patrick.net

stereotomy says

Maybe @Patrick could send a wellness check to his email?

Now anyone can cause a private email to be sent to another user by tipping him or her and including a private message as the comment with it.

I just did it myself to Bitcoin. I'll let you know if he answers.

https://www.reddit.com/r/REBubble/comments/xz7oja/story_time/

New England area:

Husband and I have been looking for a house since about March when prices were still a bit high. From then until now we’ve put offers in on 3 different homes. All homes sold for about 5k-10k above our offers. One was the same offer as ours but an all cash sale for 550k.

Very early in September a new house came on the market listed for 625,000 we said “eff it, let’s go see it” (our budget being about 600 with interest rates at 5.2).

We saw the house, really liked it, but it had an EXTENSIVE mold issue, needed all new windows, new roof and had a pool in the backyard that likely needed to be filled in. The woman that lived there was an empty nester and sort of let the maintenance on the home go awry for, oh, say 25 years. There was no way the house was worth 625.

So we shot her an offer within 3 days of the house being on the market: 550, she came back at 605. We said “no thanks!” and moved along. We did really love the home. It was the perfect layout for a “forever home”, but needed a lot of elbow grease and a lot of funds to get it up to normal (not even fancy!) standard.

Fast forward two weeks, the fed shoots up rates, house is still sitting on the market after two open houses. At that point rates were, I think, 6.2. Seller contacts our agent and says “are your buyers still interested? We can do 575”. We again say “no thanks”. With rate hikes the mortgage would be higher than 600k at 5.2%. Certainly not a deal for us by any measure. Just last week she reached out again and said “I can do 550”. Our initial offer. Which, again, would still put us at a HIGHER mortgage than the 575 at the prior rate.

They’re just not getting it. Prices are coming down but they’re certainly not getting it. Our lovely realtor gave us the old “marry the house, date the rate” line.

No thanks 😊

Logan reference:

Booger says

“marry the house, date the rate”

is this something common phrase in RE market! Just last week I heard realtor woman on 92.3FM (an Indian channel in bay area, ca) says, '...if you are seller I'd say wait a year to get top price, if you are buyer maaaaa...aaaaaarry the house...'. Lol! that indicates that there are enough not so smart folks around when it comes to RE since she claims she is one of the 'top' realtor in Bay Area! There is one other RE guy comes on different days in that channel, he named him self "Bro" who plays sound clips of prerecorded testimonials from his clients how great the "Bro" was in purchasing their shack. His commercials involve a wife says to her frustrated husband/victim home buying is so easy with "Bro". RE is really crazy as long as the $Ts of gov money involved in loan process.

Booger says

They’re just not getting it. Prices are coming down but they’re certainly not getting it. Our lovely realtor gave us the old “marry the house, date the rate” line.

Great post.

Yep, as I said before:

For all the talk of all cash buyers, 5 members of an Asian Family going in on a big house, etc. etc. the #1 source of buyers is Joe Blow and his demanding wife, looking at the monthly mortgage payment, not the total price.

https://news.yahoo.com/homebuyers-rejecting-more-offers-ever-090050885.html

Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?

https://www.cnbc.com/2022/10/11/mortgage-rate-is-over-7percent-harder-to-qualify-for-loan.html

It’s bad enough mortgage rates are over 7% – now it’s harder to qualify for a home loan

https://www.bloomberg.com/news/articles/2022-10-11/flipping-houses-burns-investors-caught-in-us-real-estate-slowdown

Home Flippers Get Burned by US Housing Market’s Sudden Slump

https://archive.ph/hFyRB#selection-4209.0-4215.102

My beautiful fiat equity! Melting, melting!

Strange how zillow stats roll. House next to us officially sold at half price due to inheritors 'buying' it and paying off the other inheritor to occupy the home. That has dragged our comps down nominally in their estimates.

Ceffer says

Strange how zillow stats roll. House next to us officially sold at half price due to inheritors 'buying' it and paying off the other inheritor to occupy the home. That has dragged our comps down nominally in their estimates.

Shit happens.

Property tax increase:

https://finance.yahoo.com/news/home-flippers-trouble-again-210545480.html

Home flippers are in trouble again

Booger says

https://news.yahoo.com/homebuyers-rejecting-more-offers-ever-090050885.html

Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?

