All Encompassing Mortgage and Real Estate Thread

[tokamak 6449]

Where are all these cash buyers coming from? People from the coasts that cashed out? International buyers? Investors?

We just sold in Houston and 2 of the 5 offers we got were straight cash, homie.

[bluto 4945]

Where are all these cash buyers coming from? People from the coasts that cashed out? International buyers? Investors?
We just sold in Houston and 2 of the 5 offers we got were straight cash, homie.

Lots of family money for the young folks I think

[Catpfish 618]

5 minutes ago, tokamak said:

Where are all these cash buyers coming from? People from the coasts that cashed out? International buyers? Investors?

We just sold in Houston and 2 of the 5 offers we got were straight cash, homie.

Yes to all of the above.  Especially people who are scared of the stock market and are tired of getting 0.1% or less with banks.

 

 

[Wulaw Horn 19156]

46 minutes ago, swraith said:

If my parents moved in with us....either they or my family would not survive long.  Incompatible.

SO we have 6 acres and they are converting out machine shop/shed into a 1200 square foot house.  We won't be under the same roof, but we will share a driveway and be literally 14 steps away.  I'm worried for my wife.  

[Wulaw Horn 19156]

28 minutes ago, tokamak said:

Where are all these cash buyers coming from? People from the coasts that cashed out? International buyers? Investors?

We just sold in Houston and 2 of the 5 offers we got were straight cash, homie.

International money and coastals moving to a lower cost area that's super affordable like Austin.  

[Errestaurants 2570]

I'm selling 100 acres with a 2400 sqr foot Barndo 45 minutes outside of Dallas. Meeting my realtor Saturday. Going to be interesting what he wants to price it at. 

[CooterBrown 18039]

2 minutes ago, Errestaurants said:

I'm selling 100 acres with a 2400 sqr foot Barndo 45 minutes outside of Dallas. Meeting my realtor Saturday. Going to be interesting what he wants to price it at. 

Whatever he says, add $100,000.  Make him work for your price instead of just collecting a check for placing a sign in the yard for 12 hours in current market.

 

[UTPhil2006 3825]

1 hour ago, tokamak said:

Where are all these cash buyers coming from? People from the coasts that cashed out? International buyers? Investors?

We just sold in Houston and 2 of the 5 offers we got were straight cash, homie.

Yes yes and yes.

[Leeroy Jenkins 2416]

1 hour ago, Errestaurants said:

I'm selling 100 acres with a 2400 sqr foot Barndo 45 minutes outside of Dallas. Meeting my realtor Saturday. Going to be interesting what he wants to price it at. 

Your Kemp place?

[Errestaurants 2570]

3 minutes ago, Leeroy Jenkins said:

Your Kemp place?

Yes sir. To much to take care of plus trying to spend time at the bigger place in Trinidad and the house on the lake. 

[Gil Bang 26071]

2 hours ago, Wulaw Horn said:

International money and coastals moving to a lower cost area that's super affordable like Austin.  

out here, "international" meant Chinese, and the Chinese money has dried up.   From what I understand, it's tough to move cash to the US from China these days. 

[Wulaw Horn 19156]

13 minutes ago, Gil Bang said:

out here, "international" meant Chinese, and the Chinese money has dried up.   From what I understand, it's tough to move cash to the US from China these days. 

Here it's just as likely to come from gulf states or Spanish speaking countries in the new world.  But it'd be interesting to see what that looked like as a breakdown of foreign investment in real estate, sorted by market and country of origin. 

[A-Tex Devil 2464]

Have been silently tracking this thread as we try to upgrade houses in Austin (yeah... I know).  Just lost out on a house where part of the winning offer (all cash, from the UK) was $20K option period money for a 3 day period.  I was pissed having to put up $2K in our offer.  It's the fricking option period.  

We got a cash offer on our house that isn't even on market yet that was 25% above what I would have been happy to sell at last summer.  But there is nowhere to go right now (particularly if you want to move *into* town).  

