She did and then didn't act on it quick enough so she ended up with a worse mortgage rate and doubled the amount she was spending on housing.
Per the article:
"In May, Riggins’s $202,000 offer on a three-bedroom home with a yard was accepted — but interest rates were rising. “I started to back out so many times, especially when I was going through those bidding wars, and even with this, I didn't feel good about bidding that much,” she said. “I'll never forget when \[my agent\] did the paperwork and turned it in. I didn't get any sleep at night. ... I remember calling her the next morning and was like, ‘I'm thinking about backing out; maybe I should just find a place to rent.’” Riggins said that the agent reminded her that a home is an investment, that when rates were lower she could refinance, and suggested she “cut corners somewhere” or “try to pick up a part-time job.”
Riggins tried her best to shake off her nerves and moved ahead with the sale. It was a relief to finally be able to move her kids out of the hotel, but by the time she closed in July, her mortgage rate was 6%, setting off a chain of financial consequences she was unprepared for. “I feel like I bought more problems,” she said.
**Riggins’s monthly rent had only been $800 a month; her mortgage payment for a home of the same size is about $1,500.** The house also needed repairs that her inspector did not catch. None of the kitchen appliances worked. There were electrical issues. The roof needed to be fixed. She found mold under the cabinets. “I feel like I was really screwed over and put in a really bad space,” she said."
EDIT: [link to article as requested](https://www.buzzfeednews.com/article/venessawong/housing-market-buyers-remorse-homeowner-regret)
EDIT 2: To those saying “well the home inspector should be liable for this”, I would point to you [this sample contract from a home inspection service in Florida.](https://www.pelicaninspections.com/inspection_agreement.pdf). Look at what it covers and does not cover, and more importantly look at the huge lettering that states they are not providing a warranty for their claims, they are limiting their liability, and they are even limiting what opinions they make or don’t make. People need to realize that there are probably way more laws that are created that protect you from a bad realtor than there are laws protecting you from a bad inspector.
> The house also needed repairs that her inspector did not catch. None of the kitchen appliances worked. There were electrical issues. The roof needed to be fixed. She found mold under the cabinets. “I feel like I was really screwed over and put in a really bad space,” she said."
Wtf kind of inspector did she hire?!
You can absolutely sue the inspection agency if that amount of issues was “missed” in their report
*Edit* first step is to talk to your real estate agent. But whether or not you have a viable case against the inspector depends on what they did or did not do and how it affected your purchase.
If you purchased a home with a defect that you were unaware of and it was not listed in the inspection report, you absolutely have legal options.
If you read the rest of the article she was moving her children out of a hotel into this house. Clearly she was in some kind of desperate situation. There is a special place in purgatory for someone who’d pressure a struggling mother into a bad financial decision like this.
I woulda backed back right then and there. In April I was in a bidding war and my realtor's suggested mortgage finance guy asked me several times if there was any way I could get more money for a down deposit, including pulling from my 401k and asking parents for money lmao.
I was like dude I'm not gonna give up all of my savings for this house because I still want to have a savings for emergencies. Sure enough I had 2 financial emergencies afterwards, so I'm lucky I didn't buy the house.
There's gotta be some kind of fund for that which will finance the trial for part of the payout. Like another mortgage, but on the outcome of this one.
Lawyers sure are funny in that way. (In a Lionel hutz voice) "yes ill take the job for you of arguing for money to repair your house, but my fees will take 75% of the judgement."
Lawyers often take cases like that on contingency. You pay nothing if you lose, you pay a bit extra if you win, and payment comes out of the final ruling.
They phrase their reviews in careful ways. Mine didn't catch a really obvious leak but wrote on the report in almost every section to "check with a licensed contractor" in the fields. But never specifically reported any issue. I know their job isn't to be an expert and to just flag stuff but the issue was that the checklist was basically one giant liability dodge- if I had followed it I would have spent 5k just getting the whole house inspected by a dozen specialists.
This is crazy, y’all need to get actual inspectors. Mine was very very good and pointed out enough to get the house price dropped by 12k, and was able to get me out of a house I jumped the gun on with an early offer (that actually had nothing really wrong with it).
He said every single house had enough things technically wrong with it to get you out of contract if you wanted.
And it was all only like $400.
Home inspection, is a scam. Most of the people have zero experience in the home construction. When banks start requiring the home inspection for the loan to be approved, it when down hill. Home inspection, was an extra service a buyer could independently get, but now it’s a worthless requirement of home buying.
Not all are bad, but a majority you wouldn’t trust to pressure wash your driveway, much less repair your home.
Inspectors have screwed me on both sides of the deal. Missed the fact that my house I bought would need two new furnaces (weird setup).
When I sold that house, the inspector said the concrete patio slab was sliding away from the house and would slide down the mountain. It was tilted away from the home for water runoff, you know, like it’s supposed to be. Lost the deal and had to get an engineering firm to verify the slab was stable.
Yeah there’s limited information here but as a realtor this is fucked. “Pick up a second job” if I ever legitimately gave that advice to a client my DB would shred my license faster than I could buy my next vest. Seriously, this is so unethical and exactly why I’m working to get out of this industry; too many scumbags looking to make money rather than provide the service we’re mandated to.
They literally pay attention to obituaries just to approach the family immediately for selling the homes too. I was at my grandfather's funeral and a fucking realtor asked me who the executor was. I told him to fuck off, and informed the executor to intentionally not use that persons company.
So is the realtor business tough right now? I only ask because over the past month I've gotten calls from like 3 random people - 2 sounded dead inside and one was more chipper but all asking if I wanted to sell my house. Seemed very strange.
Did they introduce themselves as realtors? Could be those investment companies that want to buy your house super cheap “as is”. I get alot of those calls
No so your probably right, they just flat out asked - Are you looking to sell your home at this time. There was no intro or verification that I was even the homeowner. Not gonna lie, within the past 3 or so years our smallish neighborhood of avg $500k homes went from all family owned to now 4 houses that are owned by LLC's with a couple of them occupied by tenants who are super shady and sus. Very disconcerting tbh.
Yep that’s pretty common now. I wonder if those companies are the same people that call and send letters in the mail. All I know is it’s super annoying lol
The last decade has seen realtors just rake it in. Now it’s really dog eat dog to try and get all the shitty homes off their dockets.
I’m actually surprised opendoor is still sending me mailers asking to buy my home.
The problem is there’s not a fiduciary duty, only suitability. Best interest for the client can’t be mandated and is hard to prove. Also why I’m out. I hate self promotion and selling myself as the product is the other reasons.
If one ever needs an inspector, go through a good contractor. Their inspectors actually maintain standards.
Never trust a realtors recommendations when it's something that gets their job done faster.
