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I don't understand this reference: "I feel like a non-white person trying to buy a home in a neighborhood with a covenant".
Are you trying to say people of color are horny for nuns? I've never heard that one before.
zzyzzx
2014 Jul 1, 11:57pm
Have you actually looked at any of these "water damaged" homes? One of the reasons why my house was so cheap was because of "water damage". The "water damage" was unfixed damage to plaster which for some reason they did not fix after fixing the actual plumbing problem.
rufita11
2014 Jul 2, 10:07am
The water damage assessments sound completely legit. Even in our coastal forest areas, they are usually ALL wonky from excess moisture.
John Bailo
2014 Jul 2, 12:37pm
Maybe I'm being paranoid.
My last name is....Bailo...and I tan easily.
Another factor...if you find a home that is "too cheap"...they won't write you a mortgage...they need to be sure it's overprices before they lend to insure that it's a good investment! So bargaining down the price, makes it seem less creditworthy.
(This came from a realtor I spoke with today...)
don't understand this reference: "I feel like a non-white person trying to buy a home in a neighborhood with a covenant".
Are you trying to say people of color are horny for nuns? I've never heard that one before.
Covenant, not convent.
But then, the next day, they come back and say, oh, this home (which looks great in the pictures) is "water damaged" and would need a lot of work.
I would believe this once. But for about the fifth time this same story has happened. I have to suspect some other sub rosa process is happeing.
Are you concerned that your realtor is buying them for him/herself? They could very well be water damaged. Water damage is harder to fix than people realize, especially if it sat for a while.
Another factor...if you find a home that is "too cheap"...they won't write you a mortgage...they need to be sure it's overprices before they lend to insure that it's a good investment!
Well "too cheap" might mean that it's technically uninhabitable or might not appraise well. For example, if you are missing certain elements of a kitchen (even if it would be trivial to buy new ones), it might be technically uninhabitable and therefore isn't adequate collateral for a mortgage.
So, I've been really trying to find a low ball house and I see all these older ones with land that are much cheaper than everything else. They are almost always vacant, already foreclosed, and bank owned.
You'd think they'd be desperate for someone to buy! Right?
Well, here's what happens...I see the listing. I contact the realtor. They get excited, hey we can move quickly. Ok, I say. But then, the next day, they come back and say, oh, this home (which looks great in the pictures) is "water damaged" and would need a lot of work.
I would believe this once. But for about the fifth time this same story has happened. I have to suspect some other sub rosa process is happeing.
Another thing is I find properties on the market that haven't sold for a while. I note that the seller is asking a big premium on a home they bought foreclosed. It would seem they would be ripe for negotiating -- downward. Like, ok, I might give you a 30% premium, for doing nothing, but not a 70% premium.
Nope. The doors slam shut!
I feel like a non-white person trying to buy a home in a neighborhood with a covenant! But what the endgame strategy is or if they really want to sell the house is something I cannot figure out!
My current guess is they are all mouse-traps. Once they get enough people to buy at peak is when the prices will tumble because there will be no free money left among the remaining buyers.
#housing