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Trying to Purchase a Home in COVID-19 - Continually Lose Out, with Offers over Asking Price?

geekette

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Wow. So close. I'm sorry, that sounds like a big fat drag. Dragging on and on. What strange times.

Realtor comes here tomorrow, I'm ready to go, beat leaf season... lucky that I am not trying to buy a home.
 

TravelTime

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So sorry you lost out on another house.

I think the personal appeals in notes are a waste of time. However, if someone wrote a note about why they are a strong buyers from a financial point of view, that could help make an objective argument to choose them, all other things being equal. For example, if they wrote about their jobs, how long they have been with their company, how financially stable they and that they are committed to going through with the deal regardless of what the appraisal says (and they waived the appraisal contingency), maybe that would be attractive. The most attractive offers, besides cash, waive all contingencies so they will lose their deposit if they change their mind.
 

TheTimeTraveler

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As a Realtor in NJ, I do not instruct Buyers to write a personal note and ask Sellers not to let it sway their decision if one is presented with an offer.

Too many opportunities to discriminate and violate Fair Housing regulations.

Maria



I totally disagree that it discriminates or violates any Fair Housing Regulations. The personal note is just one piece of the offer, and it is to be presented to the seller as just one aspect (piece) of the actual offer. What the seller decides to do with it is his/her up to the seller and NOT up to the Real Estate Agent. It's the Agent's responsibility to present all written offers to the seller.

Bottom line; The financial aspects of the offer will have the most impact of any offer. The personal note may or may not sway a decision should there be equal or competing offers.



.
 

bogey21

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I totally disagree that it discriminates or violates any Fair Housing Regulations. The personal note is just one piece of the offer, and it is to be presented to the seller as just one aspect (piece) of the actual offer. What the seller decides to do with it is his/her up to the seller and NOT up to the Real Estate Agent. It's the Agent's responsibility to present all written offers to the seller.
Agree. I like to make my own decisions. I will listen carefully to what the professionals (Doctors, Lawyers, Financial Advisors, RE Agents, etc.) say then make my own decision as to how I will proceed. There are so many times in my life I have done this to my benefit. The most startling was about 40 years ago when my then Cardiologist insisted I needed a pacemaker. After doing my own research I politely declined. Just say it is now 40 years later, I am now 85 years old and still trucking...

George
 

rapmarks

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Agree. I like to make my own decisions. I will listen carefully to what the professionals (Doctors, Lawyers, Financial Advisors, RE Agents, etc.) say then make my own decision as to how I will proceed. There are so many times in my life I have done this to my benefit. The most startling was about 40 years ago when my then Cardiologist insisted I needed a pacemaker. After doing my own research I politely declined. Just say it is now 40 years later, I am now 85 years old and still trucking...

George
They wanted to give my mother a pacemaker at age 94 and we declined, mostly because she seemed to have lost her mind after anesthesia
 

Sugarcubesea

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So sorry Sugarcubesea. I was rooting for you to get this house. Now I am sending positive thoughts to you that your house sells quickly and for a good amount of money so your life plans can become a reality. Hang in there. The perfect place is out there just waiting for you to find it.

Best,
Anita
Anita, thanks so much for kind note...
 

Sugarcubesea

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So sorry you lost out on that house. Something better is coming your way. That house was not supposed to be yours. I know, I know, that sounds so empty, but I am hoping it's true.
Thanks so much... I'm still blown away that this offer came in from no where and was all cash and they waived all inspections... I would never waive a well and septic inspection as those are costly if not properly maintained.
 

b2bailey

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Thanks so much... I'm still blown away that this offer came in from no where and was all cash and they waived all inspections... I would never waive a well and septic inspection as those are costly if not properly maintained.
Many years ago I asked my sister to pray about a potential move. I always chuckle when I remember she prayed: "Please let the door swing wide open, or let it slam in her face." Sounds like this was a slam in your face kind of reply.
 

PamMo

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Well, if misery loves company, you have a LOT of company, Sugarcubesea. I just saw this about the Boise market (below).

I got a notice of a home that came on the market in Reno at 8AM this morning. I got a second notice that the owners decided to raise the list price by $30K a couple of hours later.

