Funny Real Estate Puns

But are raging and wailing at banning blind bids and the mandatory inspections?

That should tell you what will actually effect their bottom line and which parties housing platform will actually affect bottom line pricing.

https://www.youtube.com/watch?v=wdFecfB55M0

2021 Market is HOT! Can you relate? Funny look into the inventory shortage and ridiculous clauses to win in a bidding war! Packed full of cliche real estate lingo we agents throw out in our write ups and video tours. Sit back and enjoy the tour of this FAKE NEW LISTING: Urban Luxury Home

We have a signed purchase agreement with the seller for a condo. The seller’s agent informs us now that they will be sending a mutual release as the seller is looking to get more money out of the deal based on similar properties in the area selling for higher. There is nothing in the agreement stating that the seller can back out. What do to in this scenario ? Is it even legal for a seller to back out because they want more money?

Edit: Guys, I know i should have contacted a lawyer 2 weeks ago when the offer was accepted. I will be doing so tomorrow morning

Edit 2: Spoke to a lawyer and he stated that it is illegal for the seller to back out of the deal. It is also written in contract that the seller must provide a status certificate upon request so refusing to provide a status is a breach of contract as well.

Talked to a real estate agent yesterday and he was saying that the market was similar to post GFc with virtually minimal buyers out there. He said banks tightening lending resulting in a credit crunch, higher interest rates and people moving out of NZ has resulted in the pool of potential buyers dwindling...He said the prices have already declined about 4-5% in the last few months.

If you could choose one area of the U.S. to make a high-conviction investment on, where would you invest?

Every Tom, Dick, and Harry realtor of Ontario is marketing Calgary properties to Ontario investors. Even the builders give incentives like rental guarantee and property management to encourage investment from outside. How does Calgarians feel about this?

Throwaway account.

My parents wired 335k to scammers on Tuesday thinking it was going to the title company. They discovered today (now two days later) at closing that their money is gone. A complaint with the FBI has been filed. They have also spoken with Fidelity and their bank.

I'm not sure what advice to give them at this point. Do they lawyer up? What are the chances of them getting any of this money back?

Any advice would be much appreciated. Thanks!

Edit: Parents called Wells Fargo and still couldn't get a lot of info. HOWEVER it does sound like some sum of money is frozen with the bank, so we are hoping for good news. They are also meeting with a lawyer tomorrow to possibly go after the title company.

Edit/Update #2, for those of you asking exactly how this happened: My parents had been emailing back and forth with the relator about wiring the money. They then received an email from what they thought was the title company with instructions for the wire transfer. The scammers got to my parents before they even talked to the title company. It seems to me that the relator's email was probably compromised. The title company is not at fault. The money was wired from Fidelity to a Wells Fargo, likely in South Carolina as that was what was on the wiring instructions (we are located in Texas). Neither Fidelity nor Wells Fargo are answering questions. They called the FBI, but they just said to fill out a form (which my parents already did). They also filed a police report.

I know you need to be consistent and all and not giving up. But i dont understand How some make SO MUCH like billions from it. Because alot of people i have seen on the internet have become rich but not crazy rich like 100 million+ or billionaires level. And thats why im curious How some do it? Inheritence?

tl;dr: I fuck with my real-estate agent in ways I find amusing every time they do a routine inspection and call me up on some stupid shit like "the oven not being clean"

I'll start by saying that fundamentally I believe routine inspections of rentals to be a complete and utter breach of privacy. I understand why it's done, but that doesn't mean I have to like it. Also, my house is fucking spotless. You could eat off the floor.

But my real estate agent is a nit-picking asshole during inspections, and for some reason they keep sending the same person, so for the last couple of years I've been messing with them as much as I can in subtle ways. For example, they always claim the stove isn't clean (It's a 30 year old stove that barely works, doesn't fit in it's slot in the counter and half the time doesn't heat evenly. But of course they won't replace it) and then they have the audacity to say it needs to be cleaned (It's literally as clean as it will ever get. No baked on old crap, grease, stains or anything like that in there) so every time they pop over for an inspection now I make sure there's a lasagna in the over cooking so they can't look to complain. Doesn't matter what time it is. Once had a lasagna cooking at 9:00am on the dot. This has stopped them bitching about the cleanliness of the oven for the last several inspections.

Same with the shower. Glass is cracked but agent /owner refuses to do anything about it. Waiting for the day it shatters and I get sliced apart. Yet the agent continually tells me that it needs cleaning (Again, it's not dirty at all. I take pride in where I live) The last two inspections I "accidentally" forgot that the agent was coming, and when they let themselves in I just so happen to be in the shower and exiting at the same time they're coming in, obviously butt ass naked. I have zero qualms with my body or being nude in front of other people (It's my own damn living space) and it's a great deterrent for them complaining about the cleanliness of my damn shower.

