I had forgotten how much house hunting sucks.

[ashby koss]

We're not connected to an agent, and I'm not sure we're going to be. I think Zillow and Realtor have made the concept of a buyer's agent obsolete. In fact, I believe they may be an impediment to the process.

I'm not looking to move so far that my kids' growing families are going to factor into it. Thanks for raising the points, though.

Unless you know contract law, and the specifics of disclosures, land parcel and title work, errors, and legalities.
I HIGHLY disagree here.

 

[Ingomike]

Unless you know contract law, and the specifics of disclosures, land parcel and title work, errors, and legalities.
I HIGHLY disagree here.

The Internet has made many experts on their own mind...

 

[dudley0]

I am happy we got the new place fixed up and moved into it. The market, even here, is so crazy that we could more than double what we have in it.

Talked to the spouse about it. Said we could move into one of the rentals and sit it out. Already sold the old house, just haven't closed on it.

She was not in the mood for a discussion like that, especially since it took me so long to actually get this place done.

Guess we are staying

I hope that lumber prices come down as I want to build a big barn/garage.

Have used the same realtors for over 20 years. There is no way I would have wanted to schedule all the showings we had in the first two days. Likewise with putting offers on places. I ask my people the questions and they jump thru thew hoops to find me the answers.

 

[Bugzilla]

Nothing like a good old hurricane to drive up the price of lumber!

 

[Super Bee]

Have you really looked at the rental market? Most homes rent for 150-200% what their payment would be..

I have. My brother owns a few rentals, we are just going to grab one from him for a period of time.

 

[gregkl]

Have you really looked at the rental market? Most homes rent for 150-200% what their payment would be..

I briefly thought about selling my home and renting until i make my last move but doing a little math, I'm pretty sure I would "throw away" more money in rent than I would by staying in my home until I am ready to move.

If I had timing on when that move would be, I'd consider it. A few months to less than a year, sure it could work. But if I don't make that move for several years, it wouldn't be a good financial move. My home value may be a little high right now, but even in a pre-pandemic market I have a lot of equity in it.

 

[foszoe]

The Internet has made many experts on their own mind...

Boy has it.


I wouldn't buy in this market unless i had one to sell and I would have to have some real good reasons to move right now.

My criteria years ago was, creek, pond, woods, good water source, and not visible from the road. Hasn't changed so no desire to move

 

[gregkl]

I am happy we got the new place fixed up and moved into it. The market, even here, is so crazy that we could more than double what we have in it.

Talked to the spouse about it. Said we could move into one of the rentals and sit it out. Already sold the old house, just haven't closed on it.

She was not in the mood for a discussion like that, especially since it took me so long to actually get this place done.

Guess we are staying

We built a house back in 94 and I could have sold it, made enough money to have the same house built on another lot, do it once more and been debt free. My wife didn't want to do it. She is still kicking herself for that. But I get it. It's a fairly big disruption in your life.

Fast forward to our current house which was supposed to be our "forever" home. That lasted all of 5 years. Now we will be moving to Evansville at some point. I'm not a fan of E'ville but I'm planning on living outside of town and mostly staying outside of town in my retirement years. All I need is a nice shop to keep me occupied.

 

[04FXSTS]

The flight from lovely Illinois is another reason the market in Indiana is crazy.

Yes, that is where we came from and glad to have gotten here when we did. Ordered our new modular in late summer of 2019 and moved in March 2020, can't imagine how much the same house would cost now. Also glad I started building the privacy fence and the deck as soon as the weather broke.
When building the deck I needed a couple extra pieces of IIRC 2x8 x12 ft treated, between the initial purchase to the added pieces the price went from $16 each to $27 each.
Just a note, I did not bring any part of Illinois with me, just the wife, dogs guns and the "Springer."

 

[Sigblaster]

Could you explain the cons? They work for you, listing broker compensates them...

You just asked the question and answered it in the same post. Split commissions. A buyers's agent works for less money unless you buy one of their listings, and the seller's agent works for less money. They are both motivated to have you pay as much as possible to increase their income.

And of course, the seller's agent isn't paying the buyer's agent anything. The buyer is paying both agents.

 

[phylodog]

The last offer we put in was $30K over asking.... Cash. They wanted a letter about how much we liked our cats! They sold it to the other couple " because they reminded me of my parents" !
I you not !!!

When we bought our place a few years ago, our realtor (my wife's cousin) told me to write a letter that we would submit with our offer. I'd never heard of such a thing but she said to mention how much we like the work they'd done to the house, how perfect it was for us, how my daughter loves horses and this would allow us to have a few, etc.. After we purchased the house I spoke with the previous owner and it turns out the letter is why they sold to us.

I thought it was very strange but it was what it took to make our offer stand out to the sellers. Even though they'd purchased the place to rehab it and sell, they'd become pretty attached to it and contemplated keeping it and selling their existing home. At a minimum they wanted someone in the home who would appreciate their work and continue to improve the property (it had been neglected for decades).

I still thank my wife's cousin to this day for having me write that letter.

 

[Pepi]

TERRIBLE time for house hunting and building

 

[gregkl]

When we bought our place a few years ago, our realtor (my wife's cousin) told me to write a letter that we would submit with our offer. I'd never heard of such a thing but she said to mention how much we like the work they'd done to the house, how perfect it was for us, how my daughter loves horses and this would allow us to have a few, etc.. After we purchased the house I spoke with the previous owner and it turns out the letter is why they sold to us.