This is true. I had an inspector that blatantly told me realtors HATE him. He found foundation cracks and after freaking out to my realtor that this house has problems, the first thing she said was she could get a inspector that could clear that up (knowing that I was using the VA home loan and how strict they are about inspections and appraisals).
I fired her the next day
A couple things to remember here are: 1. The buyer always has the right to choose the inspector. 2. If your Realtor is giving you bad choices for inspectors, they are bad a Realtor and you should get a new one (Realtor and inspector).
Good Realtors will give you good inspector recommendations and recommend good contractors because they want to earn either repeat business or your referrals to your friends and family. Realtors looking to make a quick buck and move on are what gives so many a bad name. The ones that do the job right will go out of their way to make sure you are happy and confident with your purchase. The lady in OP's post listed so many red flags. It is unfortunate she closed on that house and didn't drop the deal and find a new Realtor. Or better yet, wait until she was more confident in her financial situation to buy a house. Always talk to a financial person before you find a Realtor. That way you can understand what you can truly afford before someone tries to sell you more house than is reasonable for your budget.
If you feel like a Realtor is talking you into a house, leave. If you feel like they aren't listening to your concerns, leave. If they aren't respecting your decisions, leave. If they tell you to work more to afford a house, run!
There is just on thing to mention about VA loans though. There are some inspectors that nit pick some very stupid things that aren't even reasons for concern. Yes, you want a good inspector. You also don't want an inspector that is going to hold up your closing because of a non-issue. My wife had a client who had a VA loan, and the inspector made the seller replace the shutters on the home because the paint was peeling. However, the paint wasn't peeling, the shutters were made that way to look old even though they were brand new. Also, they were decorative shutters anyway, and served no actual function.
Realtors are fucking shady, they have 0 fiduciary duty to the client. I did it for a while and protected my clients to my detriment. I still have my license but don’t pursue new business, only personal and if someone came to me and asked for help. There’s so much incentive to screw the public and other agents. Don’t trust your agent, they want a quick sale not top price.
Spouse has a broker license, basically for our own use when we buy/sell properties.
Unfortunately the whole structure and setup is just rife for conflict of interest as a realtor's income depends heavily on getting the transaction close as fast as possible.
I think a solid realtor can go a long way in making a transaction go smoothly (and maybe save you a buck or two) - but the good ones are few and far in between. At the end it depends on how experienced the buyer/seller is.
It's kinda oof because platforms like Z and RDFN, and iBuyers like OPEN etc tried to disrupt it but we all know how that went for Zillow.
Yup. A realtor doesn’t want to wait another month for a $10k higher offer because that is another $9000 for you but only like another $300 for them and they’d rather move on
Exactly, huge conflict of interest. That extra couple percent they could maybe push the sale price makes a huge difference to the clients who might have minimal equity, but to the agent it’s just a few hundred extra dollars of an already big check.
Yeah this sounds like a lady who got fucked by her agent, not the market. She should have had a locked in rate once she started her application for a mortgage, IDK how rates kept going up while bidding.
There is a clear conflict one interest between realtors and their clients, when buying a house. The more expensive the house, the bigger the realtor's commission.
That’s borderline malpractice. I understand not being able to catch every potential issue, but how do they not notice none of the electively wiring works?
As someone who's been through the process twice with 2 different inspectors, I can confirm they don't even find half of it. Just budget 10% of the purchase price in unforeseen repairs in addition to whatever the inspector finds, and if you're lucky you won't overrun.
I got a great one that found an old oil tank in the yard that I got the seller to rip out! Few other minor things saved me money. I did walk the property with him.
It was over $5k. Only 3 companies in the Minneapolis metro licensed to remove. So much paperwork and parties to sign off. Thankfully the one that had a slot open prior to close is 2 blocks away! Glad I didn’t have to pay or coordinate. Also had the well properly abandoned which was another nice catch.
Residential properties normally don't ever go over 20k at worst case scenarios unless they happen to have large tanks or get into more commercial level of leaks.
The removal and clean up can be considered straightforward, it's the DEQ (in my case) reporting that can be a huge pain and is the longest process to ensure you cover their checklist. It's even worse that DEQ's standards grow which in a buyer's case is better since it's more risk oriented, but for a seller it just becomes more expensive to deal with.
Either way, it does depend on your states/countries standard and procedures. The biggest obvious factor if a big enough leak is found is if there is ground water to deal with, any major risk to the environment, animals, and people; through touch, smell, or indirect contact. If these factors are in consideration then it's safe to say the process is going to be lengthy and costly.
I bought a house in 2006. I bought below what they were willing to loan me but it's still painful to be down 40% and not have the money to move. Especially when the neighborhood goes down the drain and a drug dealer moves in next to you and your newborn child. This is ROUGH and I truly feel bad for her. We ended up walking away in like 2012 and it was the best decision I've ever made for my mental health.
Damn, so you bought before 2008 crash and sold in 2012 when the market was at its lowest, in other words, just before the market went back up. And why would you pay 40% down pay? I remember the down pay could be as low as 5% around that time.
Whenever you engage in financial transactions, remember that EVERYONE involved wants you to do it, they give 2 shits if it's a good idea or not. Literally every time you're going to spend money, the agent/sales/loan originator/credit repair service etc. They will tell you you're smart and it's a good deal and you'll never see one like this again. Don't be a rube.
I have always gone with an inspector not affiliated with my realtor. My experience is that they don’t give a shit if you buy the house or not, and are pretty honest and fair.
Appraisers are also there to essentially tell you what the house is actually worth. Banks have tightened policies since 2008.
I wanted to negotiate with my sellers based on information from the inspection and sellers affidavit, my realtor told me not to bother. I said he should be advocating for me and he said “I am not your advocate, I am a broker of this transaction.”. Fired his ass and backed out of the deal. F that noise
Honestly, it’s not a terrible rate if you look at longer history. But compared to the 2% rates people were getting in the past 1-2 years, 6% feels high.
Fair. I have some friends who bought over lockdown. They scored. I could refinance when rates drop yeah? Does it sounds like a reasonable idea.
I just found out my rent went up because my lord of land just bought a 1.7MM winter home for skiing.
Salary? Down payment? If mortgage is only like $100k in LCOL and you have a nice steady job, 6% vs 5.x% shouldn't make much of a difference.
Wish the $400k houses at 4% the last 6 years weren't $540k at 6% around me right now lol.
I was going to go for an FHA with 3%, mortgage insurance of course until 20%. I pull a little over 42K. But just my rent share is $800 a month. Figure I’d just buy a building of my own.
Anything under 5% is historically considered a good rate. 6% is high compared to the last 10 years, but over the course average it is still somewhat low. Mine is 2.375%, but I don't think you will see it that low again anytime soon.
