House Hunters - General Discussion

[ECM1231]

On 9/16/2022 at 10:27 PM, chessiegal said:

There may be laws that say a room without a window can't be used as a bedroom, but once you buy the house, what's stopping someone from using a windowless room as a bedroom? Are there bedroom police that knock on your door and see how you are using room? Not that I'm aware of. 

Absolutely there are. Basement rooms must have not only a window, but egress windows. Also, in my county and I believe the neighboring county and NYC, you cannot have basement bedrooms, nor basement kitchens. Now, technically yes, you can do what you want, until a neighbor makes an anonymous phone call to the building department. My neighbor was a single mom of 2 who raised her children with no child support. Her Cape Cod home had 2 bedrooms upstairs and a bath and kitchenette. The main floor had 1 bedroom, bath, living room. Her kids slept in the basement. She rented the second level to a single woman. I kept my mouth shut as I felt sorry for her. But someone ratted her out, and she had to rip out the entire upstairs apartment.

In my case we purchased our home without a mortgage. At some point it was being used as a two family as the second floor had a full kitchen, which we ripped out. The main floor had no dining room, so the previous owners seni- finished the basement and gathered down there. It had a wet bar, some ugly kitchen cabinets on the wall, and a gas stove.

We ripped out the bar and table, and unplugged the stove. We used the cabinets for extra storage for dinnerware.

Well, fast forward 10 years. We embarked on a huge renovation. My sons' bedrooms were being reconfigured, but the primary bedroom remained intact. We lived in the home during the entire 5 month reno. Our sons had no choice but to sleep on the sleeper sofa in the basement.

During one inspection, the building inspector was a real S.O.B. He was insisting that our basement was being used as living quarters, which is illegal. Our windows were not egress. He made us remove the stove which wasn't even hooked up. He wanted us to get rid of the refrigerator and cabinets on the wall. Believe me, our basement is  ugly and in no way can be considered nice enough to even be an apartment, even if it were legal.  It's got ugly, cheap paneling on the walls, and linoleum tiles and a dropped ceiling. The "cabinets" are right next to the dryer. I put my foot down and refused. I said I would get rid of the stove, but refrigerator and cabinets were staying as I used them. I explained that my boys were only sleeping down there temporarily, and not living there.

That's why I am always shocked when I see how in other areas of the country folks are allowed to have in-law suites in basements, or rental apartments for non-related. It's absolutely prohibited here. People do it, sure, but can get in big trouble if caught.

ETA: I only mention that my home was purchased without a mortgage, because that second floor kitchen was illegal for a home zoned as a single family home in a residential neighborhood. I think the owners were very lucky we came along, because they would have had to rip out that upstairs kitchen as it wasn't legal or permitted.

Edited September 20, 2022 by ECM1231

[Empress1]

10 hours ago, ECM1231 said:

Also, in my county and I believe the neighboring county and NYC, you cannot have basement bedrooms, nor basement kitchens.

Something like a dozen people living in NYC basement apartments drowned in the flooding from the storm a year ago (was it Ida? I forget). I looked at a basement apartment years ago (the landlord needed to be shot, it was almost literally a pit. I didn’t rent it). It may be illegal but it happens. It’s super sketchy. (I’m not arguing that it SHOULD be legal, for the record.)

[cinsays]

ugh

the obnoxious woman with 6 kids that is "making bank" off her blogging of her life.

i feel bad for her husband and her kids just being scenery for her self absorption.

[CrazyInAlabama]

12 minutes ago, cinsays said:

ugh

the obnoxious woman with 6 kids that is "making bank" off her blogging of her life.

i feel bad for her husband and her kids just being scenery for her self absorption.

Even more outrageous, she wanted the separate guest room apartment for her ridiculous blog, and wanted to cram the kids in shared rooms again, I guess to have bedrooms for her other interests. 

[rhofmovalley]

St. Pete, FL...

