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Thread: Real Estate Crash thread
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04-11-2022, 09:20 AM #21101
Okay, I guess we shall see what happens with the Fed rate hikes vis a vis mortgage rates. Meanwhile, those mortgage rates are putting a damper on home prices. Seeing listings with price drops here in Central Oregon now.
12% of homes for sale had price drops in the past four weeks—the highest level since early December—suggesting that sellers’ tight grip on the market is starting to loosen.
A fast-growing share of home-sellers are dropping their prices, another sign that the early 2022 housing frenzy is starting to ease as mortgage rates approach 5%. Twelve percent of homes for sale had a price drop during the four weeks ending April 3, up from 9% a year earlier and the highest share since early December. The rate of sellers dropping their prices is growing faster month over month than it has since August.
“Price drops are still rare, but the fact that they are becoming more frequent is one clear sign that the housing market is cooling,” said Redfin Chief Economist Daryl Fairweather. “It goes to show that there’s a limit to sellers’ power. There is still way more demand than supply, and buyers are still sweating, but sellers can no longer overprice their home and still expect buyers to clamor at their door. That’s because higher mortgage rates are eating into homebuyers’ budgets. As the cooldown continues to set in, it is important that sellers price their home carefully. Homes that sit on the market for several days have a scarlet letter that makes them more difficult to sell. Buyers should be wary of bidding significantly over asking on newly listed homes, and to take a closer look at the homes that have been on the market for more than a week.”"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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04-11-2022, 02:34 PM #21102
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04-11-2022, 02:41 PM #21103Registered User
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04-11-2022, 03:55 PM #21104
Interesting, never knew that about "cash offers". Always wondered how there were so many of them on super expensive places. Because I don't know many people that can cough up, say, $800k in cash.
"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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04-11-2022, 04:00 PM #21105
Cash offer just means no finance contingency.
If you’re pre approved. You waive finance
I don’t get how many offers waive inspection
If it’s a new construction. Sure. But older homes have issues. Always.. . .
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04-11-2022, 04:09 PM #21106
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04-11-2022, 04:12 PM #21107
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04-11-2022, 04:16 PM #21108
^ triggered.
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04-11-2022, 04:17 PM #21109Hucked to flat once
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There it is.
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04-11-2022, 04:42 PM #21110
Bunny. Chill
Humble bragging your dad had $200k in 1981 dollars to drop into a CD is bound to get you flamed.
I wish I had $200k in todays dollars to park in a bank.
I’ve got hard assets. But that $200k is still real dough.. . .
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04-11-2022, 04:47 PM #21111"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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04-11-2022, 04:53 PM #21112
Careful.
Benny and his dad might tag team you.
NO EYE CONTACT!!
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04-11-2022, 05:17 PM #21113
Are people actually showing all cash?
Do you get a bank letter certified showing you have $800k just laying around?
I keep hearing about these cash offers with no inspection.
There can’t be that much loose change. Or is there?. . .
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04-11-2022, 05:27 PM #21114I drink it up
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Real Estate Crash thread
focus.
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04-11-2022, 05:52 PM #21115
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04-11-2022, 06:02 PM #21116Registered User
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04-11-2022, 06:16 PM #21117
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04-11-2022, 06:20 PM #21118
Real Estate Crash thread
RE Fanbois (liv2ski, et al) keep blaming the 2008 crash on “liar loans”.
If what people are posting about cash offers actually being backed by loans is true, this seems like liar loans on steroids. Waiving inspections in particular.
Someone is going to be left holding the bag on this practice. Most likely taxpayers.
Sent from my iPad using TGR Forums"Zee damn fat skis are ruining zee piste !" -Oscar Schevlin
"Hike up your skirt and grow a dick you fucking crybaby" -what Bunion said to Harry at the top of The Headwaters
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04-11-2022, 06:52 PM #21119
If you sign a cash offer and the deal blows up because of anything loan or appraisal related, at the end of the day it's your ass (earnest money) on the line, not the lender's.
Nah. Stated income loans allowed people to buy homes with loans for which they did not really qualify. If you write a cash offer the only thing you are giving up is a way to get out of the contract if your loan falls through. You still have to qualify for the loan. Not even close to the same thing.
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04-11-2022, 07:00 PM #21120
Did one a couple months ago, all cash. They just produced a bank statement showing the balance, that was good enough to do the deal. I don't get super excited about cash offers, seems to me about half of them get pulled when asked for hard earnest money upon acceptance. That tells me they're investors making offers on multiple properties. One good thing about a real cash offer is they can close extremely quickly. My last one was done and recorded in six days after acceptance.
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04-11-2022, 07:15 PM #21121
Here in Aspen which is the cash offer capital of the world it's rare to have hard money upon acceptance. Most of those contracts still have an inspection contingency or a broader "due diligence deadline" and then the money goes hard after a couple weeks with a 21-30 day close. Hard $ after 14 days is enough for most sellers to not even ask for a proof of funds contingency. If you can't close they'll just take your earnest money and sell it to the next schmuck for more than your contract price.
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04-11-2022, 09:10 PM #21122
That’s not what I’m talking about. I’m talking about the actual structure of the building not qualifying. 35+ y/o wood condo perched on the side of a mountain is bound to have problems. “Cash buyer” waives all contingencies, including any inspections. 3 years later building needs millions in repairs, “cash buyer” walks away. Somebody is going to get stuck with that.
I have no idea if these cash buyers are really relying on financing or not. But a number of people in this thread say they are.
Sent from my iPad using TGR Forums"Zee damn fat skis are ruining zee piste !" -Oscar Schevlin
"Hike up your skirt and grow a dick you fucking crybaby" -what Bunion said to Harry at the top of The Headwaters
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04-11-2022, 09:34 PM #21123
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04-11-2022, 09:47 PM #21124
The whole concept of cash not being cash or cash not being your own does seem like it could eventually lead to trouble. Whiffs of margin buying. It's been a long time since I applied for financing but I vaguely remember a question asking if any portion of the down payment had to be paid back. It seems like the answer would be 'yes' in some of these cases but I don't know the intricacies. Hell, that question may not even be asked now.
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04-12-2022, 06:08 AM #21125I have no idea if these cash buyers are really relying on financing or not. But a number of people in this thread say they are.
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