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16 hours ago, Cold Dead Hands said:

I built my house in 2007. All-in for about $160,000. Family land so that was free.

Refinanced twice, last time was a few years ago. House appraised for $280k. Last year we got an open line of credit (which we haven’t used due to lumber prices) and the house appraised for $250k ( the guy was an idiot but I didn’t care because it appraised for more than enough). Now comps near me are in the 450 to 500k range. Pretty sure I could get more. The problem is where would I go? Can’t build because costs are stupid high, can’t upgrade because prices are stupid high. 
 

I feel like I should be cashing out but have no options currently besides renting, and that market is over saturated too.

Yeah this is us. We could sell in a heartbeat but then what? Pay triple for a smaller rental? Meh. I plan on building a house in a few years so it seems like that's enough time for lumber to go back down. Looks like everything is working out for ol steadymobbin and his crew. 

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I’m officially a homeowner. Just closed.  2.75%, 15 years.  🥳

Just made my last mortgage payment yesterday!!!  I am free and clear!

If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with

16 minutes ago, -OZ- said:

If you don't need a realtor to show you places, to help with the offer etc, you don't need one.

We bought our house without a realtor involved at all. No sellers agent no buyers agent. We paid a lawyer to complete the closing. Where the realtor would have cost around $20k (6%) the lawyer cost a few hundred dollars (probably helps that I knew the guy but I don't think he cut us a deal). 

Sweet! 

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6 minutes ago, -OZ- said:

Yeah, we still had to get an appraisal and we did the inspection. But we were living in the home, bought from our landlord (who happens to be an astronaut now, but that's not the point)

Astronauts chosen from MSFC are pretty rare.  That guy/girl must be a stud.  👍

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25 minutes ago, flapgreen said:

How does that work? My buddy is our realtor and charges us 5.5% fee. If we found the buyer ourselves and this guy makes an offer, should I tell my buddy we think it shouldn't be that high of a fee for that reason and he just does the paper work? 

If the buyer does not have an agent, I would do this for 4%, and get both sides and your save some $$.

I just closed being a buyers agent when the seller agent found a buyer before hitting MLS. He knew the mom of my client and they were talking about his mattress biz and it came up.

Turned out the listing agent had only done 12 deals in 5 years. His mattress biz being his main gig and Ive bought from him.  He was flat out horrible. Kept being adamant about the way certain parts of the process were to be done and I pointed out six times during the deal he was flat out wrong.  He paid me 3% though and I deserved it.  1940's home with a lot of issues that the appraiser amazingly cut us some slack on.  My lender was able to talk the appraiser into approving the super thick, wood, shake roof. Super old and had TWO layers. LOL. Also had a non-code shower in the basement that was dry wall and wall paper inside the shower. No shell. Nothing.  Those two things would be about $17k for the seller to fix.

 

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55 minutes ago, Sand said:

Astronauts chosen from MSFC are pretty rare.  That guy/girl must be a stud.  👍

Actually active duty Army. 🤷🏽‍♂️ 

And yes, he's easily the most accomplished person to ever own this house. 

Edited by -OZ-
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2 hours ago, Capella said:

Truly have no issue with him at all. We’ve PM’d in the past on possible loans. :shrug: 

I think you are reading into my posts more than is there for some reason. :shrug:Or maybe I am not communicating what I am saying properly. :shrug: I can pretty much say that I didn't expect that last response from my post as I was pretty chill when I wrote it. 

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3 minutes ago, Chadstroma said:

I think you are reading into my posts more than is there for some reason. :shrug:Or maybe I am not communicating what I am saying properly. :shrug: I can pretty much say that I didn't expect that last response from my post as I was pretty chill when I wrote it. 

Maybe. It’s all good. 

