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WARNING! Buyers Remorse HORROR Stories YOU NEED To Hear

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Michael Bordenaro

Michael Bordenaro

Жыл бұрын

The amount of buyers remorse horror stories that are starting to roll in are truly unbelievable. So many people got duped in to thinking the last year would still be an excellent time to buy just because everyone else was doing it and rates were lower. Now its time to face reality.
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Пікірлер: 664
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
You Must Be CRAZY To Buy a House Right Now kzfaq.info/get/bejne/b7yif6V2z9Kxm6s.html
@elainearroyos3699
@elainearroyos3699 Жыл бұрын
I need you to talk to...I have a huge problem with my parents house.
@davidkess2405
@davidkess2405 Жыл бұрын
unless you just won the lottery......
@markdittbenner9949
@markdittbenner9949 Жыл бұрын
sad but true no one would have listened if you told them not to get into a bidding war and over pay...they would have told you to eat sh,:*:. and mind you own business...well they are the ones now with a mouth full of sh,:*:..they were so smart they wasted there down 👇 payment it's already gone forever..now they will owe far more on the house than it worth soon...🤣
@brianmurphy7372
@brianmurphy7372 Жыл бұрын
GREA*;:: .. BBNINFO!!!
@brianmurphy7372
@brianmurphy7372 Жыл бұрын
GREA*;:: .. BBNINFO!!!
@MikeBA10
@MikeBA10 Жыл бұрын
Michael, your channel is a testament to less is more. No background music, no bells and whistles, just straightforward content. Love it.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Thank you Mike as a KZfaq viewer I prefer it that way as well. That’s why I shoot my videos, plain and simple 👍
@JYAN2852
@JYAN2852 Жыл бұрын
Her real estate agent had only 1 priority. Commission. No different than a car salesman. Glad you are the few who don't give bad real estate advice
@rachelvasquez7826
@rachelvasquez7826 Жыл бұрын
I read this same article and felt so bad for these people. I bought a condo that I regretted back in March 2021, sold it in May 2021 just before prices started to dip and got all my money back out. Man, was I lucky. I'll be happily renting for the next year with a full year lease agreement. It's so refreshing to get content like this from a realtor with some integrity.
@katwells6278
@katwells6278 Жыл бұрын
You sold it immediately. LOL
@rachelvasquez7826
@rachelvasquez7826 Жыл бұрын
@@katwells6278 yes I did. It was crazy.
@leejeffers1240
@leejeffers1240 Жыл бұрын
Hello. I am curious what you regretted about the condo purchase.
@rachelvasquez7826
@rachelvasquez7826 Жыл бұрын
@@leejeffers1240 Just not in a great part of town. I also made the purchase out of desperation that if I didn’t purchase at that moment, I’d be priced out of my hometown forever.
@chrisdaniel2759
@chrisdaniel2759 Жыл бұрын
@@rachelvasquez7826 Isn’t the total cost more now though with higher interest rates? Like, if you were to rebuy it today, wouldn’t your monthly payment be way more?
@savankor2656
@savankor2656 Жыл бұрын
A wise man told me, don’t get emotionally attached. Be ready to walk away
@heyitsme881
@heyitsme881 Жыл бұрын
What concerns me is all of us plus the big investors waiting on the sidelines. Will we even be better off if prices get better? Won’t we all just be competing and driving costs up once again?
@Westcoaststyling
@Westcoaststyling Жыл бұрын
Exactly, it'll just be another frenzy, survival of the richest
@dajewel1982
@dajewel1982 Жыл бұрын
To be honest with you , no. All of this reminds me of those who financed homes right before 2008. Then , during the crash , lending was super tight. So, those who could get approved today won’t be approved for as much if at all during the future crash.
@Mral236d
@Mral236d Жыл бұрын
the hikes impact way more than just the housing market. Stocks, and the overall economy will be way down too. A lot of people will be losing jobs in 2023. On top of that interest rates have gone up so much that homes would need to drop by around 40-50% in value in most places for the mortgage to be the same amount each month as it was a year ago. So yeah, you might get that house for 350k next year that is going for 400k now, but youre gonna be paying way more each month when you add in interest than someone would have who bought a home last year for even 100k more.
@zacktollett761
@zacktollett761 Жыл бұрын
The inspector shouldn't have given them a quote on roof repair cost in the first place. A good inspector would recommend that they call a roofing company for an accurate quote instead. Love your videos btw!
@lcgoonsquad7650
@lcgoonsquad7650 Жыл бұрын
Sounds like they live in a huge house or they got robbed by the roofer. 20 sq shingle roof should cost about 10k in the Northeast.
@itechfive240
@itechfive240 Жыл бұрын
Buyer remorse here in Vegas for sure. These sheeple were buying over asking on $600k houses with no backyard. Nobody in their right mind is going to buy your house if they don't get a backyard with it.
@DubRighteous
@DubRighteous Жыл бұрын
My brother in law overpaid for a 20 year old Florida home with a pool. The house has never been updated. I don’t know if he waived the inspection or Stevie Wonder did it because it has required several expensive repairs already. He wants to get out from under it but having bought it at a super low interest rate makes it nearly impossible to get into a cheaper payment at the current rates. Literally stuck in a house you can’t afford to maintain and can’t afford to sell either. I know there are probably millions of people like this. A ticking time bomb.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Thanks for sharing that story and it’s something I’ve mentioned here on the channel as well. Many people think that folks like your brother won’t sell but I guarantee they will because life happens and once you get tired of the property and or you need to move for whatever reason they will end up selling no matter how good their rate is.
@jjohnson8977
@jjohnson8977 Жыл бұрын
yep that SW Florida area is halarious prices of homes went up 2-3 times in a year or two AND PEOPLE PAID IT. it's called FOMO
@Friends46488
@Friends46488 Жыл бұрын
😂😂😂 . Had me cracking up at the Stevie Wonder joke.
@schawnettarobinson8584
@schawnettarobinson8584 2 ай бұрын
Exactly
@jayneweaver8695
@jayneweaver8695 Жыл бұрын
The woman made the decision to put offer she knew was overpriced. Process is about 30 daysto close she could have chosen not to buy that home and rent at that time. She chose to use that realtor, not look for another one, look in a different area. No one can MAKE you buy a house. YOU are responsible. Her choice to buy, max out credit cards, deplete her savings.
