Jump to content
Required Reading for any Longhorn ×

All Encompassing Mortgage and Real Estate Thread

UTPhil2006

By UTPhil2006
in Business and Markets

 Share

Recommended Posts

  • Replies 10.3k
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

Popular Posts

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

Posted Images

UTPhil2006

UTPhil2006 3821

Posted
  • Author
Posted
27 minutes ago, Storm the Field said:

Looks like average 30-year mortgage offering has dropped from 3.82% on 2/18 to 3.37% today.

https://www.nerdwallet.com/mortgages/mortgage-rates

 

We're closer to 3.5, unless that factors in FHA as well into that 30 year calculation.  FHA deals are around 3.00 even could go to 2.875

Link to comment
Share on other sites
bluto

bluto 4944

Posted
Posted

Wtlivingfuck is a listing agent trying to pull with slipping in a $700 “broker admin fee” in addition to the % commission? This is in Tx, and I’m semi foolishly agreeing to 6% as it’s a starter home price level (that’s what I tell myself to feel better). But seriously with the bullshit admin fee?!?

Link to comment
Share on other sites
Gil Bang

Gil Bang 26069

Posted
Posted
Wtlivingfuck is a listing agent trying to pull with slipping in a $700 “broker admin fee” in addition to the % commission? This is in Tx, and I’m semi foolishly agreeing to 6% as it’s a starter home price level (that’s what I tell myself to feel better). But seriously with the bullshit admin fee?!?


What a bunch of bullshit. Tell em to fuck off.
Link to comment
Share on other sites
bluto

bluto 4944

Posted
Posted

Thanks for confirmation, House is in FW.

 

When I asked wtf that fee was I got “That covers the transaction coordinator, contract review and administrative costs. It’s standard on all our listings”. There’s also a “refund picture cost” add on if I terminate the listing which I told him was bullshit too... starting to think I need to find somebody else.

 

Link to comment
Share on other sites
UTPhil2006

UTPhil2006 3821

Posted
  • Author
Posted
1 hour ago, bluto said:

Thanks for confirmation, House is in FW.

 

When I asked wtf that fee was I got “That covers the transaction coordinator, contract review and administrative costs. It’s standard on all our listings”. There’s also a “refund picture cost” add on if I terminate the listing which I told him was bullshit too... starting to think I need to find somebody else.

 

What in the..

Not only do we not charge that, we usually pay for the pictures ourselves as a thank you for the business 

Link to comment
Share on other sites
Gil Bang

Gil Bang 26069

Posted
Posted

I take a listing (usually at 5%) I pay for EVERYTHING. Fuck, I even pay to de clutter, have the clutter carefully packed and stored, and a maid service for the house.

Of course I pay for photos including drone shots.

“It’s standard on our listings”? Tell the motherfucker that it isn’t standard on your listing.

If you need to find somebody else, I’m happy to help you do so and I will even rebate half the referral fee to you

Link to comment
Share on other sites
Gil Bang

Gil Bang 26069

Posted
Posted
2 hours ago, bluto said:

Thanks for confirmation, House is in FW.

 

When I asked wtf that fee was I got “That covers the transaction coordinator, contract review and administrative costs. It’s standard on all our listings”. There’s also a “refund picture cost” add on if I terminate the listing which I told him was bullshit too... starting to think I need to find somebody else.

 

So, if this guy sucks so bad that you wish to cancel, he's got it set up so you cover his out-of-pocket?  Sounds like he's been down this road before.  I give all of my clients the right to cancel the listing at any time for any reason.  I tell them that if they're not happy with my work, they are free to find somebody else.  Nobody has ever cancelled on me.  I've fired a few clients, but none have ever fired me. 

Link to comment
Share on other sites
Dbeasy

Dbeasy 15160

Posted
Posted
Thanks for confirmation, House is in FW.
 
When I asked wtf that fee was I got “That covers the transaction coordinator, contract review and administrative costs. It’s standard on all our listings”. There’s also a “refund picture cost” add on if I terminate the listing which I told him was bullshit too... starting to think I need to find somebody else.
 


My recommendation is to run as fast as you can away from this guy.
Link to comment
Share on other sites
UT_OB1

UT_OB1 2227

Posted
Posted
1 hour ago, Gil Bang said:

I take a listing (usually at 5%) I pay for EVERYTHING. Fuck, I even pay to de clutter, have the clutter carefully packed and stored, and a maid service for the house.

Of course I pay for photos including drone shots.

“It’s standard on our listings”? Tell the motherfucker that it isn’t standard on your listing.

If you need to find somebody else, I’m happy to help you do so and I will even rebate half the referral fee to you

What happens if you don't sell the house?  If you don't charge the cost back, then I'd like you to put my house up for sale at about 2X what it is worth, it could use a good cleaning!

