All Encompassing Mortgage and Real Estate Thread

[kmac30 416]

Actually yes! I sent the buyer’s realtor my in-laws sellers disclosure from the sell of their house back in September. It was off market, so not an available comp, but a perfect comp to our house. With it, I sent the argument for why it was a good fit. She passed it along to the FHA lender last week.

They heard back yesterday and the appraisal came up a pretty decent amount. My options were to work with this buyer or play the field and deal with what comes. We decided a bird in the hand is better and worked with the buyer.

In the end, I’m happy with the deal and I’m done. My wife claims she doesn’t remember, but we’re still selling for more than she thought we would 8 months ago.

[UTPhil2006 3807]

33 minutes ago, kmac30 said:

Actually yes! I sent the buyer’s realtor my in-laws sellers disclosure from the sell of their house back in September. It was off market, so not an available comp, but a perfect comp to our house. With it, I sent the argument for why it was a good fit. She passed it along to the FHA lender last week.

They heard back yesterday and the appraisal came up a pretty decent amount. My options were to work with this buyer or play the field and deal with what comes. We decided a bird in the hand is better and worked with the buyer.

In the end, I’m happy with the deal and I’m done. My wife claims she doesn’t remember, but we’re still selling for more than she thought we would 8 months ago.

Awesome to hear bud!  You mentioned you may need to talk about something last week so shoot me an email whenever you get a chance.

[UTPhil2006 3807]

https://houstonagentmagazine.com/2019/04/11/houston-housing-market-saw-significant-improvement-march/

Single-family home sales ticked up nearly 5 percent in March compared to a year earlier, according to the Houston Association of Realtors. Homes priced between $250,000 and $500,000 gained the most sales activity, closely followed by homes priced above $750,000. Housing inventory also notched a significant increase compared to last year, its highest level in five months.

Single-family home sales rose to 7,072 in March. That’s compared to 6,740 last year, a 4.9 percent increase. Housing inventory went up by 17.5 percent, from 34,991 active listings in March 2018 to 41,127 this year.

The median price of single-family homes sold rose to $240,000, a modest 2.1 percent increase compared to last year’s $235,000. Single-family average sales price rose a comparable 2 percent, jumping from $292,966 to $298,766.

The sale of townhouses and Condominiums experienced a seventh consecutive month of dips. March saw a 9.2 percent decrease with 551 units sold compared to 607 last year. The median price of townhouses and condominiums rose to $174,750, a 2.8 percent increase. The average price remained steady at $211,241.

Rental properties continued to see significant growth this month as single-family home rentals rose 18.4 percent and townhome and condominium rentals showed a 16.7 percent gain.

Single-family pending sales also underwent a considerable increase of 14.6 percent, rising from 7,628 last year to 8,740 this March.

“Home sales are benefitting from some of the lowest interest rates in years, but we also continue to see tremendous strength in the rental segment, and with inventory growing steadily, the Houston real estate market looks solid,” HAR Chair Shannon Cobb Evans of Heritage Texas Properties said in a press release. 

[UT_OB1 2223]

Maybe I'm thinking too simply - but how does what appears to be a big increase in supply (17.5% increase in homes) lead to an increased price of 2.1% if only 4.9% more homes are being sold?  There are 6000 more homes than last year, but only 330 more sales of homes.

[UTPhil2006 3807]

17 hours ago, UT_OB1 said:

Maybe I'm thinking too simply - but how does what appears to be a big increase in supply (17.5% increase in homes) lead to an increased price of 2.1% if only 4.9% more homes are being sold?  There are 6000 more homes than last year, but only 330 more sales of homes.

I think because some of those numbers are for all homes, some are for SFR, etc.  There's a lot of numbers in a lot of different sectors.  They probably could have written that a lot cleaner

[UT_OB1 2223]

For the non 1% out there - tell me how this is a bad deal.  It is only 45 minutes from me.  I'm not looking for a million dollar lake house, just something i could run electric to, put a septic tank on, and drive an RV down to and be on the water easy.  For only 800 (maybe it goes for 1200) plus fees, its not like i'm investing the nest egg to buy it.

ebay listing on trinity river

 

[Gil Bang 25959]

Could you put septic on a riverfront property?

[UTPhil2006 3807]

13 hours ago, UT_OB1 said:

For the non 1% out there - tell me how this is a bad deal.  It is only 45 minutes from me.  I'm not looking for a million dollar lake house, just something i could run electric to, put a septic tank on, and drive an RV down to and be on the water easy.  For only 800 (maybe it goes for 1200) plus fees, its not like i'm investing the nest egg to buy it.

ebay listing on trinity river

 

Interesting.

[Gil Bang 25959]

@UTPhil2006 do you know anybody that will lend on a co-op?