@erinspoonster570
@erinspoonster570 Жыл бұрын
Yeah, you can just refinance for a cheaper rate. All of the agents say that. But they never mention you need a certain amount of equity in the property just to qualify to refinance. They also avoid mentioning the fact that properties are way over valued and prices are steadily falling, so how the hell are you going to refinance if you property value fell 20% since you bought. Keep up the good work Michael! You are preaching to the choir.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Absolutely two huge variables when it comes to eligibility to refinance
@johnhwang339
@johnhwang339 Жыл бұрын
Bought our house in 2004. Wasn't the peak, but close. Had to get 2 loans to get the house. 30 yr at 6.375% and a second at 8.5% balloon 15. Value went up and refi to a jumbo 30 yr at 5.75% about 1 yr into the loans. Then 2008 crash and interest rates were down to 3%. Tried to refinance, but was underwater. Bank won't give me the lower rate because I had been good on my payments. I had to default in order to get my loan remodified. Kinda stupid since the reason to lower my payments so I don't default. Didn't qualify for government loan program (no appraisal) because my loan wasn't owned by Fannie Mae or Freddie Mac. Anyway had to borrow money from parents and get a 15 yr FHA loan to 3% rate. P and I were less than my original 30 yr. No Brainerd there.
@chrisdaniel2759
@chrisdaniel2759 Жыл бұрын
Um, also… rates are going up. Everybody seems to think that they’re gunna fall in no time, as opposed to steadily rise well into double digits. As they have before. It could very possibly be 10 years (or more) before rates fall back below what they are now. Then you start over a 30 year loan amortization?? That’s effectively a 40 year loan, where you just spent 10 years paying mostly interest! You’ll pay for the house 3 times when you add it all up!
@UserError7861
@UserError7861 Жыл бұрын
They also never seem to mention that when you go to refinance you have to pay closing cost again. So if you’re somewhat struggling with the mortgage now, having several thousand for an another closing could be tough. And it takes years for the reduced mortgage payment to recoup the money from the closing cost. So even after refinancing your not saving money for years, it’s just an easier monthly payment.
@scottkeeports2308
@scottkeeports2308 Жыл бұрын
BOOM! Kudos to you Mike. Rich Dad/Poor Dad books should be given to every potential buyer BEFORE they buy! These unethical agents will be culled out of our industry. They will be the first rats to jump off the sinking ship. It is sad to see buyers get taken advantage of.... Keep up the great work! We have a duty to inform, educate our real estate clients to whole truth, not just the convenient truth. IE: Lie to get paid. Kudos to exposing this poison in our industry.
@heyitsme881
@heyitsme881 Жыл бұрын
This video scared the hell out of me. But extremely grateful for the insight!!
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Sounds like it did its job then!
@greg7811
@greg7811 Жыл бұрын
Even for folks who have bought and sold many houses you need a realtor you can trust. Some states are closed record so you can't see on zillow what things sell for, so realtors can cherry pick comps to show you the home you're interested in is a good value, even if it's overpriced. They get paid when you close, they get paid more when your pay more.
@TonyDoddato
@TonyDoddato Жыл бұрын
Sadly you can’t rent a three bedroom two bath house for 1500 a month so either way she would be in the same position. I would suggest to her since she’s a homeowner she may be able to rent a room out to help with the costs
@lovelovevon4316
@lovelovevon4316 Жыл бұрын
I'm sorry but that's another headache. I don't even like ppl in my house when I'm gone. I rather just work another job.
@lovelovevon4316
@lovelovevon4316 Жыл бұрын
She needs a spouse or life partner.
@GuillermoRodriguez-gu3oq
@GuillermoRodriguez-gu3oq Жыл бұрын
@@lovelovevon4316 I had a nightmare renting out a room 1st and last time
@ninabeena83
@ninabeena83 Жыл бұрын
She needs all of her kids to move back in and pay towards that mortgage tbh
@eddenoy321
@eddenoy321 Жыл бұрын
Very nice to see a RE agent who is aware the real estate is a slow moving pump and dump. It is a casino that moves like a snail. Maybe not always, but often. If you can time it well and are handy with repairs, then that will help a lot. I bought an old fixer upper in a prime location 5 yrs. ago. I put only the most necessary repairs into it ( roof, a/c, etc ) and it is comfortable. I have considerable assets but I value liquid and safe returns over shiny new things like expensive homes and cars. But I have always been that way because I do not want to give up my health to any job.
@brucescanlan1162
@brucescanlan1162 Жыл бұрын
Michael, do a program on purchasing foreclosures. Some states have a 12 month redemption period and some sales are owner occupied, so the low bidder has to evict. I see more on the market lately but I am cautious. You have a way of cutting to the chase and discussing the important issues.
@tomjones2348
@tomjones2348 Жыл бұрын
Yep, what a nightmare. My neighbor bought the house next door at the very peak of the bubble! He's going to be upside down in his home for many years to come. Thanks, Michael, for taking your valuable time to do these informative videos.
@zoekellysyouniverse
@zoekellysyouniverse Жыл бұрын
All of this makes me so sad. I realize people make poor choices, especially in the heat of the moment, and yes, people should know better but no one deserves to their home. That's how families and their pets get separated and it's just horrifying what can happen to them because many will have nowhere to go if they don't have support from friends and family.
@healer81
@healer81 Жыл бұрын
Poor lady, she needs to write a letter to the real estate agent so they can realize what he/she has done so they wont do it to someone else.
@thenewwayhome
@thenewwayhome Жыл бұрын
This is where some people got it wrong. They always think that buying a home is an investment when they're the ones who will live there. If you wanted to invest, take an ample amount of time to learn the most suitable options for you as an investor. Weigh up the status you're currently at, this could save you a lot from future complications. Appreciate the update, man!
@Anglophile2012
@Anglophile2012 Жыл бұрын
Rent the other 2 bedrooms or find a studio apartment and rent your house out If you want to entertain your friends on a weekend find an airbnb and rent it out for the evening to entertain/throw a gala event etc It is better to rent a mansion for 1 night on air bnb etc than owning the mansion just like if you want to drive a Tesla on the weekend rent it on turo do not lease it or own it
@vincechristy6763
@vincechristy6763 Жыл бұрын
Spot on Mike. Another silent killer is the new property tax assessment on the sale price...BOOM!
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Thanks Vince I’ll be talking more about the coming expenses soon
@Floridawoodsbanshee
@Floridawoodsbanshee Жыл бұрын
This is a very important subject. People don't consider the liabilities going into buying homes. The system is chewing People up financially.
@FloridaGirl-
@FloridaGirl- Жыл бұрын
Vince totally spot on! They don’t even think of it! And that drives up house payments too!
@gocanada9749
@gocanada9749 Жыл бұрын
and maybe just maybe you CAN get insurance, at 3x the usual cost
@nicolathonathan770
@nicolathonathan770 Жыл бұрын
I was in a contract last week for a stucco home. My inspector told me straight out: I’ll tell you this will cost you at least $150k in the next 2-3 just fixing those leaky stucco and at least another $20k for the roof. I said ok and backed out after researching more about stucco in Pennsylvania. He’s a really good contractor. I’ll never see another stucco home.
