Real Estate is going insane every where.

[Riccardo]

... and the new construction continues. Heard nearly 1000 people a day are moving to FL.

Yeah that's what surprises me. We won't be selling so it doesn't matter to us but they are building all around us (tho our community is almost done - we just took control of the hoa from the builder) - would've thought more would buy new construction.

[joydivision]

What is Board Brothers who stroke each other off for .. 200!, Alex

[Drama Queen]

Yeah that's what surprises me. We won't be selling so it doesn't matter to us but they are building all around us (tho our community is almost done - we just took control of the hoa from the builder) - would've thought more would buy new construction.

Right. I’ve never sold real estate and that’s the only way you see the real gains or loss. I’m assisting family with a sell so this conversation and others helps to understand.

I read that a huge ranch will be developed north of River Rd. and west of 41 in your neck of the woods.

[Riccardo]

What is Board Brothers who stroke each other off for .. 200!, Alex

Who is this fool? I don't know this fool

[Riccardo]

Right. I’ve never sold real estate and that’s the only way you see the real gains or loss. I’m assisting family with a sell so this conversation and others helps to understand.

I read that a huge ranch will be developed north of River Rd. and west of 41 in your neck of the woods.

Yep they changed the name of our section from West Villages to Wellen Park - tons of construction going on

[The Duck]

Thats great news! Keep us informed. Did the seller disclose an appraisal that has already been performed?

I don't know that there was one... this particular house could have fallen apart because the sellers can't be out until May 7th, which is exactly the close date we requested. Apparently that was a nontrivial factor in us getting it. Inspection is tomorrow morning.

Apart from the usual BINSR and appraisal snafus, I think a lot of these pending deals are falling apart because everybody is just bidding on everything and ending up with multiple options to choose from.

[Mr. Triple Dip]

Apart from the usual BINSR and appraisal snafus, I think a lot of these pending deals are falling apart because everybody is just bidding on everything and ending up with multiple options to choose from.

What you've said is likely the case and I don't want to go doom and gloom but I do advise being skeptical during the inspection. Many years ago we thought we scored on a home that fell back onto the market - turns out it had a rare construction for the foundation that was at the end of its life and would soon require repairs costing big $$$; since you spent time in San Diego you may be familiar with this known as "Princess Homes". Our inspector did not even catch it because the seller made the crawl space very hard to get to - my dad ended up squeezing in there and finding the issue and we backed out eating $800 in inspection(worthless) and appraisal costs.

Went back later when it was back on the market and the seller put raised concrete down making it now impossible to access the crawl space. Just a cautionary tale as desperate buyers sometimes lead to slimy sellers.

[The Duck]

What you've said is likely the case and I don't want to go doom and gloom but I do advise being skeptical during the inspection. Many years ago we thought we scored on a home that fell back onto the market - turns out it had a rare construction for the foundation that was at the end of its life and would soon require repairs costing big $$$; since you spent time in San Diego you may be familiar with this known as "Princess Homes". Our inspector did not even catch it because the seller made the crawl space very hard to get to - my dad ended up squeezing in there and finding the issue and we backed out eating $800 in inspection(worthless) and appraisal costs.

Went back later when it was back on the market and the seller put raised concrete down making it now impossible to access the crawl space. Just a cautionary tale as desperate buyers sometimes lead to slimy sellers.

That's kind of bogus that you had to eat the $800. If the inspector misses something that critical, he failed to do his job and almost made your life a living hell.

Our inspection went pretty well, they actually took really good care of the place. Nothing was blocked or made inaccessible, no foundational issues or termites, pool is in great shape... just a list of little nickel and dime shit to fix that would take me a weekend, at most. The roof was older than we'd like it to be, and there was hail damage to some shingles (no signs of leakage anywhere), so we're going to have a roofer out there on Monday and then possibly make a counter offer based on his assessment. But overall, we're happy with the condition of the house.

[Mr. Triple Dip]

That's kind of bogus that you had to eat the $800. If the inspector misses something that critical, he failed to do his job and almost made your life a living hell.

Our inspection went pretty well, they actually took really good care of the place. Nothing was blocked or made inaccessible, no foundational issues or termites, pool is in great shape... just a list of little nickel and dime shit to fix that would take me a weekend, at most. The roof was older than we'd like it to be, and there was hail damage to some shingles (no signs of leakage anywhere), so we're going to have a roofer out there on Monday and then possibly make a counter offer based on his assessment. But overall, we're happy with the condition of the house.

Awesome to hear keeping my fingers crossed for you sounds like you are close to the finish line.

[Drama Queen]

That's kind of bogus that you had to eat the $800. If the inspector misses something that critical, he failed to do his job and almost made your life a living hell.

Our inspection went pretty well, they actually took really good care of the place. Nothing was blocked or made inaccessible, no foundational issues or termites, pool is in great shape... just a list of little nickel and dime shit to fix that would take me a weekend, at most. The roof was older than we'd like it to be, and there was hail damage to some shingles (no signs of leakage anywhere), so we're going to have a roofer out there on Monday and then possibly make a counter offer based on his assessment. But overall, we're happy with the condition of the house.

There’s a reality that some inspectors won’t out of the way to get through crawl spaces and lot those inspectors rely on Real Estate agents for business... so I imagine there’s a fine line between get the deal done and maintaining the integrity of inspection.

Sounds like your house is in good shape! Assuming everything goes well, congrats on your diligence! I learned some things from your comments, so thanks as well!

[KenfromCanada]

Just had two clients get outbid on properties today that both went over $120,000 over ask......

[Drama Queen]

Just had two clients get outbid on properties today that both went over $120,000 over ask......

How much did the property go for?

[KenfromCanada]

How much did the property go for?

One was a 2200 sq ft side split with a 2 bedroom apt in the basement. Was listed for $459,000 and went for $582,000 and the other was a semi detached 2 story 5 yr old house. Listed for $350,000 and it went for $479,000. It's a very unhealthy market here with a 35% increase in prices in the last year. Something has got to give soon.

[Drama Queen]

One was a 2200 sq ft side split with a 2 bedroom apt in the basement. Was listed for $459,000 and went for $582,000 and the other was a semi detached 2 story 5 yr old house. Listed for $350,000 and it went for $479,000. It's a very unhealthy market here with a 35% increase in prices in the last year. Something has got to give soon.

wow. 30% +/- increase over asking. I also saw that the Feds here announced they won’t be going up with interest rates until at least 2023. That seems like a good move to alleviate some panic and fear in the market.