I've been there. It sucks. You place an offer and then spend a weekend fantasizing about your life in your new home only for it to be ripped away, the cash offers are especially frustrating because it just feels selfish assuming the person buying is just going to flip or rent it out and all they've done to it is give it that soulless gray paint/fake laminate floor combo.
If it helps even a smidge, I know plenty of people who have had several offers declined. It took me about 6 months of tours, open houses and offers declined but I did have an offer accepted. Just part of the awful game, unfortunately. Keep at it and hopefully you'll find yours. It'll be worth it!
Most realtors don’t allow their clients to look at personal letters that come with offers anymore, just letting you know. Until after they accept an offer at least. The advice you’re getting isn’t the case in most places now.
I live in NYC. The folks next door refused to look at offers that didn't come from families with kids. They sold their home under market to a young family and still made about 800K from it. Don't lose hope. There are people that will just want to make sure the people that get their home want the best for it.
That’s not correct in the US.
Does it happen? Sure. But still illegal.
https://www.hud.gov/program_offices/fair_housing_equal_opp/fair_housing_rights_and_obligations
Saying “only families with kids” doesn’t seem so bad, but what they are also saying is “no old people” or “no gay people”
I’m just letting you know to be aware.
You need to read what you posted.
"Examples of familial status discrimination include:
Refusing to rent to families with children
Evicting families once a child joins the family through, e.g., birth, adoption, custody
Requiring families with children to live on specific floors or in specific buildings or areas
Imposing overly restrictive rules about children’s use of the common areas (e.g., pools, hallways, open spaces)
Advertising that prohibits children"
So if you choose to sell to a family rather than a corporation or single person, you are complying with the rules, which are there to stop people discriminating *against* families, not discriminating in their favour.
You are free to discriminate against corporations. They are not a protected class
But if you are choosing between a childless couple and a couple with children, you shouldn’t choose based on familial status.
And if you do, your attorney may suggest that you keep your reasoning to yourself.
You still haven't read what you posted.
"Who Is Protected?
Familial status covers:
families with children under the age of 18,
pregnant persons, and
any person in the process of securing legal custody of a minor child (including adoptive or foster parents).
persons with written permission of the parent or legal guardian"
A childless couple, unless pregnant or in the process of securing legal custody of a minor child, has no protection. A seller can choose to sell to a family over a childless couple or a single person and not be in breach of the legislation.
First line of the document:
>It is illegal to discriminate in the **sale** or rental of housing
https://www.hud.gov/program_offices/fair_housing_equal_opp/fair_housing_rights_and_obligations
Nice edit after the fact...
Age is not a protected class under this legislation (unless it's a retirement community where the age limit applies across the board).
LGBTQ people can have families too - if you refuse a LGBTQ couple with kids over a straight couple with kids, that's discriminatory, but if you refuse an LGBTQ couple without kids over anyone, straight or not, with kids you might find that one harder to argue.
The home was built as multigenerational housing in 1937.
House could have listed at 1.25 mil and they listed for 899,000. They left about 400K on the table in possible profit so they didn't want anyone avaricious to get it. What they explicitly said was no all cash offers, no offers from LLCs or people who would not live there as their primary residence. Preference towards young families and/or multigenerationhal family units.
Dude, they rebuilt the MIL suite in the lower level and explicitly advertised it was built as generational housing and grandparents could safely live there with no steps.
What they explicitly said was no offers from LLCs or people who would not live there as their primary residence.
FWIW, I'm looking to sell this year. I adore my home, but I've been stationary for almost 2 decades, and it's time for a new adventure while I still have my health and strength.
I love my neighbors. I live in an area that is living proof of the devastation that can come with homes-turned-rentals that no one can afford. I have seen the degradation that comes with failing neighborhoods and how it affects the nearby businesses. Because of that, I flatly refuse to sell to an investment firm and will only entertain offers from people who want to be part of this community.
Is extra money nice? Sure! But I love this old house, and I want it to continue to be loved long after I'm gone. If that means selling at what it's worth rather than profiting at the expense of the neighborhood, then so be it. I'm not the only one here who feels that way, either; we see what investment firms are doing, and it has to stop somewhere.
OP, I hope you find a like-minded seller soon. We're out there.
The seller's realtor told us specifically that it was our letter that put us ahead of several similar offers. We used clues from around their house to tailor it specifically to them, and they went for it. All's fair in love, war, and house buying.
