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Leon[_7_]

On 4/19/2021 2:48 PM, wrote:
On Mon, 19 Apr 2021 08:14:15 -0700 (PDT), DerbyDad03
wrote:

On Sunday, April 18, 2021 at 9:36:03 PM UTC-4, wrote:
On Sun, 18 Apr 2021 17:07:05 -0700, pyotr filipivich
wrote:

Came across a lovely word describing all the materials you find
along the way, aka "salvage", thinggummies, doohickeys, junk, 'parts',
yard sale score, "it was just sitting there with a 'Free' sign", I
could use that for something some day - "Obtainium".

Now I'm wondering if there is an antonym, for when you have too
much obtainium and are downsizing. It's still good for something, but
you have no room for it, anymore.
Dumpster
We're going to be moving, it will be smaller, some of it can find
new homes, other is just too "specialized" as to be easily "rehomed".
SMBO is wondering why we have such a big house (3600ft^2) but I remind
her that she wants a formal dining room, a large kitchen and master
bedroom, and space for a lot of tools. We really don't need five
bedrooms but one is over the garage so doesn't really count.

Basements are hard to come by here. Hell, everything is hard to come
by now. A realtor told her that there were only 27 homes worth buying
in a neighboring county (don't know about ours). Three homes went up
for sale in our neighborhood and were sold before the sign was
planted.

My son is a real estate agent in Las Vegas. Bottom line is that if you don't
put in a full asking price, cash offer with no contingencies your offer won't
make the cut. Much of it is Covid related. Most people just don't want to
sell at this time. He said that the normal 6 months worth of inventory is
down to about 2 weeks. I'm hearing the same thing about my area.

It's at least partially covid related. The other motivator is money
at less than 2%. To your point, Clark Howard on his podcast said the
60% of home sales were over the Internet. Sight unseen. That's up
from 50% last year and 40% from the year before. The buyer's attitude
is that if they don't like the house, they'll just turn around and
sell it.

Interest rates are favorable but are being offset in the home prices
going up, way up, on a twice a week basis from new home builders.
My wife and I went into contract with a builder in September of last
year. 2 weeks later the builder canceled the contract because he could
not get materials at a price point to afford him the profit margin he
wanted. The builder literally canceled all contract builds and is only
selling spec homes. Those spec homes are going up 20% in price from the
beginning of the build to completion, 3/4 months.

We probably could have fought this in a back logged court system but we
were not willing to risk less than what we were expecting, construction
quality wise.

And yet the houses in our are cannot be built fast enough. I see a
housing crash, similar to the one in 2008, on the horizon. Once the
government stops sending every one stimulus checks that building boom
may slow.

I had more or less the same attitude when I bought this house in 2011.
I needed someplace to live. I was working as a contractor at the time
with some promise of permanent employment. The market in 2011 more
than sucked and I bought a foreclosure so in the worst case I thought
I'd lose less on the house than I would on the $1500/mo x 12months
that I was paying for rent, if anything. My wife was still living in
the old house because she needed to continue at her old job (that
insurance thing).

About the same here but we built in late 2010 and moved in Dec. 24,
2010. Our house appreciated in value about 50% thru September of last
year, almost 10 years. In the last 5~6 months its value has gone up to
about 60% more than what we paid.

The new normal is for the seller to put a date/time in the listing stating when
all offers will be reviewed. Anyone interested puts in their offer, the seller and
listing agent sit around a table at that date/time and pick the one they like the
best.

No bidding war? In some places, once a full-price offer with no
contingencies is made, the house is "sold". That rarely happens
though.

In Texas, the offer has to be accepted. Normally several offers are
considered before a contract is signed.

My son just (this weekend) signed a contract to buy a house that he is going to
turn into an Airbnb. It never really even hit the market. He spoke to the listing
agent as soon as he got the alert and the agent said "Write up your offer and
I'll get it right over to the seller for his signature." (My son already owns a house
that is a full-time Airbnb and he basically hasn't had an empty night since
November 2020. It covers all his expenses and still returns some profit.)

Good deal if you can swing it. I know there a lot of those at beaches
and such. Most are through VRBO, or some such. We've rented a few
over the years. It's a whole lot better than a timeshare!

There's a trick to this "full asking price, cash offer with no contingencies"
game. The laws, at least where he lives, heavily favor the buyer. Even though
a buyer might not put a home inspection in the contract as a contingency,
there are usually words related to "due-diligence" in the contract. Essentially,
the buyer has (typically) 48 hours to get out of the contract for any reason.
What my son did was have one of his inspector friends "on call" to be available
within 48 hours of the contract signing.

His friend inspected the house and found some issues. My son sent a repair
request to the sellers agent along with a request to extend the due-diligence
period until "both buyer and seller agree that the repair request has been fulfilled".
If the seller didn't agree to the request (he did) they could have negotiated further
or my son could have walked away. Now it's just a matter of having the repairs
done to my son's satisfaction or he can still get out of the contract. And of course
there's the final walkthrough just before closing to ensure that the property is
still the "same" as what he has contracted to buy.

I'm surprised that with a market that hot, that the seller didn't tell
him to put the offer where the sun don't shine.

The Las Vegas economy is all but non existent, at the moment.