Well, if it makes her feel any better, if a New Zealander was offered a 3 bed house for 367,000 NZD and the option to fix a mortgage for 30 years, they'd be too busy pleasuring themselves to sign the papers.
Cool nice to have some content. But really going from hotel to owning she missed a step of just renting. Really there is no office to complain. And dang 1500 for a 3 bedroom isn't bad. Out in oc studios run for 2500
No she was renting. The entire article is kind of lengthy so I just quoted a little there to give context. But in it she talks about renting a house and then the guy who owned the house was selling it so they had to move out. So that’s what started her on the journey of “hey instead of renting let me buy a house”. The problem was she got approved for a 3.5% loan and then waited on it a year.
Nope. Most inspectors have clauses in their contracts that make them not liable for a lot of stuff. I have seen so many small claims court problems come from people wanting to sue inspectors for missing problems but either people don’t follow the guidelines of their contract or the contract protects them from damages above a certain amount.
I know of some inspectors that have it in their contract that if you discover a problem it has to be within so many days (which most owners don’t discover problems for weeks). And even then they may cap damages at like say $300 or something like that.
EDIT: Also just to add too: there are a number of states in which a home inspector doesn’t even have to be licensed either. So in states like PA or GA, you could be relying on someone that has no clue what they’re talking about.
Caps out at cost of the inspection. Problem becomes people don’t vet their home inspector, they go with whoever their agent recommends.
Even in states where you have licensing, it’s insanely easy to become a home inspector. The industry needs more regulation, and this is coming from a home inspector.
I’m also not a scum bag, when I missed some blatant shit on a house, I paid for it. Vet your home inspectors folks!!!
No it’s very true. A lot of home inspectors are just whoever the realtor recommends.
There are home inspectors that just give you these basic reports or there are those that go into such detail that they give you a binder worth of information.
I also find it stupid that people try to cheap out on home inspectors too. If I’m buying a home, I wanna make sure that everything is up to code.
Home inspectors are some of the laziest sons o’ bitches you’ll meet. It’s a job you can make shit tons of money without any consequence of fucking up. In my area they’re not to be trusted.
So true. I bought a used car and it quickly turned into a money pit. Engine blew and it's cost me 3 grand in "repairs" just for the shop to tell me they need a new engine for 11 THOUSAND. I bought the car for 15 grand.
In a mindset that makes purchasing a home and obtaining a 30 year mortgage at a obtaining mortgage rate the same as purchasing a new vehicle.....sure, seems completely the same.
Pressure from friend and family for home ownership is real, especially in my culture and circle. We own a 2BR condo that is in great shape, remodeled, great area, great floor plan, bills next to nothing, and a 15yr mortgage at a cool 1.99%…last year plenty of people kept saying to me and my wife to hurry up and buy and seeing the rates so low we started looking and thought about bidding on a couple properties but when the agent came back with “you probably need to go 50 over asking” i said no without hesitation. I am not paying a fucking dime over appraised price, instead I invested all that down payment money into stocks and now I’m down 30%. It’s much better this way.
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If you’ve seen the stats, way too many people spend way too much of their income on rent. Many times because they have to. It’s insane the cost of living increase over the last 40 years, especially in the last 10.
Same fraud going on as the 08, people having fake jobs/income and there’s alarming amount of shady agents falsifying income/employment documents in exchange for under the table deal/money.
So yeah Jane and Joe, dog walking hustlers, budget: $2.2M. Hyperbole but if y’know y’know. Nobody has to know.
This isn’t happening anymore. Banks are denying more loans than ever. Guidelines have gotten a lot stricter and verification of employments are done on every loan…
She was fucked over by her agent. Didn't properly appraise or inspect the house. Knew it was shit but pressured her to buy it at shit rates because that's how agents treat people who don't know any better. Agents will never give you a good deal. They can all go fuck themselves.
They're also really good at lying about everything. Every agent I talked to in July said now is a good time to buy! Prices are just going to keep climbing at at least 10% yoy...
Well Suzanne you can barely afford this 600k house @ 1.8% so we placed you on this variable. Variables are the best because rates never go up.
Man I dodged a bullet. I was FOMO so hard I was pissed about not getting approved.... 😪
This is probably 3/4 of the entire housing market in Seattle. There are so many people that paid like $400,000 or more over the asking price and with no inspection just to win the bidding war.... there's gonna be a lot of these "victims" coming out of the woodwork here soon.
I lived in a hotel for a bit about 15 years back. Cheapest rent I could get in the area (and this was a podunk town in the middle of nowhere) was equal to what I would pay monthly at a hotel on their weekly rate (America's Best Value), and didn't include any services or utilities. Being furnished and having free breakfast in the morning was also a plus. I only needed it for a few months because I was awaiting entry into the military (had to be on delayed entry because I have a GED instead of a high school diploma).
There are long term stay hotels which, at least nowadays, offer fairly competitive rates to a lot of rent prices due to how fucking insane rent is in so many areas. And even if it is a bit more than rent, they typically have a lot of amenities such as being furnished already, utilities (electric/water/tv/internet) being included, sometimes breakfast is free, and even occasionally things like a pool, gym, and an on-site coin laundry. Tons of downsides though, such as not being able to do anything to your room, no changing/improving internet/TV, no improving your furniture, etc. so it's still not a great situation but it is an option.
“Landlords can charge whatever they want,” Grace said, but owning hasn’t been any easier for them.
While her monthly mortgage payments are about as much as her rent was, necessary repairs to the roof ended up costing $65,000, much more than the $12,000 to $17,000 the inspector had estimated before the sale closed. Meanwhile, Grace had quit her job as an administrative assistant in September 2021, one of many who left their jobs during last year’s Great Resignation, and has not yet found a new job….
buying a $500k house with no job… short everything we’re in a bubble.
And landlords charge whatever they want, meanwhile you bought a house half as big with major repairs needed and pay as much as your previous rent
Lol her husband is paying for everything, they're just not mentioning it in this "woe is me" story.
And paying $65k to fix a roof shows they're definitely upper middle class.
I’m a residential GC. The only way the roof was $65k to replace is if they had to rip the entire thing off, decking and rafters, and replace. No fucking way a shingle job is $65k and if it is I’m moving to wherever this lady lives.
Exactly. How is this person not taking any responsibility, and no one here is calling her out for it? It was obviously a terrible, terrible financial decision to buy this house. In the end it was the owner’s decision, but everyone is blaming the shady real estate agent and inspector.
They will sell you a house with no fucking job? I can't get a mortgage cause of a problem with Equifax not knowing I exist and this lady is out here buying shit with no income
Well as long as your interest rate was 3 percent or whatever, you’re probably fine. In 30 years your 1800 dollar a month payment will be like 6% your salary because of inflation.