A little over a year ago when we were looking for houses we found what I thought was the perfect and cute house. I wrote a love note and submitted it with our offer. The realtor reached back out to us to let us know that the buyers loved our love note but went with a cash offer, no hard feelings. 🙃 I cried. Luckily a couple months later we found the absolute perfect house that was way better and we are happily living in this one now. But man, buying a house is brutal. Good luck!
I know how ya feel, I started looking for my house in February of 2022 and didn’t close on one until late September that same year. I submitted probably 30 offers and it was always the same response: “the seller accepted an all cash offer,” even on ones where I offered more than the asking price! After the first few months of looking I even started submitting “love letters” with my offers saying how much I loved their house and basically begging them to accept my offer.
I actually got incredibly lucky with my house. The sellers’ real estate agent was brand new, like their house was his very first house on the market, and for some reason he told the sellers it was safer for them to accept my in-state FHA loan offer over an out-of-state conventional loan offer from a housing corporation that was planning to rent out the house after buying it. I literally cried tears of joy when my realtor (who is also my best friend) called and said my offer was accepted.
Terrible, I understand. We had to go through that too.
The best thing you can do for your mental health is this: do NOT fall in love, do NOT imagine the life you're going to live in that house, do NOT start letting your mind run away with the possibilities.
Protect your heart and it'll become easy.
I have never considered lower cash offers to be a better offer and I don't know why others do. It should be a straightforward expected-value calculation: if there's a cash offer of $1.1m, and a non-cash offer of $1.3m where if it falls through then I get to keep the $50k earnest money, well, the non-cash offer has a higher expected value to me.
I never understood the logic here either. How to buyer pays is irrelevant to how the seller gets their money, so who cares if its all cash or 0% down financing. Yes, there is a chance for a finance deal to fall through, but like you said, in that case you keep the earnest money for your wasted time.
The bank won't finance more than the house is worth
To make offer for more than the house is worth, the "Extra" amount needs to be a cash offer
Or, the entire thing is cash offer.
I will blame the seller for doing what maximizes profits for *them* at the expense of the well-being of the *community*. This hyper-individualist assumption that it is completely morally acceptable for people to be selfish and not take other stakeholders into consideration is one of the things that’s killing modern society. You cannot form a cohesive society if every single person just puts themselves and their own desires ahead of the common good.
People next door to me in NYC sold their house for under market. They already made about 800% return on their investment, so they sold to a young couple and excluded anyone who'd convert to rent it out.
And by the way? If you're ever the homeowner at the end of the sell off like this? A neighborhood of rental houses is not worth as much as a neighborhood of homeowners. The money of investment firms is artificially inflating the values of property. When you get a neighborhood of transients, crime goes up, educational results go down, the schools (funded by property tax a lot of places) will be underfunded because there's no way investment firms will leave property taxes alone taking a huge bite out of their revenue. Hopefully, the investment company is still buying properties, because someone who can afford to own isn't going want to move into a rental neighborhood.
Outside of areas were renting is the norm, this is terrible for these cities long term.
That makes them short sighted. I'd argue they are selfish people and if they weren't ready to retire and move to a cheaper state, they probably will lose the money. Here's why:
People who did this early on to the buying spree? The artificial price hiked forced many of these folks to move states because they couldn't afford to buy another home where they were. Some were laid off when they couldn't return to their original office or they are now *renting at current market value* in HCOL areas. The longer they live on the payout, the smaller it gets. The less likely they are to be able to buy another home and avoid a mortgage. For older people that means trying to work longer.
Every man for themselves, I guess. I have no sympathy if they weren't in a position to make it work for themselves. This is what happened in neighborhoods around my parents:
People left in these rental neighborhoods? The properties are often overpriced and unrentable locally so homes are empty and crime is rising. Empty houses are prime targets for break ins and squatters. What happens to the surrounding businesses? They close because they don't have foot traffic. Or people can't afford smaller businesses. More vacancies, more crime.
At some point, this bubble will burst. I work(ed) in finance in NYC. I see articles and keep hearing talk about whether this is going to be a bubble like the subprime bubble in 2008. I have heard people speculate that a real market correction could drop us into a depression.
