OT: House Offer Accepted. What A Crazy Market!

[krw]

Is that good or bad? That would be very expensive here but that money wouldn't buy an outhouse in SF. What's with the N/A for the property taxes?

[DerbyDad03]

For what? For using a practice that is legal in the state that they are licensed?

This is a licensing organization fining it's own members for using a legal practice because the organization feels it's "unfair" to some buyers.

Huh? Isn't that the exact opposite of what you said above? You feel that a REALTOR should lose their licence for using the escalation clause, which is a clause that may get the seller a higher price.

I say again, huh?

[DerbyDad03]

Who said that you weren't allowed? Wasn't he working on your dime?

For the 2 houses that my daughter put offers in on, both inspectors let her, me and SWMBO be present at the inspection. They answered every question I had as I followed them around taking notes. Real nice guys. The inspectors worked for my daughter and we made sure we got her money's worth.

Good thing too. She was infatuated with the first house but it needed way too many repairs. It was the inspection that allowed her to get out of the contract. If Mom and I hadn't been there I don't think she would have heard a thing that the inspector said.

[krw]

If they ignore the rule, yes, lose the license. $10K is too easy.

What's against the rules one place isn't necessarily against the rules elsewhere. I think the rule is pretty dumb, IMO, but I didn't make the NV rules. If they think it's so bad, jerk their license. There will be no temptation.

[krw]

Agent and inspector.

Mine did in NY and VT, too.

I didn't say they couldn't be inspected, just that I couldn't be there. I did get the inspection reports.

[Clare Snyder]

My uncle farms across from the Macton Catholic Church on he corner of the Linwood road

[hubops]

. . . " .. eye of the beholder " You'd need to visit Milverton and decide for yourself - .. watch out for horse & buggy traffic. John T.

[Ed Pawlowski]

Exactly. A scenario like: I paid 500k for this house, owe 400k and the highest offer is 300k.

Live there long enough and you are ok, but if you have to relocate, you are screwed.

[DerbyDad03]

Our discussion was related to be allowed to tag along with the inspector, not about the allowance of the inspection itself.

Mentally insert the words "we allowed to be there" after "Good thing" and re-read that paragraph.

[Bill]

On the positive side, if that's true, then you would probably be able to get your "next" house for 300k. So, you only get soaked once.

[Scott Lurndal]

[knuttle]

The investment firm we use said stand pat in Pelosi's 2009 down turn. We listened to him and as far as our investments we are now ahead.

There were people who got all excited when the housing market went to .... and sold their house when the value went upside down relative to the mortgage. I could understand if you were relocating where it was no longer possible to commute from the old house and it was required. However to sell because you were upside down, and then pay the same amount as you mortgage for rent, did not seem like a good economic decision.

[J. Clarke]

Who was it that said "buy in a falling market and sell in a rising one"?

Of course there's also the classic "buy low, sell high". But both involve knowing what "low" and "high" are and having the luxury of waiting.

[DerbyDad03]

...and there's nothing wrong with selling low and buying low if what you buy is expected to recover faster/higher than what you sold.

Reversals often offer opportunities.

Similarly, buying high is perfectly OK if you what you buy is expected to outperform what you currently own.

Active managers do this all the time.

[Leon]

Not a good idea to buy a home for the time being. Prices are going crazy and for no good reason. It is a fluke.

[Markem618]

Seems to be an urban phenomenon, we are rural area near a university. Prices are normal you can buy a house for 100 thousand that is really decent. But we will look to move at some point, mowing about 2 1/2 acres with ruts and mole hills realigns things here and there.

[Scott Lurndal]

[DerbyDad03]

Some interesting coincidences here...but not the same options.

They are buying this house in rural area, near a university. The lot is about 2 1/2 acres. 2 sides of the lot border farmland. The neighborhood was built on farmland. It?s the only neighborhood for miles.

$100K houses are nonexistent. Well, I guess there might be a shack or two. In fact, they can?t believe that this house was listed for *only* $370K. We?ll see what it appraises at. I bet it will be more than that.

[krw]

That's what real estate (and life, in general) is all about.

It is Canuckistan. Doesn't 90% of the population live within 50mi of the border and 50% in ON? Milverton is kinda in the middle of nowhere, though. The center city doesn't look too much different than where I live, except much nicer (have never done anything but drive through on the way to Woodcraft. ;-)

[DerbyDad03]

Depends on the situation. They could throw money away on a rental waiting for prices to come down, but who knows when that will happen?

They are relocating to another state for what they hope will be a long time. It?s her ?dream job?. Yes, dreams can change, but for now it?s the perfect fit for her. She?s the breadwinner and she?ll be making a lot of bread.

Of the 20ish items they had on their wish list, this house ticked off 17 of them and included some other things that they would have put on the list if they had thought of them.

If they weren?t moving they would probably continue to rent where they are now because they never wanted to live or work there anyway. It was a stepping stone that got them to where they really wanted to be.

They hope that this is the real beginning of their life and want to start it in their own home.