This has never stopped. When you have 5 parties involved in a transaction they have to justify their worth. Inspectors are probably the worst from my experience. All other parties generally want the transaction to go through. The inspector gets another inspection from that buyer if the deal doesn't close because they made chipping paint a problem. There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.

WookieMan says

Booger says

https://news.yahoo.com/homebuyers-rejecting-more-offers-ever-090050885.html

Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?

This has never stopped. When you have 5 parties involved in a transaction they have to justify their worth. Inspectors are probably the worst from my experience. All other parties generally want the transaction to go through. The inspector gets another inspection from that buyer if the deal doesn't close because they made chipping paint a problem. There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.

Homebuyers are rejecting more offers than ever - is good to bring prices to make shack to be a non-ATM but holding cash at 10+% inflation is equally risky unless be in stock, bond, commodities or some physical assets. I seriously doubt if the real inflation will go below 10% at least in a year or two. In that scenario physical goods including home/shack prices will not go further down in many areas.

https://lbpost.com/news/rising-interest-rates-dump-bucket-of-ice-water-on-hot-real-estate-market

Rising interest rates ‘dump bucket of ice water’ on hot real estate market

cisTits says

Not a surprise to me or the others denigrated by the 'housing experts' of PatNet when we started calling this 7 months or so ago.

Patnet housing punching bag no more! LOL! The Reckoning is nigh!

WookieMan says

There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.

That is why when I sold off some rentals (and a main home), I would leave something I planned to repair anyway undone so the inspector would have an issue to find. That way the inspector looks like a hero and proved he is worth the cost to the buyer.

LOLOL

https://www.reddit.com/r/RealEstate/comments/y2bho6/in_need_of_solution_for_cancelled_showings/

in need of solution for cancelled showings

Our house has been on the market for about two months now (southeastern USA) and we've had about four cancellations last minute. I have a 8mo and it's very difficult to clean the house last minute for someone that calls our realtor and says they want to see the house in 2hrs. I'm so frustrated. I thought we might only do showings on certain days so that I could plan in advance and it won't effect us as much if they cancel but my realtor said it's a bad idea. Is there anything else we can do?

Edit to add I guess I'll talk to my realtor about possibly needing to lower the price.

zzyzzx says

https://www.reddit.com/r/RealEstate/comments/y2bho6/in_need_of_solution_for_cancelled_showings/

in need of solution for cancelled showings

Our house has been on the market for about two months now (southeastern USA) and we've had about four cancellations last minute. I have a 8mo and it's very difficult to clean the house last minute for someone that calls our realtor and says they want to see the house in 2hrs. I'm so frustrated. I thought we might only do showings on certain days so that I could plan in advance and it won't effect us as much if they cancel but my realtor said it's a bad idea. Is there anything else we can do?

Edit to add I guess I'll talk to my realtor about possibly needing to lower the price.

This was the FUCKING DUMBEST thing I dealt with in real estate. You're selling your god damn house. Prepare yourself. Having raised two babies with my wife, the kid can skip a fucking nap. You triggered me zzyzzx. You're not some special snowflake when you go to sell your home. A cancelled showing affects more than just the seller. We dealt with it on a daily fucking basis. Your fucking kid can nap later. Parent better.

This is probably a top 5 reason I got out of RE. Humans are selfish as fuck. Set times you're available to show your home. You can easily have the Realtor put that in the MLS. Not complicated. Cancelled showings happen with EVERY listing. You're not special as the homeowner and being upset that you have to take your kids to the park or go have a beer at your local establishment is what you do. Stop being pussies.

WookieMan says

...FUCKING DUMBEST ... god damn house. ...the kid can skip a fucking nap. ... You're not some special snowflake... a daily fucking .. Your fucking kid ... Humans are selfish as fuck. ... Stop being pussies.

Chill out, WookieMan.

https://t.me/gatewaypunditofficial/19280https://t.me/gatewaypunditofficial/19280
https://www.thegatewaypundit.com/2022/10/biden-economy-mortgage-rates-rise-16-year-highs-annual-home-sales-slump-39/

https://www.reddit.com/r/RealEstate/comments/y5x65t/i_bid_on_a_850k_original_list_price_in_nw_austin/

I bid on a $850K original list price in NW Austin and after a few back and forth, it got accepted for $750K

They probably could have waited and paid less.

WookieMan says

This is probably a top 5 reason I got out of RE. Humans are selfish as fuck. Set times you're available to show your home. You can easily have the Realtor put that in the MLS. Not complicated. Cancelled showings happen with EVERY listing. You're not special as the homeowner and being upset that you have to take your kids to the park or go have a beer at your local establishment is what you do. Stop being pussies.

