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I am 70. We moved to Devon 2 years ago when all this housing market lunacy kicked off. I have the benefit of having seen this twice in my life so recognised all the lemmings charging over the "In debt for life cliff". I would not buy a toaster without looking at it. I am not the sharpest knife in the draw but all I can say is what my Mother taught me.... that a fool and his money are soon parted.
My realtor kept trying to get me to do that when I was buying from another state. I kept saying no and she said well we can do a video and I kept saying no...thank god!
You guys keep screwing us educationally, legislationally, and financially, then you say, "omg look what you did to yourselves! 🙃" your parents passed laws to benefit you rather than themselves, and then you guys guys got greedy. You keep changing the legislation that got you where you are because it no longer benefits you. Now you hold your own behavior against us, when you have your parents to thank for your success, not yourselves.
We definitely have a shortage of good real estate agents in my area. 90% of them are crooks and the rest have dementia or don’t know what they’re doing. I think I’m going to represent myself when I find a house to buy.
I'm sorry to say but that is an extremely bad idea unless you are an extremely knowledgeable real-estate lawyer. There are may laws that you have to know your way around to even to make a legal offer on a property let alone go though with the purchase.
My husband did our own expedition as he does for friends and relatives and will tell them if they need to walk away. Trust in real estate is worth its weight n gold.!
@@theresehill1660 As long as he does not charge a fee there is no issue He may miss some very important things but that can happen hiring a professional inspector also.
When we were buying a house in the summer of 2020, we put in an offer on a house that we loved. The seller countered our offer, asking that we waive all contingencies and allow them to live in the home for 3 months-rent free- after closing. My agent suggested that we walk away, so we did. We bought another house in the same neighborhood and are now learning that there were a ton of issues with that house that the current owner is now dealing with. Bullet dodged.
I've been an inspector for 22 years and strive to do just that. However, realtors regularly steer their buyers to inspectors that are more mindful of the realtor's interests than the buyer's. They will actively bypass any inspector that they deem "picky", unless the buyer happens to be a family member. This has become an increasing common practice over the last 3 or 4 years. Where it takes me 3 hours to inspect a small house (as do many of my experienced peers), realtors will regularly recommend an inspector with 2 or less years of experience who conducts a 30 minute walk-thru inspection and a checkbox report. Bottom line, find realtors and inspectors that work for you and do your due diligence in vetting them.
@@jeffspencer6974 im a realtor myself and have been buying investment properties for over 20 years. My realtor may recommend 3 places, but I dont have to go with them. Buyers have to be smart too. Why use the inspector the realtor chooses thats not smart. Its always smarter to find your own that has no ulterior motives…
@@jasminegreene8159 I just did an inspection for a realtor who is buying a property she sold to the current owners 2 years ago. She wanted me to "take the house apart"....her words....because she thinks it's now 100K overpriced. Funny how that wasn't a factor when her commission was based in part on that "overvalue".
@@verreal Ask friends and relatives who have purchased a house in the last few years. Interview any prospects you find and find out how they inspect.....do they take their time, as these days too many take only 30 or 45 minutes to inspect a house? Do they allow you to be present or do they provide an in -person outbrief? Are they a member of a professional organization like ASHI or InterNACHI or a state-level organization? All of those have member lists that are a good starting point. Are they available to answer questions that arise after the report after the inspection is done?
I love this advice. We wanted to buy our first home this past year but ultimately backed out for a few different reasons. I was also super nervous that we wouldn't be competitive enough since we weren't willing to go over crazy amounts or wave inspections. It's crazy how much pressure there was to do that.
now the interest rate went from 3% to 6%, which means the monthly payment went up 50% the exactly same house. You really need to take out the calculator or do a spreadsheet with some estimates to really understand what's best for you.
@@eggheadegghead ok, yes, there are a lot of steps and pieces that go into buying a house. Life circumstances made it so we had to wait and that's life but we're fine. We'll get one eventually :)
Same boat as you... now that we waited it seems worse than last year. But im confident it will correct anywhere from 15-25%. As for interest rates... well that's another story. But hang in there!
