All Forum Posts by: Account Closed

 In Austin area, maybe. You cant do much with 50k. 

Thanks. I guess many people nervous now about the market. Part of me wishes a decline and the other part (the one that already invested) wants it to grow.

I have a friend from Chicago, she netted about 30 mil in real estate. I had a call with her asking would the market decline, she said: " yes, sure, but not my properties". She is probably in denial, as she has properties all over Chicago area. 

 well, they have a standard contract they use, it is not TREC contract. Here is what I received from their agent 

"New build contracts are not contingent upon financing approval. This is why we request buyers get prequalified with a preferred lender at contract. This is the same developer contract written by the same lawyers for every new construction condo in Downtown Austin from the past 8 years.

Thankfully we don't start closings until mid to late 2022. That means you won't actually be applying for financing and locking in your rate until 2022-2023. We will be in a completely different place economically at that time.

I'll chat with our operations team during our meeting tomorrow and see if they have any further insight. I'll follow up with another email tomorrow afternoon. We understand that the world is a crazy place right now and it's very nerve wracking. But this situation is one of the best buying positions you could be in."

what do you think? Is this correct on the new builds?

thanks for the kick... I know... I thought this is a safe bet, I did not even bother to get pre-approved for the mortgage since they are finishing 2023.

no, no change in my situation, I work at UT and we shifted to online education. I have a license but used it for investments only. I am afraid to loose money as my kid will be going to college relatively soon, we were planing to sell the condo in a few years. They are finishing the build in 2023. Do you think it all can change or should we stop paying the earnest money?

well, I thought with the growth that the city experience this is a very safe bet that the price will jump. I never had an issue with mortgage and can potentially pay cash if the deal will bring money. I guess my main question is should I stop to pay earnest money now and loose what I already paid.

Just before the pandemic started I signed a purchase contract for a 2beds condo downtown Austin, about 630k. I realized only now that it is not contingent on the financing. I paid already 30k earnest money and another 20k are due end of the month. 

What can and should I do? How is it even possible that it is not contingent on financing??? 

with all these happenings, I am assuming that the prices of RE will go down. But when do you predict that economy will bounce back?

by 2022?

by 2023?

your call...

That's an interesting question. It depends on whom you ask I guess. I was hoarding cash for quite a time and was not successful in investing it all. Right now it is about 200 months of expenses on my 3 rentals and primary. But my hope is those rentals are stable as they are student's rentals and students don't usually mess with landlords.