@lcgoonsquad7650
@lcgoonsquad7650 Жыл бұрын
How big was the house and how much was it worth? 150k is a lot of stucco this house must be huge.
@nicolathonathan770
@nicolathonathan770 Жыл бұрын
@@lcgoonsquad7650 3000 sq ft ranch. $700k
@lcgoonsquad7650
@lcgoonsquad7650 Жыл бұрын
@@nicolathonathan770 Im assuming you are in the Philly burbs? Stucco can get moisture behind it and its a nightmare. New roof should be around 15-18k
@nicolathonathan770
@nicolathonathan770 Жыл бұрын
@@lcgoonsquad7650 yeah. I didn’t know before signing the contract. Good thing is I had inspection contingency and I backed out.
@steveanthony5530
@steveanthony5530 Жыл бұрын
I wish we could put an end to the narrative that home ownership is the American dream. For many it turns into a nightmare.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
So funny, you mention that because I’m actually going to shoot a video about that today
@InternetUser._
@InternetUser._ Жыл бұрын
By the time you pay 100%+ total interest on your 30 year mortgage, 30 years of property taxes and maintenance, you’d be lucky to break even if your house triples in value during that time.
@PonyGirl004
@PonyGirl004 Жыл бұрын
idk as a lifelong renter I must whole heartedly disagree lol especially as my new neighbors have been blasting Mexican county music at the top of their speaker's capacity apparently, as soon as they wake up around 2pm and then all night. I live for the day that my walls won't vibrate from my neighbor's parties on the other side of the wall...
@jayman3575
@jayman3575 Жыл бұрын
@@PonyGirl004 at least you have the flexibility to move without worrying about them in the future...imagine them being homeowners while being your neighbors....extended chaos for you or your future tenants....
@carroyo911
@carroyo911 Жыл бұрын
The American Dream was originally "freedom and self determination," not owning a home! Like everything else in this era, the American Dream has been perverted into materialism...
@curtgomes
@curtgomes Жыл бұрын
I truly feel sorry for people that are being buried in this housing nightmare. It occurs for many reasons, and the buyers bear some responsibility, for these purchases. The auto market has many of the same stories. There are people making $1000/mo. on a vehicle!! We live in truly dystopian times...
@shaverlocal
@shaverlocal Жыл бұрын
I have had a lot of roofs installed on homes I flipped, but have never heard of one costing 65k???
@timmer9696
@timmer9696 Жыл бұрын
It might have had some structural damage which could easily get the cost up there. Especially in today's crazy inflated environment.
@FloridaGirl-
@FloridaGirl- Жыл бұрын
Plus it could be a metal roof. Which is way more expensive
@ale347baker
@ale347baker Жыл бұрын
​@@FloridaGirl- But you don't have to fix it back with metal?
@FloridaGirl-
@FloridaGirl- Жыл бұрын
@@ale347baker No you don’t. But can’t imagine any other reason it wud be that much! My house is 1,850 sq feet. And I just had a new roof put on in July w/3D shingles and that sticky tar paper stuff and a whole new gutter job for 21k. (Which is bad enough, but they strip the old shingles off, yahda yahda)...So 🤷‍♀️
@daveblackman816
@daveblackman816 Жыл бұрын
Real estate agents only care about themselves, not you. She won’t be able to refinance for a while. She’s underwater! Terrible advice.
@Mita7401
@Mita7401 Жыл бұрын
I just fired, deleted and BLOCKED a realtor for this very reason. It’s a partnership. And when I watch the markets and know more than realtor… it’s never gonna be a good fit for me. They better get humble because I don’t like the word hustle.
@J.NX10realestateinvestor
@J.NX10realestateinvestor Жыл бұрын
Not all Real Estate agents are like that tho .. some are really solid and will hook u up with a fat discount since the beginning you have to be real and honest with them tho let them know what you’re looking for only so you don’t waste their time and trust me believe it they will work for you ! 🎉
@sholland42
@sholland42 Жыл бұрын
Yep, most realtors showed their true colors a year ago when I was selling my house. They were catering only to the buyers then, money is their master. Screw them, I never forget.
@utpharmboy2006
@utpharmboy2006 Жыл бұрын
i hope that agent chokes on their commission
@dnasixenterprisellc84
@dnasixenterprisellc84 Жыл бұрын
I would say most real estate agents only care about themselves. BUT I know several real estate agents who will tell you the absolute truth good or bad, and dont care about just getting a commission. I would add the newer agents IN MY OPINION are more realistic amd also are more open to working with investors. It's a mixed bag. So I advise people to interview their agents and not to go with the 1st one you meet
@seannotaro473
@seannotaro473 Жыл бұрын
65k for a new roof! Just put blue tarp on that shit...
@davidguarin358
@davidguarin358 Жыл бұрын
😅😅
@wkw4095
@wkw4095 Жыл бұрын
I would like to know who "never" had poor advice from a realtor. I thought that was mandatory. I just enter all communications knowing full well not to listen to anything they say. Anything from finances to structural integrity of a property. I'm a contractor and love hearing their view on things ;) Once, in an absolutely magical neighborhood...like Movie setting neighborhood, I wanted to buy a house and "almost" let my guard down. This mini old castle of a home needed a roof, a few rooms were settling 2 inches off level, cracked plaster, needed windows, kitchen needed to be tossed....complete fixer upper for 750K back in 2018. What really stopped me in my fantasy tracks was the cellar/basement. I went down there to check why some rooms may be off level and saw the foundation was rotten cement. I scratched into it several inches with a stick. I mentioned the foundation seemed a bit soft and they said yes it may need a "skim coat" of cement! I acted like that was great advice. Also after research, EVERYTHING no matter how small of a renovation needed a town permit! and...neighbors will rat you out.
@daniellemuffler3948
@daniellemuffler3948 Жыл бұрын
Why do neighborbors rat people out like that? That just happened to someone I know. She bought a home in which the owner put up French doors up in the back of the house years ago. She didn’t know when she bought the house and code enforcement showed up at the front door. The neighbor called.
@jjohnson8977
@jjohnson8977 Жыл бұрын
neirbors love to get involved in your home. I flipped homes after the first one our stead fast rule was avoid all nierbors interactions
@giniaa2707
@giniaa2707 Жыл бұрын
Thank you for discussing the extreme downsides of buying in this market. My last realtor told me the house I was interested in was not in a flood zone. When I checked with the county to make sure, I found out it was in a flood zone. Then, she said that I didn't need to have flood insurance!
