The Coffee House

[webestang64]

If they can’t/won’t fix anything or lower the price, will they do a give back at closing to buy down your interest rate?

Not even gonna ask. Besides my buddy the home rehabber said it's too much work even if they would give a credit. And the many many roots in the sewer is a turn off.

 

[limr]

Welp.....not buying this house I found. Seller listed like you can move right in but after inspection they said they will not fix anything. The house would need about 10k of work and I can not do that. Oh well, I have about 2-3 weeks to find another or I'm going to have to find another apartment.

Sorry, that sucks

 

[jeffashman]

We purchased our current home in 2019, because we wanted to get out of our two story house into a single story house, the age thing, ya know, stairs become a problem. My wife started talking about downsizing (we currently have a 4BR 2500sq ft house), and we discussed it, but the market has gone so crazy and the prices are so out of control that, that isn't happening. Besides, we can have two guest rooms and an office/storage room. One of the guest rooms has its own private bath. Currently our youngest is living at home (in the room with the private bath) after four years in the Navy, because rents are stupid crazy. Property management companies moved in and bought up everything on the market, and now a 2BR apartment costs more than what we are paying for in mortgage. Prices have gotten so bad that young families can't afford to live around here, so the schools are closing and consolidating because student headcount is dropping. The property management companies tend to manipulate the market by taking units off the market, which limits supply and results in rent and sale prices. Ugh!

 

[webestang64]

Property management companies moved in and bought up everything on the market, and now a 2BR apartment costs more than what we are paying for in mortgage.

The property management companies tend to manipulate the market by taking units off the market, which limits supply and results in rent and sale prices.

So true. That is what is happening here in St. Lou as well. My current apartment is now corporate owned and has raised rent so high we all have to move out so they can renovate the apartments so to try justify the outrageous rent prices. Also the house I tried to buy was corporate owned. OY!!!!!!

 

[SquarePeg]

We purchased our current home in 2019, because we wanted to get out of our two story house into a single story house, the age thing, ya know, stairs become a problem. My wife started talking about downsizing (we currently have a 4BR 2500sq ft house), and we discussed it, but the market has gone so crazy and the prices are so out of control that, that isn't happening. Besides, we can have two guest rooms and an office/storage room. One of the guest rooms has its own private bath. Currently our youngest is living at home (in the room with the private bath) after four years in the Navy, because rents are stupid crazy. Property management companies moved in and bought up everything on the market, and now a 2BR apartment costs more than what we are paying for in mortgage. Prices have gotten so bad that young families can't afford to live around here, so the schools are closing and consolidating because student headcount is dropping. The property management companies tend to manipulate the market by taking units off the market, which limits supply and results in rent and sale prices. Ugh!

Those RE companies are so greedy. Profits above all else. Not only is it impossible for a young person to afford to own (which used to be the standard and is also most people’s biggest asset when they retire), they are trapping the rest of us because while I can get an outrageous amount for my modest home (3x+ what I paid 23 years ago ), I can’t afford to buy something smaller in this market at the current interest rates.

I expect that Princess will be moving back home after college graduation as she will be going into an intensive PA or PT masters program and will not have time to work. Hopefully she gets into a program close enough to live here!

So true. That is what is happening here in St. Lou as well. My current apartment is now corporate owned and has raised rent so high we all have to move out so they can renovate the apartments so to try justify the outrageous rent prices. Also the house I tried to buy was corporate owned. OY!!!!!!

That stinks! I hope you find something workable soon.

 

[Rickbb]

One of those Corp slum lords owns the house across from us. The put it out for section 8 HUD rental. Us taxpayers' foot the bill for about 3 grand a month and we get people who just got out of jail living there. 3 grand a month for a house they bought for less than 150K 5 years ago. Mortage on that would have been less than $700 a month.

Sure, I know they have to live somewhere and should get a second chance, but 3 grand a month for a 1200 sq ft house that they let go to the dogs running everyone else's values down. And our taxes pay for it.

Every day I get calls and letters from these low life's, wanting to offer me a cash, quick claim buyout, for about 80% of the tax value. Which is about 60% of the resell value. I tell them where to go, when I bother to answer the phone at all. Lord willing and the creek don't rise I'll be here until it's time for the nursing home. My daughter can then sell it and split the money with all my grandkids.

 

[Original katomi]

Hi all just posted a tour of the garden it’s looking good this year

 

[snowbear]

Went to MLSIL's today (MLW is working 24 at the Watch Office). Se wanted to get stuffout of her attic and install the new ceiling lamp in the bedroom. Her living room lamp hangs down so she gets reflections on the TV screen at night, so she was wondering if the new light for the bedroom, being against the ceiling, would de better there. SO I put the new one in the living room, and the hanger in the bedroom, then helped her get the new LED bulbs into the app. After thaose wered done, we got the stuff out of her attic. Now she'll go through it and decide what gets donated, what gets trashed, and what she really wants to keep, which we'll put in storage until the big move. I think she's leaning towards all donations and trash.

Not even gonna ask. Besides my buddy the home rehabber said it's too much work even if they would give a credit. And the many many roots in the sewer is a turn off.

Been there (in an apartment). maybe the next one.

