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House hunting in this sellers market sucks!

ib4

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I'm going to assume she means you can get deals based on dumb luck instead of following a system. Like what happened with her own house. Things just worked out.
@ib4 yeah! House inspector, checks for water damage, foundation issues etc. and what @BrIONwoshMunky said, it can be good to follow the system, but sometimes it comes down to dumb luck.
Ahh...well of course. The strategy I am more certain can yield a better price though is post market crash. Whatever economic downturn may be in store probably wont damage the housing mark like 2008 seeing that the housing market itself collapsed...but maybe it will, who knows. I know a few people who had stable jobs and cash on hand that purchased their homes after the collapse when the house values were super shitty. The value of their homes almost doubled as the market picked back up. I feel that dumb luck would have to be ultra stupid luck to have that same outcome heh
 
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Stardust

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@ib4 oh that’s true. I’ve only read bit and pieces about it (and ofcourse tv/movies) so I don’t know how much they plummeted/grew. I don’t even know if we had it over here.We lucked out and found a nice house in our price range, also we weren’t in a hurry, It was more check listings and see if anything nice pops up. We almost didn’t check it out because Nico thought it was a bit too far out (30min from the city)
 
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Stardust

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@Jane Deere aah okay, over here you go to the bank and they ask about your employment and check your accounts to calculate what kind of loan you can pay off. Then you get a quotation which you have to accept in a month or you have to do the process again. People usually find a house and then go the the bank, but we wanted to know what kind of houses we could realistically look at, so we did it backwards and luckily found a house within that month.
 

Jane Deere

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@Jane Deere aah okay, over here you go to the bank and they ask about your employment and check your accounts to calculate what kind of loan you can pay off. Then you get a quotation which you have to accept in a month or you have to do the process again. People usually find a house and then go the the bank, but we wanted to know what kind of houses we could realistically look at, so we did it backwards and luckily found a house within that month.
We do the same, but they want to make sure you're getting you're money's worth and not overpaying on a house.
 
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BRiT

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Its not that they're protecting the consumer, they only want to ensure if things go tits-up the financial institution can recover their money. They couldn't care less about the loan applicants.

The financial institutions will sell it to the applicants that it is for their safety and best interest and they really care about you. They don't. They just want to make their money. It's all one big PR Lie.

This is why the financial collapse of the 2000s happened. The institutions were giving out NINA and NINJA loans. Those are terms for No Income No Assets or No Income No Job or Assets. They sold the idea of house ownership to many where it wasn't in their best interest at all and roped many into loans they had no capability to ever repay. Decade later and the financial institutions still dont care about the consumers.
 

MisterFister

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I've been trying to tell my peers this. No one listens. Wife and I have secure jobs and cash on hand. Waiting for things to get to the sweet spot. Probably post crash?
I just react to what I see. As you may know I'm in the Tier 1/2 automotive parts manufacturing game. I didn't like what I've been seeing but a trip south to the working class suburbs of Detroit confirmed my suspicions. I turned to my wife and said "are you noticing anything". Like most of the time she didn't know what I was talking about. I said look around...look at the cars. This was on a very busy section of roadway with tons of retail. ALL the cars were new. I'm not embellishing. We struggled to find a beater. The best we could do was find a mildly rusty grass cutting company pick-up truck. EVERYONE...HUNDREDS AND HUNDREDS OF PEOPLE DRIVING BRAND NEW CARS. That was my 'oh shit' moment. It ain't easy but I am currently fast-tracking my way out of automotive as quickly as I can.
 

MisterFister

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Its not that they're protecting the consumer, they only want to ensure if things go tits-up the financial institution can recover their money. They couldn't care less about the loan applicants.

The financial institutions will sell it to the applicants that it is for their safety and best interest and they really care about you. They don't. They just want to make their money. It's all one big PR Lie.

This is why the financial collapse of the 2000s happened. The institutions were giving out NINA and NINJA loans. Those are terms for No Income No Assets or No Income No Job or Assets. They sold the idea of house ownership to many where it wasn't in their best interest at all and roped many into loans they had no capability to ever repay. Decade later and the financial institutions still dont care about the consumers.
Back in 2009 when this place was at a total standstill you could throw a rock and hit a dozen House For Sale signs. My very wise buddy was letting a 200k home go into foreclosure (because that's what smart people did) and I went to the final court hearing with him. I just wanted to watch because you remember...these bundled mortgages and all the corruption was hilarious. So he gets called up so its him and the bank attorney standing in front of the judge. They proceed with the perfunctory legalese and when they got to specifics the lawyer starts fumbling through a five inch stack of papers. She's blah blah blah thirty days to vacate yadda yadda then the judge directs the question to my buddy 'what say you' and he just says "Judge, may I see a copy of the mortgage I signed?". Judge turns to attorney Fuckbag and yadda yadda 'sheriff's sale' blah blah. "Your Honor, this seems quite simple. The plaintiff is claiming I reneged on a contract. I'm just asking them to present to the court the contract in question". It became very clear that they didn't actually have the mortgage. These things were bundled and sold and bundled and sold and bundled and sold so much that they lost/misplaced or just flat out didn't have any of the actual physical mortgages they were foreclosing on. They were stamping these things out like like an assembly line and 99% of the people didn't bother showing up to court. She never did produce the contract so the judge awarded the bank the property based on it being listed in a forthcoming Sheriff's sale. The judge got pissy when my buddy wouldn't produce his copy of the mortgage (isn't she obligated to provide her evidence lol). My buddy "You Honor, just so we are clear. You are ordering me to vacate based on nothing more than this person's word? I just want to see the contract". "You have thirty days to vacate"...*gavel

It's all just a game.
 

Myzyri

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Husband and I managed to buy a house right when the housing market crashed for around $64k. We've been lucky to see the value grow to $150k, but in my area there are more high priced condos/apartments going up everywhere. It's not adding up that a 100k 1b/1b apartment is sitting in the middle of the worst neighborhoods. We see the gentrification, even if everyone else is claiming otherwise. We're holding onto our house, simply because watching our peers mortgages go up $100-400 a month due to property tax increases is daunting. Ours has steadily increased, but at a smaller rate for the past 11 years. Initial mortgage was $489, in 2009, current mortgage is $670. My friend's mortgage has increased from $1000 to $1500 a month within the same span. They live closer to Atlanta than we do.

If you manage to get a house you want, best hold onto it. Owning property seems to be less desirable for many people.

I think the market value increases/gentrification of many areas will lead to more housing problems in the future.
 

Jane Deere

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We are clear to close!! Getting the keys on Friday!! FINALLY! I'm extremely stressed and elated at the same time! Lol packing with a 4 year old and a 3 month old is interesting!
 
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