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How did you "know"? Where you related to the sellers i.e. non-arms length transaction?
My parents did know the sellers, but the sellers didn't know an offer was coming in, either. Because of the connection, I knew they had someone look at it three times in two days. So, I was pretty certain they were getting an offer.
It just so happens that my agent works in the same office as the agent working for a buyer who submitted an offer, so my agent knew there was another offer. I wasn't told this explicitly ahead of time, nor given any information about their offer. Because of my work schedule, I was meeting with my realtor on a Tuesday. He called me Monday and said it had to be tonight, even if I didn't get there until late. My offer was written and submitted around 9pm on Monday and it expired Tuesday at noon. It was over asking, conventional loan, no seller concessions, and quick close. They were actually presented with three offers on Tuesday morning. My offer was chosen. I have no idea if it was my parents' connection or my offer that got it done. Maybe both.
I paid over asking, but it is in pristine condition and actually over-improved for the area. (And by over asking, I paid only $600 over.) In the neighboring town, it would have sold for 100% more. There is a house under contract on the next street that is in terrible condition and the asking price is only $12K under my purchase price. I'll be watching to see what it actually sells for. It would take at least $50K to make that house comparable to mine. Plus my lot is more than twice as large and backs up to woods, where their lot backs up to another neighborhood.
Last edited by jaynarie; 05-18-2017 at 10:06 AM..
Reason: typo
What happened to being able to buy a house in Detroit for $5K? Wasn't that the big story for so long?
He said Metro Detroit. Metro Detroit has always been full of wealthy suburbs. Some are among the wealthiest in the country. All but a couple of Detroit's suburbs are on fire right now and you practically cannot buy without cash. I've lost track of how many offers my friend has submitted. It has to be over 10 now. She's gone under contract twice, but everything falls apart at appraisal since she needs financing.
But even in Detroit proper, those days are looonnnngggg gone. They've been gone for a few years. You may be able to buy a burned down shell for $5K now. Maybe. And it will be in a bad neighborhood.
He said Metro Detroit. Metro Detroit has always been full of wealthy suburbs. Some are among the wealthiest in the country. All but a couple of Detroit's suburbs are on fire right now and you practically cannot buy without cash. I've lost track of how many offers my friend has submitted. It has to be over 10 now. She's gone under contract twice, but everything falls apart at appraisal since she needs financing.
But even in Detroit proper, those days are looonnnngggg gone. They've been gone for a few years. You may be able to buy a burned down shell for $5K now. Maybe. And it will be in a bad neighborhood.
Interesting. Detroit is part of the country I really don't know anything about. I just remember getting all these emails from old house blogs and contacts (I buy a lot of older homes-- love them) and those from Detroit were stunning but generally being given away.
Interesting. Detroit is part of the country I really don't know anything about. I just remember getting all these emails from old house blogs and contacts (I buy a lot of older homes-- love them) and those from Detroit were stunning but generally being given away.
You can still get a bargain in Detroit proper, but houses aren't given away.
I guess I'm lucky in that the houses that I've wanted I always paid less than the asking price. I don't believe in paying more or bid wars. Just not my style.
That home could very well be worth more now (not sure about $100k more, but maybe). It all depends on comparable homes that have sold. The market is a lot higher now than it was in 2015! We sold our home last year in May and if we waited till this year we could have sold it for $40k more But my new home that we purchased from a new home builder last year is now worth $30k more as that's how much the builder has raised prices (and are selling), not to mention improvements we have made to the home.
No one has a crystal ball to know what the market is going to do. But I can tell you that home prices have significantly gone up in the last 2 years! At least in the Chicagoland area anyway!
No. Sorry. While prices have gone up they haven't gone up to that extent. The guy is out of his mind. Trust me the guy is a douche (Read below)
Quote:
Originally Posted by MikeJaquish
Pout?
I think not.
I don't mind at all seeing agendas at play.
Have you learned from the thread that price and value are very loosely linked?
Just to let you know. That house (I just looked it up ) just dropped from 599,000 to 553,000 and went from FSBO to agent represented. So it gives you a idea of gross overpricing at sellers idea of worth vs buyers perception of worth. That house right now would sell quickly for about 525-530,000.
I know exactly why it's not selling. The wife wants to move and he doesn't. I remember how much he fought in anything and how much of a jerk he was. Walked in on our showing grabbed some coffee and started just talking rudely. Let his dog out, told us she bites. Funny as he said it the dog walked up to me and I started petting her. Guy sabotaged the whole showing. I feel sorry for his agent.
What happened to being able to buy a house in Detroit for $5K? Wasn't that the big story for so long?
WOW, seriously? Detroit is a big city with lots of different neighborhoods with different price ranges! There are more expensive homes and cheaper homes. You can find homes next to nothing in all major cities such as Detroit, Chicago, LA, but you probably wouldn't want to live on that street as it's probably a bad area; however, in the same towns you can also find homes at $200k, $300k, $500k, 1 mil, etc.
WOW, seriously??? You can't be that clueless! Detroit is a big city with lots of different neighborhoods with different price ranges! There are more expensive homes and cheaper homes. You can find homes next to nothing in all major cities such as Detroit, Chicago, LA, but you probably wouldn't want to live on that street as it's probably a bad area; however, in the same towns you can also find homes at $200k, $300k, $500k, 1 mil, etc.
I know nothing about the center of the country-- never really had many dealings in the midwest. Yes I am clueless. I was born and raised in Sweden. Why don't you tell me what you know about our real estate laws?
This is the kind of stuff I would get in my inbox:
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But my new home that we purchased from a new home builder last year is now worth $30k more as that's how much the builder has raised prices (and are selling), not to mention improvements we have made to the home.
You can't be that clueless! Detroit is a big city with lots of different neighborhoods with different price ranges! There are more expensive homes and cheaper homes. You can find homes next to nothing in all major cities such as Detroit, Chicago, LA, but you probably wouldn't want to live on that street as it's probably a bad area; however, in the same towns you can also find homes at $200k, $300k, $500k, 1 mil, etc.