Edited March 23, 2021 by A-Tex Devil

[Gil Bang 26071]

https://www.mansionglobal.com/articles/foreign-investment-in-u-s-homes-continues-to-decline-218205

 

https://www.mercurynews.com/2019/08/12/amid-trade-wars-foreign-investment-in-pricey-california-homes-falls/

 

 

and this:

International homebuyers spent $800 million on Austin-area residential properties between April 2019 and this March, according to a new report from the Austin Board of Realtors.

This inaugural Central Texas International Homebuyers Report was based on a survey of Central Texas realtors conducted with the National Association of Realtors.

The report comes as the five-county Central Texas region continues to see sales and median home-sales prices soar, often to record levels. Spanning Georgetown to San Marcos, the Austin area increasingly has become an attractive destination for businesses, workforce talent, university students, and people from across the world looking for new opportunities and a high quality of life.

“The Central Texas region has become a magnet for homebuyers and real estate investors from around the globe,” said Romeo Manzanilla, president of the Austin Board of Realtors.

 

The $800 million in sales volume from foreign buyers was 5% of all residential sales volume in the Austin-Round Rock region from April 2019 to March 2020, according to the report. Nationally, the percent of sales from foreign buyers was 4%.

The median home price for foreign buyers in the Austin metro area was $381,030, compared with a median price of $326,500 for all sales. according to the survey. The median price for foreign buyers nationally was $314,500.

 

According to the report, 31% of foreign-born Central Texas buyers were from Mexico, followed by India (9%), China (7%), Australia (4%) and Canada (3%). International buyers were most likely to purchase property for a primary residence (62%) and in a suburban market (61%). The report also found that 35% of foreign buyers in Central Texas paid cash, compared to 39% nationally.

The report also tracked the interest of Austin-area residents in purchasing properties abroad. Among the Central Texas real estate agents surveyed, just over half (52%) reported working with a U.S.-based client to search for real estate properties abroad, compared to only 11% nationally.

 

“Austinites are technically savvy, upwardly mobile and keenly aware of the importance of our global standing,” Manzanilla said.

View Comments

 

 

 

[Sbbruin 21908]

out here, "international" meant Chinese, and the Chinese money has dried up.   From what I understand, it's tough to move cash to the US from China these days. 

Yeah, during the financial crisis, markets like San Marino and Arcadia prices continued to go up, as the Chinese were buying up every house they could. Telling your friends you owned a house in San Marino was like saying you owned in Beverly Hills to the Chinese in China. There were a LOT of houses that were purchased and just sat vacant. But as you said, that has now dried up as money can't be moved easily. It's ducking up some large commercial developments downtown.

[Gil Bang 26071]

2 minutes ago, Sbbruin said:

Yeah, during the financial crisis, markets like San Marino and Arcadia prices continued to go up, as the Chinese were buying up every house they could. Telling your friends you owned a house in San Marino was like saying you owned in Beverly Hills to the Chinese in China. There were a LOT of houses that were purchased and just sat vacant. But as you said, that has now dried up as money can't be moved easily. It's ducking up some large commercial developments downtown.

My buddy (UCLA alum) lives in Chino Hills.  He told me that he's now the only non-Chinese on the block (he's mexican).  I was curious, so I pulled up tax rolls.  Sure enough, more Lees, Changs and Chongs than you could shake a stick at.   His property value is about twice what it should be otherwise.

The SG valley has always had a ton of asians, but Chino Hills, Diamond Bar, etc?  That's somewhat new. 

[That Guy 963]

Moving to Nashville soon and need to someone to give me money to buy a house. Do any of you assholes have contacts in Nashville?

[UTPhil2006 3825]

14 hours ago, That Guy said:

Moving to Nashville soon and need to someone to give me money to buy a house. Do any of you assholes have contacts in Nashville?

PM sent.  Also I'm gonna need to go to your closing so that I can expense a trip to Nashville.

[Assman 1830]

I don't want to take away from Phil's referrals, but my wife is a Realtor here in the DFW area and has robust military spouse Realtor network across the country.  If anyone needs a contact anywhere, let me know.

[UTPhil2006 3825]

3 hours ago, Assman said:

I don't want to take away from Phil's referrals, but my wife is a Realtor here in the DFW area and has robust military spouse Realtor network across the country.  If anyone needs a contact anywhere, let me know.