@@eggheadegghead True, but if they get a house at 50% of the price - then they are ahead of the game because they will have lower taxes and will begin to create equity right away as opposed to being underwater in home equity. And this has happened in the past, FOMO is a powerful thing but the market always correct.
Cite an example, because I can tell you here in California, that scenario is virtually non-existent (except in cases where the area suffered a natural disaster) even in less desirable areas of the state. As a matter of fact the only places that have dropped in price here in California since the pandemic are San Francisco and San Jose, where the median home prices have been over $1 Million for about a decade now, but even the deserts and tiny little towns in the Central Valley have all and continue to appreciate in value, I don't know where you would even find a turn key ready home for $250K anywhere in the state unless it's a little condo or a tiny home.
The last house I bought I was in a state I was not familiar with and the realtor I was using kept telling me things about the property that I could see weren't true, such as "oh, the roof doesn't need to be replaced!" even though over 50% of it had been repaired and it was clearly beyond it's intended life. I had bought a half dozen different residences during my adult life prior to this so it was not my first rodeo buying a home, but I shudder to think how his misguided advice could've really hurt someone buying their first home.
A real-estate agent lying.... Now that's new, NOT!!! I assumed you looked elsewhere, demanded the roof to be replaced before closing, or discounted the price for a new roof.
As a Realtor I would never tell a client buyer that they don't need a roof replaced, I may point out that from my perspective it looks in good condition however I would always refer to the professional opinion of the inspector. It is common practice for me to always emphasize the importance of the buyer getting an inspection and I only use inspectors that I know are detailed and provide quality reports.
That’s so true, I haven’t bought my first one yet, because I’m a very cautious buyer and I follow my own instincts above all else because whatever decisions I make I know I will have to live with, and even if it’s wrong I would rather live in the consequences knowing that I trusted myself and made a mistake, than follow someone else’s word that maybe purposely guiding me wrong for their gain. I pray to GOD BEFORE & let my faith guide me, I HAVEN’T BEEN WRONG YET. So good luck to you all, and may GOD BLESS YOU ALL AS WELL
@@jordandowland7256 Yeah... I should have read the brochure. I've been doing deals where you get a girl _and_ a house. I didn't notice the ankle monitor the first two times. But this time it's gonna work out for sure, because her ex is moving in to help out.🤣
I saw an apartment in October 2021. It had been on the market for a month. I liked it. I thought it was about 15% overpriced. I asked the seller's broker if there was room for negotiation. He did not encourage me to put in an offer below asking. He derided me for even asking about negotiating the price. 11 months later and the property is still on the market. I had been ready to do a deal but the broker was dismissive of me. And this is in a market with a lot of inventory, so it was not a "seller's" market then or now. Seeing the lack of demand for that apartment, if I revisited the idea of making an offer, at this point I would offer 18% under asking instead of the 15% under asking that I was willing to do 11 months ago.
There are hedge fund investors buying houses over asking, no inspection and without even seeing them. Some of these investors are not even based in the USA. This practice is banned in Canada. Why is this allowed?
It is called freedom. You may be free to win but you are also free to lose as we will soon see. I just hope that the government does not bail out the losers.
The buyer screwed themselves. when you buy something sight unseen your a total idiot and they shouldn't get their Ernest money back. There should be a price for stupidity
We closed on our house purchase listed "As Is" but this is misleading because we required a complete inspection and got the warranty to go with it. Asked the seller to take care of the issues that came up as a result of the inspection and they did. Our offer was 20K below the asking at the home appraised 16k above the asking. We did all of this exactly at the end of the peak sellers market. We put in many offers on houses getting beat sometimes as much as $100k above the asking. Many times within hours of viewing a home it was purchased with a cash offer. We persisted never waived and buyers rights and insisted on a full inspection even if the house looked really good. How did we do it? Even though we were determined and consistent with our search, we still got lucky! the seller was motivated and going through a divorce. Sometimes doors don't just open, you also have to knock on them.
So true. We paid cash for 900K house in North Carolina. Hate how humid it is here. I am moving back down to Arizona once we can get above water in our mortgage.
