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Old 02-02-2017, 12:24 PM
 
Location: Just south of Denver since 1989
11,828 posts, read 34,440,909 times
Reputation: 8981

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Quote:
Originally Posted by Tim Tim Tim View Post
That many are falling through? What are the common reasons?

Id assume financing but surely a pre-qual is done before the offer is submitted/accepted.
Per our contract, there are 7 ways for a Buyer to terminate, and one for a Seller.
1. Inspection
2. Due Diligence Docs
3. HOA Docs
4. Appraisal
5. Insurance
6. Loan
7. Title

The last deal that failed wasn't for any of those reasons, it was because the Buyer felt overwhelmed.
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Old 02-02-2017, 12:38 PM
 
Location: In The Thin Air
12,566 posts, read 10,620,001 times
Reputation: 9247
Quote:
Originally Posted by Tim Tim Tim View Post
That many are falling through? What are the common reasons?

Id assume financing but surely a pre-qual is done before the offer is submitted/accepted.
We sold our house in October and we lost two contracts before we got a good one. The first offer was contingent on their house closing and that fell through. The second was a cash offer and they pulled out a week later for no reason at all. It was stressful but we still got the house we wanted out of and we sold our house for $150K more than what we bought it for.
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Old 02-02-2017, 01:08 PM
 
Location: Golden, CO
63 posts, read 64,415 times
Reputation: 37
Quote:
Originally Posted by Careerist View Post
$335,900 for that?!?!

What a time to be a home owner, I tell ya.
Ha if you think that's bad then check this one out:
https://www.redfin.com/CO/Arvada/136.../home/34402809

They've lowered the price $40k since the initial listing. I actually had my realtor show me that one since it looked promising from the pictures. However it's still overpriced by at least $50k- it's a real sh*hole: lots of poorly done DIY, no water tap (well only), and no sewage. Probably cheaper to scrape it then attempt to make the current place livable.

Here's what the MLS pics don't show (sorry for the quality- iphone only uploads HD over wifi):

https://www.youtube.com/watch?v=d3YvAFH-kYQ
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Old 02-02-2017, 01:13 PM
 
Location: In The Thin Air
12,566 posts, read 10,620,001 times
Reputation: 9247
Quote:
Originally Posted by Scot5 View Post
Ha if you think that's bad then check this one out:
https://www.redfin.com/CO/Arvada/136.../home/34402809

They've lowered the price $40k since the initial listing. I actually had my realtor show me that one since it looked promising from the pictures. However it's still overpriced by at least $50k- it's a real sh*hole: lots of poorly done DIY, no water tap (well only), and no sewage. Probably cheaper to scrape it then attempt to make the current place livable.

Here's what the MLS pics don't show (sorry for the quality- iphone only uploads HD over wifi):

https://www.youtube.com/watch?v=d3YvAFH-kYQ
I love how one of the couches blocks a door.
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Old 02-02-2017, 01:27 PM
 
255 posts, read 200,217 times
Reputation: 356
Quote:
Originally Posted by Timmyy View Post
I love how one of the couches blocks a door.
The power of good lighting and PhotoShop. The pics from that ad look nothing like that Youtube video.

It makes me wonder what my place is worth these days...
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Old 02-02-2017, 01:50 PM
 
Location: Denver CO
24,201 posts, read 19,215,171 times
Reputation: 38267
Quote:
Originally Posted by Tim Tim Tim View Post
That many are falling through? What are the common reasons?

Id assume financing but surely a pre-qual is done before the offer is submitted/accepted.
A pre-qual is a meaningless piece of paper that just gives a buyer a very rough estimate of their borrowing power based on what they've told a loan officer. A pre-approval is better because it does involve some actual documentation, but still plenty of room for a deal to fall apart.
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Old 02-02-2017, 03:30 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,710 posts, read 29,829,274 times
Reputation: 33301
Quote:
Originally Posted by Scot5 View Post
Ha if you think that's bad then check this one out: 13650-W-52nd-Ave-80002
Actually, the price might be good.
1. Zoned A2. You can have all the animals you want.
2. Almost 1/2 acre.
3. Not Arvada, but unincorporated Jefferson County. Freedom!
4. Convenient to I-70.
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Old 02-02-2017, 04:28 PM
 
Location: Golden, CO
63 posts, read 64,415 times
Reputation: 37
Quote:
Originally Posted by davebarnes View Post
Actually, the price might be good.
1. Zoned A2. You can have all the animals you want.
2. Almost 1/2 acre.
3. Not Arvada, but unincorporated Jefferson County. Freedom!
4. Convenient to I-70.
I was ready to buy at the listing price of $400k until I actually saw it. Looks much better on paper, through a wide-angle lens and some careful cropping.

Biggest issues:
* bad layout and overall poor quality (looks great in photos, but laughable in person)
* upstairs unusable by anyone but small children and hobbits (~ 6 ft ceilings at the tallest point)
* lack of a water tap ($30k to connect to city water according to my realtor)
* lack of a usable garage ("2 car garage" was actually a barn that couldn't be used for car storage without extensive modification)

I think by the time you fix all the issues, you'd have been better off just buying a nicer place and save the headaches.
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Old 02-02-2017, 05:06 PM
 
64 posts, read 69,572 times
Reputation: 41
I've been finding a lot of scams as well when looking on places like zillow, redfin, trulia and others. It's amazing what these realtors will list and fail to address or take pictures of when they post homes. My favorites are the ones with 1 good picture and "call me for more photos" lol.
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Old 02-02-2017, 05:33 PM
 
26,218 posts, read 49,052,722 times
Reputation: 31791
Quote:
Originally Posted by ITNerd View Post
.... My favorites are the ones with 1 good picture and "call me for more photos" lol.
A dead giveaway which translates into "run, don't walk, to the nearest exit....and padlock your wallet on the way out..."
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