More eyebrows! What's up with the Sharpie eyebrows?

And she loves "white and bright" but then complains the second house is "too white". Pick a lane!

[Thumper]

Carolina Beach.  I suspect this is a retread Beachfront Bargain (or similar) episode.  The episode says “new,” but there is no date on it.  Also, the realtor does not go into the houses with the couple, so all their commentary in the house is to each other — which is a different format than regular HH.  
 

On a shallow note, the guy’s muscle shirt bugs me. 🥴

[chessiegal]

8 minutes ago, Thumper said:

Carolina Beach.  I suspect this is a retread Beachfront Bargain (or similar) episode.  The episode says “new,” but there is no date on it.

My onscreen guide says it originally aired 2/11/2021. The production company was Left/Right Production, so not HH.

[CrazyInAlabama]

16 hours ago, chessiegal said:

My onscreen guide says it originally aired 2/11/2021. The production company was Left/Right Production, so not HH.

So another Beachfront retread.      I suspect a lot of these are retreads from other shows, like Island Life, Mexico Life, etc.   I turned it off the second I recognized the couple.    When are they going to drop the phony storylines about buying a vacation home for the family?    Almost all of these are investments for the short term rental market.     Several of the 'new' house hunters are beach or other reruns.   

It's all about cramming as many mattresses as they can into a house or condo.   The one with three bunk beds crammed in a medium size bedroom on one show the other night looked like a sardine can.  

Edited September 22, 2022 by CrazyInAlabama

[cameron]

8 hours ago, rhofmovalley said:

St. Pete, FL...

More eyebrows! What's up with the Sharpie eyebrows?

And she loves "white and bright" but then complains the second house is "too white". Pick a lane!

And he's definitely a momma's boy who's workout room so far hasn't help him too much.

Edited September 22, 2022 by cameron

[deirdra]

13 hours ago, rhofmovalley said:

More eyebrows! What's up with the Sharpie eyebrows?

They must be all the rage now. Some of my younger cousins have them and the front desk person at my dentist's office today had them - no eyebrow hairs at all, but jet black sharpie ones instead.  They all look ridiculous, like cartoon characters Snidely Whiplash, Boris Badenov & Natasha Fatale

[amarante]

I think the eyebrows are done with what is called micro blading which is a form of a tattoo for the eyebrows. It isn't as permanent as regular tattoos and so it fades over the course of a few months. But it does generally have a darker look which is fashionable.

I suspect also that many of these women are having it done by less talented salon. When it is done by someone skilled it doesn't look weird and artificial but then it trickles down to the masses and looks terrible like a lot of other beauty stuff. 

[chessiegal]

So, women are removing their natural eyebrows, and painting them back on? Nature gave us eyebrows for a reason.

I thought with life getting back to normal, they wouldn't need to retread other shows.

[rhofmovalley]

56 minutes ago, chessiegal said:

So, women are removing their natural eyebrows, and painting them back on? Nature gave us eyebrows for a reason.

I thought with life getting back to normal, they wouldn't need to retread other shows.

And they look so fake! Literally looks like they used a sharpie. I have some thin spots in my eyebrows so I just use a pencil and then blend it with an eyebrow brush.

A woman at my last job had really bad, obvious tattooed eyebrows. She looked scary, but she was actually very sweet. Her eyebrows were actually tattooed on crooked. The person who did them did her a grave disservice.

I think they've been retreading for years. Maybe there's just not enough people signing up to be on the show.

[amarante]

1 hour ago, chessiegal said:

So, women are removing their natural eyebrows, and painting them back on? Nature gave us eyebrows for a reason.

I thought with life getting back to normal, they wouldn't need to retread other shows.

Women aren’t removing their eyebrows. They are filling in the same way women use brow pencils and pomades. Microplaning theoretically are very fine short strokes thst are supposed to look like hairs. 