@dave R There maybe some truth to that, but not to the level of regret. No matter if I rent or take a mortgage, I still have to pay for a roof over my head. Do you rent or have a mortgage? If I were to rent an equivalent home for the next two years it would cost me at least 64k with no equity. At least with a mortgage, I'll have paid two years of a 30 year loan. If interest rates drop enough, I'll refinance lowering my payment. If interest rates go up I won't need to refinance. Interest rates have already gone up so much that if I were to close on the same loan today it would cost me $200 more in mortgage payment. A house from a builder I was looking at dropped $38k but the payment is the same. What you need to be mindful of when it comes to the real estate market is that it is local, not national.
We were in the same situation in 2021. But the seller accepted 10k below asking, we never waived contingencies, appraisal came back 30k above asking, and our seller was also motivated. He had lost his wife and felt the house and land (5 acres) were too burdensome without her. We had already been outbid on several homes before we found this one. Plus we got 2.9% interest. I don't have a single regret. In fact, I feel incredibly lucky.
If you don't have the pocket change to completely tear down what you have purchased sight unseen then you probably should not buy it nor wave the inspection.
Housing has become one HUGE VALUE TRAP!! What good is a fixed 30yr. mortgage @2-3%/yr. when the resale value of the home is dropping 10-20%?? Buyer beware!!
As long as their job is secure, even if the value drops by 50%, it would be the same payment at 5-6% APR with lower price. It could be worth it for some people.
As a list agent , I advise my sellers not to accept , sight unseen offers . If a buyer is serious , they will make the time to see it . Sellers should be encouraged to choose an offer that will have a higher likelihood of getting to the closing table . Sight unseen Not a good idea for any of the parties involved .
We had planned to buy in 2020 then this thing happened. Having gotten stuck in the 08 drama, I knew that all these people losing their minds, paying over appraisal, no inspections,FOMO, etc. And now I know a lot of people in financial trouble. We're in a stable renting situation so just started looking and the prices are falling back to earth. It was hard to delay our plans but I knew jumping into the frey would just bring misery.
YOU NEVER, EVER, EVER OFFER MORE......AND, IF YOU DO...YOU WILL NOT ONLY BE THE CAUSE OF MAJOR INFLICTION ON YOUR NEW NEIGHBORS..YOU WILL PAY A SEVERE PENALTY WITH YOUR FINANCIAL SITUATION..IN THE YEARS TO COME....!!!!!!
Absolutely!!! It makes more sense to rent than to buy... be patient, saved as much money as you can, keep that credit score sharp.. And when opportunities comes.. Jump on it!!! Stay Blessed!!
I sold my house back in 2021. They took the house as is, waved everything even though they saw the house had some wood damage on multiple spots of the house. The house was built in 1948, cinder block, backyard needed work and it had really old plumbing. I’m so surprised their realtor didn’t fight a little harder but I think they just waNted a house because the market was that hot and low inventory. This market is weird
"Lost out" on several offers we made but thankful that with a VA loan, contingencies are not waived and certain inspections are mandatory. We'll continue to wait until homes are more affordable...
With a VA loan and all of its red tape, you'll be waiting forever. You won't even get a chance to play. You'll be run over by a hoard of buyers paying all cash, waiving contingencies and skipping the home inspection. Class dismissed.
@@243wayne1 I respectfully disagree. We were underwritten so we got past quite a bit of the red tape. I know of dozens of Vets who've used a VA loan to purchase their homes. We'll continue to be patient.
That is a common misconception about VA loans, if you don't have the Reserves in order to offer an appraisal Gap and someone is willing to waive the appraisal contingency then yes you may be beat out, or if you want to do your due diligence and require an inspection, which by the way is not required per VA, then you may be beat out by someone willing to waive an inspection. However what many buyers, as well as Realtors unfamiliar with the VA loan don't realize is that once an appraisal is accepted VA is required to turn around that appraisal within 10 days whereas a conventional loan it can take much longer. So in practice a VA loan can actually be faster. There are a few things that most VA appraisers will hit during a VA inspection that you can be aware of and anticipate before the appraisal so that way you can request it be repaired during the inspection contingency period.