Also make it enticing as far as have very good photos and video of each room and space of the house, including the exterior, front yard and back yard. Take video of the appliances running such as the dishwasher. Show a thermometer reading of the hot water coming from a bathroom sink.

I put a lot of info out there on Ebay when I sold my car. I posted videos of the dashboard when the car was running. I posted videos and photos of the engine and tires (including detail views of the tire treads).

I posted a video of the a/c running and a thermometer to show the a/c cools the inside. I posted photos of maintenance receipts like for oil changes, etc. I sold it for the price I wanted before the pandemic. I posted a link to a cloud link like Google Drive that had all the videos and photos of the receipts.

.

zzyzzx says

zzyzzx, who bought this home ? they are going to lose a lot of money. I would appreciate it 6% for 3 years as far as figure out near-bottom price.

(1.06)^3 x $313,500 = $373,383

Maybe $400,000 is bottom price.

.

https://thegoodcitizen.substack.com/p/greatest-american-bank

When they bailed out the banks responsible for the mess with a few trillion dollars and nobody went to jail, and there were no riots, and the Federal Reserve building still stood and all the bank CEOs showed up to the White House to have a beer with Obama who did some mild finger waving, I knew without a shred of doubt that we were, and still are watching a late stage failing empire.

The whole mortgage experience did produce a screenplay and a one-act stage play called Option ARM, named after the insane mortgage product that allowed borrowers to choose what payment option they wanted to make each month including one with negative amortization.

It may read like a farce, but it’s based on true events and real people, including one who served six years in prison for mortgage fraud.

The short play appears as text below. If you prefer to read it as a PDF you can download this file.

We paid the tax on our 50+ y/o 1150 sq ft sh*tbox in an undesirable part of SJ: $3000 ($6000 annual) on an assessed value of $339k.

®ealtors who tell you the Property Tax Rate is 1%, while not lying, are disingenuous. The BASE rate is 1.0%. But, various and sundry Junk Fees are piled on.

As a courtesy to we Tax Donkeys, for the first time that I noticed the Tax Collector broke out the various and sundry Junk Fees by additional assessments (percentage of assessed value) and parcel taxes (fixed amount regardless of the assessed value).

There's 8 additional line items below the top line "1% MAXIMUM LEVY", for a total overall rate of 1.2908%, and 11 different parcel taxes adding up to $1710.

A home similar to ours sold on our street this summer for $1.05 M. I knew the owner (seller), he literally told me that they followed the realtor's instructions to "put some lipstick on this pig" to get it ready for sale. The $0.9 M profit would partly fund he and spouse's retirement relocation to Sierra foothills. The new owners signed up for a tax bill of about $15K.

B.A.C.A.H. says

WookieMan says

...FUCKING DUMBEST ... god damn house. ...the kid can skip a fucking nap. ... You're not some special snowflake... a daily fucking .. Your fucking kid ... Humans are selfish as fuck. ... Stop being pussies.

Chill out, WookieMan.

Nope. Deal with 40-50 entitled sellers in one month. The other brokers. The lenders. The attorneys. The inspectors. HOA's. Insurance companies. Title companies. The list goes on. For 15 years. I managed all that shit. Sometimes 100 hours a week dealing with dip shits. It's why I took 3 years off and reconnected with myself. I was at the will of others that were trying to grab a piece of the pie.

Don't bitch about a showing when you're selling your house. That's fucking fact. Why even put your house up for sale? 8am-8pm is open game for your house to be shown if you want it to sell. That is part of home ownership. This is the only time I'll defend brokers. You work when othesr don't work. When your client works, you're trying to find the next buyer or listing. The commission is not justified, but it's not an easy job. Tons of emotion too. Take your kid for a god damn walk or ride in the stroller. Send them to granny's house.

We've become a country of pussies. Raise your kid. Be an adult. It's a human, it's not more special than any other human. It can go without its little nap time. Be happy someone wants to look at your home at 1pm and not 6pm when you want to have dinner. Fuck the nap. I've raised 2 boys. It's not difficult.

https://www.cnbc.com/2022/10/18/homebuilder-sentiment-drops-to-half-of-what-it-was-six-months-ago.html

Homebuilder sentiment drops to half of what it was six months ago