@kellykell9620
@kellykell9620 Жыл бұрын
So many people paid over appraisal and over asking price on homes that need tons of work! That is not an investment that’s a black hole for your money. I almost did it myself. I would be completely broke right now. Instead I have a ton of savings and I’m only going to buy when it’s truly an investment.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Talk about dodging a bullet. Glad you went with your gut Kelly.
@kagnewcobra5228
@kagnewcobra5228 Жыл бұрын
LOL He just told you a house is not an INVESTMENT! Maybe you missed that. It is so so true!
@kellykell9620
@kellykell9620 Жыл бұрын
@@kagnewcobra5228 If you buy at the bottom of the market and have a rental on the property then it is. If you overpay and do nothing but dump money into then it’s not. It depends what your plan is.
@kagnewcobra5228
@kagnewcobra5228 Жыл бұрын
@@kellykell9620 Agree. Buy at the bottom of the mkt, have a rental on it, etc etc. Great plan! Goodluck.
@PonyGirl004
@PonyGirl004 Жыл бұрын
I think we can use this type of advice when it comes to many aspects of our lives. Real estate agents have families that have to eat and their own bills to pay so it's not surprising they'd encourage people to buy 'now'. People need to understand that. Just like attorneys will file unccessary paperwork and even doctors will recommend medications you might not really need or even surgeries. I can't tell you how many doctors have 'suggested' I have various 'unncessary' organs removed and here I am still alive and still have them all. I take all advice with many grains of salt. Do your own due diligence because the only person who is really looking out for you, is you!
@trainsandlocomotives
@trainsandlocomotives Жыл бұрын
Real talk
@dajewel1982
@dajewel1982 Жыл бұрын
Facts !!
@lindylou3519
@lindylou3519 Жыл бұрын
We’ve been so fortunate in all the homes we’ve bought to have had really good real estate agents. Of course it’s been 24 yrs since we last bought out house! Lol Thanks for another great video Michael!
@jjohnson8977
@jjohnson8977 Жыл бұрын
saw a house sell last 8 months it got bid up 35% from 890k to 1.35 million. I used to own the house 13 years ago. no way it's worth 1.35 million
@goldlotus7831
@goldlotus7831 Жыл бұрын
Beware of real estate agents especially greedy ones! Use common sense.
@jrthesuperstar83
@jrthesuperstar83 Жыл бұрын
Real estate agents car salesman same thing
@inthegame26
@inthegame26 Жыл бұрын
I was surprised how much additional cash I needed to relocate from NJ to FL. I basically wiped out all my savings to buy a house. The Uhaul and furniture I used credit cards to pay for were thousands after just a few months for my 4 bedroom house. It worked out. I paid a good portion of the debt off and consolidated with 0% rates. I don’t regret it but lesson learned for others. It can be very challenging to wipe out all your savings to buy a house especially for a relocation to another state. Plus being a homeowner has its perks but keeping it maintained costs money too. If you can staying under your max pre approval amount will make your life easier especially in the beginning. You can do cosmetic improvements after already being in a home and buy one less expensive.
@Floridawoodsbanshee
@Floridawoodsbanshee Жыл бұрын
You might be able to get a free bus ticket. The gotcha state is not for everyone. I know so many people from cantaforda that have left us.
@Pinkfrosting962
@Pinkfrosting962 Жыл бұрын
Just the gas and the uhaul and hotel and miscellaneous expenses to get here cost me nearly 4k. But I’m here and happy!
@rodneyfranks2726
@rodneyfranks2726 Жыл бұрын
Seen two houses in my area which is quite unusual stuck in pending for the last 3 months. Can imagine what their final payments going to be from what they originally thought. Also another house I looked at sold as is last year. The people were originally hiring repairs to be done since it's not livable. Then they started doing the work themselves. For the last 4 months no work's been done. Materials just sitting out in front of the property. I told my wife it will be cheaper to build a new home than to fix this one. Extensive termite damage electrical wiring exposed completely new floors needed new roof.
@stevelivingston5461
@stevelivingston5461 Жыл бұрын
I registered on a real estate web site so I could start tracking 4 plex income properties prices. Had a real estate agent call me immediately and set up a face to face meeting that day. When I showed up she immediately started trying to get my info for a lender and showing me properties she thought were optimum opportunities. I laughed inside and began telling her my strategies for buying after the bottom of the housing market, not right now in the middle of a multi-family boom. How I sold all my stocks and crypto in December and was all cash waiting for deals to come in a year or two. Needless to say, she couldn't get me out of her office fast enough. 😂
@lcgoonsquad7650
@lcgoonsquad7650 Жыл бұрын
She sounds like a fool. She should have been picking your brain about crypto and stocks. She also should have told you that you have a good game plan and would love to help you build your portfolio when the market drops. Best bet is to find an agent who is into the same ideas you are. Find an agent who invests in rentals, knows a little about fixing up a house, buys and sells crypto and stocks and you'll be better off. Also do not hire the top Realtor in the area. I invest in the Philly area. If you need any info send me a message.
@dawhike
@dawhike Жыл бұрын
She should get a R E. Atty and sue the Agt. & their broker, plus file a complaint with Florida R.E. Commission, for giving financial and legal advice!
@bodazaphfa
@bodazaphfa Жыл бұрын
You know how I know Michael is an honest guy? He’s literally a frickin real estate agent telling you to NOT BUY RIGHT NOW! If that’s not honesty and integrity, I don’t know what is.
@nbf8821
@nbf8821 Жыл бұрын
Buyers remorse here. NEVER NEVER NEVER buy a house without an inspection. If that’s what a seller wants, run. We bought an older home on a beautiful piece of property. That may save us in the end. We bought knowing what we could afford, even if we “retired.” Retiring is not going to happen. The house is a wreck. We knew the roof looked old but the electrical system is old, the pipes are old and clogged, bathrooms look good but... too much to list. Now we work to save money to fix it. What our realtor didn’t know that we are realizing is that this was a home the sellers no longer lived in and put down carpet and painted to sell at the peak. We also found mold in the attic. Even though we are in a Buyer Beware state, we may bring a suit depending on cost to replace trellises, etc. NEVER NEVER NEVER BUY A HOME WITHOUT AN INSPECTION
@dlady4
@dlady4 Жыл бұрын
Why would you sue and who would you sue: the realtor, the seller or both? I don't get this. Were you intentionally misled as to the condition of the property? Isn't it your fault for not doing your due diligence? Why didn't you do a home inspection? I'm sure if you realized the roof was old, you must have realized that the electrical system and the plumbing may be old too.