We declined the Maine house - too small, no inside basement access and the outside was a bulkhead, and the well was shared. Keeping an eye on half a dozen to see if the prices drop.

 

[terri]

Not even gonna ask. Besides my buddy the home rehabber said it's too much work even if they would give a credit. And the many many roots in the sewer is a turn off.

Sorry that this one didn't work out. But you're smart to know when to back away. It sounds like a lot of rehab work, and roots in the sewer can lead to a nightmare. The seller will sell it eventually, but now they have a listing showing a deal falling through - a red flag to other buyers. Yuck.

 

[Digger...]

Hiya Folks! Hope everyone is having a Terrific Thursday! There was a discussion not long ago about cricket in the US, so this headline from the BBC might be of interest...

USA stun Pakistan in T20 World Cup super over​

T20 World Cup, Group A (Dallas)

Pakistan 159-7 (20 overs): Babar 44, Shadab 40; Kenjige 3-30

USA 159-7 (20 overs): Monank 50, Jones 36

Im shocked, the Yankees won.

 

[smoke665]

We downsized in 2006, going from a one story, 4 bedroom at just over 5000 sqft, to a three story 2 bedroom with 3600 sqft. I don't mind the stairs.....yet.

Housing prices here have stabilized some, but still high. My neighbor at the lake listed their place this spring for what we thought was outrageously high, so far despite dropping the price 20k it's still on the market. When we sold our old house in 06 we ended up accepting an offer a lot lower than we wanted, but we were already in the new one. In hindsight it's probably good we did as our house was the last to sell in the neighborhood for well over a year.

In 04-05 before deciding to build on land we already owned, we had been searching for a place in the Gatlinburg, TN area. Small 2 bedroom condos were selling at $225k, by 08-09, those same condos were going for $125k. The market ebbs and flows, feast or famine, to those who can wait for the turn it's good, for those who can't, it's not kind.

 

[limr]

I know I got very very lucky, not only finding the house that worked for me and that I could afford, but also with my timing (for once in my life .) Found the house at the end of May 2020 after it had been on the market for just a few days. Made an offer immediately and went into contract in June and was still able to negotiate to come in under the asking price. Closed in August. If I had been just a couple of months later, there's no way I would have been able to negotiate, and it's possible I might have been in a bidding war. In fact, the market here (NYC area) was already starting to go crazy; everyone was trying to get out of the city because of COVID and so many people were just throwing any amount of money at a house - often unseen! - to make sure they had a place to go. It happened all so fast as it started to sink in that COVID was just getting worse and NYC was being hit the hardest at that time. I think the only reason I was still able to negotiate was because it's a small house - 1K sq ft - and in the outer suburbs, and people were still looking for larger houses closer to the city. If I were looking to buy my house today, I wouldn't be able to afford it.

 

[SquarePeg]

One of those Corp slum lords owns the house across from us. The put it out for section 8 HUD rental. Us taxpayers' foot the bill for about 3 grand a month and we get people who just got out of jail living there. 3 grand a month for a house they bought for less than 150K 5 years ago. Mortage on that would have been less than $700 a month.

Sure, I know they have to live somewhere and should get a second chance, but 3 grand a month for a 1200 sq ft house that they let go to the dogs running everyone else's values down. And our taxes pay for it.

Every day I get calls and letters from these low life's, wanting to offer me a cash, quick claim buyout, for about 80% of the tax value. Which is about 60% of the resell value. I tell them where to go, when I bother to answer the phone at all. Lord willing and the creek don't rise I'll be here until it's time for the nursing home. My daughter can then sell it and split the money with all my grandkids.

They call and mail here all the time. Like I’m just sitting around and will get the letter and say - oh yes I should sell for under market value , why didn’t that occur to me?

Im shocked, the Yankees won.

To clarify - we (the collective US) are Yanks. The Yankees are a terribly bad baseball team from the Bronx, NY.

 

[SquarePeg]

I know I got very very lucky, not only finding the house that worked for me and that I could afford, but also with my timing (for once in my life .) Found the house at the end of May 2020 after it had been on the market for just a few days. Made an offer immediately and went into contract in June and was still able to negotiate to come in under the asking price. Closed in August. If I had been just a couple of months later, there's no way I would have been able to negotiate, and it's possible I might have been in a bidding war. In fact, the market here (NYC area) was already starting to go crazy; everyone was trying to get out of the city because of COVID and so many people were just throwing any amount of money at a house - often unseen! - to make sure they had a place to go. It happened all so fast as it started to sink in that COVID was just getting worse and NYC was being hit the hardest at that time. I think the only reason I was still able to negotiate was because it's a small house - 1K sq ft - and in the outer suburbs, and people were still looking for larger houses closer to the city. If I were looking to buy my house today, I wouldn't be able to afford it.

You did luck out. So did I in a way. I bought a car in Feb of 2020. At first I was annoyed that I bought a car and it sat in my driveway undriven for 6 months but then the used car market went crazy and I realized I had gotten a bargain. I could’ve sold that used car one year after I bought it for 1-2k more than what I paid.

 

[smoke665]

I get those letters and phone calls about selling for ridiculous low prices. I just trash them, block thier numbers etc. Hard to believe there are actually people out there so dumb that they would actually sell their property so cheap, but I obviously there are or the low lifes wouldn't be out.