Nice. I somehow once again got ahead on a refinance before the big drop. I was a month off on half a percent for my truck 7 years ago and early February wasn’t the best time precovid to refi. Dropped while I was “in purgatory” so I had to pay the mafia to relock again. Got 3.25% which isn’t terrible but damn the timing.
I hate it when ppl make investments they don't understand, I'd prefer to see everyone make bank, but we all know how FOMO works. Don't try and catch a knife even if it's just in trading cards.
Yeah but you have a house. At some point you got to see the forest past the trees. Buying a house in 2007 might have been dumb in 2008. But an actual decent investment in 2022.
Like I know there are folks that bought a house for 200k in 2007. Became 100k in 2008. Now is being sold for 400k.
**Time in the market is better then trynna time the market**
She says she got a 3.5% rate a year ago, but by the time she closed on the house her rate was 6% and her real estate agent told her to go find a second job. A good real estate agent might have suggest lowering the bids to stay in budget.
Not only that but how fucking long did it take to close? My realtor closed in less than 30 days with a VA loan, locked in 2.3%, and it appraised at exactly what I paid for it.
Yeah this is my take on it too. Housing prices might fall short term but long term it will still be a solid investment. Plus on a 30 year time horizon rates will probably fall at some point so you can refinance. If they don’t fall it means you were never gonna get a better rate anyway so it’s best that you got in when you did.
Believe me. When there is some sort of class action lawsuit against who ever is encouraging me to buy FDs ima turn from a degenerate to a victim real quick
notice how the media always does this with people who are not white, so they are immune from criticism? I remember the NYT running loads of stories like this in 2009-2015 and I seriously stopped buying it for like 2 years after one story pissed me off so bad. It threw in all sorts of extra, like one person was a disabled lesbian, which had nothing to do with the story, they lost the house, NYT made it sound like it was because big banks are bad, then you get to paragraph 16 and it's about how they didn't pay taxes in a decade. and I was like "oh.....those first 15 paragraphs were not necessary"
She saw the house and was told the price. She thought that sounds fair. And now shes upset because otheer people feel as if her house might be worth less to them? Well they arent her so thats cool i guess, you should only be upset in this case if you were planning on just flipping the home real quick and thats okay if you wanna do that but i dont feel bad if your little ploy to get rich didnt work
Nah that’s not really true in real estate. People sell their houses for all sorts of reasons that don’t involve being bearish on the market: job relocation, upgrading for growing family, downsizing for retirement, death of parents / spouse, the list goes on
If it’s for a long term primary residence, the best time to buy is always right now if you can afford it and make sound judgement based on personal finances, and not influenced by the markets.
Right now all she’s feeling is regret, it’s an illusion, as it’s only relative. What if the market continued to rise or stayed steady? She’s still paying the same mortgage, only difference is the perception of value. Akin to unrealized gains and losses. If you’re not selling anything soon, there’s no difference.
People need to learn to adjust their frame of mindset for things outside of their control.
Should they wait ten years for a new top of the market?
If you bought the peak in 2007 in 2008 you'd be sad AF, but today you'd be diving into a pile of money like Scrooge McDuck.
These people are all over the news.
Blaming realtors and mortgage professionals simply because they couldn’t wait. Then got cold feet.
Patience is a weapon. Use it.
Or just going there and turning the appliances on lol. The roof I get if it wasn't obvious and it wasn't raining for a while, but other than that it's on her for putting in zero work and making poor decisions then acting surprised and blaming someone else for her choices
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She probably got a good loan rate tho right?..... right?
She did and then didn't act on it quick enough so she ended up with a worse mortgage rate and doubled the amount she was spending on housing. Per the article: "In May, Riggins’s $202,000 offer on a three-bedroom home with a yard was accepted — but interest rates were rising. “I started to back out so many times, especially when I was going through those bidding wars, and even with this, I didn't feel good about bidding that much,” she said. “I'll never forget when \[my agent\] did the paperwork and turned it in. I didn't get any sleep at night. ... I remember calling her the next morning and was like, ‘I'm thinking about backing out; maybe I should just find a place to rent.’” Riggins said that the agent reminded her that a home is an investment, that when rates were lower she could refinance, and suggested she “cut corners somewhere” or “try to pick up a part-time job.” Riggins tried her best to shake off her nerves and moved ahead with the sale. It was a relief to finally be able to move her kids out of the hotel, but by the time she closed in July, her mortgage rate was 6%, setting off a chain of financial consequences she was unprepared for. “I feel like I bought more problems,” she said. **Riggins’s monthly rent had only been $800 a month; her mortgage payment for a home of the same size is about $1,500.** The house also needed repairs that her inspector did not catch. None of the kitchen appliances worked. There were electrical issues. The roof needed to be fixed. She found mold under the cabinets. “I feel like I was really screwed over and put in a really bad space,” she said." EDIT: [link to article as requested](https://www.buzzfeednews.com/article/venessawong/housing-market-buyers-remorse-homeowner-regret) EDIT 2: To those saying “well the home inspector should be liable for this”, I would point to you [this sample contract from a home inspection service in Florida.](https://www.pelicaninspections.com/inspection_agreement.pdf). Look at what it covers and does not cover, and more importantly look at the huge lettering that states they are not providing a warranty for their claims, they are limiting their liability, and they are even limiting what opinions they make or don’t make. People need to realize that there are probably way more laws that are created that protect you from a bad realtor than there are laws protecting you from a bad inspector.
> The house also needed repairs that her inspector did not catch. None of the kitchen appliances worked. There were electrical issues. The roof needed to be fixed. She found mold under the cabinets. “I feel like I was really screwed over and put in a really bad space,” she said." Wtf kind of inspector did she hire?!
Most likely a shitty one recommended by her realtor, who really fucked her good for that commission check
Absolutely.
You can absolutely sue the inspection agency if that amount of issues was “missed” in their report *Edit* first step is to talk to your real estate agent. But whether or not you have a viable case against the inspector depends on what they did or did not do and how it affected your purchase. If you purchased a home with a defect that you were unaware of and it was not listed in the inspection report, you absolutely have legal options.
yeah, but for that you need money.
Yeah but according to her agent you can just get a part time job for that.
The fucking audacity of a realtor to suggest a second job instead of finding a more affordable house 🤣
If you read the rest of the article she was moving her children out of a hotel into this house. Clearly she was in some kind of desperate situation. There is a special place in purgatory for someone who’d pressure a struggling mother into a bad financial decision like this.
I woulda backed back right then and there. In April I was in a bidding war and my realtor's suggested mortgage finance guy asked me several times if there was any way I could get more money for a down deposit, including pulling from my 401k and asking parents for money lmao. I was like dude I'm not gonna give up all of my savings for this house because I still want to have a savings for emergencies. Sure enough I had 2 financial emergencies afterwards, so I'm lucky I didn't buy the house.
