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Forum » Buyer for my house pulls out at the last minute
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Thread: Buyer for my house pulls out at the last minute

post 1641866183 06-29-2021, 02:42 PM
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#61
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When I bought my house, the seller was in contract with another buyer. But the buyer backed out so seller could have keept the earnest money deposit.

However both parties have to agree and sign the paperwork for the seller to keep the deposit. Even when the buyer was in wrong, he didn't agree for the seller to keep the deposit. The seller could not put the house back into the market until it was settled. The seller eventually gave all of the deposit back to the seller after 2 month dispute.
post 1641866323 06-29-2021, 02:44 PM
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#62
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The only correction will the the prices won't increase as quickly as now. Don't expect prices to drop.
post 1641867493 06-29-2021, 03:07 PM
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#63
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Originally Posted By rectifryer⏩
show me where they're getting their cash
What sort of retarded post is this?
"It won't get better, just different."
post 1641867603 06-29-2021, 03:08 PM
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#64
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uh oh, cash buyers getting cold feet!

lmao.

muhhhhh bubble!
post 1641868973 06-29-2021, 03:31 PM
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Originally Posted By jamalfudge⏩
Blockchain will solve this, srs.
Curious how you think that’s the case when the buyer followed the contract lol srs you stupid *******
post 1641869063 06-29-2021, 03:32 PM
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I'm planning to sell in Sept. If the bubble pops before then, I'll just rent it out with a management company and ignore it. At least I'll have an asset.

Either way I win.
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post 1641869693 06-29-2021, 03:41 PM
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#67
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Originally Posted By rectifryer⏩
tell me, where do they get their cash from?

I'll give you a clue:

NOT SAVINGS
People have cash *******. Maybe not bill or Tom next door, but Chad and investors do. If every home that is currently in default were to instantly hit the market, nearly all of it would be gobbled up by years end without massive “corrections” like the copecels here think.

And to those who say “I’ll be waiting for a crash with cash in hand” apparently the guy above doesn’t think you have cash but aside from that, do you think you’re doing anything someone else isn’t doing? You don’t think there are a chit ton of people with even more cash and desire to scoop chit up than you? Yeah you really got this all figured out lol.

The financially capable are more liquid rich than ever before. People are chomping at the bit to buy, and are unable to due to supply issues. As soon as something comes online it will be devoured even if a million homes come online. The only difference you will see is lower competition and less bidding wars, but we will actually see more “realistic” asking prices (for those smooth brains that don’t understand why homes keep going so high over asking, it’s because they are priced low to get as many eyes as possible on it and then get people to compete amongst themselves. We will simply see homes listed accordingly)
"It won't get better, just different."
post 1641870063 06-29-2021, 03:47 PM
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#68
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Originally Posted By rectifryer⏩
tell me, where do they get their cash from?

I'll give you a clue:

NOT SAVINGS
If you're Chinese, you parents will hand you a bag of cash to buy a house.
post 1641870233 06-29-2021, 03:50 PM
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#69
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Originally Posted By chino3⏩
People have cash *******. Maybe not bill or Tom next door, but Chad and investors do. If every home that is currently in default were to instantly hit the market, nearly all of it would be gobbled up by years end without massive “corrections” like the copecels here think.

And to those who say “I’ll be waiting for a crash with cash in hand” apparently the guy above doesn’t think you have cash but aside from that, do you think you’re doing anything someone else isn’t doing? You don’t think there are a chit ton of people with even more cash and desire to scoop chit up than you? Yeah you really got this all figured out lol.

The financially capable are more liquid rich than ever before. People are chomping at the bit to buy, and are unable to due to supply issues. As soon as something comes online it will be devoured even if a million homes come online. The only difference you will see is lower competition and less bidding wars, but we will actually see more “realistic” asking prices (for those smooth brains that don’t understand why homes keep going so high over asking, it’s because they are priced low to get as many eyes as possible on it and then get people to compete amongst themselves. We will simply see homes listed accordingly)
LOL @ you for getting triggered over a discussion....
Everything I post is satire.
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post 1641870253 06-29-2021, 03:50 PM
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Originally Posted By rectifryer⏩
Sell whatever property you have that is financed.
Are we in the matrix or something? Explain why. Why are you trying to sound ambiguous?
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post 1641870493 06-29-2021, 03:54 PM
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#71
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Originally Posted By N0stradamus⏩
LOL @ you for getting triggered over a discussion....
lol at thinking someone providing information is "triggered" just because the truth hurts, copecel.
Originally Posted By Godfrd824⏩
Are we in the matrix or something? Explain why. Why are you trying to sound ambiguous?
because he's talking out of his ass, and if he tries to speak with details/proof/whatever, he will expose himself.
"It won't get better, just different."
post 1641871273 06-29-2021, 04:08 PM
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#72
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Are any of your rental properties vacant? Just move into one of those temporarily.
post 1641871903 06-29-2021, 04:18 PM
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#73
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I had a backup offer for mine just in case. of course closing wouldve taken another 20 days. but sorry to hear that brah hopefully it works out if you get a better offer
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post 1641872463 06-29-2021, 04:28 PM
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#74
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Originally Posted By rectifryer⏩
no and no

