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What I'm Hearing ...

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  • Fishpo31
    Fishpo31 Member Posts: 2,676

    Swaye said:

    pawz said:

    pawz said:

    Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum

    I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.

    When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.

    Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise. B)

    however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.

    the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
    I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.

    Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.
    The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.
    I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....
    I agree with you @swaye . I'd never buy a home w/o an inspection. In fact, I'd almost be in favor of some sort of consumer protection in RE which gives a buyer an inspection contingency no matter what.

    That said, desperate times call for desperate measures and plenty of folks waive it in Seattle. And you better believe I truthfully disclosed every defect that I was aware of along with providing receipts for any work I had done- e.g., tuck pointing the chimney, fixing the first 5 or so feet of the sewer line (along with providing the sewer scope video), etc.
    Sewer scope/ line repair is a big one in Seattle now eh @pawz ?
    When we decided we had to sell our newly-remodeled, gentrified house (1923) in the midst of the 08 bubble burst, the tipping point was the sewer line was failing...
  • creepycoug
    creepycoug Member Posts: 24,286

    pawz said:

    Swaye said:

    pawz said:

    pawz said:

    Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum

    I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.

    When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.

    Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise. B)

    however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.

    the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
    I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.

    Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.
    The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.
    I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....
    I agree with you @swaye . I'd never buy a home w/o an inspection. In fact, I'd almost be in favor of some sort of consumer protection in RE which gives a buyer an inspection contingency no matter what.

    That said, desperate times call for desperate measures and plenty of folks waive it in Seattle. And you better believe I truthfully disclosed every defect that I was aware of along with providing receipts for any work I had done- e.g., tuck pointing the chimney, fixing the first 5 or so feet of the sewer line (along with providing the sewer scope video), etc.
    Sewer scope/ line repair is a big one in Seattle now eh @pawz ?
    $200-$300 to save you $20k. No brainer.

    And yes mandatory, save a new construction plat where the line is new.
    Our home was 1927. About 8 from the house our neighbor's line linked into ours which was not uncommon. I had it scoped before we bought and then after I had an exterior clean out installed and fixed a small disjoint in the line about 2 feet below grade. No big deal. Cost about $1000 with a permit. Rest of the line was in great shape for being damn near 100 years.

    A few years after we bought our place, douche canoe, cos play, fat fuck tech guy from Canada buys the place next door. It was his first home and I bet this guy spent $150K fixing shit on a 2 bed / 1 bath tear down. Comes to me one day saying he wants to put this protective liner down the whole line and split the cost with us.

    I politely told him, no thanks, and you don't have my permission to do anything with MY sewer line.
    Rugged Western Individualism Rowboat Ethos
    I hated our street in Seattle and yearned for the @GrundleStiltzkin 15 acres in Index lifestyle.

    Now I love all my neighbors and we have potlucks and block parties with regularity. But I live in a very unique area where the hood self selects for members of the same tribe who have very similar interests.

    I went from fat, cosplay shit bags who will never reproduce to hot milfs with kids the same age as us.

    Just be careful about the key parties. They sound fun, but I'm hearing they're a bad idea.
  • creepycoug
    creepycoug Member Posts: 24,286
    Fishpo31 said:

    Swaye said:

    pawz said:

    pawz said:

    Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum

    I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.

    When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.

    Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise. B)

    however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.

    the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
    I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.

    Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.
    The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.
    I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....
    I agree with you @swaye . I'd never buy a home w/o an inspection. In fact, I'd almost be in favor of some sort of consumer protection in RE which gives a buyer an inspection contingency no matter what.

    That said, desperate times call for desperate measures and plenty of folks waive it in Seattle. And you better believe I truthfully disclosed every defect that I was aware of along with providing receipts for any work I had done- e.g., tuck pointing the chimney, fixing the first 5 or so feet of the sewer line (along with providing the sewer scope video), etc.
    Sewer scope/ line repair is a big one in Seattle now eh @pawz ?
    When we decided we had to sell our newly-remodeled, gentrified house (1923) in the midst of the 08 bubble burst, the tipping point was the sewer line was failing...
    Sounds shitty.

