Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Whatever happened to people being able to buy houses and...
Just in case you haven't been watching the news for the last 4 or 5 years...
(do I really need to lay it all out?)
Yeah, life is unfair. It's "unfair" that so many houses are tied up in various levels of hell legal limbo
and that so many incompetent or poorly managed "loan officials" can't or won't do something
about the larger issues... but absent the merry go round that got us all into the mess in the first place
none of which is the responsibility of the people trying to make a buck... the largest number of those
houses with the original features you would like to restore wouldn't be available or likely even of interest
to you anyway.
It only irritates me when there's an older home with original features that I'd like to buy and restore. Instead a flipper outbids me with cash and then guts the place and puts new cheap cabinets and granite countertops in. He might relist it at a price I can still afford (but usually most times not), but the charm of the house is lost to me.
Whatever happened to people being able to buy houses and fix them up the way they want them to be gradually over time? Just because I can't afford to fully gut a property all at once doesn't mean I don't have intent to fix it up over time in my own way.
A: Life is not fair. The quick and fast always wins in real estate.
B: If the house is that important to you, bid more. You may get it. Use cash. Time is money to the majority. I know it sucks if you don't play that tune, but that is the way the market works.
C:There was never was a time where a quick investor-flipper didn't have the upper hand in real estate. You don't even see half of their deals. Use their techniques. Find, bid immediately, cash and close. You cannot think about it for a week. It will be gone already.
D:Understanding your market. You can probably fix and restore at your own slow pace, but you cannot buy (or sell) at a slow pace. Just doesn't work.
It only irritates me when there's an older home with original features that I'd like to buy and restore. Instead a flipper outbids me with cash and then guts the place and puts new cheap cabinets and granite countertops in. He might relist it at a price I can still afford (but usually most times not), but the charm of the house is lost to me.
Whatever happened to people being able to buy houses and fix them up the way they want them to be gradually over time? Just because I can't afford to fully gut a property all at once doesn't mean I don't have intent to fix it up over time in my own way.
You got outbid. Stop being so cheap and you to can own one of these homes.
It only irritates me when there's an older home with original features that I'd like to buy and restore. Instead a flipper outbids me with cash and then guts the place and puts new cheap cabinets and granite countertops in. He might relist it at a price I can still afford (but usually most times not), but the charm of the house is lost to me.
Whatever happened to people being able to buy houses and fix them up the way they want them to be gradually over time? Just because I can't afford to fully gut a property all at once doesn't mean I don't have intent to fix it up over time in my own way.
Nothing has happened to that. People still do that. There are more than enough properties out there for everyone. I know because Iv' sold to both kinds of people. Either way, the people that want to do fix up are the minority.
Also, I have bought the house others have supposedly started to fix up, but during the process discovered they do not know what they are doing. This happens more than people know about. Why do so many people think anyone can fix up a house?
I know for a Real Estate Agent investors are great, but for the person looking for a home for their family it's a kill joy. Trying to buy a short sale in my area is frustrating when every time you submit a offer an investor gets it becuase it's a cash sale. Another offer taken off the table
That just happened to us too, Regions bank turned our offer down because it had a VA loan attached to it. The bank accepted a MUCH lower cash offer. The cash offer could close 3 weeks earlier than us . It is nice to know regions bank feels three weeks of their time is worth more than the 23 yrs my husband put in the army. I work in the health field & my husband is an ems helicopter pilot. We would be sued if we ever gave preference to a cash paying patient, over a tricare/ medicare / hmo patent. Regions Bank made us feel like we were dirt because we were using a Va loan. It sickens me to see miltary members treated so disrepectfully.
Don't use Regions Bank
That just happened to us too, Regions bank turned our offer down because it had a VA loan attached to it. The bank accepted a MUCH lower cash offer. The cash offer could close 3 weeks earlier than us . It is nice to know regions bank feels three weeks of their time is worth more than the 23 yrs my husband put in the army. I work in the health field & my husband is an ems helicopter pilot. We would be sued if we ever gave preference to a cash paying patient, over a tricare/ medicare / hmo patent. Regions Bank made us feel like we were dirt because we were using a Va loan. It sickens me to see miltary members treated so disrepectfully.
Don't use Regions Bank
I am a cash buyer/investor. I am also a true believer in the policy of giving occupant-buyers priority. Banks are businesses, however and profit is what drives them. Unless there is some legislation or govt. support for this process that manages all foreclosures like the HUD process does, you simply cannot expect a business to risk losing money by accepting bids subject to time delay and last minute loan rejection if they have other bids that will get this problem of an unwanted house off their hands. Some pre-approved loans fail when the buyers incur expenses/debt between preapproval and loan final approval. Often lenders' inspections result in loan rejection; VA loans often require sellers to make certain repairs at the sellers' expense even if/when the buyers are willing to assume those costs. Cash buyers simply don't present these kinds of issues for sellers. Every minute a house sits vacant on the market as an asset, it is vulnerable to vandalism or any other peril and further depreciation. There is simply no easy answer to this issue and I have tremendous empathy for a family trying to find a home they will love and settle in.....
That just happened to us too, Regions bank turned our offer down because it had a VA loan attached to it. The bank accepted a MUCH lower cash offer. The cash offer could close 3 weeks earlier than us . It is nice to know regions bank feels three weeks of their time is worth more than the 23 yrs my husband put in the army. I work in the health field & my husband is an ems helicopter pilot. We would be sued if we ever gave preference to a cash paying patient, over a tricare/ medicare / hmo patent. Regions Bank made us feel like we were dirt because we were using a Va loan. It sickens me to see miltary members treated so disrepectfully.
Don't use Regions Bank
With all due respect I think you are making this personal when it is not. This is a business transaction. No one can make you feel like dirt. That is something you do to yourself.
"Would you prefer the decrepit home sit there until it finally gets condemned and bulldozed leaving a pile of trash behind? I'm certainly open to alternatives if you have them?"
What I would prefer is that people quit trying to get rich quick off of flipping houses. This whole speculative “greed is good” mindset has contributed to the world’s economic woes and made houses unaffordable for average people that just want to buy a family home. I don’t have kids, but I feel sorry for young people trying to raise a family and get by on an income that hasn’t kept up with regular inflation, let alone the astronomically inflated prices for homes that occurred during the bubble, due in large part, to speculative fever. Now as prices are falling somewhat, it is the strong-handed speculator that steps in once again to snatch away any advantage from the regular guy.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Regions bank is not Miltary friendly