And lastly, the agent once made a snide remark about a book I have on my shelf (The Rise and Fall of the Third Reich, has a massive damn Swastika on the cover, but a very good book overall and informative). I'm a big history buff and find WW2 to be a fascinating time in history, so I have a lot of books on the topic. A large majority of them have Hitler or Swastikas on them, given their topic. So on my last inspection, I made sure that ALL of my WW2 books were

It seems like a bunch of rich folks are hyping up "virtual real estate" in a non-existant metaverse. They're throwing millions of dollars on virtual property in so called "metaverses" that no one has ever heard of like Decentraland.

Does any regular user actually use these so called "metaverse" worlds? Because so far I've only heard rich people hyping this shit up.

https://www.wired.com/story/metaverse-land-rush-illusion/

So these days in the bay area and across America the Real estate prices have sky rocketed and to top of it there is a lot of bidding that happens which in turn inflates the price of the home even more.

So I was looking at a home in the bay area (Mountain House, CA) the home was listed for $892K , I asked my realtor if we can submit an offer for 920K and she refused and told me that the seller agent wont even look at this offer and this impact my credibility and he would laugh at me and tell me "no way this house will sell for anywhere near $920K and she should know better that the minimum offer price should be $1M"

I think whats happening here is that agents are working together and not allowing buyers to submit low offers and inflating the price of the house. Just imagine if all the buyers have an agent like this and they only allow for offer North of $1M for $892k listed home then obviously the price will go up. Because this is how they make their commission

>Housing prices in Canada are so inflated and out of step with incomes due to decades of unmitigated foreign investment/money laundering, rampant immigration, and a lack of development, that I don't think the economy will be able to withstand much more inflation or interest rate increases without a major correction taking place. Like the U.S., Canada has kept cheap money available to home owners for so long that we now have record shortages in housing availability and landlords and sellers are increasing their prices monthly. Canada's banking industry is more heavily regulated than the U.S., which means that prospective mortgage holders need to pass a financial "stress test", simulating if interest rates should rise past 5+%, when they apply for a mortgage. This is a good thing, however, over the years people have found a way to game the system by applying for a mortgage through a broker who fudges the numbers, liabilities, debts, income, assets, etc. in order for the loan to be granted by the bank. Hard numbers are difficult to determine but reading accounts from industry insiders (brokers, bankers) leads me to believe somewhere in the region of 5-15% of mortgages in Canada could have been acquired through some form of fraud. The cheap money being far too enticing for those willing to leverage themselves for more income property. Families will register a second mortgage under member B, with income or assets of member A as collateral but said assets or already guaranteeing mortgage A, rinse and repeat. This is known as the "Brampton Mortgage", named after a town in southern Ontario with a large south Asian immigrant community who live in multi-generational homes, with multiple mortgages held by members of the home who wouldn't normally qualify for a loan on their own. This trend isn't unique to south Asian communities or even Ontario, it's everywhere. The bad news is that the Canadian government insures mortgages through the CMHC (Canadian Mortgage and Housing Corporation), which puts tax payers on the hook. Should there be a cascade of defaults, they government would hemorrhage billions to cover. So, yeah, that's why I want my savings decoupled from the Canadian economy. The U.S. corrected with legislation after 2008, Canada never did.

I work for a lender so I am seeing first hand how quickly home prices are going up due to unprecedented demand driven by extreme home scarcity. The tech industry (among other wealthy investors) are effectively destroying the market since they are able to overbid and jack prices up in all surrounding cities within 1-2 hours of Seattle. As long as demand remains high, and inventory remains low, there is no end in sight for raising prices. First time homebuyers are really hurting especially. We are turning into California overnight.

There needs to be an emergency order that bans the ability to overbid on the price of a home to a certain extent or at least understand that the price someone pays does not mean the property is actually WORTH that much. Maybe we need to revise the appraisal process.

What are your thoughts?

It's roughly about 1 year later and prices for RE atleast in the US have kept increasing even faster last year. Supposedly the average increase in listing in 2021 was 22.3% in my locality, which I believe might be the fastest annual increase ever.

Just wanted to check in on the community and see if anyone pulled the trigger and cashed out the equity in their primary residence or rental. If you did, what was your next step? Move to LCOL and/or rent?

As for me, I did nothing but definitely feel like the RE party is about to end.

Original post: https://www.reddit.com/r/financialindependence/comments/llacl2/have_soaring_real_estate_prices_changed_your_fire/