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My Home Buying Experience in the month of April, 2012 in the East Bay
2012 Apr 25, 2:23pm 52,134 views 119 comments
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If it's truly an investment property you're looking for, look at the hard rock hotel san diego condo hotels. Returns are >4% and up to 10% with some of the deals on the market now. Prices continue to drop so I'll be waiting for this winter to see if new lows are broken
Look it up at sandiegoh website for details. This is not my website but seems to have the most information I can find on them but I can answer any questions you have if you're interested.
So why in the world didn't you two guys mention this 5 months ago. Now here I am trying to find a descent home in Oakland in the $360,000 price range. This is my first home and not and investment property. I can't find anything descent that was available the last couple of years. All I heard on this site was how stupid people are going to feel when prices fell this summer. So I (like an idiot) took my sweet time applying for a loan. Now I cant find anything worth buying and prices are higher than they were just three months before. If you would have shared your profound insight months ago, I wouldn't be looking at crappy homes in east Oakland with my three kids. Thanks for the heads up!
I know. I'm just letting off steam. I'm so frustrated with the home buying process. So is there any chance of better inventory and prices during the winter months?
bmwman91
@
2012 Apr 25, 4:15pm
So why in the world didn't you two guys mention this 5 months ago. Now here I am trying to find a descent home in Oakland in the $360,000 price range. This is my first home and not and investment property. I can't find anything descent that was available the last couple of years. All I heard on this site was how stupid people are going to feel when prices fell this summer. So I (like an idiot) took my sweet time applying for a loan. Now I cant find anything worth buying and prices are higher than they were just three months before. If you would have shared your profound insight months ago, I wouldn't be looking at crappy homes in east Oakland with my three kids. Thanks for the heads up!
There is no need to be angry about it. Prices might end up making LESS sense this year, but that doesn't change the fact that they didn't make sense a year ago, or two years ago, etc. Frankly, the Bay Area is frothed up with an inexplicable idiocy relating to housing. It boggles my mind when I observe the trends that have appeared ever since the bubble "popped."
Don't give in to the hysteria. Yeah, OK, you feel like you "missed the boat." Well, the boat was way too expensive as it was then, and if you were uncomfortable enough with the prices at the time to wait for declines, then you shouldn't have bought anyway. Apparently the boat is overcrowded right now. It makes no sense, and I can't see this being sustainable as current inventories are at historic lows. So, don't let yourself give into the hysteria. It makes no sense that the current trends will keep up for more than a year, given the variety of factors that are causing this year's silly-low inventories. You will not be "priced out forever" if you wait, because you and many of us already are as it is. Just try to focus on the enjoyment you get from raising your children and don't let emotions cloud that up by feeling like you are somehow depriving them or yourself of something without buying a house. Tons of kids like happy productive lives in rentals. Are you renting an apartment or a house right now?
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Background: I am house hunting for investment purposes (let's get that out of the way). 25% down, excellent credit, have cash to show...
Home #1 (REO): I am told by my agent (who is told by the listing agent) that there are 9 offers after the first three days on the market the bank is accepting offers only through the first week. No, I don't believe everything real estate agents say, but I decide what the house is worth to me and I offer $11K above asking price. I am told I was not even in the ballpark and my offer was declined.
Home #2 (REO): After just a few days on the market, I am told there are 25 offers on this house and the bank is not accepting offers after the first week on MLS. I submit my offer $20K above asking. I am told my offer is not even in the ballpark and I receive this in the mail:
Are you kidding me? 25 offers and instead of taking the highest/best offer, the bank scraps all offers and requests that everyone resubmit a higher offer? Really, this is actually legal? In any case, I refused to change my offer and expect that I will be notified that my offer was declined later this week.
Home #3 (REO): This one is a fixer upper that needs a solid $30K to be move-in ready. It was priced way too high and I offer $30K below asking. I get this in the mail from the listing agent:
"Counter Offer - Need Highest and Best, there are 10 offers at this time.
Please submit by email your client's best offer. Please send details. It might be price, contingencies, earnest amount, etc… The bank will require the price on the contract even if property doesn't appraise.
NEED YOUR CLIENTS RESPONSE BY TOMORROW THE 25th OF April, at Noon."
NOT AGAIN! Rat bastards toying with people's emotions. I did raise my offer by $11K however. Let's see what happens.
Home #4 (Short-Sale) - I offer $5K above asking and waiting to hear back. I expect more of the same bullshit.
It is a buyer's frenzy right now! If these don't go, I may just have to stand back and wait for inventories to increase because this is just crazy.
#housing