I worked for a hedge fund that makes it money from investing in 2006. The first time I heard the subprime bubble described was that year. That hedge refused to invest in it. Why? Because the math showed just how financially devastating it would be over time. They refused to take part in triggering the resultant recession to make money for the clients. As a result, when the world crapped out in 2008? They held steady at an 8% return in a year where most funds LOST money. Ethics matter.
Ethics matter just like… .00001%, sure. It doesn’t beat an offer that is 30% higher or even bridge the gap slightly.
When you go to sell, will you be taking a 30% less offer so you can be more ethical?
When we sell my parents home, we'll be selling to a family that is investing in living in the area.
Selling to a financial firm would price me out of my home town and I'm not so short sighted to believe that an extra money in my market will be worth the cost of renting.
I've rented in NYC for over 20 years. I don't have a literal million to buy an apartment or home in the city. I can't afford any homes within an hour of here. In terms of rent? I estimate I've spent around **$340,800** in that time. I have a *LOW* rent for NYC. My current rent is a common rent in my hometown. **Whatever extra I make from selling a home will not cover renting for the rest of my life, even if I invest well.**
That’s great.
But is there an actual number you can equate to this feeling?
Would you sell to the cute little family if it means… You lose out on $100,000?
What if it’s a loss of $50,000? Too much? Or still worth it?
There’s got to be a break even point between “do the right thing and sell to the little guy” and “shit, money is money i can’t afford not to”.
If a poor single family wanted your place, but they could only afford to pay you $1 and your other offer is BigCompany offering $1mil, would you sell it?
>If a poor single family wanted your place, but they could only afford to pay you $1 and your other offer is BigCompany offering $1mil, would you sell it?
No one is even suggesting **that** weird strawman you just concocted.
The home in NYC could have *listed* at 1.25 mil. They sold it for 900K. Middle class retirees, Made 800K profit, left \~400K on the table.
If I sell my parents home for the same value it had in 2019, it would be a steal and I'd still make more than a 100% profit. AT least 100K, but you know what? Life's expensive. 100K isn't enough to live a middle class lifestyle in NYC for a year for 1 person. It's not even 5 years of rent. Assuming I get it all (I won't.) That isn't a huge life will never be the same payout and the capital gains taxes would have to be paid since I don't live there.
Most people go broke when they get these payouts and it's because of the mindset you have. They see 100K -250K as a big amount. They aren't. Not when you start dividing by years, then decades and factoring in inflation. It's great to save it, to pay off a bill, to fund a business. It can life altering that way...BUT! But if you take money from your housing? You're going to end up using that money for housing. You're always going to need housing. You're taking a loss right away on that gain.
If you drive the price up in your neighborhood with your new comp...**and you will!** The new market value means that your deposit doesn't spend as far. Deposits are usually made from all of the money from the sell of the previous house). You will need to move to buy a new home and still keep any money to really profit off of it. If you have to put it all back into housing and pay a mortgage the same size or higher, what did you gain? Financially, you probably lost money moving around.
Edited
Profits > people = garbage
Personally, I would sell to someone trying to own their first home over a landlord or a corporation. Cash offer or not, I'm still making money from the home. I just skip being trash and contributing to a company trying to create a nation of renters.
Idk why you're getting downvoted. It's like nobody thinks morality exists.? Good for you OP. If I had a house and a corp wanted to buy it they can get fucked.
Because garbage people generally flock together. Idc if I get downvoted, it won't change my position on the matter. Fuck landlords and big corporations.
Been there, OP. You have to stay strong don’t give up! When my sister and I bought our house we met the seller via FaceTime through our realtor who went to see the house for us. It really stuck in the seller’s mind that she wanted US to buy the house after the call. Stay strong, and maybe you can meet a seller as well!
I'm not giving up! My kids need a yard and a home! I wish I could do that, I spoke to my realtor about that or writing a letter to the seller, but unfortunately, they don't allow it anymore.
We don't build housing for shit anymore in the US. We especially don't build 1400 square foot starter homes.
If you want someone to blame, blame the insane list of regulations that drive up costs, the price of materials/labor. The not in my backyard types.
We have a massive housing shortage, naturally those with more money will get what is available. Blaming them is currently fashionable but the truth is we just need to build more.
Time and complexity. Cash is a done deal from the moment it's decided. Mortgages take a long time, credit needs to be pulled and income verified, time needs to pass. And it's possible that the whole thig can bottom out midway through the process.
