Anyone purchase a house recently?(negative content)

guitargabor · #1 07-26-2021, 09:42 AM

If so, how was your experience?

This is ours:
We are in the market for a better home and neighborhood here in NW Washington state.
In 2018, we bought a new spec home directly from the builder.
We wish to upgrade to a larger home in a gated community.
We are "cash" buyers.

Our local real estate market here is tainted with chicanery.
We are on our third real estate agent and we made offers on two properties .
The first was accepted but the inspection revealed major structural problems.Our own agent was pushy and claimed that a strong mold smell, major wood infestation and clogged rain gutters were "normal" for this part of the country.(these homes were in the seven figure range....) We bailed and changed agents

Both sellers wanted to close within 2 weeks of the offer being submitted, then have us rent the home back to them for 30 days.

Our current agent recommeded a cursory "pre-inspection" to sweeten up our offer on the second property.I have never heard of that ploy in 35 years of owning a home...

Last time we were involved in a resale was in the Twin Cities Mn in 2014.The transactions were "clean" and the regulations there were much more protective for the buyer.Full disclosures were mandatory and all results of home inspections could be viewed by anyone.

We found out recently to our dismay that Washington state is a "buyer beware" area for real estate.

It is lamentable that with the largest purchase one makes in their lives ,chicanery greed and lack of standardized regulations and are so prevalent.

Hopefully your dealings were more positive ....

jpd · #2 07-26-2021, 09:52 AM

That's awful!!!! Friends and family are relocating from California with pretty smooth moves...but the cost is thru the roof. Minor problems to report, nothing like you're going thru. Hope you get it straightened out

Tahitijack · #3 07-26-2021, 09:57 AM

We have family in Lake Stevens. They put their home on the market and within days and after a bidding war it went into escrow. It's a seller's market. We sold our home in Kirkland in 2009 and can't afford to repurchase it as it's almost trippled in value. The only advice I have is I'd be patient as the selling season will calm down in the fall when folks who want their kids in the new school district by September will have moved in or stopped looking. Better chance of finding a nice home without competition from November to January. You might even get lucky with a pocket listing. I'd sit down with the office manager of a major firm and explain what happened to you and ask them to recommend one of their better agents to represent you.

guitargabor · #4 07-26-2021, 10:09 AM

Thanks to all of you for your advice and support!

Previously, in the Twin Cities ,we always dealt with a large firm that was a Berkshire Hathaway subsidiary.They were very straightforward and ethical.The buyer agent and to sign a form they she or he was "fiduciary".

All the real estate companies here are small outfits.No Berkshire associates here in this somewhat backward semi rural city.

KevWind · #5 07-26-2021, 01:59 PM

Quote:

Originally Posted by guitargabor

If so, how was your experience?

This is ours:
We are in the market for a better home and neighborhood here in NW Washington state.
In 2018, we bought a new spec home directly from the builder.
We wish to upgrade to a larger home in a gated community.
We are "cash" buyers.

Our local real estate market here is tainted with chicanery.
We are on our third real estate agent and we made offers on two properties .
The first was accepted but the inspection revealed major structural problems.Our own agent was pushy and claimed that a strong mold smell, major wood infestation and clogged rain gutters were "normal" for this part of the country.(these homes were in the seven figure range....) We bailed and changed agents

Both sellers wanted to close within 2 weeks of the offer being submitted, then have us rent the home back to them for 30 days.

Our current agent recommeded a cursory "pre-inspection" to sweeten up our offer on the second property.I have never heard of that ploy in 35 years of owning a home...

Last time we were involved in a resale was in the Twin Cities Mn in 2014.The transactions were "clean" and the regulations there were much more protective for the buyer.Full disclosures were mandatory and all results of home inspections could be viewed by anyone.

We found out recently to our dismay that Washington state is a "buyer beware" area for real estate.

It is lamentable that with the largest purchase one makes in their lives ,chicanery greed and lack of standardized regulations and are so prevalent.

Hopefully your dealings were more positive ....

Well with some 37 real estate deals in 3 different states over 40 years and likely one more. .... Honestly Most have been pretty straight forward.
That said:
My wife and I have seen some things work and some not, including a couple private sales, and even carrying paper and one ballon payment situation.