If it is done well you don’t notice them. They just look good. But like any kind of plastic surgery many women seem to think that very obvious work is the aesthetic ideal 🤷‍♀️🤷‍♀️so we have created a weird beauty standard in which obviously fake and unreal look is desired among some women. 

[deirdra]

1 hour ago, amarante said:

Women aren’t removing their eyebrows.

Some actually do if they don't like how low their real brows ones are. My cousin proudly told me that she did it to look younger as it was cheaper and longer-lasting than botox.

[Crashcourse]

I blame the Kardashians! 🤣

[amarante]

2 hours ago, deirdra said:

Some actually do if they don't like how low their real brows ones are. My cousin proudly told me that she did it to look younger as it was cheaper and longer-lasting than botox.

That's a new one for me 😃 and I am in Los Angeles which is an epicenter of extremely bad over done plastic surgery.

I do know the look and it isn't a good one as people forget that there generally is a "bone" that protrudes and normal eyebrows are more or less along that protrusion. But I have seen it when women over plucked their eyebrows and so they are left with this very thin penciled on artificial looking things.

[CrazyInAlabama]

New, San Francisco, she wants Victorian, in San Francisco, and he wants sleek and modern, but in Oakland. She's find with projec Budget: 1.4 to 1.45 million, his budget, hers is higher, up to $1.7 million.  They want 2 bath, 3 bed. 

#1 $1.4 Victorian duplex( actually 2 flat) with HOA $250 a month, in Haight Ashbury, 3 bed 1 bath, 2 units in the building.   there is a driveway and 1 car garage, but it's actually a tandem, shared space, but which unit gets to use it? Lovely vintage, main bedroom is on the front by the sidewalk and it looks like a small living room, only tub is clawfoot, living/dining is small. there's a nice kitchen with attached laundry, Third tiny bedroom has a small porch, but the tiny back yard is a shared space. (I would never buy a house with shared parking/tandem). 

#2 single family, Oakland, 3 bed 2 bath, just under $1 million, lovely hardwood floors.  There is a second bath with shower, Living/dining is nice, back yard had a great patio/fire pit, grass for the dog, not shared yard space.   2 car garage., extra parking pad, ranch. 

#3 San Francisco, $1.high rise condo, HOA $1441 a month (that's not a typo),   2 bed 2 bath, 1400 sq ft, 1 valet parking space with unit, pool/fitness center and other amenities, There are six other units for sale in the same building, so realtor says they might be able to get a deal,  Hardwood floors, living and dining are open, kitchen is nice, but small.    big pantry. main bedroom is bigger than house #1, nice closet built-ins. main bath is beautiful with tub and glassed in shower, 2nd bedroom is either guest room, or office.   guest bath is tub/shower combo, and very nice.   no projects, totally turn key.   The same realtor who said there are six units for sale in the same building so they might get a deal, now says they have to move fast.

They buy # 1, for $1,825!   Yes, they paid $425k over asking. He says maybe they can change the tandem garage to a double garage shared, not happening.   

 I would have bought #2, but never would have bought #1.  

Edited September 23, 2022 by CrazyInAlabama

[Kenzie]

Small but cute rooms and beautiful exterior.

That said, I would never pay $1.8 million for what is essentially half of the original house.

[Lady Lucy]

I knew she was never moving to Oakland (though that's the one I would have bought). I thought they would "compromise" on #3.

I agree, no way I'd have bought #1. Rooms far too small - especially primary bedroom - and shared parking and outdoor space is a no go for me. 

[edie3]

San Francisco couple: I would have bought 2 or 3, but not 1. Worse choice of their options.

[Crashcourse]

I liked the Oakland house, but I figured she wouldn't want to move there.  I didn't like the Victorian money pit at all, and I wouldn't want to live in in skyscraper high rise like that one.