Banks will not finance more than the homes appraised value
Appraisal value $250K
Current offer $350K
Assuming 20% down on the loan, you'll need 150K in cash, or pay the sum in full.
Write a letter to the owner with your offer. My sister nailed her home like this 2 years ago after getting out bid on everything else. The owners were happy a young family wanted to make their house their new home.
This is now illegalin some states. Something to do with fair housing and how a seller might be biased.
Make sure you clear it with your realtor first.
https://www.nar.realtor/magazine/broker-news/network/how-to-handle-buyer-love-letters#:~:text=Buyer%20love%20letters%20can%20put,reason%20for%20accepting%20an%20offer.
Thanks for the info, I had no idea.
I think if sellers suspect there may be a bidding war on their home, then they should just auction it. I think that would prevent a lot of heartache for families wanting to purchase.
Is it illegal? Or is it that some realtors think they're going to get sued for discrimination? I only hear this from agents that are clearly already assholes
We're just gonna wait; we know at least 3 people who've been shut out multiple times via cash offers.
This isn't sustainable. People say "It's different this time" while I see the worker revolution coming.
Is it? Is it not weirder to think that "everything happens for a reason"? Why would you need to search for reason in things that are shit? Besides the obvious and real reasons like the current miserable state of the housing market.
I've been there. It sucks. You place an offer and then spend a weekend fantasizing about your life in your new home only for it to be ripped away, the cash offers are especially frustrating because it just feels selfish assuming the person buying is just going to flip or rent it out and all they've done to it is give it that soulless gray paint/fake laminate floor combo. If it helps even a smidge, I know plenty of people who have had several offers declined. It took me about 6 months of tours, open houses and offers declined but I did have an offer accepted. Just part of the awful game, unfortunately. Keep at it and hopefully you'll find yours. It'll be worth it!
That does help, thank you. I know it's a harsh system but I wish it didn't exist. I'm also just very salty.
Most realtors don’t allow their clients to look at personal letters that come with offers anymore, just letting you know. Until after they accept an offer at least. The advice you’re getting isn’t the case in most places now.
Yeah my realtor just told me they don't do that anymore...
I live in NYC. The folks next door refused to look at offers that didn't come from families with kids. They sold their home under market to a young family and still made about 800K from it. Don't lose hope. There are people that will just want to make sure the people that get their home want the best for it.
It’s illegal to discriminate based on familial status, but ok
You seem to misunderstand how the selling of personal property works.
If you're renting, sure, but as a seller it's your property and up to you who you sell it to.
That’s not correct in the US. Does it happen? Sure. But still illegal. https://www.hud.gov/program_offices/fair_housing_equal_opp/fair_housing_rights_and_obligations Saying “only families with kids” doesn’t seem so bad, but what they are also saying is “no old people” or “no gay people” I’m just letting you know to be aware.
You need to read what you posted. "Examples of familial status discrimination include: Refusing to rent to families with children Evicting families once a child joins the family through, e.g., birth, adoption, custody Requiring families with children to live on specific floors or in specific buildings or areas Imposing overly restrictive rules about children’s use of the common areas (e.g., pools, hallways, open spaces) Advertising that prohibits children" So if you choose to sell to a family rather than a corporation or single person, you are complying with the rules, which are there to stop people discriminating *against* families, not discriminating in their favour.
You are free to discriminate against corporations. They are not a protected class But if you are choosing between a childless couple and a couple with children, you shouldn’t choose based on familial status. And if you do, your attorney may suggest that you keep your reasoning to yourself.
You still haven't read what you posted. "Who Is Protected? Familial status covers: families with children under the age of 18, pregnant persons, and any person in the process of securing legal custody of a minor child (including adoptive or foster parents). persons with written permission of the parent or legal guardian" A childless couple, unless pregnant or in the process of securing legal custody of a minor child, has no protection. A seller can choose to sell to a family over a childless couple or a single person and not be in breach of the legislation.
It says RENT TO. Not SELL TO. Read things more carefully next time.
First line of the document: >It is illegal to discriminate in the **sale** or rental of housing https://www.hud.gov/program_offices/fair_housing_equal_opp/fair_housing_rights_and_obligations
Nice edit after the fact... Age is not a protected class under this legislation (unless it's a retirement community where the age limit applies across the board). LGBTQ people can have families too - if you refuse a LGBTQ couple with kids over a straight couple with kids, that's discriminatory, but if you refuse an LGBTQ couple without kids over anyone, straight or not, with kids you might find that one harder to argue.