I asked you explain how people are moving from one house to another without selling the previous
actually, you didn't...
Originally Posted By rectifryer⏩
Yet you're in here espousing that the big bad investor boogie man is buying homes and driving up prices when in reality they're buying about the same as before..
Want to show me where I am saying that "the big bad investor boogie man is buying homes and driving up prices" or nah?
Originally Posted By rectifryer⏩
Its easy to see that someone in cali refinances a humble house worth 700k that they have 200k equity, then they move somewhere where they can buy a house with said equity. This makes a cash market in the lower tiers, pushing locals up in price stratus if they want to buy. .
So what is driving up prices in already high markets and where is the money coming from that is being used for cash or 20%+ offers to buy these absurdly priced homes?
"It won't get better, just different."
post 1641873143 06-29-2021, 04:38 PM
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#75
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Originally Posted By rectifryer⏩
the entire market gets pushed up from the initial cash flow from refinancing of properties that aren't being sold. It ABSOLUTELY is a house of cards. If you dont get anything else from what I am saying, at least understand that.The same dollar is getting spent multiple times...
refer to your own sig
"It won't get better, just different."
post 1641873823 06-29-2021, 04:53 PM
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#76
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Originally Posted By chino3⏩
actually, you didn't...



Want to show me where I am saying that "the big bad investor boogie man is buying homes and driving up prices" or nah?



So what is driving up prices in already high markets and where is the money coming from that is being used for cash or 20%+ offers to buy these absurdly priced homes?
I'm not a "its going to crash any day now" type of guy - in fact, I believe a crash is years and years away. But kind of surprised you don't see we are in a period of irrational exuberance.

I'm also surprised by ppl saying "it ain't 2008, lending standards are higher". Do you honestly think banks have not figured out some other way to maximize their profits by high volume lending? And what fuels high volume lending? Increased collateral. A huge portion of USA's credit system is built off of the assumption that the underlying collateral is really worth what we think it is worth right now. If that is ever proven wrong (e.g., there stops being a secondary market gobbling up structured finance assets), things crumble, again.
mo e
post 1641874643 06-29-2021, 05:12 PM
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#77
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Originally Posted By N0stradamus⏩
I'm already seeing signs of the market cooling down. In about 6 months get ready to see mass defaults... Muthafccckers be offering $700K for a 1,200sqft shack... in what universe is a tool shack worth $700K and in what universe would the average American be able to pay a $700K mortgage with a 5% downpayment?


A correction is coming.
Strong username to post content ratio.

You're right though.
Misc Entrepreneur Crew
post 1641874713 06-29-2021, 05:13 PM
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#78
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Originally Posted By mulletwarrior⏩
I'm not a "its going to crash any day now" type of guy - in fact, I believe a crash is years and years away.But kind of surprised you don't see we are in a period of irrational exuberance.
what is up with people ITT putting words in my mouth? I never expressed that sentiment, but I will ask, if inflation is here and its not transitory, then why wouldn't todays prices be more accurate than they arent? cant have it both ways...
Originally Posted By mulletwarrior⏩
I'm also surprised by ppl saying "it ain't 2008, lending standards are higher".
This is an inarguable fact. just sayin
Originally Posted By mulletwarrior⏩
Do you honestly think banks have not figured out some other way to maximize their profits by high volume lending?
Nope, never said that and don't think that. Banks are beyond words flush with cash, and have increased dividends substantially almost all the way across the board. But what does maximizing profits have to do with anything? Do you believe they are doing something unscrupulous like they were doing in 2008?
Originally Posted By mulletwarrior⏩
And what fuels high volume lending? Increased collateral.
You act like that's a primary factor and not just one of many contributing elements.
Also it should be noted that in Q3 and Q4 of 2020, first time home buyers accounted for 56% of home purchases... hmmmm but collateral is what's getting us in trouble right?
Originally Posted By mulletwarrior⏩
A huge portion of USA's credit system is built off of the assumption that the underlying collateral is really worth what we think it is worth right now. If that is ever proven wrong (e.g., there stops being a secondary market gobbling up structured finance assets), things crumble, again.
Value is meaningless in fixed rate situations for people looking for long term homes. The only thing that matters is if they can afford their payment (which is a circumstance completely unrelated to the value of their home).