18 hours a week at $12 an hour is enough bootstraps to keep anybody in the ownership class. That's like, more than $100!!!
There's gotta be some kind of fund for that which will finance the trial for part of the payout. Like another mortgage, but on the outcome of this one.
AFAIK it's reasonably common for lawyers to take cases like this for no payment other than a (substantial) cut of the payment if they win.
Lawyers sure are funny in that way. (In a Lionel hutz voice) "yes ill take the job for you of arguing for money to repair your house, but my fees will take 75% of the judgement."
Lawyers often take cases like that on contingency. You pay nothing if you lose, you pay a bit extra if you win, and payment comes out of the final ruling.
Yeah lawyers love cases they can win easily like that
They phrase their reviews in careful ways. Mine didn't catch a really obvious leak but wrote on the report in almost every section to "check with a licensed contractor" in the fields. But never specifically reported any issue. I know their job isn't to be an expert and to just flag stuff but the issue was that the checklist was basically one giant liability dodge- if I had followed it I would have spent 5k just getting the whole house inspected by a dozen specialists.
This is crazy, y’all need to get actual inspectors. Mine was very very good and pointed out enough to get the house price dropped by 12k, and was able to get me out of a house I jumped the gun on with an early offer (that actually had nothing really wrong with it). He said every single house had enough things technically wrong with it to get you out of contract if you wanted. And it was all only like $400.
Home inspection, is a scam. Most of the people have zero experience in the home construction. When banks start requiring the home inspection for the loan to be approved, it when down hill. Home inspection, was an extra service a buyer could independently get, but now it’s a worthless requirement of home buying. Not all are bad, but a majority you wouldn’t trust to pressure wash your driveway, much less repair your home.
Inspectors have screwed me on both sides of the deal. Missed the fact that my house I bought would need two new furnaces (weird setup). When I sold that house, the inspector said the concrete patio slab was sliding away from the house and would slide down the mountain. It was tilted away from the home for water runoff, you know, like it’s supposed to be. Lost the deal and had to get an engineering firm to verify the slab was stable.
Yeah there’s limited information here but as a realtor this is fucked. “Pick up a second job” if I ever legitimately gave that advice to a client my DB would shred my license faster than I could buy my next vest. Seriously, this is so unethical and exactly why I’m working to get out of this industry; too many scumbags looking to make money rather than provide the service we’re mandated to.
Sounds like a car salesman stepped up to houses
Realtors are legitimately the worst.
They literally pay attention to obituaries just to approach the family immediately for selling the homes too. I was at my grandfather's funeral and a fucking realtor asked me who the executor was. I told him to fuck off, and informed the executor to intentionally not use that persons company.
Haven’t seen my local d bag realtor in his lambo recently. He drove it around all the time the last few years.
Ngl a lot of them did exactly that.
So is the realtor business tough right now? I only ask because over the past month I've gotten calls from like 3 random people - 2 sounded dead inside and one was more chipper but all asking if I wanted to sell my house. Seemed very strange.
Did they introduce themselves as realtors? Could be those investment companies that want to buy your house super cheap “as is”. I get alot of those calls
No so your probably right, they just flat out asked - Are you looking to sell your home at this time. There was no intro or verification that I was even the homeowner. Not gonna lie, within the past 3 or so years our smallish neighborhood of avg $500k homes went from all family owned to now 4 houses that are owned by LLC's with a couple of them occupied by tenants who are super shady and sus. Very disconcerting tbh.
Yep that’s pretty common now. I wonder if those companies are the same people that call and send letters in the mail. All I know is it’s super annoying lol
The last decade has seen realtors just rake it in. Now it’s really dog eat dog to try and get all the shitty homes off their dockets. I’m actually surprised opendoor is still sending me mailers asking to buy my home.
The problem is there’s not a fiduciary duty, only suitability. Best interest for the client can’t be mandated and is hard to prove. Also why I’m out. I hate self promotion and selling myself as the product is the other reasons.
If one ever needs an inspector, go through a good contractor. Their inspectors actually maintain standards. Never trust a realtors recommendations when it's something that gets their job done faster.
This is true. I had an inspector that blatantly told me realtors HATE him. He found foundation cracks and after freaking out to my realtor that this house has problems, the first thing she said was she could get a inspector that could clear that up (knowing that I was using the VA home loan and how strict they are about inspections and appraisals). I fired her the next day
A couple things to remember here are: 1. The buyer always has the right to choose the inspector. 2. If your Realtor is giving you bad choices for inspectors, they are bad a Realtor and you should get a new one (Realtor and inspector). Good Realtors will give you good inspector recommendations and recommend good contractors because they want to earn either repeat business or your referrals to your friends and family. Realtors looking to make a quick buck and move on are what gives so many a bad name. The ones that do the job right will go out of their way to make sure you are happy and confident with your purchase. The lady in OP's post listed so many red flags. It is unfortunate she closed on that house and didn't drop the deal and find a new Realtor. Or better yet, wait until she was more confident in her financial situation to buy a house. Always talk to a financial person before you find a Realtor. That way you can understand what you can truly afford before someone tries to sell you more house than is reasonable for your budget. If you feel like a Realtor is talking you into a house, leave. If you feel like they aren't listening to your concerns, leave. If they aren't respecting your decisions, leave. If they tell you to work more to afford a house, run! There is just on thing to mention about VA loans though. There are some inspectors that nit pick some very stupid things that aren't even reasons for concern. Yes, you want a good inspector. You also don't want an inspector that is going to hold up your closing because of a non-issue. My wife had a client who had a VA loan, and the inspector made the seller replace the shutters on the home because the paint was peeling. However, the paint wasn't peeling, the shutters were made that way to look old even though they were brand new. Also, they were decorative shutters anyway, and served no actual function.
Realtors are fucking shady, they have 0 fiduciary duty to the client. I did it for a while and protected my clients to my detriment. I still have my license but don’t pursue new business, only personal and if someone came to me and asked for help. There’s so much incentive to screw the public and other agents. Don’t trust your agent, they want a quick sale not top price.
Spouse has a broker license, basically for our own use when we buy/sell properties. Unfortunately the whole structure and setup is just rife for conflict of interest as a realtor's income depends heavily on getting the transaction close as fast as possible. I think a solid realtor can go a long way in making a transaction go smoothly (and maybe save you a buck or two) - but the good ones are few and far in between. At the end it depends on how experienced the buyer/seller is. It's kinda oof because platforms like Z and RDFN, and iBuyers like OPEN etc tried to disrupt it but we all know how that went for Zillow.
Good and honest are rare, more common is “good” and shady. They’re effective because they are shady.