For sure send that over to him.  I basically told him I could help on the Mortgage side of things, and I could ask my buddy in Nashville if he knew of a realtor so for sure send him the link.  We also don't really have a referral for Realtors in DFW (we're in Houston and Austin which is 98% of our business on the Realty side) 

Edited March 25, 2021 by UTPhil2006

[Gil Bang 26071]

6 hours ago, Assman said:

I don't want to take away from Phil's referrals, but my wife is a Realtor here in the DFW area and has robust military spouse Realtor network across the country.  If anyone needs a contact anywhere, let me know.

No disrespect assman (I'm gonna come across as an asshole, but I don't mean to be),  but I cannot imagine how a "military spouse realtor" could be worth a shit.  They (military families) move around every couple of years, at a minimum.  By the time they develop a good understanding of State laws and local neighborhoods, they are PCS'ed across the country.    Am I wrong?  If so, please tell me.  

Ask me about greater San Diego, and I'll be able to discuss most locations intelligently.  As me about CA real estate law and customs, and I'll be able to do so intelligently.  As a newer agent, and you probably won't get the same level of answer that you might get from me. 

I suppose that if you found a military spouse realtor at...Ft. Leonard Wood, for example, they may be able to advise another military family about things specific to  that posting (you don't want to live close to gate X, because it's a bitch to get through at 0500 kinda thing), but for somebody moving to a town in general?  I can't see it. 

Does your wife carry the MRP designation?  Just curious.  And I'm not trying to fuck your wife out of a referral fee, I swear. 

Edited March 25, 2021 by Gil Bang

[GottaB 595]

No disrespect assman (I'm gonna come across as an asshole, but I don't mean to be),  but I cannot imagine how a "military spouse realtor" could be worth a shit.  They (military families) move around every couple of years, at a minimum.  By the time they develop a good understanding of State laws and local neighborhoods, they are PCS'ed across the country.    Am I wrong?  If so, please tell me.  
Ask me about greater San Diego, and I'll be able to discuss most locations intelligently.  As me about CA real estate law and customs, and I'll be able to do so intelligently.  As a newer agent, and you probably won't get the same level of answer that you might get from me. 
I suppose that if you found a military spouse realtor at...Ft. Leonard Wood, for example, they may be able to advise another military family about things specific to  that posting (you don't want to live close to gate X, because it's a bitch to get through at 0500 kinda thing), but for somebody moving to a town in general?  I can't see it. 
Does your wife carry the MRP designation?  Just curious.  And I'm not trying to fuck your wife out of a referral fee, I swear. 

I doubt the realtor moves. They probably specialize in helping military folks that often have to shop remotely and with hurried schedule.

When I was in the navy there was always a realtor in the area that the welcome team would refer to people that were coming in the next few months. They idea was they are used to handling VA loan buyers and people with tight schedules. They’d also help you sell with a similarly tight schedule or find renters when you left. They weren’t afraid to handle everything for you if you had to deploy or whatever.

[Gil Bang 26071]

I doubt the realtor moves. They probably specialize in helping military folks that often have to shop remotely and with hurried schedule.

When I was in the navy there was always a realtor in the area that the welcome team would refer to people that were coming in the next few months. They idea was they are used to handling VA loan buyers and people with tight schedules. They’d also help you sell with a similarly tight schedule or find renters when you left. They weren’t afraid to handle everything for you if you had to deploy or whatever.

Yeah, that’s me. I have the “Military Relocation Professional” designation for exactly what you describe. I am “that” guy for Pendleton. I know VA stuff like the back of my hand, I’ve lived in this area for a couple of decades, and it worked my ass off for military folks as I understand what they need and how fast they need it

That’s very different from being a military spouse realtor.

[Brew 3049]

Market is stupid everywhere, buddy has been trying to buy a place at the beach and every decent property is getting 20+ offers. The contract that was taken on the last property was for $75k over whatever it appraised for. I think I may put mine up for some stupid number and see if anyone bites. I’ll wait for this shit to flip (assuming it does) and buy back then.