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3 hours ago, -OZ- said:

Possibly. But indiana >> Texas

 

I honestly don't know. I haven't been in Texas much and not for a long time too. I drove through it as a kid when we went from CA to FL and back (man.... that is a gaaaaaaaaawd awful lot of nothing for a looooooong time in that state), had a nightmare layover in Dallas where I was told that I was late for my connecting flight since my flight arrived a tad late and it was on the other side of the airport. I did a sprint with full on jukes of families, spins around old people, some of my moves would have made Barry Sanders blush (well, in my minds eye at least, in reality I am sure not so much) only to get to the gate and find out that flight was delayed.... but it gets better.... they changed the plane and gate. Guess where? THE FREAKING PLANE I HAD JUST GOT IN ON! On top of all that, I had the exact same freaking seat on the plane. Out of breath and sweating like I just got out of the pool, I had to go back and WAIT for the flight.... an then a couple of flights to El Paso to hop over into Juarez for missions work. 

But, one of my oldest friends, life long Californian, moved to Texas about 3 years ago.... LOVES IT. Like seriously, the whole family, all born and bred Californians, could not love it more. 

Ideally, I would head to Noblesville in burbs of Indianapolis as my first choice. But I would happily take Texas over Illinois even with that horrible Dallas nightmare as my biggest memory of Texas. 

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5 minutes ago, Chadstroma said:

(man.... that is a gaaaaaaaaawd awful lot of nothing for a looooooong time in that state), 

We used to drive from New Orleans to Albuquerque.  I clocked it.  Texas lasts forever.

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1 hour ago, flapgreen said:

How does that work? My buddy is our realtor and charges us 5.5% fee. If we found the buyer ourselves and this guy makes an offer, should I tell my buddy we think it shouldn't be that high of a fee for that reason and he just does the paper work? 

So.... if you did not sign a sellers agreement then you are not legally obligated. If you are using your friend with questions/advice/help then you are (in my view) morally/ethically obligated to pay in some way but that doesn't have to be full %. I think you said you haven't put the pace up for sale. So, you technically could FSBO. I would say to the friend, here is the situation, I don't think 5.5% is fair in that you are doing paperwork and come to an agreement... the landmine here is the friend part as people can get salty about things and it is very emotional, so the friendship could sour easily. 

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1 hour ago, -OZ- said:

If you don't need a realtor to show you places, to help with the offer etc, you don't need one.

We bought our house without a realtor involved at all. No sellers agent no buyers agent. We paid a lawyer to complete the closing. Where the realtor would have cost around $20k (6%) the lawyer cost a few hundred dollars (probably helps that I knew the guy but I don't think he cut us a deal). 

Typical lawyer fee for a purchase is about $500

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11 minutes ago, Chadstroma said:

I honestly don't know. I haven't been in Texas much and not for a long time too. I drove through it as a kid when we went from CA to FL and back (man.... that is a gaaaaaaaaawd awful lot of nothing for a looooooong time in that state), had a nightmare layover in Dallas where I was told that I was late for my connecting flight since my flight arrived a tad late and it was on the other side of the airport. I did a sprint with full on jukes of families, spins around old people, some of my moves would have made Barry Sanders blush (well, in my minds eye at least, in reality I am sure not so much) only to get to the gate and find out that flight was delayed.... but it gets better.... they changed the plane and gate. Guess where? THE FREAKING PLANE I HAD JUST GOT IN ON! On top of all that, I had the exact same freaking seat on the plane. Out of breath and sweating like I just got out of the pool, I had to go back and WAIT for the flight.... an then a couple of flights to El Paso to hop over into Juarez for missions work. 

But, one of my oldest friends, life long Californian, moved to Texas about 3 years ago.... LOVES IT. Like seriously, the whole family, all born and bred Californians, could not love it more. 

Ideally, I would head to Noblesville in burbs of Indianapolis as my first choice. But I would happily take Texas over Illinois even with that horrible Dallas nightmare as my biggest memory of Texas. 

As someone who has lived in Dallas and Chicago for a while now, I can't wait to be full-time in Dallas. 50 days to go.

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1 hour ago, -OZ- said:

Yeah, we still had to get an appraisal and we did the inspection. But we were living in the home, bought from our landlord (who happens to be an astronaut now, but that's not the point)

Yea, I bought without a realtor for our first condo because I knew the guy selling it. Saved him a bunch and he gave us a better deal on it so we could both share in avoiding that cost. 

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6 minutes ago, Instinctive said:

As someone who has lived in Dallas and Chicago for a while now, I can't wait to be full-time in Dallas. 50 days to go.