[Notabug]

I agree, $1.8 mil for half a house with a shared backyard and really problematic garage space was way too much and I never would've done it.  The exterior of the house was adorable and there were a lot of charming elements inside, however, the tiny size of the rooms was not so charming,  And, having to bother the neighbors to move their car so you can back out of the garage every day is more than a hassle.  I could tell that she was not settling for Oakland, though, no matter what,

I thought house #2 was the best option, despite being in Oakland.

Edited September 24, 2022 by Notabug

[Hedgehog2022]

On 9/22/2022 at 5:13 AM, cameron said:

And he's definitely a momma's boy who's workout room so far hasn't help him too much.

I was just astounded by their choice...I mean, they wanted a beachy feel and a pool, which is why people ultimately move to Florida so they can be near or on a beach and enjoy year round outdoor pools...instead they chose a home that had none of that and backed into a major highway! They might as well have stayed in New Jersey! They should have gone with the renovated ranch with the pool. It was well done on the inside and the pool and lanai were lovely...that's what a Florida home should be like. He balked at having to buy a washer/dryer and putting in a fence...two purchases that would add to the value of their home should they decide to sell in the future. As it is, their New Jersey style home will need a covered patio in order to enjoy their outdoor space in the hot and humid summers and some landscaping to help buffer some of that highway noise. What a dumb purchase.

[Angeltoes]

For having known each other for years, that San Francisco couple had zero obvious chemistry with each other.  

[FedHillGal]

Re: San Francisco couple: I was actually stunned when they chose house 1. Between the tandem parking, shared backyard and the weird bathroom I thought there was no way. It had none of the things they wanted! And then to go that far over budge? Dumb. Really, really dumb. 

[Crashcourse]

I got the impression that the woman was going to live in SF no matter what house they chose or how much it cost, and she would have felt it beneath her to live in Oakland.  

[laredhead]

Crashcourse, my niece and her family live in Oakland.  They bought a lovely house there 2 years ago.  It has the most beautiful views of the bay and SF.  They paid $1.5 million, and it needs TLC, but they are young, and have the energy to do fixes to it over the next few years.  I think living in Oakland would be more attractive than in SF, but I guess it isn't for many people.

[Crashcourse]

2 hours ago, laredhead said:

Crashcourse, my niece and her family live in Oakland.  They bought a lovely house there 2 years ago.  It has the most beautiful views of the bay and SF.  They paid $1.5 million, and it needs TLC, but they are young, and have the energy to do fixes to it over the next few years.  I think living in Oakland would be more attractive than in SF, but I guess it isn't for many people.

Oh, I know, but my point was that she probably felt it was beneath her.

[amarante]

I love San Francisco - I love the fabulous "painted ladies" of San Francisco and I am wiling to trade space for location.

But I can't imagine choosing the House they did because everything about it seemed problematic. Hell no to a bathroom with only a clawfoot tub and a toilet in a room that didn't have a sink. 

I am familiar with brownstones in New York City that have been converted into apartments but for some reason this "flat" just hadn't been renovated well or the original layout and size made it impossible to design a workable configuration.

I live in a condo so I am not averse to not being in complete control of my housing since condos and coops have an HOA but I can't imagine purchasing a house where my destiny was linked to only one other person - who do you make decisions both large and small? Theoretically a shared outdoor space isn't terrible but how do you set rules with only one other person. And what if the other person has economic issues and stops paying the maintenance fees - not to mention that there will no doubt be larger maintenance expenses like roofing and plumbing - how do you deal with someone who is a cheapskate or broke?

[Thumper]

She didn’t use the tried and true “restaurants and stores,” but maybe that was her intent in wanting to stay in SF?  The Oakland house (which I liked too) was more of a residential neighborhood.

[Bastet]

17 hours ago, Crashcourse said:

Oh, I know, but my point was that she probably felt it was beneath her.

Probably, given how many people still do despite all the changes.

For years, a friend lived in Oakland just over the Berkeley border, and whenever I visited him and we went out in San Francisco, we had to lie to get a cab back home, and when we got close say the address was actually in Oakland.