I've seen two in CA in my career.  One is here in my town, and the units are a steal because financing is tough to get.

[UTPhil2006 3807]

11 minutes ago, Gil Bang said:

@UTPhil2006 do you know anybody that will lend on a co-op?

I've seen two in CA in my career.  One is here in my town, and the units are a steal because financing is tough to get.

Shoot me a PM about the particulars. I’ve got one guy I can try. 

[Gil Bang 25959]

Not really  PM worthy.  We've got a complex here in town in a decent area.  Maybe 50 units.  They''ve been co-op since day 1, and they are all cash-only sales now.  

They've been trying to convert to condo for several years.  

If I could get a lender to loan on those things, I could probably get a dozen listings in there. 

[PhillyD 1257]

1 hour ago, Gil Bang said:

Not really  PM worthy.  We've got a complex here in town in a decent area.  Maybe 50 units.  They''ve been co-op since day 1, and they are all cash-only sales now.  

They've been trying to convert to condo for several years.  

If I could get a lender to loan on those things, I could probably get a dozen listings in there. 

Sent you a PM.  

[UT_OB1 2223]

9 hours ago, UTPhil2006 said:

Interesting.

Went by while I was in Dayton looking at some other houses.  Glad I picked a day when it rained - or maybe not as I don't have a 4x4 and was mildly concerned my car wasn't going to make it back up the mud.  It might be a little low on the elevation.  Hard pass.  Did remind me a lot of the place my Grandpa's log cabin was in Silsbee.  

[UTPhil2006 3807]

12 hours ago, UT_OB1 said:

Went by while I was in Dayton looking at some other houses.  Glad I picked a day when it rained - or maybe not as I don't have a 4x4 and was mildly concerned my car wasn't going to make it back up the mud.  It might be a little low on the elevation.  Hard pass.  Did remind me a lot of the place my Grandpa's log cabin was in Silsbee.  

Yeah sounds like it was good it rained.  The whole ebay and $800 only was an interesting side point as well.

[UTPhil2006 3807]

On 4/13/2019 at 5:45 PM, PhillyD said:

Sent you a PM.  

Go on...  I'd be curious what lending product you may have.

[PhillyD 1257]

I don't have a product, just some contacts who work with coops.

[UTPhil2006 3807]

21 hours ago, PhillyD said:

I don't have a product, just some contacts who work with coops.

Ah gotcha.  

[UTPhil2006 3807]

Should be interesting to see how/if the Mueller release impacts the market

[Nonbryan 173]

What are the appropriate upgrades, and budget to do those upgrades, that I should do for a house that I am about to sell?  The house is 15 years old and in a golf course community.  We are thinking about updating all the appliances, putting in new flooring, painting interior and exterior, changing out the ac units outside, and replacing the fence.  Anything else we should do or not do?

Edited April 22, 2019 by Nonbryan
add

[Gil Bang 25959]

This is a question for an experienced, knowledgeable agent that works your specific community.

The answer in one town may be different in another.

[T’Boo Ted Marshall 2732]

Good question. I’m considering pricing our house appropriately “as is” rather than do all the updates.

[Gil Bang 25959]

Here’s the thing: every market has certain price ranges that tend to move well. If you are in one of those ranges, you’re probably not going to get a positive return on the updates.

A realtor that knows what’s up can take a look and give you good advice.

[T’Boo Ted Marshall 2732]

True but realtors don’t usually do that for free. They are not very receptive when I offer them a whole box of wine in return.

[Gil Bang 25959]

3 hours ago, T’Boo Ted Marshall said:

True but realtors don’t usually do that for free. They are not very receptive when I offer them a whole box of wine in return.

We ABSOLUTELY do that for free.  Figure out who the busiest agents are in your neighborhood.  Call 2 or 3 of them.  Say "I'm  thinking about selling and I'd like to talk to you".

They will be at your door before  you have a chance to hang up the phone.  Let them give you a market analysis/price opinion, and discuss updates/repairs with them. 

[Nueces River Rat 5539]

6 hours ago, Nonbryan said:

What are the appropriate upgrades, and budget to do those upgrades, that I should do for a house that I am about to sell?  The house is 15 years old and in a golf course community.  We are thinking about updating all the appliances, putting in new flooring, painting interior and exterior, changing out the ac units outside, and replacing the fence.  Anything else we should do or not do?