Chicago, Cook County and Illinois governments should be declared disaster events and done away with. The state is messed up, the county is a mess and the issues of the city are overflowing into the surrounding areas. I honestly can not think of ONE person who WANTS to live here, from people I know personally or professionally. I obviously do not bring it up in conversations with clients doing loans in Illinois (Hey! Why are you buying here?! Just seems to be not a very good ice breaker to me) but it comes up in conversation often "I rather move out of Illinois but..." or "our plan is move away in a few years" or "when this happens, we will move" etc. And the crazy things is that all thing things people talk about why they don't like it here (besides weather).... they (government) are only doing more of or setting conditions for more of it happening.

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2 hours ago, STEADYMOBBIN 22 said:

Yeah this is us. We could sell in a heartbeat but then what? Pay triple for a smaller rental? 

My wife has been suggesting we do the same thing and that's been my same argument. 

We built a house, moved in right before COVID in October 2019 and I could easily sell right now for 2.5x my current mortgage value but then what?

I like our house, I like where we live. We just refinanced our mortgage at 2.625% for 30 years (thanks @Chadstroma!). We will probably be here at least 5 years and are in a very desirable area. Why f that all up and move to another overpriced area? No thanks. 

On a related note and as mentioned above, I am yet another happy customer of Chadstroma. The process was smoothish, lol, no fault of his, mostly mine, and we got locked in at a great rate that will pay itself back in ~20 months or so. Thank you sir. 

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3 minutes ago, Senor Schmutzig said:

My wife has been suggesting we do the same thing and that's been my same argument. 

We built a house, moved in right before COVID in October 2019 and I could easily sell right now for 2.5x my current mortgage value but then what?

I like our house, I like where we live. We just refinanced our mortgage at 2.625% for 30 years (thanks @Chadstroma!). We will probably be here at least 5 years and are in a very desirable area. Why f that all up and move to another overpriced area? No thanks. 

On a related note and as mentioned above, I am yet another happy customer of Chadstroma. The process was smoothish, lol, no fault of his, mostly mine, and we got locked in at a great rate that will pay itself back in ~20 months or so. Thank you sir. 

Any time I can make it smoothish, I am happy to do so! :lmao:

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Just now, Senor Schmutzig said:

My wife has been suggesting we do the same thing and that's been my same argument. 

We built a house, moved in right before COVID in October 2019 and I could easily sell right now for 2.5x my current mortgage value but then what?

I like our house, I like where we live. We just refinanced our mortgage at 2.625% for 30 years (thanks @Chadstroma!). We will probably be here at least 5 years and are in a very desirable area. Why f that all up and move to another overpriced area? No thanks. 

 

My other concern is we keep reading how far behind the new construction is, insane lumber prices, materials being incredibly hard to get your hands on, low inventory, increasing mortgage rates - When will it end? To me it doesn't sound like houses will ever be as cheap as they were just last year. 

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4 minutes ago, STEADYMOBBIN 22 said:

My other concern is we keep reading how far behind the new construction is, insane lumber prices, materials being incredibly hard to get your hands on, low inventory, increasing mortgage rates - When will it end? To me it doesn't sound like houses will ever be as cheap as they were just last year. 

Didn't fact check it, but the local news said recently that a piece of plywood that cost $12 two years ago costs $50 now.

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1 minute ago, STEADYMOBBIN 22 said:

My other concern is we keep reading how far behind the new construction is, insane lumber prices, materials being incredibly hard to get your hands on, low inventory, increasing mortgage rates - When will it end? To me it doesn't sound like houses will ever be as cheap as they were just last year. 

I don't know about ever. I mean, things happen that you never can see coming (back in 2019 who thought we would have a global pandemic that would shut the world down?) but the demand and supply is so slanted right now that it is hard to see how prices will come down. People keep thinking 2008 and this is NOTHING like 2008. That isn't to say the market isn't overheated and that they may be a correction in the not too distant future but a correction is NOT what 2008 was. That was a crash. I don't see how we have a crash ahead of us barring a massive economic meltdown (and special note on that, most recessions actually see property values increase). 