Blaming unfortunate souls for housing their families in an extremely scarce and hot market that is only getting more scarce by the day is the epitome of what is wrong with this country. We deserve a country riddled with crime and homelessness especially as our society is forcing families into old dilapidated housing from the fucking 1920s, but instead of coming up with innovative ways of housing our population to avoid such pain let's go ahead and blame individuals for living in a system. You have no idea about how economics impacts individuals in real life and the choices people feel like they HAVE TO MAKE in order to achieve what they feel like they should be OWED, the American Dream.
Buyer agents that would even put in a ‘sight unseen’ contracts for their clients are not doing their job. They are working for the buyer and should be protecting the buyer.
It depends on the procedures of that particular real estate market. In Texas we have what's called an inspection period. I have assisted many buyers in purchasing a home sight unseen however I also provided them with virtual walkthroughs in which they could get an idea of every aspect of the home, and they are still protected throughout the inspection process. Should they decide to walk away because of something found on the inspection they have that option. So buying a house site unseen is not such a risk if you understand what protections and contingencies there are.
@@243wayne1, you're right! The sellers won't give me time to sell my property in NYC! I didn't have $800,000 lying around. I wanted to sell my property and buy something cash. It didn't happen, and I am ok with it. I'm going to buy land and build my own dream home on my time frame. I am a realtor and mortgage processor; I wasn't going to buy anything unseen and without inspections!! I am not stupid..........lol
Good advice EXCEPT for one thing regarding OLD windows! So if we are talking about an old house that is pre-WW2...KEEP your original, old windows! They tend to be better quality than the new vinyl windows that poop out before long. Old wood windows were custom built for the window they are in and were made from "old growth" trees. Old growth trees were 100s of years old when cut down, and they are literally irreplaceable. Old growth wood will last hundreds and hundreds of years with care, while new growth has mere decades before it is done. Many times the windows just need simple repairs to the glazing, or to the rope and weight system which makes the window stay open when opened without slamming down. When old wood windows were restored and paired with new (or old) storm windows, they performed BETTER than new windows! Now in addition to the old windows being hand made craftsmanship fitted to the style and scale of the home, being made from better quality materials than anything new, having a longer lifespan than new windows, and having better performance especially when paired with storm windows than new windows there is one last reason to keep your old wood windows...MOST OF YOUR HEAT IS NOT LOST OUT OF THE WINDOWS! IT IS LOST THROUGH THE ATTIC SPACE! Something like 20% of energy loss is via windows, and 80% via the attic. Entry doors without good weather stripping is another BIG culprit! Truly, once you restore your old windows (which is MUCH cheaper by the way), I think you will find that they just don't feel drafty anymore, and you possibly won't even need storm windows. I have a 1911 double brick bungalow with original windows and I love them. My last old house was built in 1913, and someone put new vinyl windows in them before we moved in. The vinyl windows began to bow and were difficult to open and close within 8yrs of purchase. Meanwhile, the old wood windows in my current 1911 house are well over 100yrs old, and they keep working fabulously, and the aesthetic of the thick trim and sashes cannot be beat! -To learn more about old windows and why they ROCK, check out the "Bungalow Exteriors & Interiors" book series by Jane Powell: www.amazon.com/Bungalow-Details-Interior-Jane-Powell/dp/1586853058/ref=sr_1_1?crid=27TIOBJJ941LG&keywords=bungalow+details+interior&qid=1660101940&s=books&sprefix=bungalow+details+interior%2Cstripbooks%2C151&sr=1-1 -Check out "Old House Journal" magazine, and -This article link as well: thecraftsmanblog.com/should-you-keep-your-original-windows/ When you save the original windows in your old house you can simultaneously have great energy efficiency, save money, have something with a longer lifespan left in it, preserve the character/history of your home, conserve priceless materials we can no longer make like old growth wood, and increase the resale value by offering a restored home with its original features still intact (which most old home buyers prefer). Rather than be wasteful and throw priceless items in the landfill, why not reduce and reuse when considering the entire package too?
