Housing market is too far gone.

stevezissou

OT Supporter
Jul 15, 2009
44,105
US
make inspection for informational purposes only (agree up front you won't ask for any credits/repairs). agree to do the inspection <2 days so the seller can put it right back on the market if your bail
make a portion of your deposit non refundable
offer to pay a portion or all of seller closing costs
offer free rent back to the sellers (confirm max time allowed with your lender)
agree to cover any or all of short appraisal
No buyers premium? PayPal?
 
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zizi

OT Supporter
Jan 11, 2005
9,810
I’m hoping the underwriter rejects our mortgage. I’m seeing a lot more homes in the lower 400s and thinking it’s a lot more financially prudent to buy one of those.

We’d probably be out 7k-$10k or so but that’s better than having a monthly payment that’s too high.
 
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TenSteel

*walks in Spanish*
OT Supporter
Nov 11, 2001
46,107
San Diego
Fed law doesn't prohibit age discrim when selling a home unfortunately. But it would be widely frowned upon.

It's perfectly okay to decline your offer if they don't think you're able to get the financing though. So that's a legitimate excuse that it sounds like they were rolling with. Maybe your agent just had a good inclination that it was due to your age, and tossed that reason in there.

Either way, no. That sort of information would not be in the comments section. Hopefully no agent would be dumb enough to put that in writing for all of the RE world to see and document.

You might be right. Maybe they were just looking for a quick close. Makes sense in a hot market.
Yeah I realize there aren't any laws in place for that. They can reject offers for whatever reason they want, just the assumption on their part didn't make any sense. It's like they were thinking it was 2007 again when people could get loans with no proof of income.

Their rationale, if it was for a quick sale, in our situation still wouldn't have made sense because we were first time home buyers and didn't have any contingencies to sell a property before purchasing their house. We figuratively had a briefcase full of cash just waiting to buy something.
 
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Sp33dealer

Bully Troll Crew
Aug 3, 2005
54,516
DFW
I’m hoping the underwriter rejects our mortgage. I’m seeing a lot more homes in the lower 400s and thinking it’s a lot more financially prudent to buy one of those.

We’d probably be out 7k-$10k or so but that’s better than having a monthly payment that’s too high.
Why aren’t you shopping with a budget
 

Remy Bressant

Boots in the cab SMDFTB
OT Supporter
Jul 24, 2015
40,086
SoCal
I’m hoping the underwriter rejects our mortgage. I’m seeing a lot more homes in the lower 400s and thinking it’s a lot more financially prudent to buy one of those.

We’d probably be out 7k-$10k or so but that’s better than having a monthly payment that’s too high.
Why are you thinking a UW decline is the only way out?
 
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hootpie

OT Supporter
Oct 5, 2003
48,218
Northern California
Somewhat alarming thing that's happening in the Bay Area: homes are selling for new record prices and somehow magically the appraisals are coming in at almost exactly the sale price.

This is allowing people that would otherwise have to back out of the home purchase (by virtue of not being able to put up cash for the difference) to buy the home.
 

monolith

Hey, Herbie! How's life? Taking forever.
OT Supporter
May 9, 2004
44,591
Southern California
Well I offered 10% over list, a $7500 appraisal gap, and to eat $5k worth of inspection related repairs and I came in 2nd of 4 offers :hs:
That sucks, sorry, but ever onward and upward. Good luck on the next one.

Edit: the 5k repairs; does that mean you are expecting the sellers to fix items found during inspection?
 
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Slimmy

Yep.
Mar 14, 2000
140,480
Ft. Lauderdale
Anyone got any good docs/advice/links on buying new construction?

Things to look for, be aware of, include in contract etc. I will likely be bidding on some released homes soon, and so will my soon retired parents, so just looking to do all the research possible before we dive in.

I assume the first step would be to get a buyer’s agent to help with the contracts/bidding offers?
 

Mejnoon

Well-Known Member
May 6, 2000
39,484
Omaha, NE
Somewhat alarming thing that's happening in the Bay Area: homes are selling for new record prices and somehow magically the appraisals are coming in at almost exactly the sale price.

This is allowing people that would otherwise have to back out of the home purchase (by virtue of not being able to put up cash for the difference) to buy the home.
That’s normal in an appreciating market, nothing alarming about it. Just the nature of the sales comp based methodology.
 

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