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So when’s the housing bubble bursting?

Finally got an offered accepted.

We got lucky. It was a house we originally lost on, but the buyers who initially won couldn’t get their money out their trust account due to legal holdups.

So the seller agent contacted ours and asked if we were still interested. We said, yes. However, my pre-approval expired and because I didn’t renew in time, so I had to do a new application.

Well since the rates when down, I got a higher approval allow us to offer more. I only came $5k out of pocket. I got to keep my savings, 401k, and stocks untouched.

Huge come up with a bit of patience.
 
4 Dimensional said:
Finally got an offered accepted.

We got lucky. It was a house we originally lost on, but the buyers who initially won couldn’t get their money out their trust account due to legal holdups.

So the seller agent contacted ours and asked if we were still interested. We said, yes. However, my pre-approval expired and because I didn’t renew in time, so I had to do a new application.

Well since the rates when down, I got a higher approval allow us to offer more. I only came $5k out of pocket. I got to keep my savings, 401k, and stocks untouched.

Huge come up with a bit of patience.
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:thumbsup:
:cheers:
 
4 Dimensional said:
Finally got an offered accepted.

We got lucky. It was a house we originally lost on, but the buyers who initially won couldn’t get their money out their trust account due to legal holdups.

So the seller agent contacted ours and asked if we were still interested. We said, yes. However, my pre-approval expired and because I didn’t renew in time, so I had to do a new application.

Well since the rates when down, I got a higher approval allow us to offer more. I only came $5k out of pocket. I got to keep my savings, 401k, and stocks untouched.

Huge come up with a bit of patience.
Click to expand...

Congrats RAM!
 
4 Dimensional said:
Finally got an offered accepted.

We got lucky. It was a house we originally lost on, but the buyers who initially won couldn’t get their money out their trust account due to legal holdups.

So the seller agent contacted ours and asked if we were still interested. We said, yes. However, my pre-approval expired and because I didn’t renew in time, so I had to do a new application.

Well since the rates when down, I got a higher approval allow us to offer more. I only came $5k out of pocket. I got to keep my savings, 401k, and stocks untouched.

Huge come up with a bit of patience.
Click to expand...
Salute
 
4 Dimensional said:
Thanks, fellas. Things are moving fast now. I wasn’t prepared for any of this. Realtor hit me up say the people wanted to move forward and I was super chilling. I wasn’t sure if we were going to get the application done in time.
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You’re welcome!

I hear you on that.

Everything real estate-related is stressful. Especially more spontaneously too.

It’s the best feeling once all the paperwork and so on is completed. The amount of relief ... happy calmness in the near future!
 
4 Dimensional said:
I look forward to it. Because fuck all this. Lol
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Agreed.

I remember sitting with my pops after 6 months of real estate searching.

Finally found the property but my nerves were all fried.

Many years of crazy working hours and saving beaucoup $$$ thinking - “I really hope this is a good decision” (on a modest income).

Thankfully it has gone smoothly since ‘09. Felt better after replenishing savings acct though, lol,
 
Helico-pterFunk said:
Agreed.

I remember sitting with my pops after 6 months of real estate searching.

Finally found the property but my nerves were all fried.

Many years of crazy working hours and saving beaucoup $$$ thinking - “I really hope this is a good decision” (on a modest income).

Thankfully it has gone smoothly since ‘09. Felt better after replenishing savings acct though, lol,
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Man, I didn’t have to touch my saving. I’m so thankful for that. Going in a crib with over with a good amount of savings.

Allows us to furnish the house without messing with credit cards like that.

In 2022 I was offering $20k is due diligence.
 
Helico-pterFunk said:
Brandon Miller, a prominent real estate developer, left behind nearly $34 million in debt and had just $8,000 in his bank account when he decided to take his own life, according to legal documents.

A significant portion of this debt was tied to his Hamptons estate at 25 Cobb Isle Road, which is now on the market for $15.5 million.

His widow, Candice Miller, has filed a bond petition detailing four outstanding loans on the property, including a $2 million mortgage from Titan Capital, which has recently sued her over missed payments.

Beyond the property debt, Miller had a substantial unsecured loan of $11.3 million from BMO Bank. Additionally, he owed over $6 million to Donald Jaffe, a lender who had previously funded Miller and his father on various projects. Jaffe is still pursuing legal action to recover the unpaid balance.

Other creditors include American Express and Funding Club, a Brooklyn-based cash advance lender, to whom Miller owed over $300,000 and $266,000, respectively.
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Just to front on the gram
Smh
 
4 Dimensional said:
Man, I didn’t have to touch my saving. I’m so thankful for that. Going in a crib with over with a good amount of savings.

