/biz/ - Business & Finance

Wait what, why would you not get an inspection done before buying the house?

>>53421802
>they bought for 500k
>we just purchased for 1,055,000
Coasties seething, how is this rooted in any kind of reality

>>53421802
how did these retards qualify for $1m worth of loans in the first place?

>>53421843
b-but..
we got it for TWENTY THOUSAND USD under asking!
>+ free termites

>>53421820
The market was so hot in 2020/2021 that people just wanted to buy in as fast as possible to avoid bidding up, including waiving the inspection and other things
Fucking retards

>>53421869
>waive inspection
yeah but dont lenders insist on one?
its their security

>>53421846
Quantitative easing created a market inefficiency where absolute retards could make $300k a year at tech companies.

>termites
*laughs in european superiority*

>>53421820
If you're not a retard you can inspect it yourself.

>>53421904
maybe they were paying cash

>>53421843
You're confusing currency devaluation with house price growth

>>53422107
House prices inflated partially due to being perceived as a safe haven from currency devaluation

>>53422102
>Do they just give us the cash back out of our down payment?
The concept of these cretins having $1m cash to blow on a termite heap offends me too greatly to bear.

>>53421904
Without the inspection contingency, it means that after your inspection you can choose to either take the property in it's current condition, or walk away.

With the inspection contingency, after your inspection you can either choose to ask the seller to repair the items found, or walk away.

This board is full of a bunch of broke Zoomers in their 20s renting, isn't it?

>>53422231
They mean earnest money deposit. They haven't bought the place yet, they just have an accepted offer. It's a woman who doesn't know anything.

>>53421802
These retards will be wearing that million dollar debt for the rest of their lives along with every other idiot that bought the top.

Literally the worst financial mistake you could ever make.

>>53421869

they're still doing it. I know of a few people who recently bought homes even though we just started a bear market/recession. They know they could get 10-15% off the purchase price if they wait 6 months and they still don't care. It's insane how FOMO this housing market is.

I am not buying until most people think it is a bad idea. That's how you know prices are aligning with reality.

>>53422549
Yep... at least if you fuck up on a car purchase you have a few options:
1) ride out the debt and own a car or
2) get it repossessed, credit takes a hit, but you can recover in 2-3 years

With a home you have to declare bankruptcy, or if you're lucky, short sale. You are financially fucked for 10 years. It takes 30 years to clear your name otherwise, and you still must pay taxes so you never really own it. If housing ever depreciates (instead of constantly going up), guess what you lost the time and the down payment and the equity.

A literal lost decade with a bad home purchase.

>>53422500
Correct answer

>>53421802
>$1,000,000 home
>$50,000 in repairs
Assuming the home doesn't increase or decrease in value, they will literally have an additional $50,000 in equity after 3 years of payments. Not to mention home prices have perpetually increased in value the last 100 years by an average of 3% a year, meaning after another 2 years they'll have an additional $50,000 in equity.

Meanwhile you, the rentcuck, literally pissed away money every month. You will literally never see that money again, ever. It's gone. Poof

>>53422736
Paying rent is an asset though

>>53422736
>by an average
and your 'average' also includes plenty o' FOMO tards who went bankrupt buying termite heaps @ $1m+, with patently zero fucking idea what they were doing.

>>53422847
The 12 month lease is due in full if you leave early though

>>53422857
nobodies going to track you down if you pack up and leave a rental, they'll just be glad they don't have to go through the eviction process

>>53422847
kek is this real rentoid cope

Hint buy less funky pops and maybe you can save for a house

>>53422923
Nah they’ll just send you to collections instead for the 1-3 vacant months during transition. Nice try commie

>>53422500
This
God this board sucks

>>53422981
How? they don't know where you live

>>53422847
> Buys out entire neighborhood
> Rents it out to wagies
> Gets a marketing campaign going
> “Rents” their own property for next to nothing
> “Rich people do this so you should too”
> The low IQ poor love imitating the rich even when it’s not beneficial
> “Hurrr durr renting is an asset”

Literally you.

>>53423165
Reddit spacing landcuck detected

>>53421802
>we loyally paid you rent for the past 20 years... Why arent you giving us the house for free now???

>>53423199
not him but that is literally not what "reddit spacing" was meant to make fun of

>>53422500
not Burger (or Zoomer) - you could have just explained how *Murican inspection contigency* works while also being intelligent to enough to realise, rotw maybe different/better. Otherwise we just assume, when 90% of your housing stock is plywood shack? less value placed on inspections
>>53423025
and yet, here you (still..) are

>>53422736
I don’t pay rent, I get into homes and don’t pay rent, usually takes 3 months before they are able to kick me out. Canadian land lord laws are great

>>53422736
i have a $7.4 million net worth. i choose not to rent because i'm not poor. watch your tone when you talk to me, wagenigger.

>>53422951
It's not wrong though. If your average boomer invested in the s&p500 instead of buying a house in the 70s and used the money difference between mortgage+repairs+property tax+HOA fees versus renting they would have 8 figures in stock assets versus a home that is MAYBE a million dollars in assets and a 6 figure market account.

>>53423382
Checked

>>53421802
>have house inspected after purchasing
>hey the previous owner will give us the $50,000 right?
Holy kek. Yes ma’am to redeem your refund I first need you to drive to target and buy target gift card

>>53422500
>This board is full of a bunch of broke Zoomers in their 20s renting, isn't it?
Yes. And millennial poorfags that are waiting for Buttcorn to go up to 65k. Unlike the previous 20 years, this year the real estate market will crash. Source; trust me bro.

>>53423446

Shut your fucking mouth larping cunt. You WISH you had 7 figure wealth.

>>53422500
Im a zoomer and i neet actually so nice try gen xer

>>53422850
And? Do you not invest in literally anything because a small percentage got fucked? Wow, congrats on basically exclaiming to everyone ITT you're a total fucking retard. Like actual brain-dead nigger tier pants on head, shit in pants retarded.

>>53422847
>what is a lease
Good try rentoid. A MortgageChad could see their house for asking price within 3 months. Most leases are 6 months to a year. See post above this one as well

>>53423446
Post key fob. It's a simple request and the /biz/ equivalent to "post body"

You won't. You faggots never do because you're all poor as shit