@nbf8821
@nbf8821 Жыл бұрын
We were told not to pull down the attic stairs because it might throw dust on the carpet and others were coming to look at the house after so we didn’t. We were also going to do a “walk away” pre-inspection (if you see anything you don’t like, you can walk away) but were told that they weren’t considering offers with inspections. Yes, we know this sits squarely on our shoulders but if the sellers were trying to get away with mold then it’s worth it to try to get them to pay for mitigation
@dlady4
@dlady4 Жыл бұрын
@@nbf8821 I see. Thanks for answering.
@nvmee8
@nvmee8 Жыл бұрын
Yes!!! What he means is, no bank will let you refinance if you owe more money than the house is worth. So you’ll be stuck with a really high interest rate until your house goes back up in value, or come in work a huge chunk of money to make the loan less risky for the bank. Don’t believe the lie that you can just refinance.
@darinthesecularspiritualist
@darinthesecularspiritualist Жыл бұрын
it is shocking how many college graduates are financially ignorant by design of your higher education. I got smart by reading the wall street journal. this was late 90's when wall street journal was the best daily paper on the planet
@lcgoonsquad7650
@lcgoonsquad7650 Жыл бұрын
I'm smart too. I watch KZfaq
@keithcolegrove2924
@keithcolegrove2924 Жыл бұрын
Another Great Video Michael. Was very interesting, learning about people double dipping on the remote jobs. Does not surprise me one bit. That never entered my mind until you exposed the problem today. If you ever have to come to Rochester NY for any reason, I'm taking you out to lunch to "The Genesee Brew House". You will love the food. The freshly brewed Genesee Beer will also be an added benefit.
@x-tremevidpro
@x-tremevidpro Жыл бұрын
MY Lender told me that I needed to have 40K. No way am I going to do that. Lender told me deposit paychecks only. I told that Lender no way am I going to play this game. Now at anytime I can walk away with all the cash. Buy a house is putting a ROPE AROUND YOUR NECK! All you hear is this & that is going up! Hang on to your 💸 💰. Walk away if your not happy, less stress to deal with...
@BG-jg4pt
@BG-jg4pt Жыл бұрын
In gonna correct you on something since i am an LO. If you buy a house on FHA or VA independent of if you are upside down, you can in fact refinance. We call this streamlining. It is cheap and super easy to do you just cannot pull cash out when you do it. The minimum rate drop will have to be 0.5%. Secondly. Her DTI would be lower when you refi. You use the new mortgage payment with the lower rate to calculate DTI. When she got pre approved they calculated her current payment as part of her DTI there. Utilities and general bills do not count against debt to income. Only things that would show up in a credit report such as car payments, mortgages, credit cards, and personal loans. I agree with your general sentiment on the market and i think it is a bad time to purchase but please be careful. Realtors love to talk about mortgages when they have no idea what they are saying. If you buy now, even with good credit, go with an FHA loan so that if you end up upside down and the rates drop you are able to take the payment down. The loan has no appraisal and no DTI requirement as long as you can prove you are working. I work for Rocket Mortgage and our guidelines tend to be pretty strict so no this is not some fringe program. Hope this helps Thanks and love the videos.
@BG-jg4pt
@BG-jg4pt Жыл бұрын
Also LTV for refinance on conventional is 95% you can literally refinance with only 5% equity in a property you would just have PMI. The regulations you are talking about have to do with investment homes not primary residences. Please stop talking about loan programs and read up a bit you clearly do not know what you are saying. Im happy to hop on a call with you if you want brush up on some things. I lend in 14 states and Florida is one of them. My specialty is Refinance.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Thanks for adding this here. And yes, FHA of course is different than a conventional loan which is what most people opt for. But my assumption is also that if this woman is taking on more debt just to make ends meet with this house, her debt to income ratio will be higher when she goes to refinance., I appreciate when people like yourself chime in about this, especially when you write loans for a living.
@jasonm.8749
@jasonm.8749 Жыл бұрын
If the majority of people hold out on buying, then sellers will be forced to lower prices. Too many fools out there overpaying and ruining everything not only for themselves, but for everyone else as well.
@gregorylyon1004
@gregorylyon1004 Жыл бұрын
I told my daughter and son in law to stay renting till the market corrects itself and homes become more affordable. These houses are way overpriced and have been for the last two years.
@AffluentBlacks
@AffluentBlacks Жыл бұрын
Exactly. Hopefully house prices aren't going into a deflationary black hole where there is no bottom for years to come. Time will tell
@raymondreiff8170
@raymondreiff8170 Жыл бұрын
Great advice, My wife and I didn't even overpay 17 years ago, Even at that it was tough for the first few years, Don't Overpay❗.
@yesyes541
@yesyes541 Жыл бұрын
Bad Advise!
@raymondreiff8170
@raymondreiff8170 Жыл бұрын
@@yesyes541 Not overpaying it NOT bad advice, Overpriced means the house own YOU 🤑.
@Filmstarindamaking
@Filmstarindamaking Жыл бұрын
Not sure about FL but in NY when I refinanced a few years ago to convert from a 30 year to a 15 year mortgage to take advantage of lower rates I had to pay the property taxes (even though my property tax was paid up for the year) as part of the closing costs in addition to a few other hidden fees like Title search, copies, mailings, city and state taxes etc...It was like closing on the original purchase minus the thrill. At the time I had 20 years of payments left on the house. I didn't understand fully that I would lose all my equity in the house by refinancing which then reset the clock on the new loan. I should have just paid more towards the principal since my monthly payments stayed about the same with then new loan because I borrowed less since I owed less after a decade of monthly payments. Some lessons in life you really pay for dearly.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Thank you for writing this here because a lot of people think that refinancing doesn’t have any downsides, and it definitely does even though you might be able to lower your payment
@ui4lh
@ui4lh Жыл бұрын
Everyone who had a dilapidated house, they just covered it up, put some lipstick on the pig and off-loaded it at record equity. And people buying houses without inspection period... I hope people learn from these experiences that realtors (90%) don't give a flying F about you, just the commission.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
I hope they learn from them too. These stories are very alarming, and should be a good warning for anyone who hasn’t fallen for this yet.
@brianhopkins5251
@brianhopkins5251 Жыл бұрын
Realtors are never working for you (as either seller or buyer), they are working for the deal. never forget this.
@hermanrogers1325
@hermanrogers1325 Жыл бұрын
Neither do the inspectors their mouths are fed by the real estate agents
@jb.ctfire7469
@jb.ctfire7469 Жыл бұрын
Great podcast keep up the good work. I get more out of this then the talking heads of the TV media. 😊
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Thank you very much I certainly will!
@jaybee1930
@jaybee1930 Жыл бұрын
@@MichaelBordenaro what is the longest length of lease a landlord is able to write in Florida
@eddyloans
@eddyloans Жыл бұрын
Dwight Schrute said that there's a German term for this, FINANCIAL KLUSTERFUK.
