I am finally thinking of buying a house

[TexasBama]

Open door is buying up everything. It is going to be difficult to find one not owned by open door

At the rate they're going, you might be able to buy one of their houses out of bankruptcy

Opendoor Stock Falls. The 'iBuying Model Is Risky.'

BofA initiates coverage on shares of Opendoor at Underperform with a price target of $8.

www.barrons.com

 

[DzynKingRTR]

At the rate they're going, you might be able to buy one of their houses out of bankruptcy

Opendoor Stock Falls. The 'iBuying Model Is Risky.'

BofA initiates coverage on shares of Opendoor at Underperform with a price target of $8.

www.barrons.com

So just wait them out?

One last word on the house that almost was. I can guarantee they will not fix any issues and some sucker will come along and buy the house and will not get as lucky as I did and have it rain during the process.

 

[TexasBama]

So just wait them out?

One last word on the house that almost was. I can guarantee they will not fix any issues and some sucker will come along and buy the house and will not get as lucky as I did and have it rain during the process.

Should have blue-fonted that, but they're not in good shape and haven't made money in 2-3 years. So they'll likely do desperate things that are not to your benefit.

 

[DzynKingRTR]

Should have blue-fonted that, but they're not in good shape and haven't made money in 2-3 years. So they'll likely do desperate things that are not to your benefit.

Like straight up lie and tell my realtor there was another bidder? Because they did that.

 

[2003TIDE]

Like straight up lie and tell my realtor there was another bidder? Because they did that.

I think that is just common with shady flippers. Had that happen on our first home. Reno company was also the seller. They "had other offers." Also told various lies such as "All new sheetrock" and "new roof" which was kind of true but not really (part of the house was an addition with a new roof and new sheetrock)

 

[seebell]

The real estate agent who tells you" I have several well qualified buyers looking for exactly what you are trying to sell." After you sign the listing contract, the buyers don't seem to exist.

 

[jashleyren2]

This has been an interesting thread. Here in Florida, the e-buyers have been very active. I'd buy from them, even after reading what I've read here, but it will be on much less forgiving terms than I would from an individual owner of the property.

There is so much shady activity going on in RE this time around. We hit a "middle ground" somewhere between 2015 and 2019, where buyers and sellers could expect a typical transaction. Less homes underwater, meant fairly normal closing process for sellers. Underwriting on loans had absorbed much of the death of 2006-2012 by then. Credit scores for a buyer who had a bad experience in that earlier timeframe, had improved. Flash-forward to 2020, and the mania began.

All of this, ALL OF IT, is blood on the hands of the federal reserve, for keeping rates too low, for too long. Sure, we fixed the problem with liar loans, after the meltdown in 2008. But a new one has emerged, and it's predatory, deep pocketed e-buyers, like OpenDoor, Zillow (until they nixed it late in '21), and a few others. And where do they get the money for these purchases? Bond sales. "Investment Grade" bond sales. Trouble is ahead.

 

[DzynKingRTR]

These house sellers belong in jail. What they are doing is called bait and switch. List the house at a certain price and when you like it say oh that isn't the real price.

I lost out on yet another house because the winning offer was 60k over the list price.

 

[Toddrn]

These house sellers belong in jail. What they are doing is called bait and switch. List the house at a certain price and when you like it say oh that isn't the real price.

I lost out on yet another house because the winning offer was 60k over the list price.

Sorry to hear that. I would like to know where these people are getting their money. Are the homes appraising for that much more? This bubble is going to burst at some point and time. That may be when you find your house. There will be 10 homes for every buyer instead of the other way around.

 

[DzynKingRTR]

Sorry to hear that. I would like to know where these people are getting their money. Are the homes appraising for that much more? This bubble is going to burst at some point and time. That may be when you find your house. There will be 10 homes for every buyer instead of the other way around.

This last house had over 100 offers. People are over paying for houses right now. I might have to get something that is not move in ready.
There is a company that will help you with cash offers, but they charge $70/day once under contract. The only advantage it gives you is you would have a "cash" offer. I could wait but then interest rates will be higher.

 

[Padreruf]

FYI, buying at the top of a high market is not always the wise thing to do...you have to wait years to develop any investment...and the cost of owning year by year is more than renting...

 

[DzynKingRTR]

FYI, buying at the top of a high market is not always the wise thing to do...you have to wait years to develop any investment...and the cost of owning year by year is more than renting...

FYI rent prices are insanely high right now as well.

 

[Padreruf]

FYI rent prices are insanely high right now as well.

I cannot imagine real estate in Atlanta...it is out of sight here in Charleston, SC. Could you move to a small town 50 miles away and work from home, commuting 1-2 days per week? A lot of small towns have good buys...thinking about you.

 

[DzynKingRTR]

I cannot imagine real estate in Atlanta...it is out of sight here in Charleston, SC. Could you move to a small town 50 miles away and work from home, commuting 1-2 days per week? A lot of small towns have good buys...thinking about you.

Can't work from home.

 

[Padreruf]

Can't work from home.

UGH...hope something works for you...

 

[B1GTide]

FYI rent prices are insanely high right now as well.

Yeah, tough time to buy in any of the hot markets. Heck, even in rural Ohio, where my son is looking, the prices are absurd.

I hope to be able to put my NJ home on the market before it cools too much.

 

[seebell]

Rents and home prices have skyrocketed in Madison County Alabama. Some of these investment buyers will rue the day they bought the property. Good time to sell though.

 

[Toddrn]

Rents and home prices have skyrocketed in Madison County Alabama. Some of these investment buyers will rue the day they bought the property. Good time to sell though.

Cherokee County Ga is one of the fastest growing counties in the country. I bought my home in 1984 for 56,000. It is your typical 3/2 split level. I do have one of the best lots in my subdivision. The lower part of my home is 4 sided brick with a huge real brick fireplace. I have done lots of improvements through the years. One of my neighbors just sold their house for 315,000. All cedar siding with very little done to it over the years. It blows my mind to think what I could sell my house for. The world has gone crazy.

 

[Padreruf]

Cherokee County Ga is one of the fastest growing counties in the country. I bought my home in 1984 for 56,000. It is your typical 3/2 split level. I do have one of the best lots in my subdivision. The lower part of my home is 4 sided brick with a huge real brick fireplace. I have done lots of improvements through the years. One of my neighbors just sold their house for 315,000. All cedar siding with very little done to it over the years. It blows my mind to think what I could sell my house for. The world has gone crazy.

The problem is that replacing it would be out of this world expensive.

 

[DzynKingRTR]

I have finally given up. I know when I am beaten and I finally reached my breaking point. Looked at another house Saturday and the accepted offer was 60k over the list price. I just cannot justify to myself overpaying for a house that needed work. Congrats housing market, broke me. I am done with it. I am going to wait until after this all comes crashing down again and it will. All of these idiots that are overpaying will learn a hard lesson.