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Has Achieved Nirvana |
Darn Will cancel the UHaul rental. Did I mention that I was going to move in with you?
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| Has Achieved Nirvana |
The larger townhome across from mine was listed at a laughable high price. The price has come down by $200,000. The market is crazy here, 2 other nearby townhomes have sold. A unit identical to mine sold for a price I thought was absurd.
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| Pinta & the Santa Maria Has Achieved Nirvana  |
I was thinking the same thing. | |||
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| Pinta & the Santa Maria Has Achieved Nirvana |
Around here, at least, our house and others like it have ballooned in price, as have rentals. The explanation as I heard it was covid-related. Now that people can work remotely, they don't need to be as close to the city. They also don't have to pay city prices. What we're seeing here is a flattening of downtown housing costs (either for sale or for rental) and a big bounce for suburban houses. Rentals are also going bananas as people have been evicted due to covid. It's not a normal market. | |||
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Minor Deity |
There has been a lot of turnover in our neighborhood, which doesn't usually have many houses for sale. They also usually stay on the market a bit longer. The prices are substantially higher, although I'm not sure Oklahoma has reached the level of "absurd."
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Minor Deity |
Sorry for your disappointment, Pique. It was a beautiful house, just not meant to be your home. I'm glad you are able to enjoy he situation you do have, and each other.
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| czarina Has Achieved Nirvana  |
Four years ago, we put up $2k for earnest money. This year, the two houses we bid on, we offered $10k in earnest money. That's what you have to do to be competitive in a hot market. There are lots of ways to cancel a sale and get your earnest money back. If your friend doesn't know this she has a crappy agent and should find a new one. Her offer should have been contingent on getting financing. That contingency typically is good right up to closing.
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| czarina Has Achieved Nirvana |
You could have had an entire floor to yourself. Next house!
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| Has Achieved Nirvana |
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| (self-titled) semi-posting lurker Minor Deity  |
piqué, thanks for these comments. I'm actually talking to her today, so I will follow up. This isn't her first time purchasing a house, but it's probably her first time (almost everyone's first time) purchasing a house in this crazy market. And I feel like she's not particularly savvy.
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| czarina Has Achieved Nirvana |
Maybe you can look at her buy/sell agreement and find the contingencies and their expiration dates.
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Has Achieved Nirvana |
In this market, contingencies can cause an offer to be rejected. | |||
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| (self-titled) semi-posting lurker Minor Deity |
Well, turns out the underwriter decided to approve her loan after all! So, whew. I never did ask if she had that contingency in there, I didn't want to sound like I was criticizing her.... /awkward
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| czarina Has Achieved Nirvana |
Absolutely true. But that is not a good reason to waive a financing contingency if you must have financing.
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