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  #121  
Old 09-05-2021, 03:45 PM
tom s tom s is offline
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That house for 1.6 mil is in escrow,5 people were on it.Crazy!Tom

  #122  
Old 09-06-2021, 12:41 AM
Baron Von Zeppelin Baron Von Zeppelin is offline
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I guess these people are paying cash for these overboard buys ?
Didn't banks used to base what they would loan towards a house by its appraised value and/or tax value ?
How does that work when you pay $300,000 more than it is listed / appraised for ?

Are the banks just rolling over and feeding these overboard deals ?

  #123  
Old 09-06-2021, 02:14 AM
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These people are paying cash over asking. Banks not necessary then…

  #124  
Old 09-06-2021, 10:06 AM
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I was told it went for over asking price.Tom

  #125  
Old 09-06-2021, 11:59 AM
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Chris65LeMans Chris65LeMans is offline
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Quote:
Originally Posted by Baron Von Zeppelin View Post
I guess these people are paying cash for these overboard buys ?
Didn't banks used to base what they would loan towards a house by its appraised value and/or tax value ?
How does that work when you pay $300,000 more than it is listed / appraised for ?

Are the banks just rolling over and feeding these overboard deals ?
If the bank will loan you 75% of a $500,000 value and the appraisal comes in at $450,000, they will only loan you 75% of $450,000 - so you need to come up with the extra $50,000 to complete the sale.

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  #126  
Old 09-06-2021, 12:26 PM
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bird72 bird72 is offline
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Quote:
Originally Posted by Baron Von Zeppelin View Post
I guess these people are paying cash for these overboard buys ?
Didn't banks used to base what they would loan towards a house by its appraised value and/or tax value ?
How does that work when you pay $300,000 more than it is listed / appraised for ?

Are the banks just rolling over and feeding these overboard deals ?
Deals contingent on financing (even if preapproved) are last in line here.

Sad story: Went to gun shop a couple days ago. When somehow real estate here came up, young fellow at counter said he was bummed. No debt, saved money for house, and keeps getting outbid, last time recently 60K.

On the plus side, know 2 people who bought homes at list, in spite of 50K over competing offers. The sellers wanted a deserving buyer. Both were women who they wanted to have it. I think walking away from 50K is pretty kind.

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  #127  
Old 09-06-2021, 03:23 PM
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On the plus side, know 2 people who bought homes at list, in spite of 50K over competing offers. The sellers wanted a deserving buyer. Both were women who they wanted to have it.
I respect this considerably. I've had a few houses that didn't go to me when trying to buy because the seller liked another buyer who "had a young family" that they wanted to get into the house. I don't mind losing out on a house because of this - I mind the giant conglomerates\investors who just throw millions around because they can and me losing out because I am not made of money.

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  #128  
Old 09-06-2021, 03:30 PM
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I respect this considerably. I've had a few houses that didn't go to me when trying to buy because the seller liked another buyer who "had a young family" that they wanted to get into the house. I don't mind losing out on a house because of this - I mind the giant conglomerates\investors who just throw millions around because they can and me losing out because I am not made of money.
I scored a couple cars this way because the other person was going to make crazy mods. The seller liked me better because I just said I was going to get it running real good and fix things that weren't broke. Funny how people are sentimental about things even though they are selling them.

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  #129  
Old 09-06-2021, 05:03 PM
1965gp 1965gp is offline
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I still think this comes down to the wealthy (individuals and corporations) see that significant inflation (maybe not hyper, but significant) is coming and the last place they want their money is on a bank account spreadsheet while tangible assets increase.

  #130  
Old 09-06-2021, 05:14 PM
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Have a hedge against inflation, is called a 3% fixed mortgage. Heard of people recently getting even better rates.

Prices in O'town seem to be flattening. May be because northeners are discovering what summer is like, sales usually are strongest in winter.

Could not duplicate my home anyway, will probably be in estate sale or on CarProperty.com.

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  #131  
Old 09-06-2021, 06:07 PM
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Have a hedge against inflation, is called a 3% fixed mortgage. Heard of people recently getting even better rates.
I've had a sub 3% mortgage for years. I can get below 2% right now.

  #132  
Old 09-07-2021, 01:43 PM
1965gp 1965gp is offline
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But that 3% is against standard inflation.

Without getting political there are questions as to what kind of inflation we are going to see over the next few years ranging from above average to insane.

And most of these people aren’t financing the property, they are just pulling the cash out of the banks.

I’m not a banker by any means- will it cause a problem when a significant amount of $$ is pulled out of private banks? Does it make a difference if 100 people have 10k in the bank vs 1 person having $1M?

  #133  
Old 09-07-2021, 02:48 PM
carcrazy carcrazy is offline
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But that 3% is against standard inflation.

Without getting political there are questions as to what kind of inflation we are going to see over the next few years ranging from above average to insane.

And most of these people aren’t financing the property, they are just pulling the cash out of the banks.

I’m not a banker by any means- will it cause a problem when a significant amount of $$ is pulled out of private banks? Does it make a difference if 100 people have 10k in the bank vs 1 person having $1M?
Yes, it makes a difference....those 100 people with 10k in the bank are likely charged more in fees than the one person with million.

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  #134  
Old 09-07-2021, 06:14 PM
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Yes, it makes a difference....those 100 people with 10k in the bank are likely charged more in fees than the one person with million.
Who pays fees at the bank?

I don't have anywhere near a million dollars in the bank, but I pay absolutely ZERO fees.

I have no fee checking, a sub 3% mortgage (obtained 5 - 6 years ago and get paid 1.5% interest on the balance (up to $15,000) in each of our 2 checking accounts. Over $15,000 only get .2% interest.

I could get a sub 2% mortgage right now with no closing costs, but as noted earlier in this thread, we just sold our house (closing on or about 1 November).

Pick the right financial institution and learn their programs. Don't bounce checks and pay your mortgage/car payments on time and you shouldn't have any fees to worry about.

  #135  
Old 09-07-2021, 11:18 PM
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Mortgages.... yuck. Debt free, and determined to stay that way. Best thing about debt is getting rid of it.

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  #136  
Old 09-08-2021, 07:03 AM
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I won't argue that debt free is good. But if you have debt, a home mortgage is the best debt to have. In most cases, a home appreciates.

Owing money on CC's is never a good thing. Owing money on daily driven vehicles is not a good thing. Owing money on boats, motorcycles, campers and motor homes is not wise.

I cringe every time I see an ad promoting "no money down"...

Bottom line, if you can't sell an item for more than you owe on it, it's like a noose around your neck.

  #137  
Old 09-08-2021, 09:29 AM
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Been using a credit union for years (it has changed more than I have). Have a 3% mortgage as a hedge, hear people are getting 2.5% recently. Also have a low interest line of credit that just keep alive in case (loans are not taxed)

Once retired and concerned about RMDs and IRMAA and MAGI, plus Parts A-D. particularly if been saving all your life, things get complicated. For example if MAGI is too high then Medicare premiums go up. Is a juggling act with several agencies waiting to pounce. Is worse if have an empty nest.

Can get to a point where any income would cost more in taxes and premiums than you receive. Modern times.

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