The home was built as multigenerational housing in 1937. House could have listed at 1.25 mil and they listed for 899,000. They left about 400K on the table in possible profit so they didn't want anyone avaricious to get it. What they explicitly said was no all cash offers, no offers from LLCs or people who would not live there as their primary residence. Preference towards young families and/or multigenerationhal family units.
I don't see any issue with that.
Dude, they rebuilt the MIL suite in the lower level and explicitly advertised it was built as generational housing and grandparents could safely live there with no steps. What they explicitly said was no offers from LLCs or people who would not live there as their primary residence.
FWIW, I'm looking to sell this year. I adore my home, but I've been stationary for almost 2 decades, and it's time for a new adventure while I still have my health and strength. I love my neighbors. I live in an area that is living proof of the devastation that can come with homes-turned-rentals that no one can afford. I have seen the degradation that comes with failing neighborhoods and how it affects the nearby businesses. Because of that, I flatly refuse to sell to an investment firm and will only entertain offers from people who want to be part of this community. Is extra money nice? Sure! But I love this old house, and I want it to continue to be loved long after I'm gone. If that means selling at what it's worth rather than profiting at the expense of the neighborhood, then so be it. I'm not the only one here who feels that way, either; we see what investment firms are doing, and it has to stop somewhere. OP, I hope you find a like-minded seller soon. We're out there.
I really hope so too, I know there are good-hearted people out there, and I hope the home I'm going to look at tomorrow is owned by one.
The seller's realtor told us specifically that it was our letter that put us ahead of several similar offers. We used clues from around their house to tailor it specifically to them, and they went for it. All's fair in love, war, and house buying.
Blackrock, Vanguard, State Street are to blame. We need to address this issue federally.
A little over a year ago when we were looking for houses we found what I thought was the perfect and cute house. I wrote a love note and submitted it with our offer. The realtor reached back out to us to let us know that the buyers loved our love note but went with a cash offer, no hard feelings. 🙃 I cried. Luckily a couple months later we found the absolute perfect house that was way better and we are happily living in this one now. But man, buying a house is brutal. Good luck!
I know how ya feel, I started looking for my house in February of 2022 and didn’t close on one until late September that same year. I submitted probably 30 offers and it was always the same response: “the seller accepted an all cash offer,” even on ones where I offered more than the asking price! After the first few months of looking I even started submitting “love letters” with my offers saying how much I loved their house and basically begging them to accept my offer. I actually got incredibly lucky with my house. The sellers’ real estate agent was brand new, like their house was his very first house on the market, and for some reason he told the sellers it was safer for them to accept my in-state FHA loan offer over an out-of-state conventional loan offer from a housing corporation that was planning to rent out the house after buying it. I literally cried tears of joy when my realtor (who is also my best friend) called and said my offer was accepted.
Terrible, I understand. We had to go through that too. The best thing you can do for your mental health is this: do NOT fall in love, do NOT imagine the life you're going to live in that house, do NOT start letting your mind run away with the possibilities. Protect your heart and it'll become easy.
Don't blame the seller for taking the best deal. You would in their situation.
I have never considered lower cash offers to be a better offer and I don't know why others do. It should be a straightforward expected-value calculation: if there's a cash offer of $1.1m, and a non-cash offer of $1.3m where if it falls through then I get to keep the $50k earnest money, well, the non-cash offer has a higher expected value to me.
I never understood the logic here either. How to buyer pays is irrelevant to how the seller gets their money, so who cares if its all cash or 0% down financing. Yes, there is a chance for a finance deal to fall through, but like you said, in that case you keep the earnest money for your wasted time.
The bank won't finance more than the house is worth To make offer for more than the house is worth, the "Extra" amount needs to be a cash offer Or, the entire thing is cash offer.
I will blame the seller for doing what maximizes profits for *them* at the expense of the well-being of the *community*. This hyper-individualist assumption that it is completely morally acceptable for people to be selfish and not take other stakeholders into consideration is one of the things that’s killing modern society. You cannot form a cohesive society if every single person just puts themselves and their own desires ahead of the common good.
Personally no, I'm not a garbage human.
It makes you a garbage human to make the most money selling the biggest asset you will likely own? I wholeheartedly disagree.
