All Encompassing Mortgage and Real Estate Thread

[NotActuallyALonghorn 4979]

On 6/22/2021 at 4:33 PM, South Austin said:

Access easement claims are one example. 

This might not be the average homeowner in suburbia, but let's say you buy large acreage property out in the Hill Country.  There are no recorded easements of record other than your typical utility easements.  Unbeknownst to you, other folks in the area had been driving across the property for several years to get from Point A to Point B.  After you occupy the property, you notice those folks driving through your property, and when you politely ask them to refrain from trespassing in the future, they file suit against you claiming a prescriptive easement.  That's where title insurance comes in to defend the claim.  Either the attorney appointed by the title company wins and defeats the easement claim, or if the degree of prior use rises to the level of burdening your ranch with a prescriptive easement that you never knew about when you purchased, the title policy should pay for some diminution in value caused by the access easement running through the property. 

I'm actually defending one of those claims right now in the Hill Country.  They've also arisen in the Lake Austin area when people claim easements for lake access.

Sure, those types of claims are far less frequent if you live in a place like Rosedale or Circle C.   

Anybody should be able to access their land, and that is pretty much the law here, which is good. It sucks for some folks that they have to go through the whole legal process to establish and easement to their property, but from what I have seen it is worse in many other states.

Anyhow, I've got a pretty good example of what you are talking about. My great grandparents had a decent tract of land in Panola County that was right next to my grandparents' property (grandad and great grandad bought the land together back in the day). They had a house on say 20 acres and an extra 100 acres they split between my grandfather and his sister. The house and the 20 or so acres it was on was sold, but it had an easement for access to my great aunt's inherited part of the property. My grandfather's part he got was connected to his land, so there was no issue. This was about '91 or '92. 

Cut to the scene almost thirty years later and my great aunt has willed the land she inherited to her daughter, but the old house sight has had several outbuildings built in the middle of the legal easement. Technically, anybody who bought that land has a legal right to have a road right through the middle of that dudes barn. Luckily for him, my aunt and uncle bought the land to keep it in the family, so he doesn't have to worry about somebody forcing him to tear down his outbuildings. 

[jimmyjazz 46352]

I got a redfin "market summary" email update for Northwest Austin this morning.  It claims median home price is up 42.4% year over year.  Yeesh.

Median days on market jumped from 8 days (May 2020) to 27 days (May 2021), but that's still a pretty quick turn.

[TKthunder2 5012]

1 hour ago, jimmyjazz said:

I got a redfin "market summary" email update for Northwest Austin this morning.  It claims median home price is up 42.4% year over year.  Yeesh.

Median days on market jumped from 8 days (May 2020) to 27 days (May 2021), but that's still a pretty quick turn.

People are now pricing their homes at ridiculous amounts right now.  When we sold last year we were told to price at what it would likely appraise for so when they bid over list they would have to come up with the extra cash to cover their loans.  Now it seems like they have no idea what the ceiling on this market is so there is a whole lot more fuck you California pricing where people are just listing their homes at crazy high prices hoping for a rich idiot to buy it.  That is just what I’m seeing anecdotally.

[HRSchenker 2275]

On 6/19/2021 at 3:31 PM, Gil Bang said:

But really...you want people entering your house unaccompanied?   Really?   I know some shady agents, but at least we're licensed, fingerprinted, and pass a background check.   

I've been laughing at this for way too long lmao 

[UT_OB1 2227]

3 hours ago, HRSchenker said:

I've been laughing at this for way too long lmao 

Honestly I’d appreciate if they’d steal some random shit that we just HAVE TO HAVE that is probably still in an Amazon box. Less for me to load in to a uhaul and then put away in some dark hole never to be touched at the new house. 

[CHIEF 5095]

21 hours ago, TKthunder2 said:

People are now pricing their homes at ridiculous amounts right now.  When we sold last year we were told to price at what it would likely appraise for so when they bid over list they would have to come up with the extra cash to cover their loans.  Now it seems like they have no idea what the ceiling on this market is so there is a whole lot more fuck you California pricing where people are just listing their homes at crazy high prices hoping for a rich idiot to buy it.  That is just what I’m seeing anecdotally.

