6 months.. any price drops during that time?
Should have held steady on the original offer.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
6 months.. any price drops during that time?
Should have held steady on the original offer.
Six months, no price change, up or down that's why my offer was 90% of asking.
My offer only changed from 10 days to accept to 30 days. Same price.
They want to play games and say they have better offer, I say go for it.
I just gave them longer to realize I won't play their game.
I might have gone the other way and dropped them to 48 hours. RE negotiations far away (and especially in small communities further north) are touchy feely though. My strategy could piss them off and they never sell to me. They've had six months, they are being obstinate. S&^% or get off the pot.
AllistonGT
Well-known member
Agreed. Not sure what giving them more time is supposed to accomplish.
Ah, I may misunderstand, but my offer has not been on the table for 6 months, the listing has.
My original offer was 10 days. Ended two weeks ago, so now they have till the 22nd.
If they had been upfront and asked more money, I may have been more inclined to play ball.
Pulling a stunt like this ****** me off, But I really, really want the place.
The reason I gave them more time (maybe make them sweat a bit?) was to stay in the game and if it does fall through, I can still deal with the realtor for another deal.
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Let us know how it works out. I have little faith but hope you get it.
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If I really wanted it and was sure about conditions, I would include a cheque with the counter offer. As big a cheque as I could safely cut. It's much harder to turn down actual money sitting on the table than a stupid re contract with fairy numbers.
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I use to work for a builder, I did finally inspection before the closing.
House and outbuildings are top notch. Well maybe the paint colour not my liking.
Included a 25% down cheque with offer.
Can only wait.
Mad Mike
Well-known member
Don't know how far way north is, I've bought 2 in Porcupine and one in Timmins the last 3 years. I offered 20% below on one that was listed for 8 mos and got it. I lost a few too, but learned to make my offers with no conditions, flexible closing, and good for 24hours. I only deal with the listing agent.
Relatively big new subdivision house near Barrie. Listed multiple times in 2019/2020 and sold March 2020 for 860. Listed for almost two months in 2023 and sold for almost 1.5. They replaced the kitchen island and put in a couple hundred sq ft of pergola and interlock otherwise almost unchanged.
48Connor
Well-known member
This house is the worst thing I've ever seen but the ad is kind of interesting: Check out this listing
"FIRST TIME OFFERED IN CANADA, THIS HOME WILL BE PART OF THE OPENN OFFER PROCESS. SOME DETAILS of OFFERS WILL BE SHOWN in the public listing domain (PRICE, NUMBER OF OFFERS, whether conditional, expiry of offer. This system will be online as soon as the provincial regulator passes updated real estate ACT)."
EDIT: Looks like the description was updated
"FIRST TIME OFFERED IN CANADA, THIS HOME WILL BE PART OF THE OPENN OFFER PROCESS. SOME DETAILS of OFFERS WILL BE SHOWN in the public listing domain (PRICE, NUMBER OF OFFERS, whether conditional, expiry of offer. This system will be online as soon as the provincial regulator passes updated real estate ACT)."
EDIT: Looks like the description was updated
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Yikes. Uncovered poly on ceiling is an actual life safety hazard. Obviously easy to fix though.
LOL, it is also a police raid risk! Buddy had his house raided because he had poly on the unfinished basement ceiling during a reno. There to catch falling dust. He wasn't home, they broke in and left no signs. Month or so later he gets a fine for not having working smoke alarms.
Took some serious digging and investigation on his part, lots of cover-up. In the end they saw the poly on the ceiling through the window (only evidence) and decided it was a drug den/grow op (wasn't), fire inspector is always on the raid in those cases (the ticket). Best guess is neighbour said something (tip) to get the ball rolling... guy in BMW moving construction materials.
Top notch police work that could go in that other tread....
***
Edit, of course maybe this should also be a warning sign buying anything with a just poly ceiling.... make sure why!
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good luck with those tenants afterwards.
I wouldn't be buying without vacant occupancy.
