Mountain Hunter
Well-known member
She was referring to out of state folks. They see it on the web and put down a deposit. They come up to see it in person, and decide they don't want it, or want something different.
Chinese Virus
- Thread starter longbow
- Start date
groundtender
Active member
I know you didn’t ask me, but I think that’s slimy
longbow
Administrator
I hope they lose their deposit if they don’t buy it
NH Mountains
Well-known member
I’ve told you before Pete, you may want to look on the other side of the river.
I came down I91 yesterday and 50% of the vehicles were NY and NJ. 40% were CT and MA. I saw the same thing after 911 except then it was mainly CT and MA. They’re investing in get away housing.
longbow
Administrator
Interesting. I wonder how many are looking for a get-a-way house and how many are just moving permanently? A lot of these people just need an internet connection to work.I’ve told you before Pete, you may want to look on the other side of the river.
I came down I91 yesterday and 50% of the vehicles were NY and NJ. 40% were CT and MA. I saw the same thing after 911 except then it was mainly CT and MA. They’re investing in get away housing.
We are about 60 miles from NYC along the Pennsy. line. Very rural area. Well, my neighbor put their house up for sale last week and they have all kinds of people looking and some offers already.
Mountain Hunter
Well-known member
They typically do.
Many have realized they can work from home, so they are looking to relocate.
Mainewoods
Well-known member
My buddy has been trying to buy a place around Killington (condo, townhouse, etc) for the last two months. When one comes on the market he likes, he would head up from Plymouth MA, but these things are not even staying on for a day. So the other day, he saw one, offered asking price without a visit, but it went for $10k over. It's absolutely crazy right now.
NH Hunter
Well-known member
I have friends in my town that listed their house. They wanted to do 2 open houses. One on Saturday, one on Sunday. By the end of the weekend they had 10 offers. Of the 3 they entertained one couple offered to pay cash at 10k over, Another offered 10k over and the third offered 18k over with the contingent being if the house didn't appraise at the 18k over, they would pay 12k cash above the asking price. It's goofy everywhere.
Funny how we don't learn from our mistakes. This seems like the perfect storm for another bank bailout like 2006 in an election year where nobody knows what we as a country will look like financially a year from now with all the business that are going out , money lost by the banks from covid, and now this? Not a good look.......
Funny how we don't learn from our mistakes. This seems like the perfect storm for another bank bailout like 2006 in an election year where nobody knows what we as a country will look like financially a year from now with all the business that are going out , money lost by the banks from covid, and now this? Not a good look.......
longbow
Administrator
Where are your friends looking to go?
SportsmanNH
Well-known member
What you guys are seeing is happening everywhere because real estate inventory is way down from people taking properties off the market because of Covid . But actually properties in the cities is nose diving because of the rioters , looters , etc . Wealthy people are getting the hell out because they are sick of the liberal azzholes running the show in these cities . They are moving out to the country or at least suburbia.
This is not the same as the financial crisis at all. Most of these people are NOT putting down the minimum down payment.. They are putting down anywhere from 30 percent to paying cash . The people putting down only 30 percent are carrying pre qualification letters from banks showing they qualify for a lot more than the loans for the remaining 70 percent. Not even close to being financial crisis material . The normal purchase and sale agreement has people putting down 50 percent. Big difference from the financial crisis where people were putting down ZERO and getting loans of 110 percent of the purchase price with NO Documentation proving their income. You wrote what you wanted and got sub prime loans. Then the other factor of the financial crisis loans was people using their homes as an ATM machine borrowing up to 125 percent of their homes inflated value. Thats not happening today. You cant get an equity loan higher than 85 percent of the homes value.
I could go on and type a bunch more, but I will leave it with this. I have been a builder , land developer , investor since 1981 and lived through the last 3 crashes. 1988-1992 housing bubble of the northeast . 1998- 2002 the Dot.Com bubble when the geeks thought they created " The New Economy " and the financial crisis of 2008 - 2014 . This one is different . The people are putting so much as a down payment that when prices level off or go down some ( and they will eventually ) , it will be the borrower that takes the hit when they sell . not the banks. They learned their lesson the last time. Even sellers are not accepting FHA financing offers because they have better offers from higher qualified buyers.
VTHunter08
Well-known member
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lol running away from the "liberal azzholes" they voted in. Created a monster to run away and do what? create another one? I can almost feel my taxes go up as we speak
I cannot like this enough!~!!!!!!!
