Home buying thread

Blazin

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Khane said:
Even multi family home prices are starting to surge so much that I am now seriously considering selling mine. I'm in a position where I don't care about renting until the market cools anyway so it's becoming very tempting to sell.
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I sold my best warehouse because the offer was so good, but I can tell you ever since I regret it. You still get stuck with okay what now, and I would have preferred the money keep working right where it was. Just have to have a plan for where the money goes because cash sure as shit isn't an option.
 
Khane

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It sounds like she wasnt the actual buyer, some third party was. And that third party is possibly in bed with the builder
 
TJT

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Making me nervous about the house I am still waiting on! I have quite a few friends who went through the process without this happening though so I am sure its fine.
 
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Fogel

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There's probably some law that says if the cost of building materials goes up over x% the builder has discretion to alter the contract price to protect the builders. You probably won't find a similar law to protect the buyer if the average home price drops by x% though.

If I were her I'd burn that house to the ground either way. Outside the fact that she missed out on the house, she lived 1 year assuming she was about to move into a home. That's 1 year not looking for and getting a home, building equity, etc. That time and opportunity cost is gone.
 
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wormie

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“And there’s very little that a buyer can do,” Maxberry said, “because all builder contracts are what are called 'unilateral contracts.' They’re written to protect the builder"

I bet Georgia is one of the states where the title company handles real estate transactions and no one needs a lawyer to be involved.
 
TJT

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Oh wow. A unilateral contract? What is the point of earnest money in that state if the contract is unilateral to begin with?
 
TomServo

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Dude I asked you to check the contract for an escalation clause a year ago :p. This shit is like pretty standard especially in the last year and half.
 
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TomServo said:
Dude I asked you to check the contract for an escalation clause a year ago :p. This shit is like pretty standard especially in the last year and half.
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I just checked the purchase contract. There's no escalation, escape, or termination clause on the part of the seller due to market or materials conditions and the like.
 
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wormie

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Juts looked it up. Real estate transactions arent done by a title company but by a bank attorney if one is involved. I assume cash deals are just handled by the title company. For purchases in NY, every party has a lawyer except the title company and here in NY builders dont ass fuck people with shitty contracts. I dont understand how people dont hire attorneys for buying real estate.
 
TomServo

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wormie said:
Juts looked it up. Real estate transactions arent done by a title company but by a bank attorney if one is involved. I assume cash deals are just handled by the title company. For purchases in NY, every party has a lawyer except the title company and here in NY builders dont ass fuck people with shitty contracts. I dont understand how people dont hire attorneys for buying real estate.
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its pretty retarded.
 
Khane

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Eh, the entire real estate sector just seems like a bunch of free wheeling charlatans from top to bottom.

I mean... I certainly had an attorney for my home purchase. Didn't stop me from getting a call 2 years later to notify me that nobody noticed, during the title search, that there was another lienholder that never signed off on the sale. I had title insurance of course but... what exactly am I paying an attorney for if something that big gets missed, and why do I have to buy insurance for such things if I'm already paying an attorney?
 
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wormie

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Khane said:
Eh, the entire real estate sector just seems like a bunch of free wheeling charlatans from top to bottom.

I mean... I certainly had an attorney for my home purchase. Didn't stop me from getting a call 2 years later to notify me that nobody noticed, during the title search, that there was another lienholder that never signed off on the sale. I had title insurance of course but... what exactly am I paying an attorney for if something that big gets missed, and why do I have to buy insurance for such things if I'm already paying an attorney?
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Because if you didnt pay the title company, the attorney would charge you for his time to do and review the lien search? And the purpose of paying for title insurance is to protect you from exactly what happened to you.
 
Khane

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wormie said:
Because if you didnt pay the title company, the attorney would charge you for his time to do and review the lien search? And the purpose of paying for title insurance is to protect you from exactly what happened to you.
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I don't think you understand what I'm saying. That's obviously the purpose. But I shouldn't be required to pay for insurance for someone else's possible mistakes just so I don't end up a bagholder. You have to pay a bunch of different individuals or agencies to do these things and then pay for insurance in case they fuck up. Pretty annoying for the consumer.
 
wormie

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Khane said:
I don't think you understand what I'm saying. That's obviously the purpose. But I shouldn't be required to pay for insurance for someone else's possible mistakes just so I don't end up a bagholder. You have to pay a bunch of different individuals or agencies to do these things and then pay for insurance in case they fuck up. Pretty annoying for the consumer.
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Oh I understand just fine because I issue title insurance policies daily. Legal side of real estate is messy as fuck and mistakes are guaranteed.
 
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Drinsic

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My mortgage company keeps sending me physical mail about refinancing and even called a few days ago. We bought our home last year at 3%. I don't know if they're just sending shit to everyone regardless of the rate, or if they're actively trying to see if people are stupid enough to pay refinancing costs in order to increase their monthly payment. Tempted to call them and act like I'm interested to see just how shitty they really are.
 
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Sanrith Descartes said:
All this home talk got me to look at the MLS in my town. Jeebus the fucking prices. Zero, I mean zero for sale in my town under $550k. A knockdown and rebuild 3 blocks away (4/3 with 1 car garage and no pool) on a normal sized (1/8 acre) lot hitting the market asking almost $1m. WTF.
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Recall I am invested in a new construction 22 unit condo? :emoji_money_mouth::emoji_money_mouth::emoji_money_mouth:
 
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