I thought it was very strange but it was what it took to make our offer stand out to the sellers. Even though they'd purchased the place to rehab it and sell, they'd become pretty attached to it and contemplated keeping it and selling their existing home. At a minimum they wanted someone in the home who would appreciate their work and continue to improve the property (it had been neglected for decades).

I still thank my wife's cousin to this day for having me write that letter.

Good story. When we sold our first house, I asked the couple who bought why they chose ours. (Market was much different back then) They said because it was the cleanest house of any they had looked at in the price range.

 

[tv1217]

I'll just say don't discount getting your own real estate agent, mine found me places that didn't come up when I searched Zillow and the like. Then, when I put in an offer but before I actually got a chance to e-sign the acceptance documents, they got another higher offer, and they could have taken it, but my agent talked up how much I really wanted the house. It's my house now.

 

[HoughMade]

Unless you know contract law, and the specifics of disclosures, land parcel and title work, errors, and legalities.
I HIGHLY disagree here.

I do.

And I always use a buyer's agent.

 

[Ingomike]

You just asked the question and answered it in the same post. Split commissions. A buyers's agent works for less money unless you buy one of their listings, and the seller's agent works for less money. They are both motivated to have you pay as much as possible to increase their income.

And of course, the seller's agent isn't paying the buyer's agent anything. The buyer is paying both agents.

Wrong in practice and on the law. If Brokers didn't want to cooperate and just wanted to only sell their own listings why would they spend thousands to be part of a cooperative where they can show and sell each other's list? Because they can all do more business in a cooperative than individually. (Not to discount there are charletons in all industries.)

When you find a settlement statement that shows the buyer paying "both agents" please post it.

Got it, the plaintiffs attorneys are in on the take because the bigger settlement pays then more. If that is your experience maybe you are selecting bad agents...

 

[HoughMade]

I have used a buyer's agent for 2 houses and other property and the commissions for both agents have always come out of the seller's proceeds.

 

[Ingomike]

When we bought our place a few years ago, our realtor (my wife's cousin) told me to write a letter that we would submit with our offer. I'd never heard of such a thing but she said to mention how much we like the work they'd done to the house, how perfect it was for us, how my daughter loves horses and this would allow us to have a few, etc.. After we purchased the house I spoke with the previous owner and it turns out the letter is why they sold to us.

I thought it was very strange but it was what it took to make our offer stand out to the sellers. Even though they'd purchased the place to rehab it and sell, they'd become pretty attached to it and contemplated keeping it and selling their existing home. At a minimum they wanted someone in the home who would appreciate their work and continue to improve the property (it had been neglected for decades).

I still thank my wife's cousin to this day for having me write that letter.

Things have changed since your letter. Due to concerns related to fair housing such letters are discouraged and many list agents and sellers will not accept them. Many agents tell their buyers to ask their attorney before submitting and sellers to do the same before receiving.

But at the end of the day, you believe the seller accepted something lessor than a competing offer because they liked your letter?

Can Buyer “Love Letters” Actually be a Liability?

Some buyers choose to write personal letters to tug at a seller’s heartstrings and explain why their offer should be accepted.

www.lansingstatejournal.com

 

[indiucky]

Our 30 acres we bought 5 years ago out in the country has now doubled in price...I knew land there was undervalued (it was averaging $2500 an acre when we bought it)...

We put an offer in on the 10 acres next to ours (not listed) three years ago, the owner lives up near Toronto, (known locally as Indianapolis) and counteroffered with twice as much per acre as what we paid....I acted insulted....

I shouldn't have and I now wish we'd bought it...he knew what is was going to be worth...

Again...This is just land....13 acres tillable and 17 acres of rock and woods....the only "houses" there are made of stone and glacial melt water lol...

 

[gregkl]

Our 30 acres we bought 5 years ago out in the country has now doubled in price...I knew land there was undervalued (it was averaging $2500 an acre when we bought it)...

We put an offer in on the 10 acres next to ours (not listed) three years ago, the owner lives up near Toronto, (known locally as Indianapolis) and counteroffered with twice as much per acre as what we paid....I acted insulted....

I shouldn't have and I now wish we'd bought it...he knew what is was going to be worth...

Again...This is just land....13 acres tillable and 17 acres of rock and woods....the only "houses" there are made of stone and glacial melt water lol...



View attachment 141493 View attachment 141494

My daughter and SIL live in a farmhouse on 3 acres. They bought the 3500 sq ft house with a huge barn and the land for around $200K. There was a 3 acre parcel next to them that the owner was leasing the land to cut hay. They asked to be first call if he ever sold it. Next thing they knew some older lady bought it. My daughter and SIL were figuring the land was worth no more than $6k per acre but were willing to go up to $10K. The man sold it to lady for $60K. She then found out that my SIL raises show pigs. She went to the county and tried to get it so that my SIL had to remove the pigs and cease and desist from any livestock farming. Uh, that's what the land was/is and why they bought it.

When the lady lost, she sold it. This time for $65K.

My kids wish the original owner had at least given them a chance to buy it.