Sight Unseen Bidding Craziness

Would believe it.

Another possibility is that for tract homes, all the designs are similar, so once you see one, you know what the others are like, but that doesn’t seem to be the group they surveyed.

https://www.bloomberg.com/news/articles/2018-02-26/housing-frenzy-sees-a-third-of-u-s-buyers-bidding-sight-unseen

The survey, conducted in November and December, polled 1,503 people who had purchased a home in the previous year. It found that the proportion of those bidding sight unseen was almost double the 19 percent reported in June 2016, the brokerage firm said in a statement Monday. Younger buyers were more comfortable bidding without visiting, and the practice was more common out West, particularly in Los Angeles, where more than half of respondents said they’d done so.

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That just seems crazy for a primary residence. You’re going to live there for how many years, but you can’t share a couple of hours to look at it? I wonder if this is due to super competitive bidding. Maybe after losing out a bunch of times, they figure why bother looking at the house.

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So housing bubble?

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Not really… still undervalued in many other places. For example, Contra Costa county hasn’t even gone back to its previous peak of 2007. But of course that doesn’t have to happen in order for it being in a bubble though…

so you are saying i shouldn’t buy now?! lol.

Bubble has many different stages. The key question is which stage it is. Seems that the bubble just started and it can run for another 3-5 years

I think you should. I mean I did, despite horrendous overbidding and paying more excessively than ever before but what can you really do? :anguished:

I am working actively, i promise :slight_smile: Very close.

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It’s baaaaaack… (or, never left?)

Sight unseen is good. The more you look at it, the more blemishes you’re going to find, and less likely buying.

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Says the owner of a condo where he caught a lesbian couple going at it in a closet… Did you pay extra for that??? :grin:

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I way underpaid for that… worth every penny :slight_smile:

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Well, rich idiot, you should have checked it out instead of buying blind… what is the saying, a fool and his(her) money is soon parted

See how hard it is to win court cases against agents? The 1000 page docs buyers and sellers blindly sign already protect agents and brokers against most lawsuits.

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This I’ve done as well. I don’t think I would do this for a primary though.

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"A couple of years later, seeking a permit to remodel a room, he found out the house wasn’t as large as he thought.
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