30 years here and nothing. I been looking for that big quake to sink CA but that is not happening either
We have a few properties on the Gulf coast. I also talk to neighbors about what is going on with their insurance premiums. Insurance on one of our rental properties just went up by 30%, my neighbors flood insurance went from 2K to 7K a year, despite the house sitting 20' above sea level on concrete pilings. It's a bit crazy, so people must shop around. I think some full-time FL residents are moving out, but people still bring their families to the beach each year, so Airbnb is booming. And investors are willing to spend. Also, Florida is a big state with some areas way overpriced, yet other areas are less known and are remarkable. I sure hope Forgotten Coast stays that way as long as it can.
All this geographic risk is exactly why I'm moving to Lubbock, TX for my retirement. Sure there's a tiny tornadic risk... a smallish roof damage risk from hail... and it's boring as shit. But the world is tiny now. There's nowhere on the planet that you can't get to within 24 hours or less from anywhere. It reduces the suck factor of living in a cultural desert.
Describing my location as well. It's terrible here. Mohave green rattlers will steal your children and eat full size dogs!
I think I posted this in another thread, but even with my father-in-law as a realtor, I will not sign a contract with him because I want at the front of the line when buying a place. A few ways to get there, 1) with cash, 2) tell the listing agent you don’t have an agent and want them to write the deal and oh btw I need you to kick part of the buying agents commission (negotiable the amount) to my father-in-law. Haven’t had one turn it down yet. Combine 1&2 above and you’ll get access to a lot of places that aren’t even on market yet. I have one in my sights right now. granted, I haven’t bought a place post rule changes recently where buyer pays their agent separately, but may after the turn of the year. My father in law is well past his prime; still extremely knowledgeable, just doesn’t work my area but he is very helpful when I need him. We have a great working relationship on properties, usually come within 20-40k on price and we don’t disclose the number. We write it down and show each other. So yes, you get what you pay for and I suggest if you find a place you want contact agent directly to see house and if you want to make a deal, make sure they know you’re not under contract with anyone else. It’ll go a long way.
I once turned down a full price offer on a house because the buyer's agent pisssed me off. A lot of agents are presumptuous pricks who really don't know what they are doing. The title company handles the paperwork. The only thing the agent does is flap their lips. Sometimes that helps, but not always
not really. what ya need is a good title agent that can do the legal stuff. a very basic real estate contract from any on-line source, or an office supply box store will do. sold a dozen homes in years past when i was flipping, and my first live-in home with a home depot "for sale" sign in yard. i used an agent for my apartment sales, and a current home, cause i have the $ and would rather be riding my bikes wanna save some serious cash (considering what homes cost today vs 15-20 yrs ago?) sell it yourself. if ya have a good paying day job and don't wanna bother with showings? get an agent. My current home in Tampa i paid a realtor $5k to list the home, line up a good photographer, get on zillow. I agreed to pay 2.5% to a buyer agent, or if he brings a buyer, he gets the $5k AND the 2.5% comish. ($599 list price)
As stated already in this thread, its great if you have some inkling of what you're doing but the majority of Americans have zero clue. My wife is a realtor and I've seen so many people buy shit properties or get taken on a deal because they are in over their heads. I'd liken it to seasoned moto racers/enthusiasts on here. Even the newest novices here are usually 100% more knowledgeable than a clown that stops at the gas pump to tell you about the Ninja bike he used to have that went 200 mph or his buddy that has a 300 hp Boosa. I could buy or sell a house too but we are both in the minority when it comes to knowing what the fuck to do. The new rules make it even more confusing for people who were already fumbling around in the dark.
My last sale/purchase moving from Chicago to Ann Arbor required both closings on the same day in different cities. Despite the buyer paying cash, wire transfers were very slow and things really got down to the wire for our purchase closing. The seller we were buying from was/is a completely irrational dick that was throwing a massive temper tantrum and threatening to leave blah blah blah - my realtor made all his commission that day in my opinion dealing with that ignorant fuck so I didn't have to. Moving out of state with kids and selling/buying same day didn't really leave me in a de-escalation sort of mood. Now, you know who can fuck right off in this whole process? Appraisers. We ran into a known quantity around here with an axe to grind on rising prices in the area and got hit with an (-18k) appraisal. Homes with one less bedroom and bathroom have been sold in our neighborhood for over the price of our home since, but I had to eat 18k because of someone with zero stake in the transaction.
Appraisers are just like any other profession, for any important bit of information, you don't just take one guy's word for it.
My kid bought her home in st. louis from a realtor who falsified all kinds of shit. fortunately she has direct witnesses who worked on the house. about 180k. she has sued the agent and the firm. i told her to shoot for them licenseses!
having worked as an appraiser (long ago) for over close to 15 years (5 with a firm then 10+ on my own with staff), i'd say just like in any profession, there is rarely a time when 2 professionals will come up with the same conclusion (in this case, 2 appraisers coming up with same value). If a cookie cutter new development, with multiple same model homes with similar upgrades selling? sure. easy. but that is rarely the case as most know. and in a market with values going up like we had for 2 or 3 years, an appraiser is using comparable sales.. as in stuff that happened in the past. Our requirements that lenders put on us makes it difficult without using a comp outside that was superior, to have the value fall within the range of adjusted comparable prior sales.. ya had to get creative without having the lender come back and take up our time to explain with further support after we had already moved on to the next appraisal. And sadly, back in the days when your $$ depended on mortgage companies sending you work, miss the sale price a few times, and that mtg broker jumped ship to another appraiser real fast... tough racket.