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8 minutes ago, STEADYMOBBIN 22 said:

My other concern is we keep reading how far behind the new construction is, insane lumber prices, materials being incredibly hard to get your hands on, low inventory, increasing mortgage rates - When will it end? To me it doesn't sound like houses will ever be as cheap as they were just last year. 

or last month.   I have a build job closing in two weeks.  We were suppose to get C of O three weeks ago. Still don't have it. Luckily, clients bought first phase of this townhouse project back in Oct. Phases starting now are $50k higher for the same, exact plan.

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2 hours ago, Chadstroma said:

I honestly don't know. I haven't been in Texas much and not for a long time too. I drove through it as a kid when we went from CA to FL and back (man.... that is a gaaaaaaaaawd awful lot of nothing for a looooooong time in that state), had a nightmare layover in Dallas where I was told that I was late for my connecting flight since my flight arrived a tad late and it was on the other side of the airport. I did a sprint with full on jukes of families, spins around old people, some of my moves would have made Barry Sanders blush (well, in my minds eye at least, in reality I am sure not so much) only to get to the gate and find out that flight was delayed.... but it gets better.... they changed the plane and gate. Guess where? THE FREAKING PLANE I HAD JUST GOT IN ON! On top of all that, I had the exact same freaking seat on the plane. Out of breath and sweating like I just got out of the pool, I had to go back and WAIT for the flight.... an then a couple of flights to El Paso to hop over into Juarez for missions work. 

But, one of my oldest friends, life long Californian, moved to Texas about 3 years ago.... LOVES IT. Like seriously, the whole family, all born and bred Californians, could not love it more. 

Ideally, I would head to Noblesville in burbs of Indianapolis as my first choice. But I would happily take Texas over Illinois even with that horrible Dallas nightmare as my biggest memory of Texas. 

So you judge Dallas by an airport experience you had, just to be clear.  

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43 minutes ago, STEADYMOBBIN 22 said:

My other concern is we keep reading how far behind the new construction is, insane lumber prices, materials being incredibly hard to get your hands on, low inventory, increasing mortgage rates - When will it end? To me it doesn't sound like houses will ever be as cheap as they were just last year. 

Talking to builders/reno people there are three big things that are problems

-Lumber will come back down as sawmills get going again.

-Copper for wiring is sky high, and might not come down.  

-Concrete is sky high and in a lot of places you are rationed to a certain amount a week, this may not come down.

Some materials you can sub out that will cause problems perhaps, but the three above are hard to deal with.

Granite is basically done, and replaced by engineered counters, and same with wood flooring, engineered stone that looks like wood.  Sort of.  

 

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4 minutes ago, culdeus said:

So you judge Dallas by an airport experience you had, just to be clear.  

At least he didn't judge it by the Cowboys football performance.

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2 minutes ago, culdeus said:

 

Granite is basically done, and replaced by engineered counters, and same with wood flooring, engineered stone that looks like wood.  Sort of.  

 

That's new to me.  What happened?

 

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3 minutes ago, BassNBrew said:

That's new to me.  What happened?

 

Can't get consistent quality anymore and pricing is now putting it out of reach where everyone wants a giant island and a backsplash for their open concept.  The rock bill can go north of 30k quick.  Can get sile for half that, and it honestly now looks just as good and can be repaired and reconditioned cheaply among other advantages

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9 minutes ago, culdeus said:

Talking to builders/reno people there are three big things that are problems

-Lumber will come back down as sawmills get going again.

-Copper for wiring is sky high, and might not come down.  

-Concrete is sky high and in a lot of places you are rationed to a certain amount a week, this may not come down.

Some materials you can sub out that will cause problems perhaps, but the three above are hard to deal with.

Granite is basically done, and replaced by engineered counters, and same with wood flooring, engineered stone that looks like wood.  Sort of.  

 

The concrete stuff is high because they’re having trouble getting things like rebar and the ties. 
 

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1 minute ago, culdeus said:

Can't get consistent quality anymore and pricing is now putting it out of reach where everyone wants a giant island and a backsplash for their open concept.  The rock bill can go north of 30k quick.  Can get sile for half that, and it honestly now looks just as good and can be repaired and reconditioned cheaply among other advantages

Yeah I thought granite was going away because it’s out of style. Quarts and other synthetic materials are better anyway. 