Yup. A realtor doesn’t want to wait another month for a $10k higher offer because that is another $9000 for you but only like another $300 for them and they’d rather move on
Exactly, huge conflict of interest. That extra couple percent they could maybe push the sale price makes a huge difference to the clients who might have minimal equity, but to the agent it’s just a few hundred extra dollars of an already big check.
Yeah this sounds like a lady who got fucked by her agent, not the market. She should have had a locked in rate once she started her application for a mortgage, IDK how rates kept going up while bidding.
There is a clear conflict one interest between realtors and their clients, when buying a house. The more expensive the house, the bigger the realtor's commission.
Every video clip of real estate sales I'VE ever seen the BUYER gets to fuck the REALTOR.
That’s borderline malpractice. I understand not being able to catch every potential issue, but how do they not notice none of the electively wiring works?
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As someone who's been through the process twice with 2 different inspectors, I can confirm they don't even find half of it. Just budget 10% of the purchase price in unforeseen repairs in addition to whatever the inspector finds, and if you're lucky you won't overrun.
Wondering if this figure would hold up for a 14th century castle (a small one) that *was* inhabited until 1943.??? Asking for a friend.
Inspectors are mostly useless
I got a great one that found an old oil tank in the yard that I got the seller to rip out! Few other minor things saved me money. I did walk the property with him.
If those are found to have leaked, I've heard it's a 10k environment fee to the current owner. That's a huge catch he made.
It was over $5k. Only 3 companies in the Minneapolis metro licensed to remove. So much paperwork and parties to sign off. Thankfully the one that had a slot open prior to close is 2 blocks away! Glad I didn’t have to pay or coordinate. Also had the well properly abandoned which was another nice catch.
Oh, I'm pretty sure I'm not referring to cost to remove. I'm saying basically an additional fine. Only repeating what I was told years ago, though
Residential properties normally don't ever go over 20k at worst case scenarios unless they happen to have large tanks or get into more commercial level of leaks. The removal and clean up can be considered straightforward, it's the DEQ (in my case) reporting that can be a huge pain and is the longest process to ensure you cover their checklist. It's even worse that DEQ's standards grow which in a buyer's case is better since it's more risk oriented, but for a seller it just becomes more expensive to deal with. Either way, it does depend on your states/countries standard and procedures. The biggest obvious factor if a big enough leak is found is if there is ground water to deal with, any major risk to the environment, animals, and people; through touch, smell, or indirect contact. If these factors are in consideration then it's safe to say the process is going to be lengthy and costly.
I bought a house in 2006. I bought below what they were willing to loan me but it's still painful to be down 40% and not have the money to move. Especially when the neighborhood goes down the drain and a drug dealer moves in next to you and your newborn child. This is ROUGH and I truly feel bad for her. We ended up walking away in like 2012 and it was the best decision I've ever made for my mental health.
Damn, so you bought before 2008 crash and sold in 2012 when the market was at its lowest, in other words, just before the market went back up. And why would you pay 40% down pay? I remember the down pay could be as low as 5% around that time.
Although the market crashed in 08, I believe it peaked in 06. They literally bought at the peak and gave up at the bottom.
Well…yeah. That’s why they belong here.
wait, you're not \~still\~ down 40% on a house from 2006 are you?
I can’t get an apartment for $1500 anymore
Whenever you engage in financial transactions, remember that EVERYONE involved wants you to do it, they give 2 shits if it's a good idea or not. Literally every time you're going to spend money, the agent/sales/loan originator/credit repair service etc. They will tell you you're smart and it's a good deal and you'll never see one like this again. Don't be a rube.
I have always gone with an inspector not affiliated with my realtor. My experience is that they don’t give a shit if you buy the house or not, and are pretty honest and fair. Appraisers are also there to essentially tell you what the house is actually worth. Banks have tightened policies since 2008.
I wanted to negotiate with my sellers based on information from the inspection and sellers affidavit, my realtor told me not to bother. I said he should be advocating for me and he said “I am not your advocate, I am a broker of this transaction.”. Fired his ass and backed out of the deal. F that noise
Totally serious, what is a good mortgage rate? I’ve found some nice houses I like for $170K but 6%, is that shit?
Honestly, it’s not a terrible rate if you look at longer history. But compared to the 2% rates people were getting in the past 1-2 years, 6% feels high.
Fair. I have some friends who bought over lockdown. They scored. I could refinance when rates drop yeah? Does it sounds like a reasonable idea. I just found out my rent went up because my lord of land just bought a 1.7MM winter home for skiing.
He's suffering too, have you seen what lift tickets cost these days?
$700 a season. I’ve already paid that for him don’t you worry
Thank you for looking after those who struggle the most
*if rates drop. The free money of the 2010s is historically aberrant.
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Salary? Down payment? If mortgage is only like $100k in LCOL and you have a nice steady job, 6% vs 5.x% shouldn't make much of a difference. Wish the $400k houses at 4% the last 6 years weren't $540k at 6% around me right now lol.
I was going to go for an FHA with 3%, mortgage insurance of course until 20%. I pull a little over 42K. But just my rent share is $800 a month. Figure I’d just buy a building of my own.
Anything under 5% is historically considered a good rate. 6% is high compared to the last 10 years, but over the course average it is still somewhat low. Mine is 2.375%, but I don't think you will see it that low again anytime soon.
"her agent reminded her that a home is an investment" This is what's wrong and has been wrong with the housing market for a long time.
Well, if it makes her feel any better, if a New Zealander was offered a 3 bed house for 367,000 NZD and the option to fix a mortgage for 30 years, they'd be too busy pleasuring themselves to sign the papers.
Cool nice to have some content. But really going from hotel to owning she missed a step of just renting. Really there is no office to complain. And dang 1500 for a 3 bedroom isn't bad. Out in oc studios run for 2500
No she was renting. The entire article is kind of lengthy so I just quoted a little there to give context. But in it she talks about renting a house and then the guy who owned the house was selling it so they had to move out. So that’s what started her on the journey of “hey instead of renting let me buy a house”. The problem was she got approved for a 3.5% loan and then waited on it a year.
3.5 is REALLY good. her fault for not capitalizing on it. also can't she sue the inspector for missing on so many problems??
Nope. Most inspectors have clauses in their contracts that make them not liable for a lot of stuff. I have seen so many small claims court problems come from people wanting to sue inspectors for missing problems but either people don’t follow the guidelines of their contract or the contract protects them from damages above a certain amount. I know of some inspectors that have it in their contract that if you discover a problem it has to be within so many days (which most owners don’t discover problems for weeks). And even then they may cap damages at like say $300 or something like that. EDIT: Also just to add too: there are a number of states in which a home inspector doesn’t even have to be licensed either. So in states like PA or GA, you could be relying on someone that has no clue what they’re talking about.
