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All Encompassing Mortgage and Real Estate Thread

UTPhil2006

By UTPhil2006
in Business and Markets

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mchookem
mchookem

alrighty...i haven't wanted to jinx anything so i've been pretty quiet... but we just closed on our new home in Denver this morning so i can now officially say YEAH! 😃 in a nutshell - we sold

Esque
Esque

Thank you for this - gave me a good laugh.  But also a good reminder of how the general public does not understand what is going on in real estate and thus why so many get caught offsides when the tid

Neonmoon
Neonmoon

Realtor: You should list your house at 500K Client: But three houses down the street sold for 700K Realtor: Yeah, but those are overvalued due to pandemic Fed policy and institutional invest

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Gil Bang

Gil Bang 25975

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closed my shitty little condo deal today.  8 grand and change to me is better than a kick in the nuts, I suppose.   It was a fucking beating though.   I've probably said it before on this thread, but I'll say it anyway.   It's easier to close a 2 million deal than a 200,000 deal. 

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Gil Bang

Gil Bang 25975

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On a more disturbing note, I've got nothing going right now.  I've got a listing coming up. I  found a deal for a flipper, so he's promised me the listing when it's done, but he's got permit problems, mostly his fault rather than the city's. That's probably 2 months away.

Got a buyer from Las Vegas looking to buy a place on the beach that he can use to escape the heat a few weeks a summer and use as a short-term rental the rest of the time.  He's looking in the 7's to 8's, so that will be a good one, but he's still fucking around getting qualified. 

That's all I've got going; otherwise I'm waiting on the phone to ring, so I think it's time to get on an airplane and go someplace, so that's what I'm figuring out right now.  

 

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Chewbacca

Chewbacca 7780

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On 7/23/2019 at 12:05 PM, Pato del Muerto said:

I know. And having a “regular” job is better than a contract position, as though you can’t lose the regular job just as easily. 

Having a regular job is also better than owning the business.  I've never gotten a good explanation on that one.

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Gil Bang

Gil Bang 25975

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wow.  If I get a listing over 1 million, I've got a boner for a week.  I can't imagine getting one that big. 

Bruin, next time you're having beers with the guy, ask him what he spent marketing that mofo.   I bet it was over 100,000.  

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Gil Bang

Gil Bang 25975

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4 minutes ago, CooterBrown said:

For those multi million dollar properties is it still 3% or is it a flat fee after a certain sale price?

 

completely negotiable.   And 3% practically doesn't exist anymore, at any price point.  2.5 is the new normal out here.  Even on the lower end. 

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Gil Bang

Gil Bang 25975

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I just checked the MLS.   They were offering 2% to the buyer's agent.   A cool $ 420,000.00 on the sales price of 21 million. 

It's customary to split 50-50, but it's not written in stone.   Listing agent may have gotten a little more or a little less. 

This house was purchased in a LLC, so it's probably a celebrity buyer.  

Edited by Gil Bang
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Incredulity

Incredulity 11675

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12 hours ago, MNLonghornFUKM said:
On 7/26/2019 at 9:40 AM, Sbbruin said:
Buddy of mine was the listing agent on this one that just closed.  Not bad.
http://www.forbeshalliburton.com/real-estate/1143-ravoli-drive-pacific-palisades-ca-90272/18403324/62363500

Yea we move in officially the first week of September. Tell your buddy thanks!

Prepare your anus for property taxes.

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UTPhil2006

UTPhil2006 3807

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On 7/27/2019 at 5:04 PM, Gil Bang said:

I just checked the MLS.   They were offering 2% to the buyer's agent.   A cool $ 420,000.00 on the sales price of 21 million. 

It's customary to split 50-50, but it's not written in stone.   Listing agent may have gotten a little more or a little less. 

This house was purchased in a LLC, so it's probably a celebrity buyer.  

420k is still a pretty solid day

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Gil Bang

Gil Bang 25975

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So, @Sbbruin mentioned the Pussycat theater over on the movie board. 

So, back in my banker days, I dealt with "troubled assets".  I worked at a socal S&L.

One of my thickest, and most fucked-up files was "George Tate".  Mr. Tate had several loans with us.  Mr. Tate was a gay man, and his lover had owned the pussycat chain and left it to Tate when he died.  Officially, he died of cancer, but rumors thought the cause to be AIDS.  Anyway, Mr. Tate had some dogshit real estate, and all of his loans were non-performing.   I tried to do workouts with him, but he refused to meet with me, and barely spoke to me on the phone.  He demanded a meeting with the President and several directors of the bank.  He wanted decision makers.  Normally, I would have said "fuck off", but his failure to pay was causing the bank big problems.  

So, I told the "troubled asset committee" (chaired by the President) that he demanded a meeting, and was told to set it up.  So, I get a time that works for everybody, and I reserve the conference room.  I ask the company brass to come it at 10:30, so I could bring them all up to speed and show them a bunch of fucking spreadsheets, appraisals, etc. 

Tate is supposed to show at 11.  So, at 11:05 or so, the receptionist buzzes that "Mr. Tate is here".  I respond "please show him in".  The door opens and in walks this dude wearing all white from head to toe.  He can't be 5 foot tall, and he's wearing heels.  He's built like tattoo from fantasy island, but he looks kinda like Rick Flair. 

 I'm thinking "this is George Tate?".   He walks in, takes a breath, and shouts "Gentlemen, Mr. GEOOOORGE TAAAAAATE".  A second later this old dude wearing a mink stole comes strutting in to the conference room. 


Weirdest shit I've ever seen. 

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Gil Bang

Gil Bang 25975

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2 hours ago, UTPhil2006 said:

Well what happened with the meeting/his notes?