I'd like to know what person says they will buy unseen, gives up all rights and then turns around and get a lawyer to undue their own bad choices. That is a buyer problem. Maybe they should have been advised differently, but that is a no common sense type situation.
This video seems like a case of clear view in the rear view. The last several years real estate agents have been fanning up FOMO. Telling the public that the chance to purchase this low will never happen again and on and on. They have been engineering bidding wars, driving home prices miles passed average local wages and seemed to be loving the money. The only place in the world that I could find anything that looked like the truth was a guy that I had never heard of named Nick Gerli. He predicted everything that is happening when organizations such as NAR and various "big boys" dismissed him as the real estate equivalent of a conspiracy theorist. Now...all of a sudden, realtors are saying what Nick was saying when the market was peaking. And they are expounding on the evils that took place. And telling me how that they will take care of business the right way and look out for my interests. I'm skeptical. I dont recall NAR every releasing any articles instructing agents to cool the frothing market or refuse to participate in a transaction where there was no inspection done. Point to one if it exists.
Never waive your contingencies-Inspections, evaluation, loan, etc. Is bad enough that owning a house is a liability (not an asset), much worse dealing with a growing liability as you discover damage that adds to your current liability payments.
Nonsense. I buy properties regularly waiving inspections, buying as-is with a single contingency. Buyer walk-thru. I write an offer with a scheduled walk-thru within 48 hours. If there are problems I will notify the seller and the seller’s realtor and then negotiate a reduction in price. Usually the seller will work with me because once I bring an issue to their attention, if they terminate, they’re obligated to include the issue on their disclosures going forward. I’m a contractor and real estate developer for the last 26 years. The best deals are bought as-is with inspections waived and only the one contingency…..buyer walk-thru.
I don't understand how people could make a long term decision without seeing the property or waiving an inspection. We just purchased a home in this hot market and I refused to waive the due diligence period and inspection.
I agree. I bought in Sac in April. I had full inspections done...you have to, esp on a home built in 1949! I refused to overbid too, but things were just starting to slow down because interest rates were already going up by time I made my offer. I was only dealing with 1 other offer too. I had already locked in a rate of 3.7 in March. Real estate agent mentioned I could offer more, skip contingencies and inspections, since other buyer offering 15k over my offer. I told her I'm doing complete inspections. I said, I'll offer 10k over only, but I'm putting down 50%....take it or leave it. I wasn't an FHA buyer, so I had more to put down on a home which made me look like the stronger buyer. FHA buyers very naive shopping for homes last 2 years. This is my 3rd home. 1st one I lived in for 20 yrs in Sac, bought it when I was in 30s, 2nd was a quick turn around in Modesto. Made $125k on that home in 9 months, sold it in Oct 2021, and moved back to Sac in May 2022. All that in 1.5 years! I'm staying put now. Lol
@@cco5446 congratulations! I'm sure your home is beautiful and it has character. We put down an offer in May which the market was slowing down as well.
I personally had a good agent. We would look at a lot of properties but she would always say - "if you are renting and comfortable renting, just do that. You are in a good position and let us not make some hasty decisions."
My ex realtor was crazy pressuring me to offer 70k over asking price. She wanted to rid off me just so she can get her cut and move on to the next victim doesn't care that's my money and debts. Eventually she didn't do as work or maybe intentionally got me into a contract that almost ended in a lawsuit. Crook's.
Do you think a lot of people did this because they had free money. There was so much free money that going over asking for some may not have seemed like a big deal. Like I know people who got 650k ppl loans then their business boomed during the pandemic and they run bought expensive homes. It would be easy to go over asking if the government gave you 600k for free.
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When I was looking for a house I saw so many homes that were just falling apart. There where a few that where nice I I only remember one I really liked it after that I went fine. Now I live 40 Miles away from Boise. I want market to drop off a cliff . So I can buy another house. Lol
You are a hypocrite if you don't look at the home before purchase and have the home inspected. Going to cost you big. Many folks I wanted theses homes quickly. They will pay the altmate price in the future.
