Not trying to suggest anything. Just sharing my impressions and personal experience.

When I was applying for mortgage, both the pre-approval and subsequent real approval took quite a long time. Maybe my situation was complicated, maybe it was the timing, or maybe it was just bad luck. Whatever it was, pre-approval must have taken 3 - 4 weeks with my mortgage broker. And then when we actually had a place in mind, the process took another 10+ days. It was both lucky and ugly that I had a 2 weeks subject to finance clause in my offer. Even though the seller had accepted our offer, we really couldn't confirm with them to remove subjects until almost the very last day. It was a stressful experience because everybody involved was concerned: I was told by my broker that we should be approved, but things just kept dragging on with one additional paperwork request after another. The seller was concerned because there were likely other (lower) offers coming in, and we still weren't able to deliver. Our realtors and my mortgage broker were obviously concerned because they were all so close to sealing the deal, but it felt like a moving target.

Good luck with the sale.

i had to jump through tremendous hoops to get my mortgage approved (just today actually lol) but i get ya, its not easy but thats why everyone throws subject to finance especially in a buyers market to protect yourself. i couldn't have fathom throwing down an offer on a detached house back in 2017-2016- maybe even 2015 with no subjects just to beat the cash offer from other bidders. although the pre approval should somewhat tell you the range of how much you can borrow. i just know once it gets down to the nitty gritty, the lenders start to scrutinize you like a thief before they are willing to approve your mortgage.

Oh man, that's my childhood too.

We had a truck, second hand camper and dinky 16' boat.

We had 3 camping trips a year:

1) May long weekend: Egmont on the Sunshine coast

2) One Week in July: Up to a lake in the interior, usually Green lake but some other lakes every now & then

3) One Week in August: Fishing in Bamfield on Vancouver Island

Not once in my childhood did we go anywhere that required a plane or hotel.

I didn't mind, I didn't know any better and when we did go camping it used to be with a whole bunch of other Aunts & Uncles with cousins my age (usually a good dozen of us kids running amok in the campsites, parents usually just let us go wild).

Kind of sad that I won't be able to give my kid quite the same experience. I mean I plan to take him camping and fishing, but he won't have the dozen other cousins etc his age to go nuts and explore life with.

Funny thing is that NOW my parents are all like "we need to do a family trip to Mexico or something, bring Colin he'll have a great time" and I say "Yeah, if you want to pay for it!"

Back in the day, a Safeway Produce clerk was making the same, if not more than a University professor. It's no wonder people were able to buy houses like cars back then. If you wanted a rental property, you just bought a second detached.

Most of the those yester-decade jobs are either gone from the GVRD or downgraded to $15 / hour which gets you the latest iphone plan with Fido under your mom's name.

:fullofwin:

Metro Vancouver real estate prices are 65% overvalued: Economist

https://www.vancourier.com/real-esta...ist-1.23401335

Don't worry, I am sure everything will work out. I am in the same boat, my apartment has been listed for over a month now, one offer that fell through and single digit open house visitors every weekend. It kind of sucks because I still live in the apartment so I have to clean up and make sure everything looks nice. I am not in a rush to sell, but at the same time it would be great if it did sell so I don't have to worry or keep everything tidy....

Sad side-note: I also staged my own place by buying stuff from Winners and I just realized I passed the 30-day return policy :okay: I guess im stuck with a gift card till this place sells....

my math can be off at 2am but a decent detached adjusted is still over 1M
still out of reach for almost every local

yeah he math with inflation doesn't make sense....obviously back in our parents day if they were making decent coin they could afford cheaper housing because well its a hell of a lot cheaper. The downside is the mortgage rates back then we crazy 18-20% but the house in general was a lot cheaper as well. But now houses are fucking way out of line on price and rates are a lot lower. People still cant afford to get places because peoples wage didn't increase through inflation.