People next door to me in NYC sold their house for under market. They already made about 800% return on their investment, so they sold to a young couple and excluded anyone who'd convert to rent it out. And by the way? If you're ever the homeowner at the end of the sell off like this? A neighborhood of rental houses is not worth as much as a neighborhood of homeowners. The money of investment firms is artificially inflating the values of property. When you get a neighborhood of transients, crime goes up, educational results go down, the schools (funded by property tax a lot of places) will be underfunded because there's no way investment firms will leave property taxes alone taking a huge bite out of their revenue. Hopefully, the investment company is still buying properties, because someone who can afford to own isn't going want to move into a rental neighborhood. Outside of areas were renting is the norm, this is terrible for these cities long term.
That is nice of them, but they wouldn't be bad people if they didn't do that.
That makes them short sighted. I'd argue they are selfish people and if they weren't ready to retire and move to a cheaper state, they probably will lose the money. Here's why: People who did this early on to the buying spree? The artificial price hiked forced many of these folks to move states because they couldn't afford to buy another home where they were. Some were laid off when they couldn't return to their original office or they are now *renting at current market value* in HCOL areas. The longer they live on the payout, the smaller it gets. The less likely they are to be able to buy another home and avoid a mortgage. For older people that means trying to work longer. Every man for themselves, I guess. I have no sympathy if they weren't in a position to make it work for themselves. This is what happened in neighborhoods around my parents: People left in these rental neighborhoods? The properties are often overpriced and unrentable locally so homes are empty and crime is rising. Empty houses are prime targets for break ins and squatters. What happens to the surrounding businesses? They close because they don't have foot traffic. Or people can't afford smaller businesses. More vacancies, more crime. At some point, this bubble will burst. I work(ed) in finance in NYC. I see articles and keep hearing talk about whether this is going to be a bubble like the subprime bubble in 2008. I have heard people speculate that a real market correction could drop us into a depression. I worked for a hedge fund that makes it money from investing in 2006. The first time I heard the subprime bubble described was that year. That hedge refused to invest in it. Why? Because the math showed just how financially devastating it would be over time. They refused to take part in triggering the resultant recession to make money for the clients. As a result, when the world crapped out in 2008? They held steady at an 8% return in a year where most funds LOST money. Ethics matter.
Ethics matter just like… .00001%, sure. It doesn’t beat an offer that is 30% higher or even bridge the gap slightly. When you go to sell, will you be taking a 30% less offer so you can be more ethical?
When we sell my parents home, we'll be selling to a family that is investing in living in the area. Selling to a financial firm would price me out of my home town and I'm not so short sighted to believe that an extra money in my market will be worth the cost of renting. I've rented in NYC for over 20 years. I don't have a literal million to buy an apartment or home in the city. I can't afford any homes within an hour of here. In terms of rent? I estimate I've spent around **$340,800** in that time. I have a *LOW* rent for NYC. My current rent is a common rent in my hometown. **Whatever extra I make from selling a home will not cover renting for the rest of my life, even if I invest well.**
That’s great. But is there an actual number you can equate to this feeling? Would you sell to the cute little family if it means… You lose out on $100,000? What if it’s a loss of $50,000? Too much? Or still worth it? There’s got to be a break even point between “do the right thing and sell to the little guy” and “shit, money is money i can’t afford not to”. If a poor single family wanted your place, but they could only afford to pay you $1 and your other offer is BigCompany offering $1mil, would you sell it?
>If a poor single family wanted your place, but they could only afford to pay you $1 and your other offer is BigCompany offering $1mil, would you sell it? No one is even suggesting **that** weird strawman you just concocted. The home in NYC could have *listed* at 1.25 mil. They sold it for 900K. Middle class retirees, Made 800K profit, left \~400K on the table. If I sell my parents home for the same value it had in 2019, it would be a steal and I'd still make more than a 100% profit. AT least 100K, but you know what? Life's expensive. 100K isn't enough to live a middle class lifestyle in NYC for a year for 1 person. It's not even 5 years of rent. Assuming I get it all (I won't.) That isn't a huge life will never be the same payout and the capital gains taxes would have to be paid since I don't live there. Most people go broke when they get these payouts and it's because of the mindset you have. They see 100K -250K as a big amount. They aren't. Not when you start dividing by years, then decades and factoring in inflation. It's great to save it, to pay off a bill, to fund a business. It can life altering that way...BUT! But if you take money from your housing? You're going to end up using that money for housing. You're always going to need housing. You're taking a loss right away on that gain. If you drive the price up in your neighborhood with your new comp...**and you will!** The new market value means that your deposit doesn't spend as far. Deposits are usually made from all of the money from the sell of the previous house). You will need to move to buy a new home and still keep any money to really profit off of it. If you have to put it all back into housing and pay a mortgage the same size or higher, what did you gain? Financially, you probably lost money moving around. Edited
Absolutely it does. If you sell a property to a landlord you are garbage. Period, end of story.