I don't spend as much time there anymore - it used to be a frequent weekend getaway - but my understanding is the prejudice still very much exists.

Edited September 24, 2022 by Bastet

[CrazyInAlabama]

I think that the charm of their rekindled relationship will fade once the reality of the place they bought fades.   The man's idea about expanding the tandem garage to a double was laughable.  She was never going to move to Oakland, so why didn't they just show a third option in San Francisco?     

My question is still about value for insurance.   They bought for over $400k over asking, so I'm guessing the appraisal was probably higher, but certainly not that much.    Does the difference between appraisal and insured value go for what they paid?   Or is it the appraised value?   

With my houses, the insurance company received a copy of the appraisal, and that's what they based my insurance on.  With the Victorian, they paid so much over list, that there is no way the house appraisal was equal to that.  

Also, I wonder if they did really did have access to the garage?   The realtor saying the two owners of the units would each have keys, and swap the cars around is ridiculous.   Or if the ridiculous price they paid was to get total access to the garage, and also the back yard?   I bet the garage is owned by either the house hunter's unit, or the upstairs unit, and I bet the back yard space goes with the house hunter's unit.     There is nowhere on that property to expand the garage.    

I agree with other posters, the flat was priced to get a bidding war, and it did. 

Edited September 26, 2022 by CrazyInAlabama

[ECM1231]

I see we are all in agreement that the choice of the 1.8 million Victorian wasn't a wise one.

All I will add is that they were a nice looking couple.

[Notabug]

6 hours ago, CrazyInAlabama said:

I think that the charm of their rekindled relationship will fade once the reality of the place they bought fades.   The man's idea about expanding the tandem garage to a double was laughable.  She was never going to move to Oakland, so why didn't they just show a third option in San Francisco?     

When he talked about turning the garage into a double, I was puzzled as to how he expected to accomplish that.  Isn't the garage sort of underneath the house?  Isn't the lot really tiny without a square inch of unused space?  Was he going to try to convince the upstairs owners to agree with him to replace the backyard with a garage, presuming there's an alley back there for access?  I cannot imagine how much any of that would cost, let alone how it could be accomplished without losing some major portion of one of the home's good features.

I guess the woman really, really wanted to live in SF; that's the only reason I can think of that they would buy a home with so many problems.  Then again, there was a bidding war, so I guess they're not the only ones.

Edited September 24, 2022 by Notabug

[Hedgehog2022]

On 9/23/2022 at 12:35 PM, CrazyInAlabama said:

New, San Francisco, she wants Victorian, in San Francisco, and he wants sleek and modern, but in Oakland. She's find with projec Budget: 1.4 to 1.45 million, his budget, hers is higher, up to $1.7 million.  They want 2 bath, 3 bed. 

#1 $1.4 Victorian duplex( actually 2 flat) with HOA $250 a month, in Haight Ashbury, 3 bed 1 bath, 2 units in the building.   there is a driveway and 1 car garage, but it's actually a tandem, shared space, but which unit gets to use it? Lovely vintage, main bedroom is on the front by the sidewalk and it looks like a small living room, only tub is clawfoot, living/dining is small. there's a nice kitchen with attached laundry, Third tiny bedroom has a small porch, but the tiny back yard is a shared space. (I would never buy a house with shared parking/tandem). 

#2 single family, Oakland, 3 bed 2 bath, just under $1 million, lovely hardwood floors.  There is a second bath with shower, Living/dining is nice, back yard had a great patio/fire pit, grass for the dog, not shared yard space.   2 car garage., extra parking pad, ranch. 

#3 San Francisco, $1.high rise condo, HOA $1441 a month (that's not a typo),   2 bed 2 bath, 1400 sq ft, 1 valet parking space with unit, pool/fitness center and other amenities, There are six other units for sale in the same building, so realtor says they might be able to get a deal,  Hardwood floors, living and dining are open, kitchen is nice, but small.    big pantry. main bedroom is bigger than house #1, nice closet built-ins. main bath is beautiful with tub and glassed in shower, 2nd bedroom is either guest room, or office.   guest bath is tub/shower combo, and very nice.   no projects, totally turn key.   The same realtor who said there are six units for sale in the same building so they might get a deal, now says they have to move fast.

