Closed on the house today

Peter Gozintite said:
I dont think OpenDoor is going to cut their own throat. I am positive they are coming in with offers that they are sure they can turn a proffit on. they also put a few bucks into the homes. Most get new flooring and paint, and painting cabinets to appear modern. At least thats what I have seen. So they know they have to put some money into it, to get the top dollar, and are probably cutting people out of quite a bit of money.

Also percentages like 5% dont seem like much, until youre talking about 500K.
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the fees are a lot more than 5%
 
PackJason said:
Good seller's market, but how the hell do you not lose money buying?
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The only way is to move to a lower rent district or a smaller home.

We could easily double what we paid for our home if we sold. We have a really big house. 4,300 sq ft, plus attached 2 car garage plus attached 2 story shop/storage in the rear, plus 1 acre of land within the city.

If I sold and moved to another town, a smaller house would cost a lot more, I'd be able to bank some profit but not all. If I sold and downsized in town I could make it work.

Problem is we are used to all the space we have, even if only 3 people live in it. We never trip over each other.

As I get older I realize I won't be able to take care of my house/yard properly on my own. So it is likely we will sell at some point to downsize.

But I'm anxious as fuck about the whole scenario.
 
dbldwn711 said:
the fees are a lot more than 5%
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It depends, but yeah almost always the fees are more.

Right now it is so hot in the DFW market that people getting many offers the first day and the seller is able to dictate that the buyer pays all closing costs as well as skips the inspection. Zero chance I'd ever buy a house without an inspection, but its pretty common around here right now.
 
Hank Kingsley said:
The only way is to move to a lower rent district or a smaller home.

We could easily double what we paid for our home if we sold. We have a really big house. 4,300 sq ft, plus attached 2 car garage plus attached 2 story shop/storage in the rear, plus 1 acre of land within the city.

If I sold and moved to another town, a smaller house would cost a lot more, I'd be able to bank some profit but not all. If I sold and downsized in town I could make it work.

Problem is we are used to all the space we have, even if only 3 people live in it. We never trip over each other.

As I get older I realize I won't be able to take care of my house/yard properly on my own. So it is likely we will sell at some point to downsize.

But I'm anxious as fuck about the whole scenario.
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I keep telling my parents to do this. Sell off their land and house, put stuff into storage, and move into a rental/condo. Plan to be there a year. Then things will cool off by then as the eviction ban goes away and they can get the most bang for their money now and then buy when they are ready. But they live just outside of Dallas which is where everyone is moving right now. Still close enough to commute if you have to go in once a week but far enough out that they can have space. My parents are on 10 acres with a B&B they built about 12 years ago...so the floor plan is awesome.
 
PackJason said:
Good seller's market, but how the hell do you not lose money buying?
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Thats always the dilema. You have to rent for a while I think, in order for it to make sense.
 
williewilliejuan said:
I think the biggest selling point in today’s market is the ability to make a non-contingent offer on the house you’re buying. Figure realtor fees and other shit costs you 10% or so if you sell traditionally. What’s the discount on this type of sale relative to that?
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for my house - I had to go 25k over market and state in the contract that we would cover the difference between the cost of the house and appraisal.
 
fordman84 said:
I keep telling my parents to do this. Sell off their land and house, put stuff into storage, and move into a rental/condo. Plan to be there a year. Then things will cool off by then as the eviction ban goes away and they can get the most bang for their money now and then buy when they are ready. But they live just outside of Dallas which is where everyone is moving right now. Still close enough to commute if you have to go in once a week but far enough out that they can have space. My parents are on 10 acres with a B&B they built about 12 years ago...so the floor plan is awesome.
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I'd shoot myself before I lived in a condo.
 
fordman84 said:
That's their take as well.


edit: shoot themselves, not shoot you.
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If we could find a decent smaller place with a flat back yard I'd move. But it has to be right for us.
 
Hank Kingsley said:
If we could find a decent smaller place with a flat back yard I'd move. But it has to be right for us.
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Head to tobacco valley Montana. quiet, peaceful, and fertile land.
 
fordman84 said:
It depends, but yeah almost always the fees are more.

Right now it is so hot in the DFW market that people getting many offers the first day and the seller is able to dictate that the buyer pays all closing costs as well as skips the inspection. Zero chance I'd ever buy a house without an inspection, but its pretty common around here right now.
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Back when I bought this house in 2013, making offers that waived inspections was starting to become more common.
There were 9 offers on this house, and even though mine was above asking and all cash, I was not the seller's first choice.
I lost out to someone whose offer waived inspection.
I just happened to luck out and their financing fell through, and I was able to get in.
I guess the seller decided they'd rather deal with inspections than another person whose financing may fall through.
 
ukfanfrombirth(cali cat) said:
Back when I bought this house in 2013, making offers that waived inspections was starting to become more common.
There were 9 offers on this house, and even though mine was above asking and all cash, I was not the seller's first choice.
I lost out to someone whose offer waived inspection.
I just happened to luck out and their financing fell through, and I was able to get in.
I guess the seller decided they'd rather deal with inspections than another person whose financing may fall through.
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ive bought several homes waiving the home inspection. My feeling is I can fix any problem that comes up. If I’m really worried I just ask for a longer due diligence period during sellers disclosures and then just have whatever may concern me inspected. I just don’t make a home inspection contingent or part of the deal.

When you buy something “as is” that helps you when you negotiate the price.
 
dbldwn711 said:
ive bought several homes waiving the home inspection. My feeling is I can fix any problem that comes up. If I’m really worried I just ask for a longer due diligence period during sellers disclosures and then just have whatever may concern me inspected. I just don’t make a home inspection contingent or part of the deal.
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When I learned people were making offers waiving inspections, I wondered if there was any way I'd ever be willing to do that.
I determined the only way I'd ever make an offer waiving formal inspection is if I had an inspector with me when I went to look at the house.
Everyone is different, and it probably depends on how much one if spending and why they're buying (primary residence versus secondary of investment property).
 
huskers1217 said:
blink-182 wtf GIF


did you even read his post?
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Nope.
 
dbldwn711 said:
ive bought several homes waiving the home inspection. My feeling is I can fix any problem that comes up. If I’m really worried I just ask for a longer due diligence period during sellers disclosures and then just have whatever may concern me inspected. I just don’t make a home inspection contingent or part of the deal.

When you buy something “as is” that helps you when you negotiate the price.
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ukfanfrombirth(cali cat) said:
When I learned people were making offers waiving inspections, I wondered if there was any way I'd ever be willing to do that.
I determined the only way I'd ever make an offer waiving formal inspection is if I had an inspector with me when I went to look at the house.
Everyone is different, and it probably depends on how much one if spending and why they're buying (primary residence versus secondary of investment property).
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I never waived an inspection for buying and always sold as is, for the few places I've had. Nowadays, no telling who used the place and for what purpose? No need to buy a contaminated former meth/crack house.

But, I'm not a professional like some of you, and I'm interested in your reasoning.
 
ukfanfrombirth(cali cat) said:
When I learned people were making offers waiving inspections, I wondered if there was any way I'd ever be willing to do that.
I determined the only way I'd ever make an offer waiving formal inspection is if I had an inspector with me when I went to look at the house.
Everyone is different, and it probably depends on how much one if spending and why they're buying (primary residence versus secondary of investment property).
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so the truth is there are ways to get out of ANY deal as long as you are in the due diligence period. By “waiving” the home inspection as a contingency you signal to the seller you are serious. You can still do a home inspection as long as you are within the due diligence period and if you don’t like that report you can still get out of the deal.
 
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