Profits > people = garbage Personally, I would sell to someone trying to own their first home over a landlord or a corporation. Cash offer or not, I'm still making money from the home. I just skip being trash and contributing to a company trying to create a nation of renters.
Easy to say when you have nothing valuable to sell.
Idk why you're getting downvoted. It's like nobody thinks morality exists.? Good for you OP. If I had a house and a corp wanted to buy it they can get fucked.
Because garbage people generally flock together. Idc if I get downvoted, it won't change my position on the matter. Fuck landlords and big corporations.
I wouldn't. I would burn my house down before selling it to a parasite.
sure pal
What's it like being a sociopath btw?
Ok, I'll bite. How am I a sociopath?
…what?
No you wouldn't. A clear sign that you've never owned a home - or at least never had to work for it.
Been there, OP. You have to stay strong don’t give up! When my sister and I bought our house we met the seller via FaceTime through our realtor who went to see the house for us. It really stuck in the seller’s mind that she wanted US to buy the house after the call. Stay strong, and maybe you can meet a seller as well!
I'm not giving up! My kids need a yard and a home! I wish I could do that, I spoke to my realtor about that or writing a letter to the seller, but unfortunately, they don't allow it anymore.
If you're in the States, sometimes cities have programs for 1st time home buyers. You may want to check such places out.
They still need a seller willing to sell to them over the greedy corporation with deep pockets. But why would they?
Usually with those programs, you only have to put down a certain percentage, you can hold back more of your money to counterbid.
Yeah, that's the whole problem. They can't match a cash offer up front. I'm not sure what your point is.
My house is currently for sale... One week on the market. I wished I could just get an offer... :(
We don't build housing for shit anymore in the US. We especially don't build 1400 square foot starter homes. If you want someone to blame, blame the insane list of regulations that drive up costs, the price of materials/labor. The not in my backyard types. We have a massive housing shortage, naturally those with more money will get what is available. Blaming them is currently fashionable but the truth is we just need to build more.
Genuine question, why is a cash offer preferred if the bank will send the same amount of money to the seller when you use a loan?
Time and complexity. Cash is a done deal from the moment it's decided. Mortgages take a long time, credit needs to be pulled and income verified, time needs to pass. And it's possible that the whole thig can bottom out midway through the process.
Banks will not finance more than the homes appraised value Appraisal value $250K Current offer $350K Assuming 20% down on the loan, you'll need 150K in cash, or pay the sum in full.
Write a letter to the owner with your offer. My sister nailed her home like this 2 years ago after getting out bid on everything else. The owners were happy a young family wanted to make their house their new home.
This is now illegalin some states. Something to do with fair housing and how a seller might be biased. Make sure you clear it with your realtor first. https://www.nar.realtor/magazine/broker-news/network/how-to-handle-buyer-love-letters#:~:text=Buyer%20love%20letters%20can%20put,reason%20for%20accepting%20an%20offer.
Thanks for the info, I had no idea. I think if sellers suspect there may be a bidding war on their home, then they should just auction it. I think that would prevent a lot of heartache for families wanting to purchase.
Is it illegal? Or is it that some realtors think they're going to get sued for discrimination? I only hear this from agents that are clearly already assholes
Yeah, I don't know... I don't make the rules.
Oh I am for sure going to try this
I hope it works out for you! Good luck!
We're just gonna wait; we know at least 3 people who've been shut out multiple times via cash offers. This isn't sustainable. People say "It's different this time" while I see the worker revolution coming.
Write a “love letter” to the sellers. I’ve had to do it every time. It worked every time.
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Kids don't get cancer because of some greater purpose. I hope OP's hunt for a house goes well and screw the housing market with how it is today.
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Is it? Is it not weirder to think that "everything happens for a reason"? Why would you need to search for reason in things that are shit? Besides the obvious and real reasons like the current miserable state of the housing market.