So glad that I ran onto your video----you covered things everyone should be made aware of---BEFORE BUYING NEXT HOME!!! And I had already learned the hard way in previous homes I owned, some of the "pitfalls" of "HIDDEN" issues! A home can look beautiful, and yet be hiding serious expensive issues.
Here’s the thing about selling real estate: 1. Buyers beware. Everybody knows this phrase the caveat emptor aspect. However? There’s also the following: 2. Sellers beware. You cannot misrepresent a property without it being considered fraud. Painting over a fence that’s riddled with termite damage for example To cover it up. Non-disclosure of this is fraud.
I stopped listening when Melissa said we are shifting towards a buyer's market.. You 1st shift to a neutral market and we're not even there yet. My background is economics / real estate for 37 years.
don't buy a pig in a bag... if u buy a house unseen ..u r either very rich or very stupid..it happens when a buyer in hong kong delegates a usa friend to buy on his behalf... only very rich can do that
Some Buyers are so quick to get what they want when they want. No patience. You got to go over everything especially after inspection. Most things that you require them to fix doesn't get fixed. Definitely have a professional plumber and AC technician check everything out prior to signing anything.
We drove 300 miles to look at the house last year that our realtor said if we are serious we have to offer above asking price because the seller had multiple offers. My husband and I make agreements that we both have to love it.We saw the house and we both don’t like the house. Thanks God we did not buy it. I bet who ever bought it are regretting now. We decided to build the house instead will be finish in about 2 months.We decide to build smaller house so we don’t have to get a loan. We just don’t want to leave our money in the stock market.
Realtor agents are no different than car salespersons - some are really good, most are so/so, and too many are clueless. I fault the buyer and I feel sorry for them at the same time.
@@jermon983 Exactly what so/so and clueless people do in all professions. It's all fun until the easy money goes away - then only those realtors who work hard remain.
@@oso7179 Proving that is the tough part. Virtually impossible here given all the normal purchase requirements that were waived. Buying sight unseen and waiving many requirements is not unusual - my younger brother did that almost two years ago when moving to another state. There were a few surprises, but I think that overall, he got a good deal.
Just sold our house last fall. We did replace carpets and painted some rooms. More importantly we stated the house is being sold as is, listed out it need to be painted , some windows needed to be replaced etc. being honest about the state of the houses goes a long way. Also, if I buy again, I will tag along with the inspector. 20 years of fixing my own house makes you keenly aware of what been a quick fix verse proper fix
This is complete madness. What is worse than not buying a piece of real estate. Actually buying it and finding out it’s a complete piece of junk. I bought a brand new car last year. It had 7 miles on it from the test drives of other buyers. Do you know what I did? I still took it for a test drive and looked under the hood. I wanted to get comfortable behind the wheel of this vehicle. These buyers are crazy.
I just don't understand why would someone buy the most expensive thing that they're going to buy in their lives without looking at it. I would have NEVER done that. It took me a few months and driving around all over the place where I bought a house in 2012 before I settled on something.
This is a great video however in GA the only recourse a Seller has if a Buyer defaults is the Earnest Money. Therefore, I like to get 2% EM to best protect my seller clients. Can you imagine if you were a Seller and moved out of your home to accommodate the buyer getting keys at closing a 1% EM deposit does NOT cover their expenses! And, I disagree with any inspector that says Realtors "regularly steer" a Buyer to an inspector that are more mindful of a realtor's interest. Buyer's need to take a deep dive and research your Buyer's agent. Interview agents and check out their reviews! Get a Realtor that is very experienced and would NEVER do this and works by referral.
