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knuttle knuttle is offline
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Default OT: House Offer Accepted. What A Crazy Market!

On 5/3/2021 9:34 AM, Ed Pawlowski wrote:
On 5/2/2021 8:32 PM, Clare Snyder wrote:
On Sun, 2 May 2021 17:44:19 -0400, Ed Pawlowski wrote:

On 5/2/2021 4:42 PM, Bill wrote:
On 5/2/2021 3:43 PM, DerbyDad03 wrote:

Their offer was accepted, not just based on the offer price, but also
based on the appraisal clause. Another offer also had an escalation
clause that maxed out at $410K, but the appraisal clause was only
$13K above the appraisal value, $2K less than their offer. That was
close!

I'll assume my previous message has been read. Color my cynical but all
I have to say is "what a coincidence!".Â*Â* That said, I congratulate the
buyers on their new home. The way property is appreciating, it will
surely be a great investment in the long run, and you can live in
it!


I wonder in 3 to 5 years if the house price today will still be a good
investment when interest rates are back up.

Â*Â* I'm betting there will be a lot of people with upside down mortgages
in 5 to 10 years in several areas of the country. Our area is less
likely to see it than many others due to our resiliant economy -Â*

but
%7 would definitely be painfull for MANY buyers - even here.


Exactly.Â* A scenario like:Â* I paid 500k for this house, owe 400k and the
highest offer is 300k.

Live there long enough and you are ok, but if you have to relocate, you


are screwed.

The investment firm we use said stand pat in Pelosi's 2009 down turn. We
listened to him and as far as our investments we are now ahead.

There were people who got all excited when the housing market went to
.... and sold their house when the value went upside down relative to
the mortgage. I could understand if you were relocating where it was
no longer possible to commute from the old house and it was required.
However to sell because you were upside down, and then pay the same
amount as you mortgage for rent, did not seem like a good economic decision.