Author Topic: First Time Second Home Buyer - Advice  (Read 10822 times)

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Offline Mety

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Re: First Time Second Home Buyer - Advice
« Reply #60 on: August 06, 2021, 12:19:15 PM »
From the late 2018 to 2019, homes were not selling that well and they were sold a bit below asking pretty often. This was right before the interest rate started to drop significantly. I really think working from home situation also helped people spending more money on homes, buying home included. So that time was actually a better time to buy than 2017 IMHO.

Offline zubs

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Re: First Time Second Home Buyer - Advice
« Reply #61 on: August 06, 2021, 12:39:37 PM »
If you bought a home between 2009 to 2020, you are doing well as the price of your house has only gone up.
I consider +/- 5% price to be flat.

When you plan in 10 year increments, why sweat the small stuff?

Offline Mety

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Re: First Time Second Home Buyer - Advice
« Reply #62 on: August 06, 2021, 01:39:35 PM »
No sweating. I said I was wrong how the price must have been the highest peak in 2017-18. If you bough then, you would be well into much appreciation now. Cares said he never heard below asking as hurijo mentioned so I just explained what was going on a little bit with some minor hiccups that happened then. But yeah, you right. If you buy and live there 10+ years, you fine. 

Offline Cares

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Re: First Time Second Home Buyer - Advice
« Reply #63 on: August 06, 2021, 01:56:00 PM »
Well I was being facetious in that we have been in an environment of only overbid for so long that it's easy to forget when homes sit on the market for more than 1 weekend now.

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Offline USCTrojanCPA

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Re: First Time Second Home Buyer - Advice
« Reply #64 on: August 06, 2021, 10:59:28 PM »
Was still able to get our house 3.5% below asking in 2nd half 2019. The good ol' days.  ::)

Yeah, those were the good ol' days where I could actually negotiate the price down for my buyers but I was still getting multiple offers and going over the listing price on the majority of my listings even before covid.  :D
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Offline anteaterscientist

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Re: First Time Second Home Buyer - Advice
« Reply #65 on: August 17, 2021, 03:39:41 PM »
As my quest continues...

Have another question for y'all. For proof of funds, it feels strange to submit where the selling agent and seller gets to see it? Feels so personal. 

Is this standard or being led astray?

Offline Mety

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Re: First Time Second Home Buyer - Advice
« Reply #66 on: August 17, 2021, 03:59:46 PM »
As my quest continues...

Have another question for y'all. For proof of funds, it feels strange to submit where the selling agent and seller gets to see it? Feels so personal. 

Is this standard or being led astray?

That's standard. That's the only way you can prove you have enough money to move forward to the seller. I heard the agents for houses above $3m will require you show proof of funding prior to visiting the open house events.

Offline USCTrojanCPA

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Re: First Time Second Home Buyer - Advice
« Reply #67 on: August 17, 2021, 04:02:57 PM »
As my quest continues...

Have another question for y'all. For proof of funds, it feels strange to submit where the selling agent and seller gets to see it? Feels so personal. 

Is this standard or being led astray?

That's standard. That's the only way you can prove you have enough money to move forward to the seller. I heard the agents for houses above $3m will require you show proof of funding prior to visiting the open house events.

Yup, happens for homes in the $1m range as well...either proof of funds or a loan pre-approval to set up the showing appt.
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Online eyephone

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Re: First Time Second Home Buyer - Advice
« Reply #68 on: August 17, 2021, 04:04:32 PM »
As my quest continues...

Have another question for y'all. For proof of funds, it feels strange to submit where the selling agent and seller gets to see it? Feels so personal. 

Is this standard or being led astray?

Like I said. It does not sound like you are getting singled out. Maybe you are making a big deal out of nothing. This is industry standard. Ask to blackout your account number info. If you dont like the process you can always rent. Renting is okay. I know people that rent and made it.
« Last Edit: August 17, 2021, 04:10:08 PM by eyephone »

Offline anteaterscientist

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Re: First Time Second Home Buyer - Advice
« Reply #69 on: August 17, 2021, 05:31:40 PM »
As my quest continues...

Have another question for y'all. For proof of funds, it feels strange to submit where the selling agent and seller gets to see it? Feels so personal. 

Is this standard or being led astray?

That's standard. That's the only way you can prove you have enough money to move forward to the seller. I heard the agents for houses above $3m will require you show proof of funding prior to visiting the open house events.

Yup, happens for homes in the $1m range as well...either proof of funds or a loan pre-approval to set up the showing appt.

Thank you for your kind and patience with your response.

Offline Cares

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Re: First Time Second Home Buyer - Advice
« Reply #70 on: August 18, 2021, 12:39:51 AM »
As my quest continues...

Have another question for y'all. For proof of funds, it feels strange to submit where the selling agent and seller gets to see it? Feels so personal. 

Is this standard or being led astray?

That's standard. That's the only way you can prove you have enough money to move forward to the seller. I heard the agents for houses above $3m will require you show proof of funding prior to visiting the open house events.

I've seen a $20M+ home listing that required people who wanted to visit the home to put $100k into escrow and it is refunded after your visit. That's the most egregious thing I've ever seen. The home had rare paintings and whatnot so I guess it made sense.

Offline zubs

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Re: First Time Second Home Buyer - Advice
« Reply #71 on: August 18, 2021, 10:24:23 AM »
I tried to buy a $3 million warehouse recently.
I Told the agent I needed to borrow some money for this project.
He told me the other offers are all cash so don't bother.

I sad face :(

Offline Compressed-Village

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Re: First Time Second Home Buyer - Advice
« Reply #72 on: August 19, 2021, 11:00:59 AM »
Another bummer part is no one coming on this board to say that the end is near. Use to be a few years ago, a handful of trolls on here keep on saying that it is going to crash soon.

They all disappear and now, to only see it balloon to past the 2007 high. Can this keep going on much longer? We'll see.

Offline USCTrojanCPA

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Re: First Time Second Home Buyer - Advice
« Reply #73 on: August 19, 2021, 11:59:53 AM »
Another bummer part is no one coming on this board to say that the end is near. Use to be a few years ago, a handful of trolls on here keep on saying that it is going to crash soon.

They all disappear and now, to only see it balloon to past the 2007 high. Can this keep going on much longer? We'll see.

We are closer to the end of the run up than we are to the beginning.  That being said, no crash is coming and the best case for buyers is that we'll be flattish on prices but prices will continue to grind higher into the end of the year because there is a serious lack of inventory and way too much demand.
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Offline Irvinehomeseeker

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Re: First Time Second Home Buyer - Advice
« Reply #74 on: August 19, 2021, 02:20:35 PM »
Another bummer part is no one coming on this board to say that the end is near. Use to be a few years ago, a handful of trolls on here keep on saying that it is going to crash soon.

They all disappear and now, to only see it balloon to past the 2007 high. Can this keep going on much longer? We'll see.

We are closer to the end of the run up than we are to the beginning.  That being said, no crash is coming and the best case for buyers is that we'll be flattish on prices but prices will continue to grind higher into the end of the year because there is a serious lack of inventory and way too much demand.

Prices still strong I think. Look at this below one - Sold in March of this year for 1,080,000 and sold again this month at 1,165,000;  85K in 5 months despite being a unit backing to Irvine Blvd!
https://www.redfin.com/CA/Irvine/130-Gulfstream-92620/home/143910396

 

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