Lost the house to all cash buyer.

Jul 11, 2018 52 Comments

RANT ALERT: Why won't the investors leave Bay Area alone. They buy properties put 50k and sell at a 200k profit raising the market rates. Regular people don't have cash lying around. Housing was unaffordable 4 years ago today it feels like a constant chase which you never win.

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TOP 52 Comments
  • Apple / Eng No Repro
    Your rant against all cash buyers is misguided. Be angry that our zoning policies don't allow for higher density housing. That's what's artificially keeping supply low and costs high. Take a look at the recent bill from Scott Weiner that was shot down. I'd urge you to vote for folks that are in favor of higher density zoning.
    Jul 11, 2018 13
    • Salesforce Gidtchvl
      @FANGbound I’m not suggesting ripping the rug from under retirees; however we all need to pay for society’s upkeep. If you keep up with economics, the boomer generation has had a pretty sweet ride and left the folks in the next generation holding the bag to pay. Prop 13 is just one specific example of that.
      Jul 11, 2018
    • Lyft bekoll
      All those who create the shortage and maintain it via their laws and beliefs, should STFU when I raise their rent. you are the reason I bought the house. Even after charging you the highest rent in the world I'm hardly making a profit.
      Jul 11, 2018
  • Google X.team
    At least we should tax foreign investment a la Vancouver. Give money to schools.
    Jul 11, 2018 1
    • Apple tuolumne
      We probably should. But it won’t happen. Look at what happened in Toronto. City coffers need the tax money.
      Jul 11, 2018
  • New / Eng g0pher
    How can you lose something that is not yours?
    Jul 11, 2018 5
    • VMware Gundaraj
      OP
      You can lose your mind... oh well you can't. Get it? 😄👍🏽
      Jul 11, 2018
    • New / Eng g0pher
      @bekoll I lost all bicycle races I entered, best place was top 5. However, I cannot lose Chris Frooms race no matter what, even if he DNF.
      Jul 11, 2018
  • Microsoft bucom
    Don't talk bad about Chinese. I see where you are going. We have cash and we will use it. It's very fair
    Jul 11, 2018 6
    • America is a capitalist country. Greed is good !
      Jul 11, 2018
    • Uber DAmZP3
      Last I checked being greedy is legal so nothing wrong about it.
      "greedy" is a common strategy.
      Let's remember how did white people occupied America (north and south) and Austrilia, Siberia too.
      So buying with hard earned money is being greedy and robbing with guns and cannons is... whatever?
      Jul 11, 2018
  • Twitch twitch.tv
    OP, if you feel that there r lots of cash buyers and market is strong, why don't you offer 200+k higher than asking price? Just put out higher bid. With such good market you will have positive equity in a year or two.
    Jul 11, 2018 6
    • Microsoft / Eng GalaxyQ
      I think what he's trying to say is it's ok to overpay if the payout is enough based on market appreciation.

      But you could also just pay what it's worth now, and get even more benefit from said appreciation...that sounds like the smart buyer to me...
      Jul 12, 2018
    • Uber DAmZP3
      But you aren't the only smart buyer and you need to beat other smart buyer. Hence the over bidding
      Jul 12, 2018
  • Buy a house where there is a rental restriction for atleast 1 year.
    Jul 11, 2018 3
    • They will not buy places where they can’t rent out immediately.
      Jul 11, 2018
    • Its not about rentals, ROI does not make sense. Folks have too much money, and a lot of cash buyers are Chinese investors buying via some proxy (you will see more of this due to trade wars, before the Chinese government clamp down on illegal money laundering/transfers).
      Jul 11, 2018
    • Cognizant Conphused
      Yea FlyHomes, they were my realtors. Becoming one of the biggest names in Seattle area because of their strategy product
      Jul 11, 2018
    • CareerBuilder JonDoe1
      Big need in a few coastal markets but I wonder how this will scale to most markets where you get 1 offer from a shake buyer in 2 months at best. Open Do It is having some success doing something similar.
      Jul 11, 2018
  • Cognizant Conphused
    I feel you. I lost 7 deals just because of that. For that, I would suggest to have a realtor who can put cash offers on your behalf. I did the same n finally won sth.
    Jul 11, 2018 2
    • Does the realtor charge extra?
      Jul 11, 2018
    • Cognizant Conphused
      No, you just have to pay extra escrow
      Jul 11, 2018
  • Microsoft / Eng Tier 1
    Speculators don’t raise prices, they only increase liquidity and help the market discover a fair price quicker.
    Jul 11, 2018 0
  • Salesforce JaEE06
    Hate the game. Investors will do as they will as long as rules allow, not because it annoys people. Remember, people who are taught the opposite: to be aggressive and not care what others think otherwise you will never be successful. We need policies to disincentivize it or startups to democratize the undesired behavior.
    Jul 11, 2018 0

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