Personally I’d skip updating the appliances unless they are absolute garbage and the same with the AC unit.   If it becomes part of a counter offer with a potential buyer, then I’d think about some sort of an allowance. In other words see if you can get a few bites and maybe catch a fish before spending some cash on those items, that’s more cash for you.   They might want the AC replaced and are fine with the appliances because they might want a particular brand or style   

Try painting with neutral colors if needed , get hard surfaced floors cleaned professionally, replace window screens (easy do it yourself) and clean the windows.   If you need new paint on the outside, do a refresh but don’t stray too far away from original color and if the paint is ok, do a power wash( along with the brick if you have a brick home)  Tidy up the landscaping, but don’t go all out and just give it some basic curb appeal.   If you do have  carpet that needs replaced, go find a cheap carpet place and get it done so it passes the eye test.  Chances are they will pull it out anyway if their intent is to remodel with today’s trends which are carpet free.  Declutter... declutter and declutter.  I can’t stress that enough and that includes the garage.   

The later is what We did when we sold our first house 14 years ago.  It was on  the market for two days.   I will concede we upgraded appliances  over the nine years we were there, but didn’t do so with the intent of making the home more valuable down the road and I don’t think it was the driver in seeking the home since they were pretty basic to begin with.    And we will be using the same playbook when we sell this house after our youngest graduates from high school and we move up to the Austin/ San Antonio/ Hill Country area.  

Edited April 23, 2019 by Nueces River Rat

[Catpfish 618]

16 hours ago, Nonbryan said:

What are the appropriate upgrades, and budget to do those upgrades, that I should do for a house that I am about to sell?  The house is 15 years old and in a golf course community.  We are thinking about updating all the appliances, putting in new flooring, painting interior and exterior, changing out the ac units outside, and replacing the fence.  Anything else we should do or not do?

The chances of getting a positive return on the appliances, flooring (unless the current flooring is ruined), AC and fence are practically zero.  At best, they might save you a little bit by selling the home faster (but not for much more money).  It's been a while since I've paid attention to the research, but several years ago the best bang for your update buck in Texas was kitchen and master suite updates and they showed a return of around 65-70%.  Of course, this research is done by the Real Estate Center located at Texas A&M, so take it with a grain of sheep...whatever

Edited April 23, 2019 by Catpfish

[UTPhil2006 3807]

On 4/23/2019 at 9:49 AM, Catpfish said:

The chances of getting a positive return on the appliances, flooring (unless the current flooring is ruined), AC and fence are practically zero.  At best, they might save you a little bit by selling the home faster (but not for much more money).  It's been a while since I've paid attention to the research, but several years ago the best bang for your update buck in Texas was kitchen and master suite updates and they showed a return of around 65-70%.  Of course, this research is done by the Real Estate Center located at Texas A&M, so take it with a grain of sheep...whatever

This.  Each situation is different, but may not be worth it to fix everything, if with pricing and whatnot, the net return in the end is the same.

[UTPhil2006 3807]

On 4/22/2019 at 10:48 PM, Nueces River Rat said:

Personally I’d skip updating the appliances unless they are absolute garbage and the same with the AC unit.   If it becomes part of a counter offer with a potential buyer, then I’d think about some sort of an allowance. In other words see if you can get a few bites and maybe catch a fish before spending some cash on those items, that’s more cash for you.   They might want the AC replaced and are fine with the appliances because they might want a particular brand or style   

Try painting with neutral colors if needed , get hard surfaced floors cleaned professionally, replace window screens (easy do it yourself) and clean the windows.   If you need new paint on the outside, do a refresh but don’t stray too far away from original color and if the paint is ok, do a power wash( along with the brick if you have a brick home)  Tidy up the landscaping, but don’t go all out and just give it some basic curb appeal.   If you do have  carpet that needs replaced, go find a cheap carpet place and get it done so it passes the eye test.  Chances are they will pull it out anyway if their intent is to remodel with today’s trends which are carpet free.  Declutter... declutter and declutter.  I can’t stress that enough and that includes the garage.   

The later is what We did when we sold our first house 14 years ago.  It was on  the market for two days.   I will concede we upgraded appliances  over the nine years we were there, but didn’t do so with the intent of making the home more valuable down the road and I don’t think it was the driver in seeking the home since they were pretty basic to begin with.    And we will be using the same playbook when we sell this house after our youngest graduates from high school and we move up to the Austin/ San Antonio/ Hill Country area.  

Also this. Painting is a good start and a quick and easy start. 

[Pato del Muerto 52498]

Can’t wait to see how this driveway turns out

[T’Boo Ted Marshall 2732]

Time for a circle drive.

[deft 6849]

Honest question: who fucked up there? Surveyor?

 

 

[LCHorn 2620]

On 4/12/2019 at 8:07 PM, UT_OB1 said:

For the non 1% out there - tell me how this is a bad deal.  It is only 45 minutes from me.  I'm not looking for a million dollar lake house, just something i could run electric to, put a septic tank on, and drive an RV down to and be on the water easy.  For only 800 (maybe it goes for 1200) plus fees, its not like i'm investing the nest egg to buy it.

ebay listing on trinity river

 

As someone who grew up in Dayton, I bet that lot is underwater 1/4 of the year.  Will your RV float? 

