Mad Mike
Well-known member
Late Rent payments show on Transunion and Equifax, landlords can report thru frontlobby.com. Most landlords don’t put in the effort.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
Mikedezo44
Well-known member
Always love reading the comments underneath
New subdivision outside Barrie is rapidly finishing houses in phase one and the market is getting flooded with them. Lots list at exactly the same time so probably the same owner. Eyeball average is average owner is selling two properties. IIRC, one had four. Lots of twos and threes, some ones. Asking prices are way down from peak (towns were 1.3, now close to 1) but still insane for this far from toronto in subdivision hell. Not too many of the listings are selling.
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I agree but I would add they aren't pricing properly for a fire sale. At least they had enough capital to get the multiple closing properties to happen. Given that they are selling roughly identical dwellings, fire sale one and sit on the second reduces your loan but depending on the amount borrowed, they may not have enough capital to make that work.
Fire sales only happen in desperation. They’re not desperate … yet…once desperation kicks in…then the bloodbath starts.
Realtors knock on my door all the time. It's usually asking if I want to sell my home.
The other day, a realtor gave me the line about having buyers with cash ready to buy if I'm willing to sell.
I told him.. sure, make me an offer and I'll consider it
Asked if I have a agent.. said I don't and don't need one.
Tells me I have to list with him first.. then he will show it to his buyers.
So I asked him why? Ask him if he really has buyers or is feeding me BS... and pointed out he's selling the house down the street that is exactly like mine, but nicer inside. Why don't his buyers buy that one?
It's been listed for months.. multiple price drops.
The other day, a realtor gave me the line about having buyers with cash ready to buy if I'm willing to sell.
I told him.. sure, make me an offer and I'll consider it
Asked if I have a agent.. said I don't and don't need one.
Tells me I have to list with him first.. then he will show it to his buyers.
So I asked him why? Ask him if he really has buyers or is feeding me BS... and pointed out he's selling the house down the street that is exactly like mine, but nicer inside. Why don't his buyers buy that one?
It's been listed for months.. multiple price drops.
If someone wants my house, they need to make an offer well over market value. I don't want to move, it's an inconvenience and then I need to find somewhere else to live. Listing it is all of the hassle with none of the premium. F that nonsense. Hell, even if I wanted to list, that agent would not even be considered as they are obviously an idiot and/or dishonest.
Exactly. My house is worth 1.3-1.5M on a good day. If you want me to move and buy my house without listing it…2M or GTFO.
In theory someone could buy my house, demo it, and build 3-4 small townhouses on it.
Mad Mike
Well-known member
That happens around here too -- but they will make a real offer on the spot.
I rarely see for sale signs in the hood, most signs go in the ground already market 'sold',
My mom sold a country house to a guy that put a letter in her mailbox . She called him, he was sincere and forthcoming, they worked out the details over coffee , no agents just our family lawyer . People don’t have to be *****.
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Friends just sold their house in Oakville. 5 days on the market, 6 offers, and 110k over asking.
If the house is priced right. In a good location, and well taken care of…no issue to sell.
The junk languishes.
If the house is priced right. In a good location, and well taken care of…no issue to sell.
The junk languishes.
A friend, years ago had a real estate agent knock on his door stating:
I have a specific client interested in your house at $XXX K (be millions today)
It was a unique property, almost a half acre golf course ravine lot with matching house. Not a tear down.
The realtor got a 24 hour listing to make it legal.
The buyer paid all commissions and expenses.
Friend was looking to downsize and had inherited condo. Bingo!
No BS and it went through.
Show me the money first. Then we talk. How about the zealous buyer pays me a couple thousand to review their offer. Oh not that zealous.
Nothing to see here folks...just sellers giving away 300k...
Interesting...
financialpost.com
Real Estate Commission Price Fixing Class Action Expanded to Cover All of Canada
TORONTO — A class action alleging price fixing commissions within the residential real estate industry has expanded to cover all of Canada. The Statement of…
financialpost.com
85 offers for an undervalued house…
www.cp24.com
Mississauga house sells for just under $1M after 85 offers
A three-bedroom house in Mississauga sold for just under $1 million on Monday after receiving 85 offers.
www.cp24.com
I wonder if they're going the same route with a bungalow around the corner from us. In it's hay day it would have listed for $1.5 M but now it's $999,900. Exterior is basic, interior dated and it backs onto Bloor Street, therefore noisy.85 offers for an undervalued house…
Mississauga house sells for just under $1M after 85 offers
A three-bedroom house in Mississauga sold for just under $1 million on Monday after receiving 85 offers.
I expect a bidding situation. I don't know the owner's financial situation but it appears empty.
A market recovery and some DIY could make it profitable.
I watched a reversed mortgage expose and got thinking about people that get sweet talked into them
When prices were high gramma and grandma take out a $500 K reverse for a bucket list vacation plus help the kids (who lost it in the interest rate slump) Now the $1.5 M house is worth $1.2 M and equity is $700K less 10% of the $500 K principle (per year and compounding) It’s sinking fast.
Gramps dies and pension income drops in half. Etc, etc
There’s a place for reverse mortgages. You only have a year or two to live and you hate your kids.
When prices were high gramma and grandma take out a $500 K reverse for a bucket list vacation plus help the kids (who lost it in the interest rate slump) Now the $1.5 M house is worth $1.2 M and equity is $700K less 10% of the $500 K principle (per year and compounding) It’s sinking fast.
Gramps dies and pension income drops in half. Etc, etc
There’s a place for reverse mortgages. You only have a year or two to live and you hate your kids.
So that’s not unlike the US in ‘08 with subprime bundled mortgage . Fred takes out a secured line of credit against his clear titled house , lives the dream in his new RV . 250k house now worth 180, 250k RV now worth 150k , guess what Fred , hope you love that RV ……
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Mad Mike
Well-known member
It was way worse than that. I know lots of folks that lost more than 1/2 the equity in their homes. Our place in FL went from $150 to $50k.
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