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So we looked at a house / Realtors are tools


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2012 Feb 16, 12:58am   40,121 views  84 comments

by joshuatrio   ➕follow (4)   💰tip   ignore  

We looked at a house about 3 weeks ago - the asking was $164,000 - short sale.

It was def. on the smaller side, but way cheap for our area and in a decent neighborhood. HOA was $160/mo which we thought was reasonable. Def. rental potential, and we thought it couldn't hurt to look....

Soooo, my wife called the listing agent, and before she could really get two words out of her mouth, the agent says, "we have 5 offers, so if you want the house, you need to make an offer." My wife politely tells her we just want to look at it - listing agent agrees, and sends one of her tool friend/agents to show us the house the next day.

The agent who showed us the property, easily could have been my mother (she had like 30 years on me), but spoke down to me as if she had the ball in her court. What was even funnier was that she drove up in her decked out Cadillac ... 22" chrome ghetto wheels....

SARCASTICALLY she said "we have 3 offers on it - would you like to make one, and who will you be financing with?" (Funny how the number of offers on the property changes, depending on who you talked to...)

I politely said "we will not be financing - if we make an offer, it will be all cash." Immediately her tone of voice changed with me and she went from "mom-mode" to "best friend." Almost begging us to place an offer, because the place was going to sell "ANY SECOND." Anyhow, we thanked her - but told her the place was too small for us.

Three weeks later - after the house should have sold, we get a call from the listing agent, almost begging us to put in an offer. Apparently, they had ONE offer, all cash, for $160k - but upon inspection, the place needed $10k in termite work - and the buyers backed out.

Anyhow, buyers may be playing hardball. A place like this would have sold immediately last year, but here we are, good price, good location, one month on the market, and it didn't sell yet.

Good change buyers may be demanding more and/or are not putting up with the Realtors BS anymore.

Thought I'd share...

#housing

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61   Bigsby   2012 Feb 17, 3:22pm  

Karen, the prime rate in 1991 ranged between 6.5 and 9.5% and the median household income was $30,000, and yet you still believe that prices will fall almost 50% below what that condo sold for then. If you say so.

62   karen   2012 Feb 17, 4:13pm  

I've now added Marina, CA, to my obsessive real-estate check-frequently list.
:)

63   thomas.wong1986   2012 Feb 17, 5:03pm  

karen says

Yes, yes, housing stock is always *limited* in CA. Well, in the part of SF where I dream of living but never will for various reasons of practicality (the Sunset), prices keep dropping. And they're not building any more houses there, either.

Maybe in the Sunset, but not so limited given new development have gone up in SF more so in recent years than ever before. Exit off 280 to the Pall Park has been transformed completly. Just last week I saw a fairly large building demolished on Van Ness and Geary... prime spot for new homes. Or Mission and Fremont.. There have been many other examples of this in SF. So not so limited as many would think... and I would not suprise me if this continues.

http://www.sfnewdevelopments.com/featured-developments/

64   ArtimusMaxtor   2012 Feb 17, 6:40pm  

APOCALYPSEFUCK is Tony Manero says

Hilarious. All these places will be abandoned in a few years, filled with neonazi meth freaks whose last good meal was the last legal owners.

http://www.youtube.com/embed/CiLKrDWgGYs

65   cleg   2012 Feb 17, 8:46pm  

Hey! This thread started out bashing the lying sack of s#!$ dirt bag Realtwhores. Let's stay on topic! I've got more....LOTS more!!!
Like the time I was doing finishing work on a house I was building for myself and thought I heard someone in my living room. It was a Realt#%&! in my house with clients in tow. No joke. They were driving by and the clients liked the house so she was showing it to them. It was not for sale. She just let herself in and was showing the house!!!! Can you say breaking & entering?

66   problemis   2012 Feb 18, 12:53am  

clambo: I like Zillow, as well. You can usually see a partial transaction history. What I have never understood about real estate is the insistence on using nominal, not real inflation adjusted dollars.

Example: I will hear from home owners all the time something like: "We paid $200k in 2001 for this house, so we are still ahead." Are you now?

Let's look at this listing from Zillow. Purchased in 1991 for $139k. Adjusted for BLS CPI... 66.4% for the last 21 years.... you would need to sell that unit for $231.3k... just to break even in 2012 dollars due to inflation. Even Zillow claims a +18% change based on an asking price of $164k.