While it is true some states have better buyer laws "chicanery' is always a possible issue ...

#1 in an extreme buyers market we carried the paper BUT we learned we did not want to carry paper as we ended up having to evict and had some major damage ..

#2 Private sales can work but you definitely want to go through a title/escrow company and have a lawyer look over the contract .

And since both my wife and I have held real estate licenses at one time. Let me say Real Estate Agents run the full gamut from competent and straight forward, to glorified carnival barker suede shoe artists

Couple thoughts
Just to clarify mold smell and clogged gutters are not necessarily structural issues wood infestation could be

Quick closing and renting back is fairly common especially with cash sales. It puts every

I am not sure what you mean by "Our current agent recommeded a cursory "pre-inspection" to sweeten up our offer on the second property"
Now granted having been in the home building trade for most of life I have pretty good knowledge of what I am looking at and so ..We have always pre inspected of sorts ( carefully looked at in the showing phase ) any property before we make any offer,,, I guess I don't understand how that would "sweeten" your offer. In any case an inspection clause should always be part of an offer, if you want a 3rd party inspection.

bfm612 · #6 07-26-2021, 02:09 PM

Quote:

Originally Posted by KevWind

Quick closing and renting back is fairly common especially with cash sales....

It's also useful for people who are selling and buying in the same market. Because the market's so tight, it's very common to allow people to rent their former house in case delays come up with closing on the new house the sellers are purchasing. We recently bought and sold in Minneapolis, and that was a serious consideration. Luckily, all turned out well with no timing hiccups.

I think the worst thing in your story is the realtor telling you to ignore potential mold, wood infestation, and clogged gutters (i.e., potential water damage). Realtors lately have been eager to transact, even if clients end up buying an "overpriced" home. It's a lot of work to serve a client, so the more quickly they can transact, the more quickly they can move to the next client.

Best of luck!

KevWind · #7 07-26-2021, 02:20 PM

Quote:

Originally Posted by bfm612

It's also useful for people who are selling and buying in the same market. Because the market's so tight, it's very common to allow people to rent their former house in case delays come up with closing on the new house the sellers are purchasing. We recently bought and sold in Minneapolis, and that was a serious consideration. Luckily, all turned out well with no timing hiccups.

I think the worst thing in your story is the realtor telling you to ignore potential mold, wood infestation, and clogged gutters (i.e., potential water damage). Realtors lately have been eager to transact, even if clients end up buying an "overpriced" home. It's a lot of work to serve a client, so the more quickly they can transact, the more quickly they can move to the next client.

Best of luck!

.
To clarify I am not the OP I was commenting on the OP's story..... But yes telling the OP it was "normal" was pretty lame .

imwjl · #8 07-26-2021, 02:22 PM

I don't know your state's laws but in general I'll suggest a realtor relationship where they're working in your interest vs the sellers. I have an understanding that most states have an option where seller doesn't have right to cure. You can hire both of an inspector and attorney who work in your interest.

Some of those tips have a cost but they can be well worth it for different reasons. Where I work there's a real estate component of the business and one owner happens to be a realtor. He always hires appropriate professionals even though he has so much expertise just for state of mind and a second set of eyes.

There's a lot of DIY info to help you know and sort this stuff out too.

In a different state we just went through the sales and buying stuff with a parent in this crazy market. Nothing seemed changed other than a lack of good inventory for sale. You should have a good realtor working in your interest, and if not realize who the agent is really working for.

bfm612 · #9 07-26-2021, 02:26 PM

Quote:

Originally Posted by KevWind

.
To clarify I am not the OP I was commenting on the OP's story..... But yes telling the OP it was "normal" was pretty lame .

Noted!

And that "normal" stuff is just terrible, terrible advice when part of a realtor's role, at least in my opinion a good realtor's, is to function as a counterweight to less experienced and maybe more emotionally-invested buyers, especially in a market like this where the odds are tough against getting your offer accepted and buyers might be getting desperate, exhausted, and not thinking straight. (I'm not saying the OP is one such buyer.)

