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"Rates" are unchanged over this time period... it costs banks next to nothing to borrow money and this will continue for the foreseeable future - i.e. see Japan as an example.
Rates SHOULD stay low. Ever notice, the past few years, every time it looked like bonds were about to topple, the stock market corrected 5-15%, getting money to pour back into bonds, letting the Fed keep them low and send them lower?
Also, with Obama's new push for allowing underwater homeowners to refinance, the program if approved would require lower rates. Anyone with an ARM they are still holding from 2005-2007 that has been resetting should already have sub 4% rates.
Rates MAY go up if/when the Fed loses control of the game they are playing. Could it be this year? Maybe.
Whenever rates go up though, you can count on 2 things. 1) It will be strong and it will be sudden. 2) It will follow rising precious metal prices.
Rates SHOULD stay low. Ever notice, the past few years, every time it looked like bonds were about to topple, the stock market corrected 5-15%, getting money to pour back into bonds, letting the Fed keep them low and send them lower?
Also, with Obama's new push for allowing underwater homeowners to refinance, the program if approved would require lower rates. Anyone with an ARM they are still holding from 2005-2007 that has been resetting should already have sub 4% rates.
Rates MAY go up if/when the Fed loses control of the game they are playing. Could it be this year? Maybe.
Whenever rates go up though, you can count on 2 things. 1) It will be strong and it will be sudden. 2) It will follow rising precious metal prices.
I agree with most of this, except for the strong and sudden part - that could happen, but it's certainly not in line with the engineered deflation and re-inflation we've seen so far. A rapid de-valuation of the trillions in dollars of newly minted/re-fi'd/modified loans would put a lot of stress on the banks.
Unlike in the original crash where everyone involved could plead ignorance, this time, due to heavy government involvement the politicians in office will be blamed.
But who knows, maybe the end game is to suck all the low yield debt into the fed's portfolio before igniting hyperinflation. Weirder things have happened.
Not sure, but a second offer was accepted as backup and ours rejected. the first buyers have 48 hours to decide if they want out or not since they have a selling clause.
we ended up losing to people that visited right after us. Like they were in the car waiting when we were leaving. we went straight to the office to draw up a full price offer. We didnt lose on price but on moving date. We put down 5 weeks closing but mentionned we were flexible. The other people visiting were with the broker of the firm with which the house was listed, and put in their offer to close in the end of May, when the sellers wanted to move. if i had that information i would have used it, but i didnt and the listing broker obviously did, so they used it to their advantage. ill know next time to put in flexible in our offer. Bummer
Did you not have a buyer's agent? Usually they get you this kind of information.
Not sure, but a second offer was accepted as backup and ours rejected. the first buyers have 48 hours to decide if they want out or not since they have a selling clause.
we ended up losing to people that visited right after us. Like they were in the car waiting when we were leaving. we went straight to the office to draw up a full price offer. We didnt lose on price but on moving date. We put down 5 weeks closing but mentionned we were flexible. The other people visiting were with the broker of the firm with which the house was listed, and put in their offer to close in the end of May, when the sellers wanted to move. if i had that information i would have used it, but i didnt and the listing broker obviously did, so they used it to their advantage. ill know next time to put in flexible in our offer. Bummer
I doubt your offer was refused on a closing date. I would believe there were other issues to the seller.
In my last sale, we had 3 offers within one days. We looked at several things to decide which was the strongest. Ended up the strongest to us meant the least amount in our pocket when all was said and done but it was the strongest:
1. They could close ASAP and we were already out of the house. They were also polite and professional. My agent did some checking and said their credit was very, very sound.
2. The highest dollar offer was contingent on sale of another home. We said bye bye to that one real fast.
3. The last one kept crying poor mouth and wanting costs from us. I felt they would keep wanting stuff especially after an inspection. Our agent said their credit was OK but the were operating at the end of their resources.
The appeal of an offer might well be in its terms versus the dollars but as they never got back to you, I do not think the closing time was the major issue. I think their agent had their arms around the sales process and was not going to let what ifs sneak in. Old bird in the hand worth two in the bush.
Except for the fact that what happened is what happened. The woman is a teacher and wants to stay through the end of may because that's when the school year ends. We had 1 inspection contingency and no home sale. So as you say, it came down to terms. The selling agent made it clear the date was the reason.
Except for the fact that what happened is what happened. The woman is a teacher and wants to stay through the end of may because that's when the school year ends. We had 1 inspection contingency and no home sale. So as you say, it came down to terms. The selling agent made it clear the date was the reason.
Sorry, I did not express myself well.
I say if the seller and agent agreed yours the best offer except for the closing date, then there should have been at least a phone call asking how flexiable you were. The agent owed this to the seller.
Thus me saying I do not believe they considered your offer the best. You did, but they did not.
Of course it could also have been the real estate agent was in control of the seller and wanted the sale to go another way. Another way for reasons of commission, favors, easy buyer to control, pillow talk, etc.
I think the agent saying the close date was the reason was just a blow you off answer.
I am not coming down on you. I am sorry you did not get it.
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