Housing Market Sees Biggest Uptick in New Listings in Almost 2 Years as Pending Sales Surge 21%
September 9, 2020 by Tim Ellis
Record-low inventory of homes for sale has “created a complete storm of insanity,” in small, affordable markets like Boise, which is seeing an influx of buyers leaving the West Coast.
“Demand has been high, but we’re down to a record-low number of homes for sale, which has created a complete storm of insanity,” said Boise Redfin agent Kristin Lopez. “The majority of my recent buyers have been people moving here from out of state: California, Washington and Oregon. I’ve done 10 sight-unseen offers for these buyers in just the past couple of months. They are purchasing primary residences and are moving here to stay.”​
 

DaveNV

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Well, if misery loves company, you have a LOT of company, Sugarcubesea. I just saw this about the Boise market (below).

The successful buyers of my Washington home were from California. They came prepared to buy, and made it work to their advantage.

Dave
 

geekette

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Thanks so much... I'm still blown away that this offer came in from no where and was all cash and they waived all inspections... I would never waive a well and septic inspection as those are costly if not properly maintained.
I don't know about that. HVAC has run higher than any septic or well maint I have ever had to do. Roof, too.

I agree on not waiving inspection, but, depends on the purpose for buying the house. If it's to flip, they'll deal with whatever they find. If it's to live in, doubt they'd waive inspection of critical services.
 

bluehende

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Septic can get real expensive. When we had to replace the one at our beach place it got bad. We were close to an inland bay so it took a special system. Also with new regs we had to clear an area for a new field that meant taking 25 trees out. By the time we were done the total was over 29k,
 

VacationForever

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I am joining the madness in home buying. We have decided to move out of our 2850 sq ft penthouse condo in North Shore to a 3650 sq ft single family home in South Shore in our community. We are making an offer on a house at full asking price tomorrow and then list our current home for sale. Getting the funds to pay for the new home before selling ours makes it a little challenging. Our money manager got their banking person to get us on something called Mortgage 100. Essentially we do not need to put any down payment on the loan. The loan is against our investment portfolio but treated as a traditional mortgage. 2 and 7/8 percent for 30 years and we will pay off as soon as we get our home sold.
 

klpca

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Our market is not your market so ymmv but here is what is happening here. A fixer went on the market and had 28 full price or higher CASH offers. It was priced super low to get everyone into a buying frenzy. It sold for about 20% above asking - to one of the cash offers. (We have friends trying to buy right now so we get all of the juicy details). Cash is king.
The market is crazy all over right now - I think because of interest rates and I wonder about the effect of airbnb's taking inventory out of both the rental and buyers markets.

The house that I mentioned above finally closed and the actual sales price was $688k - all cash. The asking price was $600k. The house is like a 1970's museum - all original finishes. Completely nuts but there were so many offers!

@Sugarcubesea I think that your luck will change once your house is on the market - and in this market you should be able to sell quickly. Keep your chin up - good things are ahead for you.
 

Sugarcubesea

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Many years ago I asked my sister to pray about a potential move. I always chuckle when I remember she prayed: "Please let the door swing wide open, or let it slam in her face." Sounds like this was a slam in your face kind of reply.
Yes, indeed this was a slam in your face kind of reply....
 

Sugarcubesea

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The market is crazy all over right now - I think because of interest rates and I wonder about the effect of airbnb's taking inventory out of both the rental and buyers markets.

The house that I mentioned above finally closed and the actual sales price was $688k - all cash. The asking price was $600k. The house is like a 1970's museum - all original finishes. Completely nuts but there were so many offers!

@Sugarcubesea I think that your luck will change once your house is on the market - and in this market you should be able to sell quickly. Keep your chin up - good things are ahead for you.
Klpca, thanks, I'm feeling pretty low and defeated right now... I'm a very upbeat and positive person by nature. When I started in the automotive industry some 30 years ago my managers and colleagues always called me sunshine.
 

Sugarcubesea

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I don't know about that. HVAC has run higher than any septic or well maint I have ever had to do. Roof, too.

I agree on not waiving inspection, but, depends on the purpose for buying the house. If it's to flip, they'll deal with whatever they find. If it's to live in, doubt they'd waive inspection of critical services.
Since we were buying the house to live in, I will not waive having an inspection.
 

rickandcindy23

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I have a different view of home inspectors than others do.

First, in Colorado they are not required to have any professional certification of any kind and are not licensed. Anyone can hang a shingle and say they are a house inspector. They can say they have years in the building industry, but where is the proof? They have none.

Second, we hired one for our daughter's first house in Colorado Springs, when they bought it, and I was there as the Realtor to let the guy in. Three years later, the buyers of her house hired an inspector. He found different things about the house than their inspector did. That was really odd. And the one thing they were worried about was something the buyers' inspector didn't even consider. That was a vent the old owners added between the laundry room and the garage to keep the garage cooler in summer. That was apparently against code, but the second inspector made no mention of it.