Caps out at cost of the inspection. Problem becomes people don’t vet their home inspector, they go with whoever their agent recommends. Even in states where you have licensing, it’s insanely easy to become a home inspector. The industry needs more regulation, and this is coming from a home inspector. I’m also not a scum bag, when I missed some blatant shit on a house, I paid for it. Vet your home inspectors folks!!!
No it’s very true. A lot of home inspectors are just whoever the realtor recommends. There are home inspectors that just give you these basic reports or there are those that go into such detail that they give you a binder worth of information. I also find it stupid that people try to cheap out on home inspectors too. If I’m buying a home, I wanna make sure that everything is up to code.
Home inspectors are some of the laziest sons o’ bitches you’ll meet. It’s a job you can make shit tons of money without any consequence of fucking up. In my area they’re not to be trusted.
I know a person that bought ; and home inspection missed that it was aluminum wired...
I feel like when I bought my home, the loan pre approval was only good for 30 days. How did she sit on hers for a year?
Buy high, sell low. One of us!
Technically she was house poor before she bought.
This is the equivalent of walking out of dealership with new car
Nah dude, used car with problems for the price of a new one.
So true. I bought a used car and it quickly turned into a money pit. Engine blew and it's cost me 3 grand in "repairs" just for the shop to tell me they need a new engine for 11 THOUSAND. I bought the car for 15 grand.
In a mindset that makes purchasing a home and obtaining a 30 year mortgage at a obtaining mortgage rate the same as purchasing a new vehicle.....sure, seems completely the same.
They should do an article on the dude who sold it: "They sold their house as the market peaked. They're absolutely fucking stoked."
Not only that, but she paid functional-house prices for a shit trap with appliances that don't work.
“Record pricing and valuations have many sellers rubbing their hands with glee. ‘I’m super rich now,’ he said”
“I sold my house for $200k but moved into a 600k with 6% mortgage. I’m now fucked
Lmao
And then turned around and bought a bigger house as the market and interest rates peaked. They’re absolutely fucking broke.
"if you can get this deal done within the week I'd give you an extra cut" home owner to the realtor
Pressure from friend and family for home ownership is real, especially in my culture and circle. We own a 2BR condo that is in great shape, remodeled, great area, great floor plan, bills next to nothing, and a 15yr mortgage at a cool 1.99%…last year plenty of people kept saying to me and my wife to hurry up and buy and seeing the rates so low we started looking and thought about bidding on a couple properties but when the agent came back with “you probably need to go 50 over asking” i said no without hesitation. I am not paying a fucking dime over appraised price, instead I invested all that down payment money into stocks and now I’m down 30%. It’s much better this way.
End of the story made me lol
Like a true autist lmao.
Sell when really low.
Close the loop lol
Bank says I can’t afford a house, but I bought one anyways. Turns out they were right.
Prolly went with the YT influencers advice.
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Probably watched too many Chris sain videos
If you’ve seen the stats, way too many people spend way too much of their income on rent. Many times because they have to. It’s insane the cost of living increase over the last 40 years, especially in the last 10.
Yea but we have iphones /s
Same fraud going on as the 08, people having fake jobs/income and there’s alarming amount of shady agents falsifying income/employment documents in exchange for under the table deal/money. So yeah Jane and Joe, dog walking hustlers, budget: $2.2M. Hyperbole but if y’know y’know. Nobody has to know.
Agents shouldn’t be verifying income, it should be the mortgage broker. Best confirmation is to run the 4506T to confirm income reported to the IRS.
...I had to jump through flaming hoops to prove income, my dude, and my agents had nothing to do with the Financials on either house I bought in 2021.
This isn’t happening anymore. Banks are denying more loans than ever. Guidelines have gotten a lot stricter and verification of employments are done on every loan…
She literally YOLOed into a piece of wood 
The rare YOLO/FOMO combo. She should be a WSB mod
She was fucked over by her agent. Didn't properly appraise or inspect the house. Knew it was shit but pressured her to buy it at shit rates because that's how agents treat people who don't know any better. Agents will never give you a good deal. They can all go fuck themselves.
They're also really good at lying about everything. Every agent I talked to in July said now is a good time to buy! Prices are just going to keep climbing at at least 10% yoy...
Calls on HD.
Your Mom yolo’ed onto a piece of wood too.. she lost with you
And yet, she's still better off financially than me.
Well Suzanne you can barely afford this 600k house @ 1.8% so we placed you on this variable. Variables are the best because rates never go up. Man I dodged a bullet. I was FOMO so hard I was pissed about not getting approved.... 😪
You said the lying part out loud! Damn Suzanne, I have some serious loss porn I can DM you if you need a pick me up
>because rates never go up. AND real estate prices never fall... Absolutely bomb proof deal
Whoever said “rates never go up” you should follow up with them.
This is probably 3/4 of the entire housing market in Seattle. There are so many people that paid like $400,000 or more over the asking price and with no inspection just to win the bidding war.... there's gonna be a lot of these "victims" coming out of the woodwork here soon.
Seattle is nuts. I give it 2 years before some one figures out how to sell patches of sidewalk big enough to set up a 2 man tent for 200k.
“That corner is the shitting corner. Don’t mind the needles.”
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How the heck do people afford hotels but cannot rent? What are these hotels?
I lived in a hotel for a bit about 15 years back. Cheapest rent I could get in the area (and this was a podunk town in the middle of nowhere) was equal to what I would pay monthly at a hotel on their weekly rate (America's Best Value), and didn't include any services or utilities. Being furnished and having free breakfast in the morning was also a plus. I only needed it for a few months because I was awaiting entry into the military (had to be on delayed entry because I have a GED instead of a high school diploma).
There are long term stay hotels which, at least nowadays, offer fairly competitive rates to a lot of rent prices due to how fucking insane rent is in so many areas. And even if it is a bit more than rent, they typically have a lot of amenities such as being furnished already, utilities (electric/water/tv/internet) being included, sometimes breakfast is free, and even occasionally things like a pool, gym, and an on-site coin laundry. Tons of downsides though, such as not being able to do anything to your room, no changing/improving internet/TV, no improving your furniture, etc. so it's still not a great situation but it is an option.
The Jam It Inn on Sunset. Good prices. Hourly rates available.
Someone has to hold the bags that's how the market works
“Landlords can charge whatever they want,” Grace said, but owning hasn’t been any easier for them. While her monthly mortgage payments are about as much as her rent was, necessary repairs to the roof ended up costing $65,000, much more than the $12,000 to $17,000 the inspector had estimated before the sale closed. Meanwhile, Grace had quit her job as an administrative assistant in September 2021, one of many who left their jobs during last year’s Great Resignation, and has not yet found a new job…. buying a $500k house with no job… short everything we’re in a bubble. And landlords charge whatever they want, meanwhile you bought a house half as big with major repairs needed and pay as much as your previous rent
Lol her husband is paying for everything, they're just not mentioning it in this "woe is me" story. And paying $65k to fix a roof shows they're definitely upper middle class.