 

@UTPhil2006

Looks like we're going to close on the ReFi tonight.  Danna and Thad were a huge help finding a lender with a good rate for my AirBnB ReFi.  We've got 2 bookings ready to go for next week already.  We had a third - SIXTEEN 18 year old males...AirBnB actually ended up canceling their account over "quality concerns."  Anyway, glad we're going to finally get this up and running.  I need a break from house rehabbing.

 

One other thing Phil - do y'all have any ability to control who buys your loans?  Chase took over our primary residence loan that we took out ~6 years ago.  Coincidentally, they ended up taking over the ReFi we did with y'all last year about 2 months after the ReFi, and not long after they took over the first loan.  They have been a pain in the ass to deal with.  They are terrible keeping up with insurance.  After my insurance company sent them docs last year, they kept sending me "please send proof of coverage or we're going to buy insurance" messages.  So I sent them in myself, talked to them on the phone, and everything was good as of October.  Well, out of the blue in February they just put a huge charge on my escrow account because they think they don't have proof again...JFC they have been a headache.  

  • Like 1
Link to comment
Share on other sites
mapplewhite132

mapplewhite132 309

Posted
Posted

So I bought a new house in October 2019. My lender didn't pay my property taxes from escrow on time. I noticed about a week before the January 31 deadline, and contacted the mortgage company to ask what was up. They said my taxes should have been paid at closing in October 2019...wtf? Property tax bills weren't even out in October. 

Anyways, after a little runaround I got them to submit the payment and it was credited to my account on Jan 31, 2020. 

I took standard deduction for 2019, but if I was itemizing, this woulda screwed me out of a few grand in deductions. Would I have had any recourse?

Link to comment
Share on other sites
Gil Bang

Gil Bang 26069

Posted
Posted
8 hours ago, UT_OB1 said:

What happens if you don't sell the house?  If you don't charge the cost back, then I'd like you to put my house up for sale at about 2X what it is worth, it could use a good cleaning!

 

@UTPhil2006

Looks like we're going to close on the ReFi tonight.  Danna and Thad were a huge help finding a lender with a good rate for my AirBnB ReFi.  We've got 2 bookings ready to go for next week already.  We had a third - SIXTEEN 18 year old males...AirBnB actually ended up canceling their account over "quality concerns."  Anyway, glad we're going to finally get this up and running.  I need a break from house rehabbing.

 

 

 

Chase took over our primary residence loan that we took out ~6 years ago.  Coincidentally, they ended up taking over the ReFi we did with y'all last year about 2 months after the ReFi, and not long after they took over the first loan.  They have been a pain in the ass to deal with.  They are terrible keeping up with insurance.  After my insurance company sent them docs last year, they kept sending me "please send proof of coverage or we're going to buy insurance" messages.  So I sent them in myself, talked to them on the phone, and everything was good as of October.  Well, out of the blue in February they just put a huge charge on my escrow account because they think they don't have proof again...JFC they have been a headache.  

What happens if you don't sell the house?  If you don't charge the cost back, then I'd like you to put my house up for sale at about 2X what it is worth, it could use a good cleaning!

 

I don't take an overpriced listing.  I tell the seller what the house is worth, and I tell them what I'm willing to list it for.  That's not negotiable. 

 

One other thing Phil - do y'all have any ability to control who buys your loans? 

 

Phil, do y'all even fund the loans?  I assumed you were brokers.  

 

 

Link to comment
Share on other sites
Chewbacca

Chewbacca 7788

Posted
Posted
What's the direction that 30yr mortgages are going? Wife and I visited a property that we loved over the weekend (shout-out to Courtney for making that happen [mention=530]UTPhil2006[/mention]) and may want to put an offer in for, but if we can wait a week or two and get another quarter point off... May be worth a wait lol
 
Approaching historical lows. Lock whenever you find a house and be happy.
Link to comment
Share on other sites
horncyclist

horncyclist 1391

Posted
Posted

Werr probably doing a mortgage refi this week. From 4.375 should save a bunch. Does the surly wisdom say rates have hit bottom? I would try to lock rates today but my wife had a surprise medical bill collection pop up last month that will disappear this week. With the markets and 10 year stabilizing, do we expect mortgage rates to creep back up?

 

 

Link to comment
Share on other sites
UTPhil2006

UTPhil2006 3821

Posted
  • Author
Posted
15 hours ago, Gil Bang said:

What happens if you don't sell the house?  If you don't charge the cost back, then I'd like you to put my house up for sale at about 2X what it is worth, it could use a good cleaning!

 

I don't take an overpriced listing.  I tell the seller what the house is worth, and I tell them what I'm willing to list it for.  That's not negotiable. 

 

One other thing Phil - do y'all have any ability to control who buys your loans? 

 

Phil, do y'all even fund the loans?  I assumed you were brokers.  

 

 

Correct.  We have a broker relationship with like 15 companies (most are kitschy ones) but we mainly use Caliber and UWM, and mostly UWM now.