Deflating from the 2012 asking price of $164k... the owners are asking $98.5k in 1991 dollars. Do you think the owners are thinking they are still ahead by $25k??

US Inflation Calculator is a handy tool.
http://www.usinflationcalculator.com/

Nice post by the way joshuatrio. More information is always good.

67   veex   2012 Feb 18, 2:04am  

Here's an example of illegal realtard behavior for you:

Husband and I put an offer in on a property. After our offer was submitted, the listing agent called our broker to try to get our FICO score. Our broker is my sister-in-law. She called right away to alert us of what listing agent tried to do.

What was so unbelievable about this was that the realtard didn't just stop when SIL explained to her that requesting our FICO score was illegal. The realtard called other members of SIL's firm to try to get them to release our score. Un-friggin-believable.

68   FuckTheMainstreamMedia   2012 Feb 18, 2:11am  

problemis says

Example: I will hear from home owners all the time something like: "We paid $200k in 2001 for this house, so we are still ahead." Are you now?
Let's look at this listing from Zillow. Purchased in 1991 for $139k. Adjusted for BLS CPI... 66.4% for the last 21 years.... you would need to sell that unit for $231.3k... just to break even in 2012 dollars due to inflation. Even Zillow claims a +18% change based on an asking price of $164k.
Deflating from the 2012 asking price of $164k... the owners are asking $98.5k in 1991 dollars. Do you think the owners are thinking they are still ahead by $25k??
US Inflation Calculator is a handy tool.
http://www.usinflationcalculator.com/
Nice post by the way joshuatrio. More information is always good.

People are stupid. Look at how many people are impressed if you get a large federal tax refund.

69   clambo   2012 Feb 18, 2:28am  

I know just a few people who were realtors or agents or whatever.
One was a former cock-tail waitress here. One was my girlfriend who went to some community college for "marketing". The other was a guy who sold cars in Vegas who made his move sideways into selling mortgages or whatnot. He was not educated at all, so probably not even community college.
He saw my credit score once and offered me a deal. He knew some Mexicans over in San Jose who had no credit who would pay me a lot of CASH to be on their apps so they'd get lower interest payments.
I innocently asked "Is this legal?" and he said "maybe not a good idea after all."
It reminded me of down in Monterey Mushrooms where girls friends offered me cash to marry some random Mexican girl.
Oh, am I off the subject? :)

70   ArtimusMaxtor   2012 Feb 18, 4:16am  

My house, my car. IF you don't own none of it someone else does. Whats the point of going on. If every GD thing you own is financed? I HAVE TO TYPE THIS IN BIG LETTERS. IF YOU OWE YOU AREN'T POOR. YOU ARE LESS THAN POOR. WHY? BUT LOOK AT ALL OF THIS STUFF OH, WISE ONE. WELL, IF IT'S NOT YOURS. IF THEY CAN TAKE IT AWAY AND YOU OWE YOU HAVE NOTHING. THEN YOUR NICK NAME IS STEP AND FETCH IT. A poor guys name is not step and fetch it. UNLESS he gets a paycheck. Another mistake. Get a paycheck. S and F it. Owe S and F it. No way around it. Get your own THEN your rich. Take out a 30 year mortgage on a house that took 3 months to build. You might want to start questioning your abilities.

71   tatupu70   2012 Feb 18, 4:25am  

ArtimusMaxtor says

I HAVE TO TYPE THIS IN BIG LETTERS.

Thank you so much--us "step and fetch it" folks have a hard time reading small print.

Please post some more pearls of wisdom. (in all caps of course)

72   Hysteresis   2012 Feb 18, 4:30am  

dodgerfanjohn says

People are stupid. Look at how many people are impressed if you get a large federal tax refund

lol

73   ArtimusMaxtor   2012 Feb 18, 4:48am  

Just trying to be helpful. Thing is the commonality in all of this is making someone else really have a lot. While it takes up all of your time. So you make it big. Always going to involve a loan. See everyone thinks they can win the race to the accounts receivable window. Hey. What I can tell you in years and years of real estate. The hard fact. MOST PEOPLE. The largest majority close to 89% of the population are 3 bedroom home owners. Someone somewhere is doing good I am sure. Thing is that 89% is fucking wasting away paying a 30 year mortgage on something that took really very little to build.