@Matthew-rp3jf
@Matthew-rp3jf Жыл бұрын
I feel no sympathy for people with buyers remorse. Those were the same people outbidding me the past year. Gee, i guess you shouldn't have overpaid so much
@ursulabklyn_mia6148
@ursulabklyn_mia6148 Жыл бұрын
You should be thanking those people for outbidding you so you didn't end up in the same situation.
@crand20033
@crand20033 Жыл бұрын
Everybody thought homes would keep going up in value. There is no way to know what the Fed is going to do (or interest rates).
@gocanada9749
@gocanada9749 Жыл бұрын
sympathy is between SHIT and SYPHILIS in the dictionary
@Jeannified
@Jeannified Жыл бұрын
My stepsister is hanging in there and might be able to get a two bedroom one bathroom apartment here in San Diego, RENT FREE, as her boyfriend may be the property manager there. Fingers crossed, so she doesn’t have to move back to Sacramento and work remotely, if that would even be an option. Great video, as always!
@lcgoonsquad7650
@lcgoonsquad7650 Жыл бұрын
Nothing is free!
@Jeannified
@Jeannified Жыл бұрын
@@lcgoonsquad7650 Yeah, there's always a catch! We'll see what it turns out to be.
@wormhole-r3l
@wormhole-r3l Жыл бұрын
I didn't know you needed at least 20% equity to refinance plus the cost to refinance by itself is a ton of money, my realtor said multiple times I can always refinance but never mentioned the cost.
@Cartastrophi
@Cartastrophi Жыл бұрын
Regarding those fired remote workers. A lot of companies do this, you cannot be working for another entity where there could be potential conflict of interests...that opens up the employer to massive law suits, hence the firing. My company allows you to work part times on top of your WFH position, you just have to run it by HR first and they have to clear you. I'm willing to bet these individuals were doing it while hoping Equifax never found out. Play stupid games, win stupid prizes.
@robertslatten556
@robertslatten556 Жыл бұрын
War stories, yes Indeed! And after a life time traveling down the long road of hard knocks, you'r old and decrepit, smart but still at a disadvantage. Listen to Michael, for his age he's on top of it! Good job Michael, as usual!
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Thank you, Robert!
@rodstarcke5423
@rodstarcke5423 Жыл бұрын
The shady realtor was correct in one aspect in that a home is an asset. Property taxes, maintenance, and insurance payments are typically less than rent payments which for an average rent are maybe &1200-$1500 A month for a decent place and that rent payment is not invested money and really builds up over time. But you should only, as this advisor states, only buy a home that you can afford. Never fall into the temptation of buying a house based on its appearance, buy well below your means.
@longnguyen6999
@longnguyen6999 Жыл бұрын
In the desperate time, real estate agents will do desperate thing. No ethical here. The agents care for their pockets, not yours. Same for banking CEO, they yap yap to get you borrow more money.
@robertkenehan8358
@robertkenehan8358 Жыл бұрын
You are a Good Guy for telling the Truth to People.
@CountryBoyTnn
@CountryBoyTnn Жыл бұрын
Real estate agents turned Into used car salesman during this crazy market… real estate agents work off commissions… I am glad this is coming to a end… hopefully all the bad agents will be exposed.. 🙏🏽
@lcgoonsquad7650
@lcgoonsquad7650 Жыл бұрын
Would you sign a contract to pay a flat fee to the agent even if the house doesnt sell? An agent can also show a client 20 houses and then they decide its not the right time to buy. They make nothing if that happens. My advice to anyone looking for an agent would be to call 10-20 agents until you find the one that fits.
@ggbice
@ggbice Жыл бұрын
Reply yo MCA: It pains me to agree with you (my parent was an honest successful realtor) but your comment is so true.
@CountryBoyTnn
@CountryBoyTnn Жыл бұрын
Even Dave Ramsey was telling people to buy houses when the market was crazy ..!! And you are right you can’t refinance when your house is under water on value so people will have to get stuck on high interest rates
@mynameisfrank6519
@mynameisfrank6519 Жыл бұрын
Dave Ramsey is a d bag for that. Not sure what he has to gain for saying all of that.
@mynameisfrank6519
@mynameisfrank6519 Жыл бұрын
Dave Ramsey is a d bag for that. Not sure what he has to gain for saying all of that.
@CountryBoyTnn
@CountryBoyTnn Жыл бұрын
@@mynameisfrank6519 that’s how he got rich buying real estate in the 80’s when stuff was cheap compared to now.. he’s rich now!! So he doesn’t really care about the outdated advice he gives the people.. he hast to please sponsors…... Now all his sponsors are real estate companies and mortgage companies So he has to say that to keep his business going.. Because they fund Hey and sponsor his company!!
@FloridaMan23
@FloridaMan23 Жыл бұрын
he’s into real estate so he has skin in the game. shady
@mrbob19561
@mrbob19561 Жыл бұрын
Do not buy do not buy..wait a couple years
@ReptargoesReal
@ReptargoesReal Жыл бұрын
Please talk about property tax assessment on purchase! I bought a home in August in Port St. Lucie, I am happy with the deal and the price that I negotiated, but the assessed property taxes went up 300%!!! Compared to the previous owner who had bought in 1990. Fortunately I’ll be able to handle that but it was still a very expensive completely unexpected cost
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
I did make a video about that about two months ago. But I’m gonna be making a similar video again soon about all the rising cost associated with housing not just taxes.
@miriahheim
@miriahheim Жыл бұрын
I had to get a new roof when I bought my house. It wasn't even caught in the inspection. So I was definitely surprised. I financed it and it was a total cost of $6900.
@firmechiva
@firmechiva Жыл бұрын
Michael, thank you for these informative videos. Also, love the scenic walks!! Coming from someone who moved out of Florida, definitely miss the tropical green vibes. Thanks!!