[GottaB 595]

Yeah, that’s me. I have the “Military Relocation Professional” designation for exactly what you describe. I am “that” guy for Pendleton. I know VA stuff like the back of my hand, I’ve lived in this area for a couple of decades, and it worked my ass off for military folks as I understand what they need and how fast they need it

That’s very different from being a military spouse realtor.

Oh. Gotcha.

[SuperSport 1333]

Any appraisers up in this piece? Finally found a house we really like (Far North Dallas), but the seller is requiring an appraisal waiver on all offers and I'm trying to decide how much cash (and lube) I'll need to have on-hand. It's a nice flip, but they stopped short of a full reno and list price is already at least $40/sf higher than local comps. We want to submit a strong offer thanks to this market insanity, but my liquidity is finite, unfortunately. Can PM the details if necessary.

[Chewbacca 7788]

Market is stupid everywhere, buddy has been trying to buy a place at the beach and every decent property is getting 20+ offers. The contract that was taken on the last property was for $75k over whatever it appraised for. I think I may put mine up for some stupid number and see if anyone bites. I’ll wait for this shit to flip (assuming it does) and buy back then.

I've considered doing that in the mountains, but don't want to get fucked trying to get back in. Not worth it for as much as we use it.

[Brew 3049]

1 hour ago, Chewbacca said:

13 hours ago, Brew said:

Market is stupid everywhere, buddy has been trying to buy a place at the beach and every decent property is getting 20+ offers. The contract that was taken on the last property was for $75k over whatever it appraised for. I think I may put mine up for some stupid number and see if anyone bites. I’ll wait for this shit to flip (assuming it does) and buy back then.

I've considered doing that in the mountains, but don't want to get fucked trying to get back in. Not worth it for as much as we use it.

That’s what’s holding me back. We were there probably 16 weeks last year and will probably be at 12 this year. However, I can’t see how this market holds, so if I sold at the end of summer we would be good until next summer. Maybe it holds past that, but I can’t see how it does more than a year or two. I also had a plan to buy on the water in 5 years and we’re closing in on that. The island we’re on had probably 250 houses for sale when we bought 3 years ago with 50 or so under $1M. A couple weeks ago those numbers were 30 and 6. 

[Chewbacca 7788]

That’s what’s holding me back. We were there probably 16 weeks last year and will probably be at 12 this year. However, I can’t see how this market holds, so if I sold at the end of summer we would be good until next summer. Maybe it holds past that, but I can’t see how it does more than a year or two. I also had a plan to buy on the water in 5 years and we’re closing in on that. The island we’re on had probably 250 houses for sale when we bought 3 years ago with 50 or so under $1M. A couple weeks ago those numbers were 30 and 6. 

Yeah, i haven't figured out days used, but I'm probably around 18-20 weeks. I could sell for 2x what i paid 5 years ago. But I'm not selling.

[troph 24916]

On 3/23/2021 at 1:21 PM, Wulaw Horn said:

International money and coastals moving to a lower cost area that's super affordable like Austin.  

Our buyers are overwhelmingly coastals or downsizing from rollingwood/Westlake wanting to be closer to town ($5m in Westlake downsizing to $2-3m in 78704).  That said, we are expecting an offer next week on a yet to be finished project that I think is family money because she is early 30’s has a great job but is buying a house we can’t even afford. 

[Gil Bang 26071]

Any appraisers up in this piece? Finally found a house we really like (Far North Dallas), but the seller is requiring an appraisal waiver on all offers and I'm trying to decide how much cash (and lube) I'll need to have on-hand. It's a nice flip, but they stopped short of a full reno and list price is already at least $40/sf higher than local comps. We want to submit a strong offer thanks to this market insanity, but my liquidity is finite, unfortunately. Can PM the details if necessary.

I’m not familiar with the Texas contract. Are there other “outs” in the contract? Meaning, can you use the inspection as an excuse to kill the deal if it doesn’t appraise?

[Gil Bang 26071]

Our buyers are overwhelmingly coastals or downsizing from rollingwood/Westlake wanting to be closer to town ($5m in Westlake downsizing to $2-3m in 78704).  That said, we are expecting an offer next week on a yet to be finished project that I think is family money because she is early 30’s has a great job but is buying a house we can’t even afford. 