KevWind · #10 07-26-2021, 02:32 PM

Quote:

Originally Posted by bfm612

Noted!

And that "normal" stuff is just terrible, terrible advice when part of a realtor's role, at least in my opinion a good realtor's, is to function as a counterweight to less experienced and maybe more emotionally-invested buyers, especially in a market like this where the odds are tough against getting your offer accepted and buyers might be getting desperate, exhausted, and not thinking straight. (I'm not saying the OP is one such buyer.)

Especially bad faith since it sounds like the agent in question was the "buyers agent" which in most states is supposed to incur a fiduciary responsibility . So dumping that agent is the best thing to do

Cypress Knee · #11 07-26-2021, 11:04 PM

After I retired I flipped several houses in the mid-Atlantic. Oner thing I learned very quickly is that an independent home inspection is of paramount importance. Before my final walk through was complete with the contractor, I would bring in an independent home inspector to make sure the we had covered all the bases before the home was listed. If we ever sell our home we will have an inspection before listing, and if we ever buy another house the final offer will be contingent on an independent home inspection.

In every commissioned sales job you have highly ethical professionals and low-life snake oil sales folk. They may work in the same company where the managers judge on sales results, not what is best for the customer.

So for a major investment like a house, I would always suggest an independent home inspection. Add or subrtract those repairs to estimates from RedFin, Zillow, and SmartZip to get a range of ideas of what the property may really be worth.

RP · #12 07-27-2021, 05:24 AM

Quote:

Originally Posted by Cypress Knee

...In every commissioned sales job you have highly ethical professionals and low-life snake oil sales folk. They may work in the same company where the managers judge on sales results, not what is best for the customer...

In crazy times for the real estate industry as we're seeing today, I'm sure that the temptation is too tempting for the unscrupulous to make quick and highly profitable sales with little regard for the details that they're trying to get buyers to overlook...

czgunner · #13 07-27-2021, 08:02 AM

We are moving out of WA and going to WY. I used to love the PAC NW, but I am done with it. Happy to be going to a better place. Sold our house for twice what we paid for it 7 years ago and of course are getting hosed on the house we are buying LOL. My real estate agent has been a great friend and shooting buddy since he helped us with our last move. I feel fortunate that we have somebody we can trust to actually have our interests in mind. The Realtor we are using in WY was one we picked from an internet search. Its a small town and reputation is everything, so I feel like he has done well for us so far. I honestly cannot believe how extensive movers are. Its nauseating. The Army gifted me with a ruined back, so U-Haul is not an option.

DCCougar · #14 07-27-2021, 08:32 AM

Quote:

Originally Posted by Cypress Knee

...an independent home inspection is of paramount importance.... if we ever buy another house the final offer will be contingent on an independent home inspection.....

Clearly good advice... which we did not follow on our last two home purchases. But they turned out OK. Four or five years ago we worked a 1031 Exchange for a gorgeous house on 15 acres overlooking a lake in North Idaho. We had the well water tested for heavy metals, but we basically inspected the place ourselves. (Having a structural engineer as a wife helps.)

So now Mrs. Cougar wanted to have a major remodel, which could take up to 9 months, so we needed another place to stay. Renting availability and pricing was ridiculous, and we happened upon this out of the way place on 3 acres of riverfront in nearby Montana that was cheap, so we bought it essentially sight unseen, no inspection. This was just before the current explosion in real estate prices. We figured the house could be a tear down and the property would still be worth what we paid for it. It turned out to be quite livable, which is where we are now. Zillow estimates it has doubled in value. I guess we've just been lucky....

catndahats · #15 07-27-2021, 08:42 AM

Glad we are settled in our home--sold high and bought low 3yrs ago before the market went completely nuts.

Our kids are going through this crazy market now. They paid what I thought was a high price for a new starter tract home 2yrs ago, their family grew so they listed it last week. Got 3 cash offers above asking price, and the new trend appears that buyers to sweeten their offers are forgoing inspections...so basically sellers are getting high cash prices and selling as-is with with multiple quick contracts/offers as the norm currently.
Of course, they are paying a premium for their new house.