    #SWIDT?
  • 1to392831weretaken
    1to392831weretaken Member Posts: 7,696
    Fishpo31 said:

    Fishpo31 said:

    Swaye said:

    pawz said:

    pawz said:

    Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum

    I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.

    When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.

    Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise. B)

    however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.

    the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
    I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.

    Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.
    The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.
    I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....
    I agree with you @swaye . I'd never buy a home w/o an inspection. In fact, I'd almost be in favor of some sort of consumer protection in RE which gives a buyer an inspection contingency no matter what.

    That said, desperate times call for desperate measures and plenty of folks waive it in Seattle. And you better believe I truthfully disclosed every defect that I was aware of along with providing receipts for any work I had done- e.g., tuck pointing the chimney, fixing the first 5 or so feet of the sewer line (along with providing the sewer scope video), etc.
    Sewer scope/ line repair is a big one in Seattle now eh @pawz ?
    When we decided we had to sell our newly-remodeled, gentrified house (1923) in the midst of the 08 bubble burst, the tipping point was the sewer line was failing...
    Sounds shitty.

    #SWIDT?
    It was, especially in the basement...

    EDIT: I've done a lot of tough jobs in my life, and have prided myself on grinding through to get the job completed, but cleaning that basement took super-human levels of intestinal fortitude (pun definitely intended)...
    About two years ago, my wife tells me that our kitchen sink won't drain. I do the drain cleaner thing first. When that doesn't work, I take the P-trap apart. Still nope.

    Off to the hardware store for a snake. I got the kind you can hook up to a drill and made sure it had a decent diameter line. P-trap dumps into a vertical that goes through the floor into the basement and a cleanout-wye that I opened up, funneled to a now wonderful smelling bucket (gag reflex), and inserted the snake. From there, a 15' run with a slight drop (too slight, but construction-limited) over the hallway and into the utility room, ninety, a last 10' run against the wall to the waste stack.

    Drill, drill, drill, drill, sound and resistance change, pull it out, cap everything up, test at the sink... No drain. This little dance repeats another time or two before I ask my beard to go stand by the waste stack and listen for the snake hitting it so I know for sure I'm through. She eventually tells me I'm there, I go listen to verify, then, satisfied, I retract the snake, throw it away because of how disgusting it was at that point, and button everything up.

    Aaaaaaaand the sink doesn't drain.

    Back to the hardware store, three sticks of ABS, a sweep el, a coupling, and some solvent. Out comes the sawzall. Piece by piece, that sink drain line went out the window into the yard. I don't get queasy easily, but I fought the urge to paint the walls the whole time. When I say I'd rather the pipes have been full of shit, I'm not exaggerating. Turns out the snake was never going to work. What the pipe was full of was some kind of self-healing fatty blob that smelled like the worst thing I've ever smelled. About 20' of it. The snake would chew through it, I'd retract the snake, the blob would just heal itself like a goopey sphincter closing up every time.

    I've done some absolute shit jobs, but that had to be the worst.
  • dflea
    dflea Member, Swaye's Wigwam Posts: 7,287 Swaye's Wigwam

    Fishpo31 said:

    Fishpo31 said:

    Swaye said:

    pawz said:

    pawz said:

    Thanks for the information, it’s very helpful... yow that is a seller based extraction system to get people to bid the maximum

    I can see why it may appear that way, but actually not really. There are a number of nuanced layers I did not delve into.

    When the NWMLS drafts their PSA forms, I can assure you their goal is to produce a document that is the most fair for all parties involved given the circumstances.

    Oh I can see that it is fair, ethical and above board fully disclosed... didn’t mean to characterize it as otherwise. B)

    however, the implication of the maximum bid escalator clause is a seller biased built in price manufacturing mechanism that the selling agent hopes they can employ in the early phases of the sale cycle to create the fear of losing the property with in order to boost value to maximum levels.

    the net effect is advantage seller under those circumstances, especially since the seller is not obligated to take the lower teaser offer that is introduced as an inducement to bid over the stated sale price
    I think the realities of the market - ie no supply - have more to do with the position of power the Seller wields than any perceived nefarious intent of a broker.