I have been both a buyer of real estate and a real estate agent. Although the buyer is supposed to be represented by their real-estate agent and the seller is suppose to be represented by their real-estate agent, I have found that the truth is both real-estate agents represent the seller. Why would I say that?? If there is no sale then neither agent gets any money. I have been buying and selling homes personally since 1970 and this has been my experience. I, also, would not use the inspectors that are furnished by the real-estate agency. These guys get a few weeks of training (at least in my state) and wouldn't be able to identify a problem in a home unless the house actually collapsed on their heads. A couple of times, problem items that were in plain sight, were missed. I now pay a builder, plumber, and electrician (separately) to go over any potential purchase, even if the bank demands their own inspection. Do I pay more? Yes, but in the long run, if I am truly interested in the house, I don't want a surprise down the road. Many times realtors don't like this because if there is a problem then it is on record and they must disclose it to ANY potential buyer. The "inspectors" that a realtor uses are strictly there for the bank. Also, realtors prefer certain inspector and they prefer them because they do not do a through job. The loan goes through, the realtors get their money and , you, the home buyer are left to fight out who's is liable for the missed defect. Guess what?? Unless it is thousands of dollars and your prepared to hire an attorney. You end up with the repair bill. Selecting an agent, as a home buyer, is also a crap shoot!. Agents have their own agenda and if you don't buy they don't make any money. The last house I bought, I was very careful to have all my items taken care of prior to the close. The sales agent and my agent continuously badgered me to modify my terms and buy the house anyway. My agent told me the property on the backside of mine, with less property, that had sold for much more than what mine would cost. I checked it out. It had sold for much more than mine. It was commercial property, mine was residential, with a convenience store that faced a busy street. You cannot tell me these real estate agents didn't know that. It was just a ploy to get me to sign on the dotted line. Most real estate agents have no ethics. They are glorified used car salesman. I have no admiration nor respect for this profession. Sorry guys but after working with agents, as a real-estate agent myself, I had to leave the profession. That coupled with my buying and selling real-estate experiences I would most certainly NOT trust anyone in this profession any further than I could throw them. Those buyers you spoke of must have never purchased a home before. There are so many things that can go wrong.
Homes built before 1950 ish tend to have never been insulated, and will not pass FHA/VA inspections. Also old homes built say 30 years ago will have leaking basements.
Pictures are so deceiving. As an example, I can't tell you how many times I've booked a hotel based on pictures only to find the place looked and smelled nothing like what was expected. I've been a victim of my own excitement when buying something (fortunately, not a house or car) and ignoring all the flaws because of it. People with little experience and a tight budget don't understand the importance of a good home inspection. Sure, someone could lose their dream home due to a bad inspection but they could be saving themselves from a nightmare. Another good rule of thumb is to not follow the crowd. If everyone is buying, step back and hold your money.
I purchased 2 different houses(for investments) sight unseen. Both were great deals and made great money. Years later I purchased an office property sight unseen and got hurt on that one. Its a gamble man.
Some people are too thirsty for a house that they make very dumb decisions. This is just bad all the way around on the real estate agent for the buyers and the buyers themselves.
Unfortunately there are so many bad realtors here in NM. So many just wanted us to lay down and pay over asking on houses in severe disrepair. I even had a realtor yell and get nasty and belligerent over the phone and another over text message. Totally unprofessional and only looking out for their commission check, not the buyers best interest. So glad we took a break from looking because I have a feeling there are going to be a ton of buyers remorse canceling and people being forced into foreclosure because they are going to be underwater on repairs and issues. Sad.
How could the change of mind be so quick once they saw it? Did the photo's show it in a much better light? Was the property miss represented by the Realtor in the listing. I see this all the time on marketplace or CL. Also if its that nice of a place there would have been other offers of they cancelled. Why would the owner and the listing agent not let them walk with their money back. Bad business, especially when very little work had been done yet on the listing.
I have gone to open houses where the stench of damp basement really makes you want to run out the front door it is so bad. Can’t see it you can only smell it. This is for a finished basement. It might of been a split level I can’t remember.
About old windows, what is the problem with double paned old-fashioned windows? You can take them out and clean them easier than these new sealed ones. On top of that, the sealed ones get gas in the middle of them blocking the view. I think the main problem with drafty windows is the area around the window that needs to be caulked. If you solve that problem, wouldn't they be as warm as the new fancy windows?