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
You’re very welcome Nuno glad you still get to experience Florida through the videos👌
@michaellaforte6964
@michaellaforte6964 Жыл бұрын
As a person whose spent most of his life renting, owning is the only way to begin building asset equity. We sold a house a few years ago, had an offer on the next one and withdrew due to a garage with severe soil erosion. The greedy market didn’t want to drop the price so I pulled the plug and we ended up renting for a couple years. Gave that landlord over $60k in 2 years and he still decided to lead with greed and Jack our rent over 12.5% so I fast tracked buying a new house. We lucked out on the timing, locked in interest before the rate hikes started and before the stock market drop so we reallocated start just the right time, but still, ownership is empowerment and the mortgage company can’t Jack your rent on you. You’re in the driver’s seat. Amazing how we’re conditioned in this country to give over and entrust others with our sovereignty, our capital management, our retirement planning. Americans have been suckered for decades and are paying a huge price for our passivity and complacency. We all need more of a lesson in being more street hustle smart. Stop trying to impress our neighbors and make your budget balance in the black
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Sounds like you and I had similar luck when it came to buying just in the nick of time
@mikeking7582
@mikeking7582 Жыл бұрын
PEOPLE REALLY NEED TO READ ROBERT KIYOSAKI...A HOME IS A LIABILITY......MORTGAGE IS A FRENCH WORD THAT MEANS...DEATH DEBT
@PepeToTheMooon
@PepeToTheMooon Жыл бұрын
That agent set up her client for complete failure
@gocanada9749
@gocanada9749 Жыл бұрын
time to file a law suit against the real estate company
@sargepent9815
@sargepent9815 Жыл бұрын
Took it right out of my mouth at 4:40. She absolutely WONT be able to refinance because she overpaid and the house is likely already depreciating from the market high. I know SEVERAL people who are STILL in the house they overpaid for back in 2008. This lady is likely screwed for the next 10 YEARS (or more)
@Nymeria0
@Nymeria0 Жыл бұрын
Oh man, she’s under water. Her broker is terrible. Not sure how she’s able to get through. My broker was exactly the same thing, was pushing us to get this house, but we didn’t feel comfortable at all to be out of all of our saving knowing my kids are heading off to college soon. So we didn’t go for it. Just live within our means. In hindsight that conservative move was the best decision ever made.
@ShannonLeeSD
@ShannonLeeSD Жыл бұрын
I love watching you walk around the different neighborhoods. I live in California so your being in Florida, it's a completely different environment. I like looking at everything pass by while listing to you talk.
@bluecube7247
@bluecube7247 Жыл бұрын
Relocated to sw florida from New England... discovered it is totally flat here in Florida, no hills, mostly straight roads and no rocks or beach stones.
@charlesandrews8680
@charlesandrews8680 Жыл бұрын
Hello Michael, can you do a video about trusting the realtor home inspector or finding your own, and how do you find a good home inspector. Also talk about home insurance covering the roof, electrical, and plumbing. That would really be nice. Thank You, I love your videos.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Thanks for the ideas Charles!
@pnice494
@pnice494 Жыл бұрын
Sadly most people are so ignorant anymore. Whether it be your realtor, parents or significant other, people are only seem to know the theme the mainstream tells us. Thankfully I was watching some good KZfaqrs and I incorporated the unpopular advice into my decision.
@daniellerobinson656
@daniellerobinson656 Жыл бұрын
I would never advised my buyers to refinance with an initial purchase… poor ethics on behalf of the agent.
@House_hacker_619
@House_hacker_619 Жыл бұрын
I just closed on my 2nd property 6 weeks ago with 4.375 interest rate. I am happy with my purchase because house had 2 ADU with potential Airbnb. Just one ADU I can make 5k a month will cover my mortgage and 600 cash flow. I’m not going to advise to just buy without doing research or plan. All I can say is make sure you have savings, pay mortgage comfortably and based it on one income and make sure you have great credit.
@cecesmith
@cecesmith Жыл бұрын
I appreciate these stories Michael. Not many will tell it like you do. Thank you for the great content!💞
@annarowden9457
@annarowden9457 Жыл бұрын
As an ex real estate agent, I always said to my buyers, the mortgage co said you can afford this amount. What do you feel comfortable as monthly payments? They always went with the more affordable payments. The only time I would tell my clients to over bid was with investment properties. My investors were very educated in the world of real estate. Personally I like dealing with investors more then dealing with home buyers. Home buyers are to picky, I seen home buyers pass up good deals, because of the color of the carpet. They would have equity in the home at closing. No deal, pass on the house. One agent at your office (million dollar producer) told her buyer to sell her wedding rings to get the house.
@livingmybestlife365
@livingmybestlife365 Жыл бұрын
Depends on when you brought. If you brought or re financed in summer 2021 on back you’re a winner. Anytime after that, you probably have some remorse. I purchased in November 2020 and feel it was the best decision made period!!!
@mahoser64
@mahoser64 Ай бұрын
Before you join a class action lawsuit you must read your job description CAREFULLY!!! I LIVE IN FLORIDA YOU CAN BE LET GO FOR ANY REASON!!! YOUR EMPLOYER DOESN'T HAVE TO GIVE YOU A 2 WEEK NOTICE!!!😢
@trainsandlocomotives
@trainsandlocomotives Жыл бұрын
That Realtor hustled her. Did her take the time to do the math and realize she was winning while renting? If she was paying way more in rent, I’d definitely understand why she did what she did. Some people are paying over $2k in rent but $800 was a keeper.
@ale347baker
@ale347baker Жыл бұрын
The area she lives in is probably not expensive to live. So her mortgage might be on the high end in her area, which is pretty bad.
@martafarb
@martafarb Жыл бұрын
You packed so much info in this video. Great job and thank you!
@fals2118
@fals2118 Жыл бұрын
when I bought my home in 2019 and sold in 2021 due to change in circumstances, it didn't take me long to realize fiduciary duty towards client wasn't on top of the agents' list. so I did my own homework and researched the area, past prices etc... you can get the same knowledge they have... just stop relying on agents. they have a conflict of interest.
@ethan3942
@ethan3942 Жыл бұрын
Agreed.
@YanilleCastillo
@YanilleCastillo Жыл бұрын
Confirmation thank you I pray people would have ears to hear your wisdom in Jesus name . Thank you for being so transparent and looking out for us 🙏❤️🦅may God bless you
@redphoenix1740
@redphoenix1740 Жыл бұрын
Listening to your video's has probability saved my A' from a nightmare! Thank You so much for you content! Your the best 👍🏻👍🏻👍🏻
@culby276
@culby276 Жыл бұрын
I’m a nurse now working 2 jobs working dayshift and night shifts on my days off my regular full time job. I’m throwing every penny to my debt and setting myself up to buy a house when the time is right. I’m hoping sometime in 2024. I really want to buy a quadplex as my first property and live in one unit.
@emzywillrich7243
@emzywillrich7243 Жыл бұрын
The poor lady should have just continued to rent. Bad move on her part. You have to be smart in this economy.
@thomasmorrison3279
@thomasmorrison3279 Жыл бұрын
It was completely her fault. People dream about having a single family home until they actually own one no matter what market you are in. I own two and they are a pain in the butt. Always something broken. One is a rental and the other is my residence. I am trying to sell the rental. You have to live below your means no matter what you buy. Also, people don't realize the property tax required that goes on forever. I pay 15k/year in property taxes for the two houses.
