Real Estate Crash thread

[4matic]

I looked at Toll Brothers new construction. The stacked stone floor to 12' ceiling fireplace with glass bead insert is so last decade. Hideous! The sales rep said that's what people want. The 12' ceilings are ridiculous too. It's nice but what a waste of space in an extreme climate.

[glademaster]

By last decade do you mean 8 months ago?

[4matic]

All the realtors piling on to tell us they really earn that 3% and that a buyers agent is “free”!

I've had 30 plus showings but I know for a fact that some agents don't steer clients to the listing because of the meagher 2% commission offer. I also doubt irony that my agent sourced the buyer (at 1% total).

[4matic]

By last decade do you mean 8 months ago?

Milennium

[glademaster]

Gaudy shit like that is back in style, apparently. I see lots of two story living rooms with floor to ceiling fireplaces and other stupid design features in the homes I'm in, which are new construction in the $850k-1.25M range.

[RootSkier]

ABuddy used this in a hot real estate market in Boston, he’d show up tell the listing agent he was unrepresented and would use them for the sale then get spoon fed the other offers on the table.

Dual agency should be illegal everywhere, as it already is in Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas and Vermont.

[4matic]

This will be my third dual agency transaction. Twice as buyer and once as seller. I also have one FSBO in addition to those three. I believe I saved money on all three dual transactions. As a rookie doing FSBO I definitely left some money on the table but not much after commission.

[jackstraw]

Well, my place went for $785/sq ft. OK by me...

wtf! That is so insane.

Our local market is crazy right now with the lack of inventory. People are offering 40, 50, 60k over asking price. It's just so dumb. But nothing close to California...I think in the 300sqft to 450sqft. Every 1/4 mile closer to the beach it jumps significantly.

[4matic]

Palo Alto is $1.5k per sq ft average

[glademaster]

Still amateur hour numbers compared to the market I worked in previously.

[4matic]

Still amateur hour numbers compared to the market I worked in previously.

The highest in the nation average is Manhattan at $1.7k so clearly your humble bragging a special situation.

[glademaster]

I was referring to the numbers previously, $1.5k/sqft is big money anywhere. But yes, I was in an extremely rarefied market.

[AdironRider]

The only reason I was able to buy my current house is I knew the selling realtor and was unaffiliated with a personal realtor at the time. He got me the first look at the place, the couple selling liked us, and we had a signed offer before it ever went live on the MLS. I probably could have beaten them up a bit more if I had a pitbull in my corner, but I probably would have ended up in a bidding war if it went live before I could get in there and lost any savings.

PS, glad to hear it worked out for you 4matic.

[4matic]

Thanks. House hasn’t gone pending but escrow is open. 3% down deposit which is Maximum in Ca.

[char_]

We just sold and are currently renting. Wife really wants to buy but I can't figure out WTF is going on in the market and our time horizon is potentially short (4 years) so need a flat or rising market or ability to rent and cash flow to make financial sense, but with kids it certainly gets spendy renting a decent place. The interest rates are certainly getting my attention but keep thinking that things have to fall apart with our current world situation.


DJSapps comment a few pages ago about inflation got my attention as well.

[MarcusBrody]

All the realtors piling on to tell us they really earn that 3% and that a buyers agent is “free”!

Guarantee the same completely unethical realtors who will not pass on offers from a buyer looking for a rebate to the seller for no representation will do EVERYTHING possible to get that double commission. Buddy used this in a hot real estate market in Boston, he’d show up tell the listing agent he was unrepresented and would use them for the sale then get spoon fed the other offers on the table, and had one realtor actively lobbying his client to reject a different offer that was higher due to a lower down payment. That profession can’t die soon enough.

We just bought a house where the buying and selling agent wasn't the same, but they came from the same agency. We learned an earlier accepted offer, the amount that the seller refused to take off after inspection, and read that inspection report. Ethical? Questionable. But it sure made it easier on us as remote buyers. I did get the feeling that they preferred us to other buyers, I assumed because they'd be getting double commission.

[californiagrown]

We just bought a house where the buying and selling agent wasn't the same, but they came from the same agency. We learned an earlier accepted offer, the amount that the seller refused to take off after inspection, and read that inspection report. Ethical? Questionable. But it sure made it easier on us as remote buyers. I did get the feeling that they preferred us to other buyers, I assumed because they'd be getting double commission.

Same thing happened when I bought my condo. My realtor was a young protege in the same firm as the selling agent. My offer was 8 grand less, and less earnest money upfront.

[liv2ski]

Same thing happened when I bought my condo. My realtor was a young protege in the same firm as the selling agent. My offer was 8 grand less, and less earnest money upfront.

Hard to imagine how they sold the lower offer to the seller. Must of really worked the "we have total control" angle over the outside offer or maybe the other offer had contingencies yours didn't? I've represented a few friends over the years and it always about highest net proceeds, fewest contingencies and the most non refundable deposit. That is how an agent does their job correctly, if there are a few interested buyers bidding on the home.

[RootSkier]

Non-refundable deposit? WTF is that?

[Toadman]

Non-refundable deposit? WTF is that?

Earnest money?

[RootSkier]

I guess so....but it is only non-refundable if there are zero contingencies.

[Mazderati]

Deposit is not the right word but in some states would-be buyers essentially pay for the right to put a property under contract that is separate from earnest money. This money is the sellers' regardless of whether the sale goes through.

[4matic]

It's a fair commitment. Once the contingencies are met the seller has to vacate the property by closing date so if the buyer backs out the seller needs to be compensated for their risk and trouble.

[Danno]

Non-refundable deposit? WTF is that?

english, motherfucker, do you speak it?

[oftpiste]

FWIW, this also is unethical and it's potentially illegal for that broker to do this. While I'm happy for your result, that agent did a big disservice to their seller by not exposing the property to the greater marketplace. This is the kind of thing that gives us a bad name.

The only reason I was able to buy my current house is I knew the selling realtor and was unaffiliated with a personal realtor at the time. He got me the first look at the place, the couple selling liked us, and we had a signed offer before it ever went live on the MLS. I probably could have beaten them up a bit more if I had a pitbull in my corner, but I probably would have ended up in a bidding war if it went live before I could get in there and lost any savings.

PS, glad to hear it worked out for you 4matic.