Just put in an offer on this house.

26 May 2021, 02:30 PM

CHAS

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.

26 May 2021, 04:26 PM

Nina

quote:
Originally posted by Piano*Dad:
Interesting that they didn't come back to you to see if you would match or raise that other offer. In a really hot market, buyers can rebid.

I was thinking the same thing.

26 May 2021, 04:30 PM

Nina

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.

26 May 2021, 04:42 PM

Mary Anna

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."

26 May 2021, 09:24 PM

Amanda

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.

01 June 2021, 01:08 AM

piqué

quote:
Someone I know apparently put an offer in on a house and part of her offer included $10,000 earnest money. Well, now, because the house is something like 2 hours or more from her workplace and her current house is not yet on the market, the underwriters at her lending bank are saying they can't/won't give her a loan for the property as a primary residence, but as an investment property. She couldn't get her employer to give her a letter for the underwriter to say that she was allowed to work remotely (which the underwriter suggested might convince them). And the interest rate (total loan terms) as an investment property apparently is something she can't do (I don't have those details so I don't know why). Anyway, if the loan falls through, she's basically going to have to walk away from that $10,000. Yikes!

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.

01 June 2021, 01:12 AM

piqué

quote:
Originally posted by CHAS:
Darn
Will cancel the UHaul rental.
Did I mention that I was going to move in with you?

You could have had an entire floor to yourself.

Next house!

01 June 2021, 07:52 AM

CHAS

quote:
Originally posted by piqué:
quote:
Originally posted by CHAS:
Darn
Will cancel the UHaul rental.
Did I mention that I was going to move in with you?

You could have had an entire floor to yourself.

Next house!

01 June 2021, 08:17 AM

ShiroKuro

quote:
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.

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.

01 June 2021, 11:25 AM

piqué

Maybe you can look at her buy/sell agreement and find the contingencies and their expiration dates.

01 June 2021, 06:02 PM

QuirtEvans

In this market, contingencies can cause an offer to be rejected.

01 June 2021, 06:29 PM

ShiroKuro

quote:
Originally posted by piqué:
Maybe you can look at her buy/sell agreement and find the contingencies and their expiration dates.

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