Maybe she’s a high-end call girl on the side? Because that would be hot

[troph 24916]

2 minutes ago, Gil Bang said:

Maybe she’s a high-end call girl on the side? Because that would be hot

She’s good looking enough. 

[Pato del Muerto 52691]

Looks like I’m house shopping in Williamson. Are there any places left there where a guy could buy a 4/2 for 300k and have like half an acre?

[troph 24916]

1 minute ago, Pato del Muerto said:

Looks like I’m house shopping in Williamson. Are there any places left there where a guy could buy a 4/2 for 300k and have like half an acre?

Are you moving to the area!!??

[Pato del Muerto 52691]

3 minutes ago, troph said:

Are you moving to the area!!??

Affirmative. 

[SuperSport 1333]

20 minutes ago, Gil Bang said:

I’m not familiar with the Texas contract. Are there other “outs” in the contract? Meaning, can you use the inspection as an excuse to kill the deal if it doesn’t appraise?

I mean, yeah, inspection is still in play, assuming they find something...but we’re not really looking for an out, in case that was unclear. Issue is that we’re not Surly 1%, so I have to cap our offer at XYZ in case I need an extra $50-100k cash at closing. If that offer isn’t strong enough and they select someone else’s, we’ll move on to the next one.

[Pato del Muerto 52691]

Are 80/10/10s still a thing?  Better, worse, or same pricing as a 90 with MI?

I would strongly prefer to take some equity and use it to replenish my bank account which has been drained over the past 6 months, rather than put it all into a down payment.  And I might prefer to take 16k and pay off a truck if the numbers are favorable, as I think that 16k of debt would be better served in the appreciating asset that is also at a lower apr. 

[Wulaw Horn 19156]

33 minutes ago, Pato del Muerto said:

Are 80/10/10s still a thing?  Better, worse, or same pricing as a 90 with MI?

I would strongly prefer to take some equity and use it to replenish my bank account which has been drained over the past 6 months, rather than put it all into a down payment.  And I might prefer to take 16k and pay off a truck if the numbers are favorable, as I think that 16k of debt would be better served in the appreciating asset that is also at a lower apr. 

Better off at 90% with MI if your credit scores are high which I’d imagine they are. 
I have almost all my borrowers that can get debt free but for the house get debt free- Dave Ramsey plan. 
 

let’s say you owned your truck outright  and had a 95% loan on your house. Would you go borrow 16k on the truck to pay down your mortgage to 90%?  Never. So why would you set it up that way in the first place?  
 

Edited March 27, 2021 by Wulaw Horn

[Pato del Muerto 52691]

11 minutes ago, Wulaw Horn said:

Bette riff at 90% with MI if your credit scores are high which I’d imagine they are. 
I have almost all my borrowed that can get debt free but for the house get debt free- Dave Ramsey plan. 
 

let’s say you owned your truck outright  and had a 95% loan on your house. Would you go borrow 16k on the truck to pay down your mortgage to 90%?  Never. So why would you set it up that way in the first place?  
 

I don’t know what constitutes a high score since they adjusted the scale some years ago but my free thing from capital one keeps saying I’m 725-730. I could probably get that bumped up a bit if I threw around 5k at my remaining revolving debt to get it below 20% usage, which is also something I’d like to do with my home equity while it’s liquid.  Depends on how much I have to spend on a house. 
 

if home values were stagnant, I’d probably just rent and use the equity to retire both vehicle notes and all of the cc debt, but that’s not the market I’m moving to and I can’t afford to sit around and watch sales prices keep increasing. 
 

if I can’t find an older home without an HOA on a half acre (no such listing yet, might be a unicorn) then I’ll probably pivot to one of the DR Horton communities that I can buy new for around 300k. 
 

unless someone can prove to me that Bertram or jerrell to jolleyville is an ok commute and also a good investment. 

Edited March 27, 2021 by Pato del Muerto

[Wulaw Horn 19156]

3 minutes ago, Pato del Muerto said:

I don’t know what constitutes a high score since they adjusted the scale some years ago but my free thing from capital one keeps saying I’m 725-730. I could probably get that bumped up a bit if I threw around 5k at my remaining revolving debt to get it below 20% usage, which is also something I’d like to do with my home equity while it’s liquid.  Depends on how much I have to spend on a house. 