We have a certain couple that are clients, just sold them a place with acreage out west of Granbury. We have her deceased father's house and the riverfront home they just moved out of listed. They wanted to set the prices, refused to use comps. The Dad's house will realistically appraise for about $400k, we told them we couldn't see it going for more than $425k, so they set the price at $469k. The riverfront house will realistically appraise for $600k, they originally wanted it priced at $825k. We told them that there was no way it would bring remotely close to that, but they wanted to list it at $775k.

They priced them so out of whack, that there were no showings for two weeks. Of course, it was our fault (not advertising it enough, not having an Open House every two or three days, not coercing our clients, which we can't do anyway, etc.) We finally got a contract on the father's house, they grudgingly accepted an offer of $425k, exactly what we told them it would bring.

Both of these homes need major renovation, $100k on the father's house, probably $200-250k on their home. The priced them as much or more than new construction in our neighborhood. My Mom (the broker) told them they were priced too high, and if you want to try FSBO on their house, she would gladly give up the listing agreement. Every listing that we price is on the market for 3-4 days at the most. She has shown them that. But damn, some people are just greedy and hardheaded. Not to mention paying mortgage, taxes, maintenance, and upkeep on two homes.

CHIEF

[DonkeyCigars 143]

1 hour ago, CHIEF said:

We have a certain couple that are clients, just sold them a place with acreage out west of Granbury. We have her deceased father's house and the riverfront home they just moved out of listed. They wanted to set the prices, refused to use comps. The Dad's house will realistically appraise for about $400k, we told them we couldn't see it going for more than $425k, so they set the price at $469k. The riverfront house will realistically appraise for $600k, they originally wanted it priced at $825k. We told them that there was no way it would bring remotely close to that, but they wanted to list it at $775k.

They priced them so out of whack, that there were no showings for two weeks. Of course, it was our fault (not advertising it enough, not having an Open House every two or three days, not coercing our clients, which we can't do anyway, etc.) We finally got a contract on the father's house, they grudgingly accepted an offer of $425k, exactly what we told them it would bring.

Both of these homes need major renovation, $100k on the father's house, probably $200-250k on their home. The priced them as much or more than new construction in our neighborhood. My Mom (the broker) told them they were priced too high, and if you want to try FSBO on their house, she would gladly give up the listing agreement. Every listing that we price is on the market for 3-4 days at the most. She has shown them that. But damn, some people are just greedy and hardheaded. Not to mention paying mortgage, taxes, maintenance, and upkeep on two homes.

CHIEF

If you don't NEED to sell, why not be greedy and hard-headed in this market. "Make me move" is the mindset and it makes sense for those who aren't compelled by anything other than the crazy market.

[Pato del Muerto 52669]

1 minute ago, DonkeyCigars said:

If you don't NEED to sell, why not be greedy and hard-headed in this market. "Make me move" is the mindset and it makes sense for those who aren't compelled by anything other than the crazy market.

Or- instead of people dismissing the property out of hand due to a ridiculous price, have it priced more competitively and let people see it, love it, and bid the price up in an auction environment. 

[DonkeyCigars 143]

7 minutes ago, Pato del Muerto said:

Or- instead of people dismissing the property out of hand due to a ridiculous price, have it priced more competitively and let people see it, love it, and bid the price up in an auction environment. 

Yea, that's if you are committed to selling. I see a lot of value in basically setting the floor at your dream price and then working up if you are only half interested in selling and reaching that floor would justify the mental/man hours put into going through the process.

[CHIEF 5095]

29 minutes ago, DonkeyCigars said:

If you don't NEED to sell, why not be greedy and hard-headed in this market. "Make me move" is the mindset and it makes sense for those who aren't compelled by anything other than the crazy market.