74   David9   2012 Feb 18, 5:43am  

clambo says

It sold for $139,000 in 1991 :)

Wouldn't take but a point or two in an interest rate spike to drive prices down to a level or price range at which these properties sold for and changed hands for for over a decade around that time.. (But I don't think that is on the planned schedule for the immediate future ;-) )

75   tatupu70   2012 Feb 18, 5:49am  

ArtimusMaxtor says

Thing is that 89% is fucking wasting away paying a 30 year mortgage on something that took really very little to build.

Thing is that all renters waste away paying rent forever on something that the owner probably paid off many, many years ago.

76   joshuatrio   2012 Feb 18, 9:27am  

ArtimusMaxtor says

My house, my car. IF you don't own none of it someone else does. Whats the point of going on. If every GD thing you own is financed?

Yeah, that's the other thing I battle with. I'm free/clear - nothing in my life is financed. The thought of mortgaging a place just irks me - but the thought of dumping a handful of cash on a place we're not thrilled about bothers me equally.

Understand that we're renting now - so yes, $1600/mo of my income goes to a property management company. But, I'm liquid, can move at the drop of a dime, and can pursue any opportunity that comes up.

Ahhh, the endless possibilities.

77   cleg   2012 Feb 18, 9:38am  

Here's another one. Sad but true.
My Realturd neighbor was bragging about how little she paid for her house. She was the listing agent who of course advised the seller what the asking price should be. Her husband was the shill buyer. I am sure this is not legal so was surprised she was bragging about it.

78   Bigsby   2012 Feb 18, 7:21pm  

joshuatrio says

ArtimusMaxtor says

My house, my car. IF you don't own none of it someone else does. Whats the point of going on. If every GD thing you own is financed?

Yeah, that's the other thing I battle with. I'm free/clear - nothing in my life is financed. The thought of mortgaging a place just irks me - but the thought of dumping a handful of cash on a place we're not thrilled about bothers me equally.

Understand that we're renting now - so yes, $1600/mo of my income goes to a property management company. But, I'm liquid, can move at the drop of a dime, and can pursue any opportunity that comes up.

Ahhh, the endless possibilities.

You haven't said how that place compares to your current rental. It certainly sounds like the monthly nut would be a fair bit less than your current rent.

79   joshuatrio   2012 Feb 19, 6:20am  

Bigsby says

You haven't said how that place compares to your current rental. It certainly sounds like the monthly nut would be a fair bit less than your current rent.

My current place is a little bit bigger, and a little bit nicer - as in it doesn't need to be updated.

It's pretty close to an apples to apples comparison, but we are in a two story right now - and the place referenced is a single story. My wife prefers two story.

The only advantage of that place is that it has a two car garage, where we only have one now.

80   Bigsby   2012 Feb 19, 9:54am  

joshuatrio says

Bigsby says

You haven't said how that place compares to your current rental. It certainly sounds like the monthly nut would be a fair bit less than your current rent.

My current place is a little bit bigger, and a little bit nicer - as in it doesn't need to be updated.

It's pretty close to an apples to apples comparison, but we are in a two story right now - and the place referenced is a single story. My wife prefers two story.

The only advantage of that place is that it has a two car garage, where we only have one now.

If you offer $140-150k, then that looks like a pretty decent buy for this part of the world (unless it is a complete and utter wreck) - I can easily imagine that place was the better part of $500k at the peak of the market. Amazing.

81   zzyzzx   2012 Feb 20, 3:29am  

karen says

I think this should work: http://www.weichert.com/32358695/?cityid=35948&ptypeid=32

It works now, but I don't see a big market for a house that big unless it's used for something other than a house for a single family. Even a multigenerational extended family could live there and there would still be extra space.

82   reddawnprepper   2012 Feb 22, 5:03am  

You bond guys must be crazy? Have you not heard of mf global?
They will gut that account overnight if they feel like it and will get of
The hook just like cocaine. Hide what you have and trust no bank.

83   JodyChunder   2012 Feb 23, 9:40pm  

reddawnprepper says

You bond guys must be crazy? Have you not heard of mf global?
They will gut that account overnight if they feel like it and will get of
The hook just like cocaine. Hide what you have and trust no bank.

I have noticed a lot more mattress factories springing up.

84   Philistine   2012 Feb 24, 12:27am  

Get it? Springing up. . . .
JodyChunder says

I have noticed a lot more mattress factories springing up.

My savings is denominated in $2 bills, rolled up in Mason jars and buried in our victory garden out back.

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