I see these guys putting 50 % down to all cash in buying 1.2 million plus homes. How old are these people? How do they do it? All TC from FAANG? I got beaten by somebody today on a home I badly wanted to buy. Son of a gun . Heard he was Asian .
Many Asians in finance, medicine, law - not just tech which makes $$$ Also lots of Asians with family money (bit of sampling bias here as you have to be of a certain level of wealth to immigrate here)
I am asian. when we were buying house in Seattle, we kept being outbid by foreign Chinese “investors”. So no, many Asians are being outbid by foreign $ as well. so frustrating. we ended up buying a really old house that has appreciated very well(m (doubled value) since we bought it.
You are not a Superman. Everyone can beat you at the right time and offer. Nothing related to Asian.
Mainland Chinese are 90% likely to be fu er dai or rich second generation: in short if you see a 20 year old in a Mercedes mommy and daddy paid for it and also bought his or her house to prevent the Chinese government from taxing their wealth.
Seriously, 22 years old fresh grad with their first job in faang would easily afford a Mercedes
If you have a million dollar home and a benz straight out of college where’s the down payment coming from? 他们的妈妈爸爸. Do you really think they’re all engineers?
Damnnn “crazy rich asians”
It’s no joke I lost a dream home today because the guy was willing to pay 500 K cash as down payment
Doesn’t really make sense. Size of down payment doesn’t really impact closing dates... only all cash or no contingencies would.
Both kept non contingency and both are not full cash. One is 20% down vs other at 40%. Seller went with layer thinking he’ll get more cash in hand
Billions.
As a seller, what’s the incentive to take an offer with a larger down payment?
Solid proof that you have the wealth and can close fast
Well I was going with 22% down and had all my paperwork in place. Just my bad luck .
They don’t necessarily have to be rich ... families will pool their funds together and live frugally together until the house is paid off or enough to equity for another place. Something American values don’t promote.
Haha I’ve heard that too. But not in my case
Do you really know that though?
Well if it makes you feel better, his parents may be rich so it helps.