A large reason we experienced what we did in 2008 because people were in ARMs and thought they would be able to refinance forever because they thought prices will only go up! As soon as those values dropped, they couldn't refinance, and their ARMs expired and their 3% interest rate sky rocketed to 20%...
"It won't get better, just different."
post 1641874863 06-29-2021, 05:16 PM
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#79
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Originally Posted By chino3⏩
A large reason we experienced what we did in 2008 because people were in ARMs and thought they would be able to refinance forever because they thought prices will only go up! As soon as those values dropped, they couldn't refinance, and their ARMs expired and their 3% interest rate sky rocketed to 20%...
okay okay okay now imagine that but with panic buyers who bought a second home because they're assuming they'll never be under on the first that they refinanced to afford the second....at higher dti's than 2008.....
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post 1641875763 06-29-2021, 05:39 PM
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#80
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Originally Posted By rectifryer⏩
okay okay okay now imagine that but with panic buyers who bought a second home because they're assuming they'll never be under on the first that they refinanced to afford the second....at higher dti's than 2008.....
Lol at panic buying a second home.

Lol at not reading my whole post where I mention how value is meaningless in fixed rate long term living situations.
"It won't get better, just different."
post 1641876203 06-29-2021, 05:51 PM
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Originally Posted By chino3⏩
Lol at panic buying a second home.

Lol at not reading my whole post where I mention how value is meaningless in fixed rate long term living situations.
tbh I don't read most of what you've written in the thread, I just assume when you address me that you've read what I've written. I have no idea what you're or most people are even arguing, nor do I care to.
Boycott foodservice industry crew
post 1641878543 06-29-2021, 06:55 PM
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#82
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Originally Posted By cgh⏩
Lobby your government to stop allowing foreign investors from buying up all homes. That is why homes are so expensive.
Originally Posted By jimmybobjim⏩
what does that have to do with anything you nimrod. Stop trying to insert your xenophobia into a random thread.
I take it you've never heard of Vancouver, Toronto, Australia or all of New Zealand.

Chinese money floods the market, making shiit stupid expensive. But even then, the Chinese have ways around the laws and policies in place
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post 1641902543 06-30-2021, 08:33 AM
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Originally Posted By CircleofGains⏩
It's funny to see people hope for a market crash hoarding cash and looking to swoop in like they're Warren Buffett lol. Everyone was predicting a crash when covid came through and the market actually became super hot across the board. Where we're at in the US right now is mainly a supply and demand problem. Yeah the Fed is inflating asset prices by keeping interest rates low too. Smart money (like Blackstone) is getting into residential real estate as a hedge against inflation.

My prediction: inventory is unlikely to change in a meaningful way in the short term so we will likely be still dealing with intense competition and bidding wars for the next few years assuming interest rates are kept artificially low. Housing prices will continue to rise and become more unaffordable to the average person. Sure we might get some foreclosures and short sales that eventually come through down the road but these are slow moving forces so it's not like it will be a massive wave of foreclosures.

If you own property right now and have a better use for the cash it's definitely worth considering selling in one of the strongest sellers markets in modern history.

Source: I'm a realtor that mostly works with a lot of investors
bruh that is the thing, a crash would be the natural expectation but they have enough capitol to manipulate the market, the same as last year stock market that was pumped.

If youre a realtor who makes a percentage off the sales price then of course you dont want the crash or gravy train to end vs the individual buyer who has the opposite goal
post 1641904113 06-30-2021, 09:07 AM
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#84
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A crash will never happen. We have far too much demand for a house that will override the incoming supply of potential foreclosures or new homes.

The only thing people are seeing by the "market cooling" is two things:
1) People are going to get ready to travel again, so less money invested into their current/future home
2) People were trying to cause bidding wars with undervaluing their homes; causing a massive spike in competition. From watching my market, homes either have less bidders; or are pulled off the market and slowly dropped in price.

Everyone hoping for a crash - specifically first-time homebuyers - better get peppered, because chances are there is someone else out there who can outbid you np.
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post 1641904373 06-30-2021, 09:12 AM
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Your fault for taking a cash deal and not asking for rent back.
post 1641907253 06-30-2021, 10:17 AM
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post 1641908013 06-30-2021, 10:35 AM
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Originally Posted By rectifryer⏩
the entire market gets pushed up from the initial cash flow from refinancing of properties that aren't being sold. It ABSOLUTELY is a house of cards. If you dont get anything else from what I am saying, at least understand that.The same dollar is getting spent multiple times...
Did this actually make sense inside of that mirror polished silky smooth brain of yours?
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post 1641909893 06-30-2021, 11:09 AM
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#88
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Originally Posted By JayDigital⏩
Your realtor should have asked buyer to provide proof of funds prior to presenting, or at least getting you to agree to, their offer.
This lol

how tf was this not discovered until after the initial closing date
"So t
post 1641912453 06-30-2021, 11:54 AM
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#89
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Be fearful when others are greedy
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post 1641912913 06-30-2021, 12:01 PM
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#90
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Originally Posted By al****orilla⏩
Be fearful when others are greedy
Never really understood this phrase. Like, its going to be a great time to sell for a while still, so being greedy in this case and selling would be beneficial, while holding and eventually hitting the dump would be detrimental. I get it in terms of purchasing stocks and commodities, but if a market is hot nows the time to sell (if you want to of course).
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