Link to comment
Share on other sites
UTPhil2006

UTPhil2006 3821

Posted
  • Author
Posted
17 hours ago, Captainant said:

What's the direction that 30yr mortgages are going? Wife and I visited a property that we loved over the weekend (shout-out to Courtney for making that happen @UTPhil2006) and may want to put an offer in for, but if we can wait a week or two and get another quarter point off... May be worth a wait lol

 

It's a real fine line, especially in this uncharted territory.  It's at 1.04 right now, but as you've seen with the DJI, one day it can massively fly up.  Use election 2016 as a prime example.  We went up half a point on rate in a little over 3 weeks and people priced themselves out of refi's, etc.

That being said, you don't have to lock to put in an offer.  If we're ready we can put in an offer and lock when you're ready.  We can float it until then.  Just a matter of when you're comfortable pulling that trigger in this wonky market.

Link to comment
Share on other sites
UTPhil2006

UTPhil2006 3821

Posted
  • Author
Posted
4 hours ago, horncyclist said:

Stupid question...only second time looking at mortgage. If you lock and rates continue to follow in between locking and closing, can you take advantage of the new lower rates? If so, seems like a no brainer to lock soon. 

You have what's called a renegotiation and it almost always cost more than the difference.  There is the option of switching lenders but if you're already through UW, or paid for an appraisal, etc then it's usually again not worth it. 

Link to comment
Share on other sites
UTPhil2006

UTPhil2006 3821

Posted
  • Author
Posted
10 hours ago, Gil Bang said:

I’ve got a question for Phil and the board: I’m taking a listing on a single-family home that is on land that is now zoned industrial. It is a legal nonconforming single-family use.

Will it qualify for FHA or VA financing?

California laws are different than ours, that being said that's still a tough one.  Can you not run AUS or something similar?

Link to comment
Share on other sites
APMP

APMP 688

Posted
Posted

Anybody have recommendations on checklists/resources for home inspection?

Have one happening this weekend on a house (Austin) we should be under contract on tomorrow morning, and wanted to read up ahead of time and be at the house while the inspector worked.

Link to comment
Share on other sites
horncyclist

horncyclist 1391

Posted
Posted
17 hours ago, UTPhil2006 said:

10 year is kind of hovering right now but Dow is up over 1000, so soon yes.

10-year dropped down again this morning. Have the mortgage rates caught up yet? It seems like they lag a little. I found this website, which updates average rates daily. http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx It seems like mortgage rates are not coming down as much as the 10-year. 

Also, on getting the best rate, is it worth shopping around to a few different lenders or is it competitive enough, that you're likely to get the same from whoever? I had talked to the lender that did our mortgage when we purchased last week, just reached out to two others this morning. Appreciate any advice on how to navigate that. 

Link to comment
Share on other sites
Gil Bang

Gil Bang 26069

Posted
Posted
On 3/3/2020 at 4:36 PM, Gil Bang said:

I’ve got a question for Phil and the board: I’m taking a listing on a single-family home that is on land that is now zoned industrial. It is a legal nonconforming single-family use.

Will it qualify for FHA or VA financing?

So, I called both VA and FHA today.  The VA guy answered on the first ring, and he was very knowledgeable.  He  told me in no uncertain terms that the property would qualify for VA financing, but he did say that the appraiser can ding the value for "highest and best use", which I've already figured into my list price.

The FHA person told me that she didn't know the answer to my question, but promised to "escalate" it.  15 mins later I got this email:

Thank you for contacting the FHA Resource Center. The information you requested in response to the above referenced service request number is provided below.
 
If the information does not fully address your question, please forward this email (do not reply) to answers@hud.gov, and provide additional information so that we may better serve you. You may also speak directly to a customer service representative by calling 1-800-CALL-FHA (1-800-225-5342) or visit our online knowledge base at www.hud.gov/answers, 24 hours/7 days a week.
 
Your question was regarding Property Eligibility for FHA Financing.
 
The property would need to not include any income generated from the Industrial zone; would need to meet local zoning and building requirements for residential use on industrial zoned site, have no health or safety issues evident, and be supported within the market with sales similar in zoning, location and buyer appeal.  Also would need to be able to rebuild if 100% destroyed duplicating the present residential use.

You may also wish to contact a HUD-approved housing counseling agency in your area for pre-purchase counseling.  These agencies can provide unbiased counseling on you particular situation.

More information on buying a home is available on HUD’s website at: https://www.hud.gov/topics/buying_a_home

HQ Policy Determination


 
 
Sincerely,
 
FHA Customer Service Team
 
Pretty fucking good service from both. 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing


Football ... Basketball ... Baseball ... Other Sports ... Futbol ... 🤫995🤫 ... Gambling ... Movies & TV ... Music ... Hobbies ... Lulz ... Food & Travel ... Daily Texan ... Business and Markets ... Cloak Room ... Help ... For Sale ... Board Discussion ... Subscribe!... Donate!... Advertise... COOKIE MONSTER!

×
×
  • Create New...