@ananda_miaoyin
@ananda_miaoyin Жыл бұрын
My first home was bought under a liar loan just as described in the video. The only difference is that I did it all myself. Every piece of paper was reeking of bullshit. We literally had nothing; I actually had to borrow money from the agent to get a moving truck. Yes, it was a felony but it was that or homelessness for me and the 5 that depended on me. I was willing to risk jail. The gamble worked and I have since paid off the house in full. If you are willing to go this route and are not smart enough to do it yourself...DON'T DO IT! For LEO's-the SOL is long since expired so don't bother.
@michaellittle6248
@michaellittle6248 Жыл бұрын
Mortgage is a French word It means slow death.
@nbf8821
@nbf8821 Жыл бұрын
Mort gage = death grip
@michaellittle6248
@michaellittle6248 Жыл бұрын
Mortuary gage
@AffluentBlacks
@AffluentBlacks Жыл бұрын
Regarding that last segment about Equifax and overemployment, it's interesting the same companies who get mad when workers work for more than one company at the same time are the same ones who have no problem hiring a new worker to replace you, then require you to train them if you want to receive any severance pay 👀 they don't mind having more than one worker working the same job in their own best interests.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
I know right funny how that works. Also, if you want to leave the job, you’re expected to give two weeks notice but they can fire you that same day and that’s OK to.
@vijayanchomatil8413
@vijayanchomatil8413 Жыл бұрын
Wow, 170000 for a house?? Here in North Tucson the housing costs are 380000 to 400000!
@Joshuatree7746
@Joshuatree7746 Жыл бұрын
I agree buying a home is NOT an investment. However, most people do not see it that way. MOST and I mean 99% of people see their home as an investment. Thus, why you see them living in a HOA residency so that their "investment" is maintained. I rarely have met anyone that would see their home as a HOME. That was funny when you said that the real estate agent told her the home is an investment. The agent was not lying b/c like I said, most people believe and take it as FACT! That lady unfortunately didn't see your video to understand she was given the wrong advice.
@MichaelBordenaro
@MichaelBordenaro Жыл бұрын
Yes, it is unfortunate and I hope to at least change peoples minds who watch my channel. That way they can get educated on how it really is when it comes to homeownership so they don’t fall for this ridiculousness.
@noreenn6976
@noreenn6976 Жыл бұрын
Agree, it's a home, a place to live. The other problem with owning a home, not everyone is a winner when they sell their home, some sellers lose money.
@Floridawoodsbanshee
@Floridawoodsbanshee Жыл бұрын
@@noreenn6976 imagine paying people to buy your home 🏡 so crazy.
@InternetUser._
@InternetUser._ Жыл бұрын
@@noreenn6976 People often forget to factor in all the sunk costs when they sell. If you buy for 250k and sell for 500k 20 years later, you didn’t make 250k. You’d be lucky to make 50.
@noreenn6976
@noreenn6976 Жыл бұрын
@@InternetUser._ great point.
@Floridawoodsbanshee
@Floridawoodsbanshee Жыл бұрын
Pink slips don't care if your upside down
@co5313
@co5313 Жыл бұрын
I agree with you that a house is not an investment. It's just a place to live. I sold my home of 20 years, put the proceeds down on a 2nd home (50% down). I'm not selling for at least another 7-10 yrs, or I just stay and this will be my last home. This economy; the stock market, the housing market, inflation, etc is so rocky right now, you'd have to be foolish to think home prices are going to keep rising. They are dropping here in Sacramento, CA, but still overinflated. I believe the houses are going to keep dropping here to the values they were selling for in late 2020. The 2008 crash happened slowly, and then we all woke up one day and found out our houses dropped from $400k to $300K or less around 2010-2012. Took another 10-12 years for them to slowly go back up again to where you had some good equity again.
@Fiawordweaver
@Fiawordweaver Жыл бұрын
A person I thought was my friend got into real estate. I told her what I wanted.I trusted her to have my best interest at heart. We were 50 plus miles from her territory and she did not connect with a colleague in the town I was purchasing so she didn’t have local knowledge. She convinced me to purchase a home because of sq footage and price being great. The house was built in the 80’s. We’re seniors and didn’t have extra cash to upgrade. I told her neither one of us had remodel skills. Didn’t matter. This so called friend just wanted the money. I didn’t realize until two years passed without her keeping in contact that she was not a friend. So when I sell I’m not calling her. I was spoiled by a real estate person named Randy Chambers in Castle Rock, CO. That by luck I met this beautiful caring honest very experienced person that listened to me and got me my dream house. Unfortunately, my husband wanted to move back to CA. BYE BYE dream house and trustworthy real estate person. Hello CA, and clay footed real estate friend.
@redphoenix1740
@redphoenix1740 9 ай бұрын
TY Michael for all the great video's... an education you can't buy & knowledge that some realtors won't tell you. I had a guy tell me buy now!!! Refinance later!!! Pffft!
@krassimirpetrov7131
@krassimirpetrov7131 Жыл бұрын
My fav part of the article was 1) zero accountability 2) mortgage already in forbearance
@mrmotorcarsrs2034
@mrmotorcarsrs2034 Жыл бұрын
Hello Michael, a good agent would have their client get their mortgage rate locked in for a certain amount of time, right? We basically purchased our current house as the market was switching from a seller's market to a buyer's market. So, the reason we won out was because we were all set to move forward with the purchase and the other buyers were not. We were not the highest bid. We were right at asking price. What is the typical time a rate lock last? Maybe you could do a buyer's prep video when it makes sense again for Florida. Thanks for the good walking videos and the great topics.
@rubyred8332
@rubyred8332 Жыл бұрын
Yeah u over paid
@mrmotorcarsrs2034
@mrmotorcarsrs2034 Жыл бұрын
@@rubyred8332 Hmm impossible for anyone to know if we over or underpaid with the information I gave. It was more than 20 years ago as well. FYI, in fact I believe we paid a fair price. The sellers were not too happy to find out a house identical to theirs sold for 25K more at closing. We also rented the house to them for the summer until their new house was ready, so I feel that was good that we helped them and did not have to pay the mortgage for 3-4 months. Their agent said we got a good deal as well. Their agent lived in the community. A house is only worth what it can sell for on any given day, not matter what it appraises for. I like what Michael says, your house is some place to live, not an investment. A house is a liability because we pay out money. An investment pays us money. What matters most is what we feel about a purchase, not what someone else thinks they know. I'm happy. Best purchase I've made in my lifetime. I hope the others that have dreams of home ownership absorbs what Michael has been providing on this channel and uses it to their best advantage. Michael echos many of the things our agent told us 20+ years ago.
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