[CooterBrown 18012]

Honest question: who fucked up there? Surveyor?
 
 

Probably the homebuyer insisted on flipping the floor plan against the builder’s recommendation.

[Pato del Muerto 52498]

1 minute ago, CooterBrown said:

Probably the homebuyer insisted on flipping the floor plan against the builder’s recommendation.

I think this is a spec home

[UTPhil2006 3807]

30 minutes ago, Pato del Muerto said:

I think this is a spec home

Where is this?

[Pato del Muerto 52498]

14 minutes ago, UTPhil2006 said:

Where is this?

It’s across the street from me, in Wyoming. I’ll post a pic after they pour, I’m guessing it will be at a pretty good angle with regard to the garage, but even then the hydrant will be right there to back into. 

In this town, there’s no big home builders like a kb or weekly, just a bunch of small contractors that buy and build one lot at a time. 

[NeverMarryAStripper 21907]

Can’t wait to see how this driveway turns out

O/U on days after move in before the wife hits it

[UTPhil2006 3807]

12 minutes ago, NeverMarryAStripper said:

O/U on days after move in before the wife hits it

[Nueces River Rat 5539]

O/U on days after move in before the wife hits it

They should get a discount on the fire portion of their property insurance.

[UTPhil2006 3807]

18 hours ago, Nueces River Rat said:

They should get a discount on the fire portion of their property insurance.

Ha.  You definitely have to keep us updated.  I think you even need to go talk to the contractors and find out what exactly happened here.

[Gil Bang 25959]

1 hour ago, UTPhil2006 said:

Ha.  You definitely have to keep us updated.  I think you even need to go talk to the contractors and find out what exactly happened here.

I'm guessing that moving the hydrant has always been the plan.

[Pato del Muerto 52498]

Well my neighbor thinks the house is being built for a buyer, not spec. I’m wondering why the city didn’t put the hydrants on property lines to mitigate this issue. 

Also, two houses down they are building a house on the lot facing a T intersection and there’s a spot where the sidewalk goes down to road height for a crosswalk, which moves the curb from street side to property side for about 4 feet. Guess where that driveway/garage is?

[UTPhil2006 3807]

18 hours ago, Pato del Muerto said:

Well my neighbor thinks the house is being built for a buyer, not spec. I’m wondering why the city didn’t put the hydrants on property lines to mitigate this issue. 

Also, two houses down they are building a house on the lot facing a T intersection and there’s a spot where the sidewalk goes down to road height for a crosswalk, which moves the curb from street side to property side for about 4 feet. Guess where that driveway/garage is?

Sounds like this tract builder is making all the right decisions 

[Pato del Muerto 52498]

Different builder

[UTPhil2006 3807]

On 4/30/2019 at 8:52 AM, Pato del Muerto said:

Different builder

Gotcha.  Multiple builders making questionable decisions

[Pato del Muerto 52498]

Gotcha.  Multiple builders making questionable decisions

Now you are getting it. Here’s the other driveway.


In both instances, you flip the plans and there’s no issue.

[deft 6849]

Its the fuckin Wild West our there.

[Mach 1 1677]

On 4/29/2019 at 11:53 AM, Pato del Muerto said:

Well my neighbor thinks the house is being built for a buyer, not spec. I’m wondering why the city didn’t put the hydrants on property lines to mitigate this issue. 

Also, two houses down they are building a house on the lot facing a T intersection and there’s a spot where the sidewalk goes down to road height for a crosswalk, which moves the curb from street side to property side for about 4 feet. Guess where that driveway/garage is?

Hydrants are usually in the right of way, so on that pic the sidewalk likely stops short of the property line and the hydrant is still in the ROW.  Was the hydrant before the house was built?  If so the GC should be shot.   On the T intersection house another execution is slated if the concrete sub poured that driveway after the sidewalk was in.  

There seems to be a slight lack of coordination between the public and private improvements out there.  Those developers seem shitty.

[Pato del Muerto 52498]

Ours was one of the first houses on this street. That sidewalk and hydrant have been there for 3 years. They started those houses in March. 

The guy doing the house with the curb issue is maybe the only GC here that uses a slab foundation instead of a crawl space or full basement. It’s not recommended as it will eventually crack from ice expansion. But it’s easier and cheaper...

Edited May 2, 2019 by Pato del Muerto

[Mach 1 1677]

JFC the dumbfuckery involved in both issues is astounding, but the curbing off of the driveway rather than feather it to meet the sidewalk elevation blows me away.

Mike Holmes is in Canada, not too far away.  He needs to get in there and crack some skulls.