Upstate NY starts?

[rideit]

Where would you say Upstate NY starts?

In the womb.

[dunfree]

I've been extremely critical of the NAR in this thread but this article has enough significant inaccuracies to convince me that everything else in that rag is not to be trusted.

it’s the McKinsey of reporting

[dunfree]

I looked up that parcel in the county GIS the other day and it just seems crazy that anyone would think it is buildable. It also seems crazy to try and pretend that it should be under federal jurisdiction and that county rules shouldn't apply. I'm no lawyer, but inholding land sits in the county and private ownership predates the park.

From the map it looks like like most of that area is stream bed--it is a triangular parcel with only the "point" being inland.
Attachment 476330
I know the GIS lines aren't 100% accurate, but I don't see how you could put a house there while still meeting any setback requirements and not causing issue with a stream in a freaking national park. The neighboring parcels are much larger and aren't developed either (though they may be government owned). They are all categorized as "Residential Property" but...where's it gonna go?



Don't you have access to an MLS or something that will tell you who handled the deal if it was listed?

Unless it was dirt cheap (because it was useless), I can't imagine trying to buy a parcel like that without talking to lawyers and basically having all of my plans pre-approved by all parties who might even have a slight interest. If they'd really been coming here forever and had family or friends who owned another inholding property, they really should have known better.


edit: lol, well I guess I waited too long to post this and you went and posted the same photo!

not in MT but family gets regular letters offering to buy unbuildable bottomland. I don’t know the scam. Aside? Anyone know a tax reduction for unbuildable lake bottom?

[Conundrum]

not in MT but family gets regular letters offering to buy unbuildable bottomland. I don’t know the scam. Aside? Anyone know a tax reduction for unbuildable lake bottom?

Non Revocable conservation easement.

[Boosh]

I’m glad realtors are around to help me figure out what room is the living room and what room is the kitchen when I’m looking for a house. Phew, I almost thought the 5 piece bathroom was the den.

I've experienced some shitty realtors in the rental market in Boston over the years. Unless you're subletting a place, you basically have to work with a realtor that has the listing on an apartment if you're interested in it. All they do is open the door for you and then send you the lease. they're worthless, hell I've had guys forget keys and knock on the door instead; they rarely have the answers to your questions and for all of the "work" they do they get a full month's rent from the prospective tenants if they decide to sign. such a racket and an absolute scam.

[liv2ski]

I've experienced some shitty realtors in the rental market in Boston over the years. Unless you're subletting a place, you basically have to work with a realtor that has the listing on an apartment if you're interested in it. All they do is open the door for you and then send you the lease. they're worthless, hell I've had guys forget keys and knock on the door instead; they rarely have the answers to your questions and for all of the "work" they do they get a full month's rent from the prospective tenants if they decide to sign. such a racket and an absolute scam.

I guess it depends on what your time is worth. No way in hell would I show rentals to people knowing my agency gets 1 months rent, which I have to split with my brokerage. I have more profitable shit to do with my time.

[Bunion 2020]

Isn't rent in Boston like 2500 a month? Oops.... Your time is valuable.

The average rent for an apartment in Boston is $3,970

[BC13]

Where would you say Upstate NY starts?

Different places for different purposes. Generally speaking, I have trouble referring to Rockland and Westchester as anything but Downstate.

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[m2711c]

pretty sure westchester is in connecticut….






fact.

[MakersTeleMark]

pretty sure westchester is in connecticut….






fact.

There is a huge difference between Verplank and Danbury.

[rideit]

But Mount Vernon, New Rochelle, and Yonkers are still in the Bronx. Curiously, Pelham is in the Bronx too, but Pelham Manor is in Connecticut. Pelham Bay is in Sicily.

[Harry]

Pardon me, does anyone have a link to the Upstate thread?


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[byates1]

In 2 weeks or so I start the pilgrimage to the almighty upstate. Land of immense taxation.