Allows us to furnish the house without messing with credit cards like that.

In 2022 I was offering $20k is due diligence.
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That's how to do it, 4D.


Back in the 2000s I was working like crazy from approx' 2004 - 2010 (was in college for years prior). I was trying to save as much as possible in my 20s to go HUGE on the downpayment, and it worked out. Had the money basically readily accessible in a high-interest savings account ... and I was able to live off the interest for a number of years, so when it came time to buy the place ... I transferred it over to my powerchecking account & then went to the bank for the certified check.

It was funny because I just wanted to get the process over with. My realtor was a few years younger than me and was like - "Damn man ... you're going BIG!" And the teller was a bad bitch who should do some nude modelling for AGOL ... and we always kind of flirted during transactions. When I asked her to essentially withdraw 95% of the account for the certified shit she was impressed. Said it was a major accomplishment and I thanked her for the compliment.

Did another year or two of solid work (and overtime) to replenish the savings and it's been comfortable normal work since. Passive income with investments and whatnot.

The property is worth nearly 2.5x what it was purchased for in the spring of 2009. The first handful of years it was just modest gains and declines ... then a bunch of years of value increases and tapered off in recent years.
 




The Department of Justice dropped a giant lawsuit bomb on the apartment rental market last week when it sued RealPage, a company that makes software for big landlords and property managers.
Why it matters: The surge in rent prices over the past few years, with double-digit annual percentage increases in many big cities, is one of the most stubborn pieces of the inflation puzzle. The DOJ's allegations could help explain what's happening.

The big picture: Not only did a huge rise in demand for apartments drive up rents as the pandemic dragged on, but RealPage stands accused of pushing landlords to raise rents higher than they would've on their own.

  • That's according to the DOJ's antitrust suit and a damning ProPublica investigation in 2022 that drew attention to the company.
The other side: RealPage strongly disputes these characterizations.
 
4 Dimensional said:
Finally got an offered accepted.

We got lucky. It was a house we originally lost on, but the buyers who initially won couldn’t get their money out their trust account due to legal holdups.

So the seller agent contacted ours and asked if we were still interested. We said, yes. However, my pre-approval expired and because I didn’t renew in time, so I had to do a new application.

Well since the rates when down, I got a higher approval allow us to offer more. I only came $5k out of pocket. I got to keep my savings, 401k, and stocks untouched.

Huge come up with a bit of patience.
Click to expand...

Congrats! Are you going to rent out your current house once you move?
 
www.ctvnews.ca

As interest rates trend down, could housing get more affordable?

Forecasters are expecting further Bank of Canada interest rate cuts, but does that mean it's a good time to buy or sell a home? Real estate analyst Jason Mercer shares his predictions with CTV Your Morning.
www.ctvnews.ca www.ctvnews.ca


bc.ctvnews.ca

B.C. Realtor receives maximum penalty for misconduct related to assignment sales

A Realtor and his personal real estate corporation have had their licences suspended for six months and been ordered to pay $16,000 to the BC Financial Services Authority over misconduct that occurred eight years ago.
bc.ctvnews.ca bc.ctvnews.ca
 
4 Dimensional said:
Is a little bit of regret a normal feeling from home buying? :heavysmoker:

I took a long walk yesterday in deep thought. Thinking “what the fuck have I got myself into?”
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Oh yeah - it's the biggest purchase you'll ever make in your life (big real estate purchase).


I think it's sort of that combination of factors - excitement, elation, anxiety, trepidation, stress, happiness.


Takes awhile to sink in. I think it's probably natural for most people.
 
Helico-pterFunk said:
Oh yeah - it's the biggest purchase you'll ever make in your life (big real estate purchase).


I think it's sort of that combination of factors - excitement, elation, anxiety, trepidation, stress, happiness.


Takes awhile to sink in. I think it's probably natural for most people.
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So much is going to change and I’m such a methodical individual. So change stresses me a bit. My daughter is 16 and we are going to have to switch schools too.
 
4 Dimensional said:
So much is going to change and I’m such a methodical individual. So change stresses me a bit. My daughter is 16 and we are going to have to switch schools too.
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Completely understand. Hopefully your daughter is able to adjust well in her final few years of HS.


Same over here re: being methodical. I was saying to some family and coworkers ... I like having routine and structure when it comes to work. Knowing what to expect and being able to tweak performance for better results, etc. Compared to back in the mid- to late-2000s doing plenty of part-time and oncall work for various places. Harder workload of 3 - 5x as much. Thought about that during the pandemic ... would not have survived at some of those workplaces given the workload and unknown. Saw enough people experience burnout, and knew I wouldn't be there for the long-term.
 

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