President of the bank says "Gil has given us a thorough rundown of your situation and the workout plan that he has proposed.  We think his plan is a good one, and that's what we are willing to do".  Tate agreed,  and that was that.  We ended up selling his loans and a shitton of others to a life insurance company in AZ that also owned U Haul.  Those idiots overpaid bigtime for some really shitty loans. 

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Sbbruin

Sbbruin 21861

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9 minutes ago, Gil Bang said:

President of the bank says "Gil has given us a thorough rundown of your situation and the workout plan that he has proposed.  We think his plan is a good one, and that's what we are willing to do".  Tate agreed,  and that was that.  We ended up selling his loans and a shitton of others to a life insurance company in AZ that also owned U Haul.  Those idiots overpaid bigtime for some really shitty loans. 

Most of those theaters (or so I heard) were in pretty shitty areas.  Can't imagine the real estate was worth a lot.  Hollywood was a fucking shithole back when those theaters were on the way out.

 

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UTPhil2006

UTPhil2006 3807

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For some actual rate talk.. thoughts ahead of all the Fed stuff tomorrow..

Quote
Mortgage Rates Stay Calm Before Tomorrow's (Potential) Storm
July 30, 2019

Mortgage rates haven't moved much this week, or last week, or the week before that.  In fact, for the average prospective borrower, there haven't been any major changes since first making it down to the multi-year lows in June.  That said, there has been enough volatility to matter.  Today wasn't a great example of that, but tomorrow or one of the two days that follows, may be.

In addition to some more significant economic reports coming out in the morning, tomorrow brings the Fed rate decision.  To be fair, the Fed's decision has already been made, best anyone can tell.  A 25 basis point (0.25%) rate cut is basically guaranteed.  That might seem like a good thing for mortgage rates, but the benefits have already been reaped.  Tomorrow's market movement depends more on the economic data and the specifics in the Fed's verbiage.  There will be two opportunities for markets to digest that verbiage tomorrow, first with the announcement at 2pm and then with Fed Chair Powell's press conference at 2:30pm.

 

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Sbbruin

Sbbruin 21861

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1 hour ago, UTPhil2006 said:

What about nowadays?

Hollywood is on fire.  Tons of high-rise residential and hotel development, and TONS of new office development.  Netflix has leased more than a half million sf, and Viacom has leased a few hundred thousand.  Complete renaissance.  But it is still tinged with seediness.  But that's life in the big city.

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UTPhil2006

UTPhil2006 3807

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Fed rate cut - https://www.cnbc.com/2019/07/31/heres-what-that-fed-rate-cut-means-for-you.html?__source=twitter|main

Quote

Mortgages: Time to consider a refi

The economy, the Fed and inflation all have some influence over long-term fixed mortgage rates, which generally are pegged to yields on U.S. Treasury notes.

As a result, mortgage rates are already substantially lower since the end of last year.

The average 30-year fixed rate is now about 3.93%, the lowest since November 2016, according to Bankrate.

That means that if you bought a house in the last few years, consider refinancing at a lower rate, McBride advised. If you can shave half a percentage point off your rate, that would save the average homeowner $125 a month, he said.

On the heels of the Fed decision, this represents the single greatest saving opportunity for consumers, McBride added.

Many homeowners with adjustable-rate mortgages, which are pegged to the prime rate, will see their interest rate go down as well, although not immediately as ARMs generally reset just once a year.

The Fed’s first rate cut in over a decade will also make it slightly cheaper for consumers to borrow money from a home equity line of credit or pay back their current HELOC loan. Unlike an ARM, HELOCs could adjust within 60 days so borrowers will benefit from smaller monthly payments within a billing cycle or two.

However, the savings may end up being only a few dollars a month, according to Holden Lewis, NerdWallet’s home expert.

 

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Chewbacca

Chewbacca 7780

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18 hours ago, vtaenz said:

I may finally be jumping in this game.
Just applied for pre-approval for a mortgage loan from my bank. We'll see what they come back with and go from there.

Sent from my Pixel using Tapatalk
 

Make sure you spend the absolute maximum they approve you for.  

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Sbbruin

Sbbruin 21861

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2 hours ago, UTPhil2006 said:

And we do.. both.  Not sure of the last time we did a mobile home but it is feasible.

I have a buddy who is the king of Paradise Cove real estate in Malibu.  Sells basically everything in there.  Those mobile home start at $1.5 mil and go up (way up) from there.  

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BabaYaga

BabaYaga 15301

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37 minutes ago, UTPhil2006 said:

1.63 now.

Not out of the realm of possibility it drops to zero ( or close to this).  Multiple analysts think negative treasury yields are far from unlikely.  Huge impact for $14-15T in govt backed debt.  We've been trying to juice monetary policy for a decade now regarding pathetic growth.  We start QE back up.  Watch out.  Fed's all out of quarters with no more tricks up it's sleeve.

As this relates to mortgages - rates @ under 1%.  Customer retention & assumptions become all the rage (see what's going on in Denmark now).  Driving what will then be the mother-fucker of all RE bubbles.  

b316b6c63fd28a26b47289f0f260af15.gif

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Pato del Muerto

Pato del Muerto 52527

Posted
Posted (edited)
12 hours ago, UTPhil2006 said:

And we do.. both.  Not sure of the last time we did a mobile home but it is feasible.

I once processed a mobile home that was manufacturer financed which was sitting on rural land that was owner financed. In Godley, Tx to be precise. What a fucking nightmare that was. Ended up going through Long Beach mortgage or maybe WaMu, one of those two subprime dregs. 

Oh and it was a SISA because the guy claimed to be in the import/export business. I assumed drug dealer or similar. 

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