Third, as owners of a service business who deals with inspection reports a few hundred times a year, we have noticed that inspectors are really not all that smart, either. We own a chimney cleaning business and started the business 37 years ago. All five of our sweeps are certified. Inspectors tell owners, "Your damper is broken." 99% of the time, the damper is not broken but opens in a way the inspector is not familiar. That is just incompetent. Inspectors also say, "Your fireplace is really dirty and needs cleaning." The new buyers insist on a cleaning, and much of the time, the chimneys are not dirty.

Fourth, they miss major issues. If the weather is bad, they aren't going to go to the roof and check anything. Snow is a deterent for us as well, but if you are paying for an inspection, you cannot have an inspector who cannot look at the roof and the top of the chimney, which could have a major issue. A damaged mortar cap could cost $1,200 for a replacement mortar crown. Why pay an inspector for half of a job? People do it a lot.

Rick started doing the inspections on our kids' houses himself. He has a pretty good eye. Our son has a friend in construction, who inspected his current house because he wanted to also know what it would cost to finish the basement anyway.
 

WinniWoman

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Thanks so much... I'm still blown away that this offer came in from no where and was all cash and they waived all inspections... I would never waive a well and septic inspection as those are costly if not properly maintained.

I don't know about your religion, but I did put a St. Joseph statue in the ground at our former home and at the rental house. He now sits in honor on the window sill in our kitchen
 

WinniWoman

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Klpca, thanks, I'm feeling pretty low and defeated right now... I'm a very upbeat and positive person by nature. When I started in the automotive industry some 30 years ago my managers and colleagues always called me sunshine.

I think selling your house first and renting is your best bet at this point. The thing will be the cost and the condition of the rental and the availability in your market.

But when the buying market goes down a bit you at least can be a cash buyer and pounce on it. Then again, you have to hope there will be homes available by then that you want to buy.

I wish you could just stay in your home until you can move to Fla. Or just move to Fla. anyway right now after selling your home.

Chin up There has to be a solution.
 

WinniWoman

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Since we were buying the house to live in, I will not waive having an inspection.

We had one done even though we already closed on the house. But it was winter. So we will be having him come back for an 11 month inspection- before the one year builder warranty expires.
 

WinniWoman

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I am joining the madness in home buying. We have decided to move out of our 2850 sq ft penthouse condo in North Shore to a 3650 sq ft single family home in South Shore in our community. We are making an offer on a house at full asking price tomorrow and then list our current home for sale. Getting the funds to pay for the new home before selling ours makes it a little challenging. Our money manager got their banking person to get us on something called Mortgage 100. Essentially we do not need to put any down payment on the loan. The loan is against our investment portfolio but treated as a traditional mortgage. 2 and 7/8 percent for 30 years and we will pay off as soon as we get our home sold.
Wow! Upsizing instead of downsizing! Best of luck!
 

WinniWoman

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The thing that really is unbelievable to me is that people have this kind of cash money to begin with just for a house. I mean many people do not even have that kind of money to live on until they die! LOL!
 

VacationForever

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Wow! Upsizing instead of downsizing! Best of luck!
LOL. I know, crazy right? We went from 4600 sq ft home including a building a sunroom and an indoor pool to our now 2850 sq home. I am getting a little bit of cold feet this morning after I read a housing prediction that housing prices will drop 7 to 8% in our area next year due to the high unemployment rate. I don't want us to be stuck with 2 homes if we cannot sell ours. Our carrying cost is very high partly because of high HOA fees on both the homes. I spoke with my husband this morning that maybe we should sell our home first and then do a quick buy after our home goes into escrow. Worst case we can rent for a few months but then we have humongous amount of furniture and stuff which will have to go into storage.
 

klpca

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LOL. I know, crazy right? We went from 4600 sq ft home including a building a sunroom and an indoor pool to our now 2850 sq home. I am getting a little bit of cold feet this morning after I read a housing prediction that housing prices will drop 7 to 8% in our area next year due to the high unemployment rate. I don't want us to be stuck with 2 homes if we cannot sell ours. Our carrying cost is very high partly because of high HOA fees on both the homes. I spoke with my husband this morning that maybe we should sell our home first and then do a quick buy after our home goes into escrow. Worst case we can rent for a few months but then we have humongous amount of furniture and stuff which will have to go into storage.
I would definitely sell first in this hot market. There's no way that I would ever want to carry two mortgages. If the market changes you might have to do something drastic like selling at a steep discount to get out from under the second mortgage. Price your place competitively and move it quickly then you can find another house (hopefully, lol).
 
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