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56 minutes ago, Chadstroma said:

I don't know about ever. I mean, things happen that you never can see coming (back in 2019 who thought we would have a global pandemic that would shut the world down?) but the demand and supply is so slanted right now that it is hard to see how prices will come down. People keep thinking 2008 and this is NOTHING like 2008. That isn't to say the market isn't overheated and that they may be a correction in the not too distant future but a correction is NOT what 2008 was. That was a crash. I don't see how we have a crash ahead of us barring a massive economic meltdown (and special note on that, most recessions actually see property values increase). 

I just think the bar is going to get raised so high that the new low will still be incredibly high. I mean it’s not that crazy, my grandfather bought his house in 1968 for $30,000. My mother is about to sell it for 400,000. Real estate is always going to go up. That’s why so many people use it as an investment.
 

Something will have to be done about these investors buying up entire neighborhoods as well. They are killing the American dream with their all cash offers and they destroy neighborhoods by turning them into rental communities.


 

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1 hour ago, Chadstroma said:

I don't know about ever. I mean, things happen that you never can see coming (back in 2019 who thought we would have a global pandemic that would shut the world down?) but the demand and supply is so slanted right now that it is hard to see how prices will come down. People keep thinking 2008 and this is NOTHING like 2008. That isn't to say the market isn't overheated and that they may be a correction in the not too distant future but a correction is NOT what 2008 was. That was a crash. I don't see how we have a crash ahead of us barring a massive economic meltdown (and special note on that, most recessions actually see property values increase). 

The house buyer right now is completely different than in 2006.  See Figure 2 here.  2006 had a ton of low credit sub-prime loans, etc.  Today's buyer has a massively better credit profile.  

Based on that it's hard to see the same dynamics take place as 15 years ago.  Today's buyers should be better able to handle the debt load, at least based on the credit scores.

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55 minutes ago, STEADYMOBBIN 22 said:

I just think the bar is going to get raised so high that the new low will still be incredibly high. I mean it’s not that crazy, my grandfather bought his house in 1968 for $30,000. My mother is about to sell it for 400,000. Real estate is always going to go up. That’s why so many people use it as an investment.
 

Something will have to be done about these investors buying up entire neighborhoods as well. They are killing the American dream with their all cash offers and they destroy neighborhoods by turning them into rental communities.


 

Kind of funny that the lesson of 2008 was to let Wall Street buy up cities and create a housing shortage.  Problem is they can't create growth without buying more homes.

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1 hour ago, culdeus said:

Can't get consistent quality anymore and pricing is now putting it out of reach where everyone wants a giant island and a backsplash for their open concept.  The rock bill can go north of 30k quick.  Can get sile for half that, and it honestly now looks just as good and can be repaired and reconditioned cheaply among other advantages

I hope not.  We re-modeled our kitchen similar to this with Patagonia granite.  Counters, island, desk, bath vanity for about $11k (2 pieces).

https://ykstonecenter.com/blog/18612/Patagonia-Granite-

Never thought my kitchen granite would out perform my Amazon stock @Capella

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1 hour ago, culdeus said:

So you judge Dallas by an airport experience you had, just to be clear.  

To be fair... it was an all time "you can't make this crap up" event in my life. 

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1 hour ago, STEADYMOBBIN 22 said:

I just think the bar is going to get raised so high that the new low will still be incredibly high. I mean it’s not that crazy, my grandfather bought his house in 1968 for $30,000. My mother is about to sell it for 400,000. Real estate is always going to go up. That’s why so many people use it as an investment.
 

Something will have to be done about these investors buying up entire neighborhoods as well. They are killing the American dream with their all cash offers and they destroy neighborhoods by turning them into rental communities.


 

Inflation will have a big say on where the bottom sits.

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4 hours ago, Chadstroma said:

So.... if you did not sign a sellers agreement then you are not legally obligated. If you are using your friend with questions/advice/help then you are (in my view) morally/ethically obligated to pay in some way but that doesn't have to be full %. I think you said you haven't put the pace up for sale. So, you technically could FSBO. I would say to the friend, here is the situation, I don't think 5.5% is fair in that you are doing paperwork and come to an agreement... the landmine here is the friend part as people can get salty about things and it is very emotional, so the friendship could sour easily. 