They buy # 1, for $1,825!   Yes, they paid $425k over asking. He says maybe they can change the tandem garage to a double garage shared, not happening.   

 I would have bought #2, but never would have bought #1.  

AGREED! They got hosed buying that Victorian.

[amarante]

32 minutes ago, Hedgehog2022 said:

AGREED! They got hosed buying that Victorian.

Since there was a bidding war I don't think it is fair to say they were "hosed" because they paid what was then fair market value.

I wouldn't have bought it really at any price because I thought the configuration was awful and as I posted I wouldn't want to essentially be in a partnership with a stranger. 

I wonder if the upper unit was as terrible in terms of configuration because sometimes these "two family homes" as they are called in New York have one apartment that is nicer in which the owner lives and that would make the shared space more feasible since the landlord would probably have the garage and would *own* the backyard as well in most cases and tenant would only use it with permission. And obviously it eliminates the high risk of depending on agreeing with a stranger as to maintenance and repairs.

My friend ran away to the Haight during the Summer of Love and I imagine that entire house could have been purchased for $50,000 if that much 

Edited September 24, 2022 by amarante

[Thumper]

48 minutes ago, amarante said:

Since there was a bidding war I don't think it is fair to say they were "hosed" because they paid what was then fair market value.

I wouldn't have bought it really at any price because I thought the configuration was awful and as I posted I wouldn't want to essentially be in a partnership with a stranger. 

I wonder if the upper unit was as terrible in terms of configuration because sometimes these "two family homes" as they are called in New York have one apartment that is nicer in which the owner lives and that would make the shared space more feasible since the landlord would probably have the garage and would *own* the backyard as well in most cases and tenant would only use it with permission. And obviously it eliminates the high risk of depending on agreeing with a stranger as to maintenance and repairs.

My friend ran away to the Haight during the Summer of Love and I imagine that entire house could have been purchased for $50,000 if that much 

Bet your friend has some great stories about that time!  😁

[CrazyInAlabama]

The OWN reruns today are apparently all "people with strange requests, even for this show".  

To Fix or Not to Fix in Wisconsin, Racine, Wisconsin.    She doesn't want a house near a cornfield, because "she's afraid of the children who will come out of it".    That has to be a joke, right?   She also doesn't want a front garage, but she's not going to be shoveling the longer driveway that comes with a side garage is she? 

This was a 2012 episode, you have to wonder what's happened since then.  She hates the antiqued cream color French Country cabinets.   My neighbor across the street paid a lot extra to get the same cabinets a few years ago. So, house #1, husband wants a theater room, and there's a bunch of furniture and a huge TV piled in the basement.  That was a set up, that's not the house they bought.

I agree with no cornfield, because when the corn gets harvested, the mice want in your house for food and for the winter.  However, I doubt a bunch of horror movie characters will be advancing out of the corn.    A bigger worry is if the farmer sells out to a developer, and hundreds of apartments or townhouses, or homes on tiny lots move in. 

Gasp!  House #2 is by a corn field.    House #2 also has a dumpster in the driveway, so no surprise when that's their house.  It also has a front garage.   

Edited September 27, 2022 by CrazyInAlabama

[Hedgehog2022]

8 hours ago, amarante said:

Since there was a bidding war I don't think it is fair to say they were "hosed" because they paid what was then fair market value.

I wouldn't have bought it really at any price because I thought the configuration was awful and as I posted I wouldn't want to essentially be in a partnership with a stranger. 