Don't depend on a agent to make your interests their #1 concern. Real Estate agents are professional sales people. Whether on the buyers side or sellers side their job is to get the transaction to fruition. Anytime a person's compensation is tied to the completion of a sale it will influence their motivations. No one can convince me otherwise.
Yeah, I’m sure all the buyers called to cry to their agents once they realized what their new living expense is. Lol. Luckily my agent has my back. Of course they want to sell and (“long term SD CA will only go up”) maybe so. But when push comes to shove he still has my best interest in heart and I give him credit for not dropping me like a bad habit with my unwillingness to over pay.
So true. We paid cash for 900K house in North Carolina. Hate how humid it is here. I am moving back down to Arizona once we can get above water in our mortgage.
I would say something but All keep it to my self I just don't thing its cool to for anyone to say coming soon then u go under contract before anyone hasn't seen it and yea I no its first come first serve but I just thing its greedy.
I used a "coming soon" listing to sell my fathers house and had 7 offers the first day. I had a a signed contract in 2 days and sold the house "as is" for 12.5% more than the listing price, and this was in January of 2021.
@@austinbates7374 You mean January 2022? I had the feeling I was a bit early. I probably could have sold the house for more had I waited, but considering all the necessary repairs I felt a little guilty as it was, especially when thinking about all the concessions I got as a buyer in various real estate purchases during my life. Also the buyers were a couple who both work as a police officers and were obligated to live in town. Easiest real estate sale in my life, closed roughly 30 days after the listing went live. The house was well-maintained until the last 10 years of my father's life and it was very structurally sound. It was a split level built in the late 1950s; so much "living space" for the size as long as you don't mind 8 foot ceilings. They just don't build houses like that anymore. All 6 x 8 attic trusses and no plywood roof, all tongue and groove.
@@243wayne1 Well it was built in 1958, so is that ancient? I was surprised myself, it is pretty dramatic. Its a solid house, great bones. As I was selling it I was thinking why, maybe I should keep it. But I didn't want to live in the town. I know the house was built to conform to a VA loan standard, but that's about it.
On the surface I agree, however a lot of these are very young nieve first time home buyers at the mercy of a listing agent who only wants their cut on a sale, I call them shady mofo's.
I bought a house aboout two years ago. I knew going in that the electricity had to be updated.What I learned later was that I need better heating, cooling and ventilation. I did have an inspection beforehand.
I was an executive of a top 10 builder building 10,000 homes per year and an executive with the second largest R.E. broker on Earth. You can ALWAYS walk before closing ..... Always. There is little to nothing the seller can do regardless of what contingencies the buyer waived. It is difficult for the Seller to even keep the earnest money ( $500 to $1,000). The Buyer is the protected party in R.E. transactions via contract and court precedent. These buyers got hustled!
It's not the buyer who got hustled. It's the seller's. The agents did nothing to protect us clearly they were only concerned about their commission. They shd have added a contingency in contract. What would have happened if we didn't show at closing?
@@natalieoj3078 Yes it means something. It means two parties have agreed on terms and pricing to be executed at time of settlement or closing. However either party can simply not perform anytime before settlement/closing and there is little the other can do. Nearly 99% of the time the earnest money is returned to buyer regardless which party did not perform. It is all about the CLOSING aka SETTLEMENT. Real life is not a TV show and most Brokers and Lawyers will tell you to just move on to the next deal.
If you find yourself with a bad agent, who is giving you bad advices and you don't feel is representing your best interest, how do you get out of the real-estate agreement? We have not bought but put a failed offer in so signed a contract to be represented for two months. The agent has advised us to buy sight unseen and recently refused to provide a HI report to seller with serious repair issues recently. They rejected our offer because we asked for repairs or lower price.
THE SEWER LINE INFO IS WHAT I WISH I HAD BEFORE I BOUGHT MY FIRST HOME. neighbors roots were growing into my pipes!! Luckily the city covered the costs but it was a huge, scary situation. I lived there for 15 years and just sold at a profit of 90k. I feel like this home had alot wrong with it but we were safe and had a happy home life. I can really see how real estate can Jump start your wealth.