Gotcha. I didn't say it clearly. He charges us 5.5 in a regular deal, but said if the guy didn't yet have representation, it would be less if he represented both sides or however he stated it. He's a good guy I've known for many years and asked straight away after I told him about the other potential buyer if I still wanted him to be a part of the process if that happened. 

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31 minutes ago, flapgreen said:

Gotcha. I didn't say it clearly. He charges us 5.5 in a regular deal, but said if the guy didn't yet have representation, it would be less if he represented both sides or however he stated it. He's a good guy I've known for many years and asked straight away after I told him about the other potential buyer if I still wanted him to be a part of the process if that happened. 

5.5 just to the selling agent? That is highway robbery!

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43 minutes ago, Chadstroma said:

5.5 just to the selling agent? That is highway robbery!

I think that's for both. We sold our last home 2 years ago and I know was around 5 something total. 

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18 minutes ago, flapgreen said:

I think that's for both. We sold our last home 2 years ago and I know was around 5 something total. 

You come with buyer in hand and agreed to terms then 1% to push through the paperwork and keep things on track is more than fair.

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10 minutes ago, BassNBrew said:

You come with buyer in hand and agreed to terms then 1% to push through the paperwork and keep things on track is more than fair.

Good to know 

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1 hour ago, BassNBrew said:

You come with buyer in hand and agreed to terms then 1% to push through the paperwork and keep things on track is more than fair.

Brother-in-law buys and flips houses in California and he said we didn't need a realtor or a lawyer. Said the Escrow people could write it up for a couple grand. 

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42 minutes ago, flapgreen said:

Brother-in-law buys and flips houses in California and he said we didn't need a realtor or a lawyer. Said the Escrow people could write it up for a couple grand. 

Real estate varies state to state.  No escrow people here (NC), just lawyers, Realtors, and do-it-yourselfers. What happens in CA may not apply in TN.  A lawyer will cost less than a couple of grand in TN.

Main advice is to find someone who knows enough that you don't forget something that gives them an out or puts you in court after you move.  With buyer in hand it shouldn't cost you more than 1% to get this done.

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3 hours ago, flapgreen said:

I think that's for both. We sold our last home 2 years ago and I know was around 5 something total. 

Ok, that is in line with norm. 

In this market, that is still. Losting agents would fight over it like junk yard dogs since they do very little and make money quickly. Even more so since you have a buyer lined up on your own. Also, buyer has no agent, do there is no split. I would offer 1% for a friend and nothing for someone else (assuming they have not put any work into this)

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2 hours ago, flapgreen said:

Brother-in-law buys and flips houses in California and he said we didn't need a realtor or a lawyer. Said the Escrow people could write it up for a couple grand. 

Dont need a realtor in this at all. 

I line on the side a few hundred for a lawyer to protect your interests in a couple hundred thousand dollar transaction is worth it. 

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On 4/25/2021 at 10:59 AM, Capella said:

Our market is so heated I can’t help but wonder about selling and just renting a place for a few years to see if this cools off (my wife would murder me and never allow this). Our place is is worth 150-175k more than what we paid for it 2 years ago. A house went on the market Friday and was gone Saturday by noon. 

We’re in the exact same situation.  Unfortunately the rental market is even worse here.  We’re likely to try and leverage our situation but there’s a risk to it and I could have 200k in the bank but no place to live.  People are getting out bid left and right around here.  

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6 hours ago, dkp993 said:

We’re in the exact same situation.  Unfortunately the rental market is even worse here.  We’re likely to try and leverage our situation but there’s a risk to it and I could have 200k in the bank but no place to live.  People are getting out bid left and right around here.  

I have weighed the options and being homeless with 400k in the bank seems like the wrong direction.

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14 hours ago, Chadstroma said:
15 hours ago, culdeus said:

So you judge Dallas by an airport experience you had, just to be clear.  

To be fair... it was an all time "you can't make this crap up" event in my life. 

2 weeks on the ground in Houston post-Harvey for FEMA easily convinced me to never go back. 

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