The Home Ownership Thread

[RedLantern]

Wonderful news! Happy for ya!

 

[PhilKenSebben]

This just in from the jbarwick household... Congrats!

 

[Krish the Fish]

My second house (bought during renovations that ended in March, still in punch out though due to COVID) is still on the market, a good number of showings but still no offers which is frustrating. It is on one of the most desirable streets in the most desirable part of the city to live in (property values compare to the high ticket suburbs but this is near downtown and homes built in the late 19th to early 20th century), and 3k sq ft priced low-mid range for comps on $/sq ft. Has a nice bluestone back patio with new sod in the back, tasteful/neutral landscaping and a garage that is rare in this part of town.

Frustrating to deal with since we’re nearing 6 months on the market with a couple price drops and no offers. Feedback has been layout is concern but price is fine which is annoying because every house that’s this old has to deal with layout issues (or costs a couple hundred grand more if it’s newly renovated)

 

[Numbernine]

True story a guy I worked with lived in Reno found his dream home and decided to go for it on a contingency his present house sold. As the deadline drew closer it looked like his house would not sell and the thing would fall through. 8:00 pm with the deal ending at midnight a realtor knocked on his door and and brought a buyer who paid full asking price in cash.

 

[beargonefishing]

True story a guy I worked with lived in Reno found his dream home and decided to go for it on a contingency his present house sold. As the deadline drew closer it looked like his house would not sell and the thing would fall through. 8:00 pm with the deal ending at midnight a realtor knocked on his door and and brought a buyer who paid full asking price in cash.

Cash buyer.

 

[Numbernine]

Cash buyer.

View attachment 1448537

Reno

 

[jcman311]

What? All the big timers in here and no one has put a cash offer on a home?

Hint, one can still take a mortgage out on a cash offer.

 

[beargonefishing]

What? All the big timers in here and no one has put a cash offer on a home?

Hint, one can still take a mortgage out on a cash offer.

What u gonna snort when all yur cash in house? Angle dust?

 

[jcman311]

What u gonna snort when all yur cash in house? Angle dust?

From my angle grinder of course.

@Numbernine will like that one

 

[PhilKenSebben]

I bought my first house in 2013 from my grandfather's estate when he passed. I sold it in 2014 when I had to move for a job (stupid stupid decision) for 50% more, full price cash offer after 12 hours on the market. Had 4 showings and 3 competing offers by 2pm. The market was a bit crazy then. Never should have sold that house.

 

[jbarwick]

The buyer seems to come from family money. Also forgot to mention the buyer is open on closing and put Nov 30th in the contract but is flexible since he knows we are still looking. Still amazed this came through right as we were about to counter a lower offer.

 

[Piobaire]

Get as much earnest money as you can.

 

[Ataturk]

Don't know about your state, but in mine it's super easy for buyers to back out. A sale contract is basically an option to buy the house. So a closing date for November 30 would be a big red flag for me. The whole point of a cash offer is to close ASAP. Right?

 

[RedLantern]

Does seem safer to do a sale/leaseback

 

[jbarwick]

Earnest money is even hard to get from a buyer. Don’t you have to be pretty far down the process and near close to even receive it?