Well this is interesting (to me anyway)...
www.thestar.com
When your mortgage lender wants out: GTA sees a surge in forced sale listings
There was ‘huge growth’ in GTA power of sales listings in February, pointing to rising stress in the housing market and disaster for some borrowers.
www.thestar.com
Bleeping paywall.Well this is interesting (to me anyway)...
When your mortgage lender wants out: GTA sees a surge in forced sale listings
There was ‘huge growth’ in GTA power of sales listings in February, pointing to rising stress in the housing market and disaster for some borrowers.
:format(webp)/https://www.thestar.com/content/dam/thestar/news/gta/2023/03/22/when-your-mortgage-lender-wants-out-realtors-report-a-spike-in-gta-forced-sales/ci_powerofsale_2.jpg)
When your mortgage lender wants out: GTA sees a surge in forced sale listings
There was ‘huge growth’ in GTA power of sales listings in February, pointing to rising stress in the housing market and disaster for some borrowers.
webcache.googleusercontent.com
I've seen a few of those. The ones I've seen followed a similar story. Home that was purchased for tens of thousands long ago now has a mortgage for hundreds of thousands through a private lender that is either nervous about the risk or can make more elsewhere. Private lender decides not to renew and homeowner can't find anyone else to pick up the note so they have to sell. Their fundamental money issues have been brewing for decades, rate hike and house price depression caused it to pop. Spending exceeded income for so long that their current income does not support their loan.
The article discussion around half-completed flips is interesting. I assume the lender sues the borrower for the shortfall (and wins)? Selling an incomplete house in a high rate market with falling house prices would be a brutal kick in the nuts.
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One house wife and I missed out on was off Winston Churchill and the 403…gutted to the studs and the contractor ran out of money.Bleeping paywall.
When your mortgage lender wants out: GTA sees a surge in forced sale listings
There was ‘huge growth’ in GTA power of sales listings in February, pointing to rising stress in the housing market and disaster for some borrowers.
I've seen a few of those. The ones I've seen followed a similar story. Home that was purchased for tens of thousands long ago now has a mortgage for hundreds of thousands through a private lender that is either nervous about the risk or can make more elsewhere. Private lender decides not to renew and homeowner can't find anyone else to pick up the note so they have to sell. Fundamental money issues have been brewing for decades, rate hike and house price depression caused it to pop
The article discussion around half-completed flips is interesting. I assume the lender sues the borrower for the shortfall (and wins)? Selling an incomplete house in a high rate market with falling house prices would be a brutal kick in the nuts.
Should’ve could’ve would’ve.
The funny part to me is the rates right now are really not that high or maybe even unhealthy overall. In the 20 or so years I have owned property twice I had to pay over 5% for my mortgage. here is some data from ratehub since 1970:
Not discounted rates in the above so the typical rate would have been lower for a five year fixed.
Shorter time frame but this time discounted rates:
No doubt people got drunk and over extended on crazy low rates over the last decade but this is not like '75 to '92.... Those crazy low rates are one of the factors in historically high prices--so low crazy rates were in part pricing people out of the market.
The media is full on "the sky is falling" these days, is it really? I think this will help us get us back to a healthy market. No doubt though there will be pain for those that overextended thinking ~2% was going to be in perpetuity.
Not discounted rates in the above so the typical rate would have been lower for a five year fixed.
Shorter time frame but this time discounted rates:
No doubt people got drunk and over extended on crazy low rates over the last decade but this is not like '75 to '92.... Those crazy low rates are one of the factors in historically high prices--so low crazy rates were in part pricing people out of the market.
The media is full on "the sky is falling" these days, is it really? I think this will help us get us back to a healthy market. No doubt though there will be pain for those that overextended thinking ~2% was going to be in perpetuity.
We bought in 1980 and had a 13% mortgage. That got us past the 22% a year or two later and we renewed at 12.5%. I bought an industrial unit at about the same rate early 1990's. Now that I have paid those off and have $12.32 in the bank I'm lucky to get 0.5%.
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