I wonder if the upper unit was as terrible in terms of configuration because sometimes these "two family homes" as they are called in New York have one apartment that is nicer in which the owner lives and that would make the shared space more feasible since the landlord would probably have the garage and would *own* the backyard as well in most cases and tenant would only use it with permission. And obviously it eliminates the high risk of depending on agreeing with a stranger as to maintenance and repairs.

My friend ran away to the Haight during the Summer of Love and I imagine that entire house could have been purchased for $50,000 if that much 

Do bidding wars really qualify as being "fair market value"? Because this last spring there were several homes in my neighborood that were priced way beyond what they should have been and bidding wars inflated the prices even more. Now that things have calmed down and the housing market is slowly going back to a buyers market I can only imagine how some those families feel about paying close to a million dollars for homes that are now going for $700,000 or less. Yeah, that San Fran house was a nicely renovated Victorian but there were issues...one bathroom with a tub on wooden flooring, the garage situation, the small space in back that they have to share (I believe that was the understanding). It reminded me of the brownstones in the West Village in NYC.

As for the "Summer of Love"... PBS did a documentary on the "Summer of Love" a few years ago and it was excellent. It went into detail why the Haight became the destination of so many young people wanting to flee their lives back East and elsewhere. It was great until speed and other addictive drugs started taking lives and that was when the Haight became crime ridden and sort of like the Bowery in NYC was for alcoholics but for drug addicted young people. I believe the PBS doc can be found On Demand under PBS....it's worth watching.

[chessiegal]

10 hours ago, Hedgehog2022 said:

Do bidding wars really qualify as being "fair market value"?

Whatever someone is willing to pay for a house on any given day makes it fair market value. 

[amarante]

58 minutes ago, chessiegal said:

Whatever someone is willing to pay for a house on any given day makes it fair market value. 

Also there is a net cost for home ownership. When the San Francisco couple bought their house mortgage rates were lower so the actual cost of the mortgage might have been lower or the same compared to purchasing a theoretically lower priced home now.

While it might sting if your home price goes down, it really doesn't matter unless you are selling in the short term.

I bought my condo years ago and the price went up prior to the bubble crashing in 2008 and then it soared in the past few years. While the market is softening a bit it really makes no difference to me because I have no intention of selling at the moment. Yes things can change but for most people moving is a choice rather than a necessity.

During the last housing crash in 2008 homes in relatively desirable areas didn't lost much value because the areas were still desirable and also the people living in the more desirable neighborhoods didn't have the same quantity of job losses and other financial set backs and so they could continue to pay their mortgages and not be forced to sell. A lot of the homes that went into foreclosure or short sales were purchased on liar's loans with interest only artificially low payments because they were bought by people who couldn't afford them in the expectation that the house would increase in value in a short period of time and they could set easily at a profit or just refinance.

[Pine]

The Buyer is responsible to pay the difference between what they offered and what the appraisal comes out too.  So, they could even be paying the 400K or even more.  Their purchase doesn't help their appraisal.    If you have a very good agent, they hopefully will find comps in the area for the appraisal to look at pre appraisal.    I would think that the Victorian 1 level they purchased, isn't much bigger than what she owned.  Personally, I wouldn't live in any of those cities, but, if I had to, the high rise would be my choice.   

I don't see them sticking together, it seems that he left her, and she surprised him by not going back after his year of freedom.  She only came back when he was badly injured in a ski accident....I am rather meh, they stick, still not married it looks like.

Edited September 25, 2022 by Pine
add on opinion

[Hedgehog2022]

6 hours ago, chessiegal said:

Whatever someone is willing to pay for a house on any given day makes it fair market value. 

That's BS...I would never pay a million dollars for a house that will be $700,000 or less in six months time...but maybe that's just me. 

[chessiegal]

The SF house had multiple offers, so more than one buyer was willing to pay the price.

This is how Rocket Mortgage defines Fair Market Value.

Quote

Fair market value (FMV) in real estate is the determined price that a property will sell for in an open market. The FMV is agreed upon between a willing buyer and seller, both of whom are reasonably knowledgeable about the property in question.

