Housing market is too far gone.

[Boing]

I showed a former meth lab a few weeks ago and they had the decontamination certs posted in the MLS additional supplements. The photos during the process looked like something out of Breaking Bad.

Home was in a $550-$650K neighborhood in Castle Rock.

So many public libraries in Colorado getting shut down because of meth contaminations in the bathrooms

Colorado libraries keep closing for meth contamination. Is it their problem to solve?

Denver metro libraries are spending tens of thousands of dollars to clean up meth residue in their bathrooms, but directors say the drug use reflects a societal problem that should not be theirs alone to fix

coloradosun.com

 

[Downset]

So many public libraries in Colorado getting shut down because of meth contaminations in the bathrooms

Colorado libraries keep closing for meth contamination. Is it their problem to solve?

Denver metro libraries are spending tens of thousands of dollars to clean up meth residue in their bathrooms, but directors say the drug use reflects a societal problem that should not be theirs alone to fix

coloradosun.com

 

[Bill The Butcher]

Loved the house tonight, couldn't find anything majorly or even minorly wrong with it besides the carpets but we knew that going in.

Agent is doing a market analysis to see what we should come in at.

 

[Downset]

Loved the house tonight, couldn't find anything majorly or even minorly wrong with it besides the carpets but we knew that going in.

Agent is doing a market analysis to see what we should come in at.

How many price drops has it had?

Also, he/she should be able to run that in five minutes.

 

[hootpie]

Is 30% of gross still the guidance for all-in monthly when buying a house? Seems awfully high.

 

[atxmike]

Is 30% of gross still the guidance for all-in monthly when buying a house? Seems awfully high.

If by guidance you mean maximum then that sounds right.

 

[Menger]

Is 30% of gross still the guidance for all-in monthly when buying a house? Seems awfully high.

Yeah… fuck all that. Too much.

 

[Bill The Butcher]

How many price drops has it had?

Also, he/she should be able to run that in five minutes.

This is the only big concern if they won't budge off this after their big price drop.

House isn't worth 329 and this is what we ran into with the other one in foreclosure where the bank wouldn't budge (that one finally went contingent yesterday)

 

[saabguy]

This is the only big concern if they won't budge off this after their big price drop.

House isn't worth 329 and this is what we ran into with the other one in foreclosure where the bank wouldn't budge (that one finally went contingent yesterday)

If you don't think it's worth that much, then you have some protection with the appraisal. Get it under contract, see what appraisal says. If appraiser agrees with you and it only appraises at $300k, then give that to the seller and ask them to reduce the price. If it DOES appraise for $329k...then that's what you gotta pay to get it

Don't lose out on a house you really like over a few dollars. "haha we didn't overpay by $10k for that house". Great...but you're still in a rental waiting for a prop you like to pop up (who knows when that will be). 5 years from now how much will it matter if you paid $329k or $310k for it?

 

[Downset]

If you don't think it's worth that much, then you have some protection with the appraisal. Get it under contract, see what appraisal says. If appraiser agrees with you and it only appraises at $300k, then give that to the seller and ask them to reduce the price. If it DOES appraise for $329k...then that's what you gotta pay to get it

Don't lose out on a house you really like over a few dollars. "haha we didn't overpay by $10k for that house". Great...but you're still in a rental waiting for a prop you like to pop up (who knows when that will be). 5 years from now how much will it matter if you paid $329k or $310k for it?

This is exactly right. If you're willing to pay that IF it does appraise, then what's the issue? If it does not appraise, then there's room for negotiation, or you can walk.

 

[Jason H]

Man fuck ya'll with your 300k house prices, 1.3 million is the norm in my area

 

[Boing]

Man fuck ya'll with your 300k house prices, 1.3 million is the norm in my area

 

[Menger]

Man fuck ya'll with your 300k house prices, 1.3 million is the norm in my area

Canadian funny money

 

[TheEvil1]

Man fuck ya'll with your 300k house prices, 1.3 million is the norm in my area

you could move out here and get one for 1/2 of that 300k

 

[saabguy]

Canadian funny money

Fuckin’ loonies.

 

[hootpie]

Man fuck ya'll with your 300k house prices, 1.3 million is the norm in my area

If it makes you feel any better everything decent around here is still $1.2-$1.5M

 

[saabguy]

Your money is literally called “loonies” lmao.

 

[Bill The Butcher]

If you don't think it's worth that much, then you have some protection with the appraisal. Get it under contract, see what appraisal says. If appraiser agrees with you and it only appraises at $300k, then give that to the seller and ask them to reduce the price. If it DOES appraise for $329k...then that's what you gotta pay to get it

Don't lose out on a house you really like over a few dollars. "haha we didn't overpay by $10k for that house". Great...but you're still in a rental waiting for a prop you like to pop up (who knows when that will be). 5 years from now how much will it matter if you paid $329k or $310k for it?

good advice thanks. finance guy texted us this morning where we'd be at full ask. It is doable but more than where we wanted to be.

Still waiting on agent to text us where she thinks we should come in at. Her 5 minutes and @Downset must be different

 

[Downset]

good advice thanks. finance guy texted us this morning where we'd be at full ask. It is doable but more than where we wanted to be.

Still waiting on agent to text us where she thinks we should come in at. Her 5 minutes and @Downset must be different

Some areas and properties can be more difficult than others. I figured she would have gotten you a number last night at least

 

[Bill The Butcher]

Some areas and properties can be more difficult than others. I figured she would have gotten you a number last night at least

She wants to start at 289. Said it might upset them (lol ok) but they want a 30 day close and want to sell. Hoping we can get for around 305.

 

[fuqxyu]

Is 30% of gross still the guidance for all-in monthly when buying a house? Seems awfully high.

30% just for mortgage alone? Seems high

 

[hootpie]

30% just for mortgage alone? Seems high

I figured 30% is all-in including mortgage, insurance, utilities, etc., but I have no idea.

 

[stevezissou]

I figured 30% is all-in including mortgage, insurance, utilities, etc., but I have no idea.

PITI

 

[hootpie]

PITI

Excuse me I'm not asking for your pity
what is a piti?

 

[Downset]

She wants to start at 289. Said it might upset them (lol ok) but they want a 30 day close and want to sell. Hoping we can get for around 305.

Just keep in mind that everyone that has previously looked at that home(or their agents at least) likely received info that the home just took a price drop.

$40,900 under on an already $35,000 price reduction.

edit: Just realized that last reduction was at the beginning of February. That's still a huge undercut either way. What did she comp it at?