    Yah, I believe that we are actually thinking the same things even if it doesn't sound like it. What I'm intending to say is that the seller's agent is hoping to establish an advantage for the seller if they can [of course the seller hopes for that, and the good agent is going to do that, and that is certainly not a nefarious intention] ~ and that the ability to create that environment on behalf of the seller totally depends on supply and demand. I have also been breathlessly stating that the dynamic when it works, it is an awesome tactical strategy on behalf of the seller because it puts a lot of pressure on the buyer, which for a lot of buyers is a new frontier dynamic to consider.
    The way our Seattle listing played out was kind of interesting. Our house went live on the MLS on a Sunday night. Offer review date of the following Friday. We had no offer in hand by the expiration of the review date. Then within a few hours we got 3 offers, all with escalators. The winners were $60K over asking, waived inspection and solid financing. Several of the prospective buyers said they had been burned too many times by doing pre-inspections before a review date and preferred to let the offer review date expire and go from there.
    I get the escalators in a sellers market, but no inspection? Fuck that. I will never buy a home without an inspection. I just won't live there. That's absurd. Let me pay a million bucks for your house that flooded two years ago and I have no idea....real estate up there has gotten insane....
    I agree with you @swaye . I'd never buy a home w/o an inspection. In fact, I'd almost be in favor of some sort of consumer protection in RE which gives a buyer an inspection contingency no matter what.

    That said, desperate times call for desperate measures and plenty of folks waive it in Seattle. And you better believe I truthfully disclosed every defect that I was aware of along with providing receipts for any work I had done- e.g., tuck pointing the chimney, fixing the first 5 or so feet of the sewer line (along with providing the sewer scope video), etc.
    Sewer scope/ line repair is a big one in Seattle now eh @pawz ?
    When we decided we had to sell our newly-remodeled, gentrified house (1923) in the midst of the 08 bubble burst, the tipping point was the sewer line was failing...
    Sounds shitty.

    #SWIDT?
    It was, especially in the basement...

    EDIT: I've done a lot of tough jobs in my life, and have prided myself on grinding through to get the job completed, but cleaning that basement took super-human levels of intestinal fortitude (pun definitely intended)...
    About two years ago, my wife tells me that our kitchen sink won't drain. I do the drain cleaner thing first. When that doesn't work, I take the P-trap apart. Still nope.

    Off to the hardware store for a snake. I got the kind you can hook up to a drill and made sure it had a decent diameter line. P-trap dumps into a vertical that goes through the floor into the basement and a cleanout-wye that I opened up, funneled to a now wonderful smelling bucket (gag reflex), and inserted the snake. From there, a 15' run with a slight drop (too slight, but construction-limited) over the hallway and into the utility room, ninety, a last 10' run against the wall to the waste stack.

    Drill, drill, drill, drill, sound and resistance change, pull it out, cap everything up, test at the sink... No drain. This little dance repeats another time or two before I ask my beard to go stand by the waste stack and listen for the snake hitting it so I know for sure I'm through. She eventually tells me I'm there, I go listen to verify, then, satisfied, I retract the snake, throw it away because of how disgusting it was at that point, and button everything up.

    Aaaaaaaand the sink doesn't drain.

    Back to the hardware store, three sticks of ABS, a sweep el, a coupling, and some solvent. Out comes the sawzall. Piece by piece, that sink drain line went out the window into the yard. I don't get queasy easily, but I fought the urge to paint the walls the whole time. When I say I'd rather the pipes have been full of shit, I'm not exaggerating. Turns out the snake was never going to work. What the pipe was full of was some kind of self-healing fatty blob that smelled like the worst thing I've ever smelled. About 20' of it. The snake would chew through it, I'd retract the snake, the blob would just heal itself like a goopey sphincter closing up every time.

    I've done some absolute shit jobs, but that had to be the worst.
    the blob

    lol

    Sorry for laughing at your despair, but that story was pretty funny.
  • 1to392831weretaken
    1to392831weretaken Member Posts: 7,696
    Fun fact: I have never lived in a house with a garbage disposal in my entire life. I lived in a different rental every single year for eight years out of college, so what are the odds?