I talked to one of my buddies yesterday he is married with 3 kids and lives/rents a basement suite. I was like fuuuuuuuuuck man that's crazy! He also said the suite is fairly large but even still. He is the only one working and the burden is all on him. The obvious downside is his job and most people jobs are down in the lower mainland. That is whats keeping him from moving out of here. The whole system sucks, your "decent paying job" is in the lower mainland so it pretty much requires you to live here or commute to work everyday for what exactly? to have a decent paying job so you can try and survive down here? I mean it sucks for a lot of people who want to get out but there job is dependent on living down here...

update: had a showing today and have another one later today...plus got word have one more on Saturday lol...so far for the first showing my realtor said we may have an offer coming in! shits getting real!

offer coming in tonight :)

Goodluck! Great info for your realtor to tell the buyer realtor checking your home later

Seems like the best solution is to become a software developer and work remote.

exactly! could bid each other up...that's if they like it as well!

Great news! Regardless of the total number of offers you might be receiving, bear in mind that a good realtor can always do some off-record / unofficial negotiations for you with their counterpart. If I am understanding a realtor's typical practice correctly, the buying and selling realtors often perform additional unofficial probes or negotiations with each other in attempt to secure a "best offer" for their clients. All of this happens after an offer is made to purchase a property, but before any offer is accepted or rejected by the seller.

Esp given the current market conditions, this may or may not work in your favour. Nevertheless, esp if there are competing bids, your realtor can probably employ this tactic in attemt to squeeze an extra $5 - $10k out of the buyer.

On the flip side, the buyer might also employ the same tactic to probe your agent to see where your bottom line price lies. Ultimately, you're the one that makes the final decision on what price you're willing to accept, and whether you should follow your realtor's recommendations and/or market analysis.

Once again, good luck!

offer came in lowball but will update u guys tomorrow to see what happens

Hoping the people who are over like the place as well and want to put in an offer!

How bad of a lowball was it? Was it RS style lowball?

I think most people will offer an lowball offer expecting the seller to reject the offer or negotiate a better deal. When I made my first offer I expect the seller to negotiate or reject it. It was a a lot lower than what I expect to pay.

Update! Got an accepted offer they have one week to remove subjects....they have an accepted offer on their condo so everything is pretty much subject lol....didn't get exact offer on our place but pretty close in this type of market ...

Congrats! Hope everything works out for you.

Congrats nabatron. Hope that offer works out

Nice, nice to get it over relatively quickly, congrats

Thanks guys! Hopefully subjects removed and then everything works out

I spoke to one realtor on Wednesday meeting another one today. After speaking with the first one some of the stuff he said made a lot of sense.

I have one of the Clayton specials 3 levels, 5 bedrooms 2650sf basically designed to have the owner live top two floors with a 2 bedroom suite in the basement. We bought new and have never had a suite but the basement is wired for it, there is plumbing, a 240 in the wall and venting downstairs if you wanted to add washer/dryer.

The way the lending has been tightened up most the people looking in our area are obviously looking to buy a place with a suite and most of them are tapped. Not having one makes my home not nearly as desirable and ultimately harder to sell. If I want to sell I pretty much have to put the suite in which honestly isn't that big of a deal I figure it will cost me $10,000 at the most if I do it myself I just need to install cabinets, sink and appliances. The return I'll get will be greater then the cost of putting it in. The one good thing is if I was putting a suite in to rent it out myself well living there I'd do sound proofing ripping all the ceilings apart adding more expense but if it's more for staging and a selling feature fuck it, just paint and add kitchen.

The realtor showed me the inventory in the area, how long it's sitting right now and it's very competitive. Stuff isn't really selling so I think if we move forward we'll do the suite over the fall, list in the spring. I think that would also give the market more time to correct itself with the way inventory is moving or maybe I should say isn't moving, yes less for ours but since we're upgrading less for what we'd be looking to buy.

Yeah with the amount of inventory out on the market and with only one offer that came in for us we decided to pull the trigger. I mean we didn't get what we were asking for but was close enough. The market right now is slow and my realtor said mine was the quickest to be offered anything that he has. I mean we could have took a gamble and waited for another offer but with the market the way it is we decided not to. Say if we waited and got no offered then we would have to reduce the price anyways. All in all we its still a waiting game with them removing their subjects.