Edited September 25, 2022 by chessiegal

[amarante]

2 hours ago, Hedgehog2022 said:

That's BS...I would never pay a million dollars for a house that will be $700,000 or less in six months time...but maybe that's just me. 

Yes - that is just you deciding that you don't want to pay fair market value for a specific home.

You don't have to buy it and seller doesn't have to sell it.

FWIW often homes that sell above the "asking price" are deliberately priced lower in order to get multiple offers. That is because a house with a lower asking price will appear in searches for more people who might decide that they are able and willing to pay more for the house they want.

For better or worse home sells for private residences are generally a very pure example of the capitalist market system since fair market value is determined solely as an agreement between two people.

ETA - And not that I have a crystal ball but I doubt that a flat in The Haight is going to decline by 50%. The Haight is a highly desirable neighborhood in a highly desirable city and even during 2008 housing prices didn't decline that much in desirable neighborhoods because the people living there didn't have to move as they could afford their mortgages for the most part and people still wanted to live in those areas. The areas that declined precipitously were not in Beverly Hills or the equivalent.

Edited September 26, 2022 by amarante

[Hedgehog2022]

3 hours ago, amarante said:

Yes - that is just you deciding that you don't want to pay fair market value for a specific home.

You don't have to buy it and seller doesn't have to sell it.

FWIW often homes that sell above the "asking price" are deliberately priced lower in order to get multiple offers. That is because a house with a lower asking price will appear in searches for more people who might decide that they are able and willing to pay more for the house they want.

For better or worse home sells for private residences are generally a very pure example of the capitalist market system since fair market value is determined solely as an agreement between two people.

ETA - And not that I have a crystal ball but I doubt that a flat in The Haight is going to decline by 50%. The Haight is a highly desirable neighborhood in a highly desirable city and even during 2008 housing prices didn't decline that much in desirable neighborhoods because the people living there didn't have to move as they could afford their mortgages for the most part and people still wanted to live in those areas. The areas that declined precipitously were not in Beverly Hills or the equivalent.

Well, I'm just an average joe blow and remember the days when you could buy a pretty nice four bed, two and half bath colonial in a good school district for less that $200,000. Guess those days are pretty much over.

[Mountainair]

1 hour ago, Hedgehog2022 said:

Well, I'm just an average joe blow and remember the days when you could buy a pretty nice four bed, two and half bath colonial in a good school district for less that $200,000. Guess those days are pretty much over.

Yes those days are over. It’s such a frustrating market. We are getting ready to list our 4/3 house in order to live in a better school district. We would list for 400,000 which is great considering what we bought our house for but to find anything comparable we are looking at $700,000. It makes the most sense to sell and wait for the market to be a buyers market but rent is so outrageous here as well- double what my current mortgage payment is. It’s frustrating. 

[amarante]

3 hours ago, Hedgehog2022 said:

Well, I'm just an average joe blow and remember the days when you could buy a pretty nice four bed, two and half bath colonial in a good school district for less that $200,000. Guess those days are pretty much over.

The New York Times had an excellent article today on why starter homes aren’t built anymore. Essentially it is because it is economically impossible to build and homes that were originally built as starter homes years ago are now selling for half a million like the organic Levittown houses.

https://www.nytimes.com/2022/09/25/upshot/starter-home-prices.html?searchResultPosition=1

I grew up in a two family house in Brooklyn which my parents bought in 1955 for $15,000. It recently sold for over $1 million. Even adjusted for inflation that amount is only equivalent to about $160,000.🤷‍♀️

[deirdra]

Considering how the market can swing quickly, as Scott McGillivray would say, if you want to make money in real estate, it is not about timing the market, but time IN the market. Though actually it is both. Having the means to hold onto a flip or renovation and rent it out until the market improves substantially helps, but many HHs are living on the edge of affordability. I always cringe when one of a couple want to spend the maximum the lender will lend to impress others.