740 is A+ for rates, 760 is A+ For MI.  I’d knock down revolving debt with the home equity line if I was preparing to sell that and buy elsewhere. Sure. Why not?  Should improve both your score and your debt to income ratio, both of which will be helpful when you buy your new place. 

[Wulaw Horn 19156]

The above presupposes that doesn’t stop you from having a minimal downpayment for what you want to buy. 
 

[Pato del Muerto 52691]

1 minute ago, Wulaw Horn said:

The above presupposes that doesn’t stop you from having a minimal downpayment for what you want to buy. 
 

Hoping to walk with 70k. Current ideal use would be 20k to replenish savings, 16k truck payoff, 7k revolving debt payoff and the rest into the new home as down payment and closing costs.  Which is why I’m thinking 10% down on 300k, preferably on a conventional loan so that an increase in home value can drop the MI with just an appraisal and not a full refinance. 

[TKthunder2 5012]

11 hours ago, Pato del Muerto said:

Looks like I’m house shopping in Williamson. Are there any places left there where a guy could buy a 4/2 for 300k and have like half an acre?

I mean Leander maybe or Liberty Hill.  We built in Cedar Park for on a .2 acre for about $350k back in 2014 and just sold it 6 months ago for $450k (obviously not surly 1%).

quick search pulled up this, only .43 acre though

https://www.realtor.com/realestateandhomes-detail/1704-Dublin-Dr_Leander_TX_78641_M70582-28851

Edited March 28, 2021 by TKthunder2

[Redneck Mutha 8026]

BIL closed on a new build near 290/130 in Manor (Wildhorse) for $265k 5 months ago.   That's a pipe dream today.  $300k is probably Elgin/Jarrell territory now.

[BBQ2Bayou 807]

So I hear it's a bad time to buy a house? I'm in Iowa and renting, but thinking about buying. Should I just wait? Will that even matter for another 1 or 2 years? Is the competition for buying going to relax a little sometime soon? 

I'm in a month to month rental, so I'm fine there. She won't raise on me for another year. I was thinking about putting out some feelers, but if it's a stupid time to buy for a while, maybe it's not worth looking yet? I'm not sure what I could get qualified for either, so there's that. Credit is on the way up, though. 

[Gil Bang 26071]

I don’t know about Iowa,and neither does anyone else here

[Wulaw Horn 19156]

5 minutes ago, Gil Bang said:

I don’t know about Iowa,and neither does anyone else here

My mom and my ex are both from Iowa. I love and hate the place accordingly. 

[CDAK 216]

What's the best/easiest way to "shop" mortgages? I don't want to go to the ends of the earth trying to find a slightly lower closing costs or interest rate but would like to get 2-3 cost estimates just to feel like I did my due diligence.

With the first house we bought several years ago, I just used Quicken. It was fine. I have no qualms. I'm having difficulty getting them to respond to me now though. Maybe they've gone downhill. I don't know.

Our agent is really pushing Caliber and gets aggravated when I mention trying to get another quote (which annoys me).  I use USAA for most of my banking but they apparently don't offer non-VA mortgages. I'm not a veteran.

We live in the Pacific Northwest if that makes any difference.

[Wulaw Horn 19156]

24 minutes ago, CDAK said:

What's the best/easiest way to "shop" mortgages? I don't want to go to the ends of the earth trying to find a slightly lower closing costs or interest rate but would like to get 2-3 cost estimates just to feel like I did my due diligence.

With the first house we bought several years ago, I just used Quicken. It was fine. I have no qualms. I'm having difficulty getting them to respond to me now though. Maybe they've gone downhill. I don't know.

Our agent is really pushing Caliber and gets aggravated when I mention trying to get another quote (which annoys me).  I use USAA for most of my banking but they apparently don't offer non-VA mortgages. I'm not a veteran.

We live in the Pacific Northwest if that makes any difference.

Get your estimate. Ask for your credit score. Go ahead and send your estimate and a credit score to someone else and ask if they can beat it.