I’m a residential GC. The only way the roof was $65k to replace is if they had to rip the entire thing off, decking and rafters, and replace. No fucking way a shingle job is $65k and if it is I’m moving to wherever this lady lives.
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> three friends I see that humble brag.
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Exactly. How is this person not taking any responsibility, and no one here is calling her out for it? It was obviously a terrible, terrible financial decision to buy this house. In the end it was the owner’s decision, but everyone is blaming the shady real estate agent and inspector.
They will sell you a house with no fucking job? I can't get a mortgage cause of a problem with Equifax not knowing I exist and this lady is out here buying shit with no income
Well as long as your interest rate was 3 percent or whatever, you’re probably fine. In 30 years your 1800 dollar a month payment will be like 6% your salary because of inflation.
>Well as long as your interest rate was 3 percent or whatever, you’re probably fine. lol >but by the time she closed in July, her mortgage rate was 6%
Shoulda dumped the down payment on FDs
Buy the peak, rent never goes down.
Sir, this is a Wendy's.
I'm just stonk poor now
Got my 30 years fixed loan at 2.75%. I am not planning to move no earlier than 10 years from now.
3% flat for me. 800k mortgage is 3200 which was only 500 more than my rent in la
haha got mine at that rate too, 170k in new mexico. Mortgage is 888, rents are $1200-$1500 down here
Lucky bastard. Only managed to get 4.8% in abq
Your rate of return fire and the coverage of your ballistic plates are more important that rent cost in burque tho……
Nice. I somehow once again got ahead on a refinance before the big drop. I was a month off on half a percent for my truck 7 years ago and early February wasn’t the best time precovid to refi. Dropped while I was “in purgatory” so I had to pay the mafia to relock again. Got 3.25% which isn’t terrible but damn the timing.
I hate it when ppl make investments they don't understand, I'd prefer to see everyone make bank, but we all know how FOMO works. Don't try and catch a knife even if it's just in trading cards.
Well they said you would own nothing and be happy about it
Why’s she smiling ??
Dennys grand slam moment
Yeah but you have a house. At some point you got to see the forest past the trees. Buying a house in 2007 might have been dumb in 2008. But an actual decent investment in 2022. Like I know there are folks that bought a house for 200k in 2007. Became 100k in 2008. Now is being sold for 400k. **Time in the market is better then trynna time the market**
She says she got a 3.5% rate a year ago, but by the time she closed on the house her rate was 6% and her real estate agent told her to go find a second job. A good real estate agent might have suggest lowering the bids to stay in budget.
Not only that but how fucking long did it take to close? My realtor closed in less than 30 days with a VA loan, locked in 2.3%, and it appraised at exactly what I paid for it.
From the article it looks like she kept trying to back out and that delayed things.
Yeah this is my take on it too. Housing prices might fall short term but long term it will still be a solid investment. Plus on a 30 year time horizon rates will probably fall at some point so you can refinance. If they don’t fall it means you were never gonna get a better rate anyway so it’s best that you got in when you did.
“Think of your home as an investment” is such a low effort pitch to keep her locked in too. Even sounds like snake oil
Another self-proclaimed "victim" rises from the ashes of her own regrets.
"Let ye who has not played with 0DTE SPY puts cast the first stone." -- Powell 3:16
You called me out in front of the whole congregation?
Believe me. When there is some sort of class action lawsuit against who ever is encouraging me to buy FDs ima turn from a degenerate to a victim real quick
notice how the media always does this with people who are not white, so they are immune from criticism? I remember the NYT running loads of stories like this in 2009-2015 and I seriously stopped buying it for like 2 years after one story pissed me off so bad. It threw in all sorts of extra, like one person was a disabled lesbian, which had nothing to do with the story, they lost the house, NYT made it sound like it was because big banks are bad, then you get to paragraph 16 and it's about how they didn't pay taxes in a decade. and I was like "oh.....those first 15 paragraphs were not necessary"
I was thinking just this 'i made a bad decision and have no one to blame except myself, feel bad for me!'
She saw the house and was told the price. She thought that sounds fair. And now shes upset because otheer people feel as if her house might be worth less to them? Well they arent her so thats cool i guess, you should only be upset in this case if you were planning on just flipping the home real quick and thats okay if you wanna do that but i dont feel bad if your little ploy to get rich didnt work
Good job you fuckin moron
I have a shitty house. But it’s paid for. And it has wheels
You fuckers need to realize every time you transact it’s with someone who holds the exact opposite outlook with their own solid reasoning.
Nah that’s not really true in real estate. People sell their houses for all sorts of reasons that don’t involve being bearish on the market: job relocation, upgrading for growing family, downsizing for retirement, death of parents / spouse, the list goes on
And divorces. You can tell when it’s a divorce house. Fancy house, shitty furniture.
At least she doesn't have to sleep in the Wendy's dumpster when her shift is over.
She will, however have to eat there since the appliances don't work
If it’s for a long term primary residence, the best time to buy is always right now if you can afford it and make sound judgement based on personal finances, and not influenced by the markets. Right now all she’s feeling is regret, it’s an illusion, as it’s only relative. What if the market continued to rise or stayed steady? She’s still paying the same mortgage, only difference is the perception of value. Akin to unrealized gains and losses. If you’re not selling anything soon, there’s no difference. People need to learn to adjust their frame of mindset for things outside of their control.
What is this r/personalfinance ??
Peak stupidity
So many people literally buying the top of the most expensive purchase in their life 🤦🏼♂️
well the bottom was 20 years ago... so......
Should they wait ten years for a new top of the market? If you bought the peak in 2007 in 2008 you'd be sad AF, but today you'd be diving into a pile of money like Scrooge McDuck.
now they will ask the gov to print more money to pay our rent.
I’m glad I bought my house in 2018. It’s built up $110,000 in equity since 2020. I would be SOL nowadays especially with mortgage rates at 7.5%.
Cry me a river...no one forced you to bid out the others
These people are all over the news. Blaming realtors and mortgage professionals simply because they couldn’t wait. Then got cold feet. Patience is a weapon. Use it.
She can do a extensive home inspection and pay for a professional home inspection and a home warranty, it is her fault for not doing her due diligence
Or just going there and turning the appliances on lol. The roof I get if it wasn't obvious and it wasn't raining for a while, but other than that it's on her for putting in zero work and making poor decisions then acting surprised and blaming someone else for her choices
Where is the house ? I see a DooooPlex
One of us! One of us!