They have already moved out, and are maintaining and paying taxes on three houses, and doing renovations on their new one. Believe me, they need the money, and need the houses to sell. They paid $375k for the riverfront house not more than 3 years ago, haven't done a thing to it, and expect to get over double what they paid for it. The father's house was inherited, not a dime owed on it. A vacant house is a bad thing, no one knows when pipes leak, cracks in the walls from not running HVAC, broken sprinkler heads giving you a $1500 water bill, etc. This isn't in an area where people are desperate for anything close in for commuting to work. This market is nothing like Austin.

CHIEF

Edited June 28, 2021 by CHIEF

[Guest Lobo]

You seem too level-headed to be in real estate.  

We got another drive-by solicitation from a buyer's agent asking if we'd like to sell and be out before school starts in 7 weeks time.  I told him, we get written offers all the time but for stopping by in person and hustling in this environment, we'll take a serious look at a written offer.  I'm sure he knows the area and all the off-market transacted prices and conditions in the area, etc.  But that the clients would have to bake in a "disruption premium" on top of whatever price they are considering (I assumed they had a price in mind if they sent this guy out on a Sunday).  He told me he doesn't advise clients to bake in disruption premiums, so that'd be a deal breaker.  I took his card and told him not to bother.  If you can see my two school-aged children behind me in the doorway and don't understand all the shit we'd have to do to get them settled in a place with just weeks before school starts, you shouldn't be in real estate.  We're now up to 5 homes in my HOA that have transacted off-market, closed in less than 30 days, and all went for 10%+ over asking, and I gotta field your client discount offer---your AAA kids wanting to play in the big leagues.   Don't go door knocking on Sundays if you don't actually know what the fuck you're doing.  

Edited June 28, 2021 by Lobo

[Horn Under a Bad Sign 20543]

Article from SF Chronicle: California to Austin refugees fueling Austin's housing frenzy.

https://www.sfchronicle.com/local/article/California-Austin-Texas-migration-home-prices-16275299.php

25 minutes from Belterra to downtown?  It's been awhile since I've been in Austin but that seems ... optimistic. 

[Updawg 2295]

Just like my 10 min commute from sw Austin to downtown

[Neonmoon 38130]

My wife works with many tech transplants who moved from San Fran to Austin. The sheer horror they’ve expressed about the heat brings me joy. 

[CooterBrown 18038]

My wife works with many tech transplants who moved from San Fran to Austin. The sheer horror they’ve expressed about the heat brings me joy. 

She should gleefully let them know it’s not even hot yet. Just wait for august and September.

[Guest Lobo]

50 minutes ago, Horn Under a Bad Sign said:

Article from SF Chronicle: California to Austin refugees fueling Austin's housing frenzy.

https://www.sfchronicle.com/local/article/California-Austin-Texas-migration-home-prices-16275299.php

25 minutes from Belterra to downtown?  It's been awhile since I've been in Austin but that seems ... optimistic. 

Yeah, that's some bullshit.  We take the kids to see their cousins all the time in Belterra.  We live 3 miles SW of downtown.  With mild traffic/reverse commute times, it is a 30 minute commute door-to-door.  With typical Y-Oak Hill traffic, it is more than that obviously.  If there is someone selling Belterra residents, "Be at your downtown office, meeting, dinner, event in 25 minutes"...they are fucking lying.  But every fucking realtor does it, this shouldn't be any different.  Same people that now classify Buda as South Austin, 183 as Central Austin, and Bastrop as East Austin.  

[MAUFRAIS 6669]

My wife works with many tech transplants who moved from San Fran to Austin. The sheer horror they’ve expressed about the heat brings me joy. 

Are they fucking retarded?

[Mother mopar 3326]

Me and Mrs MM signed a contract for land today. Found a nice 21 acre tract about 35mins south of Tyler with a bluff that is perfect for the retirement house. We're stoked.

[Sam Lin 3564]

19 minutes ago, Mother mopar said:

 

Mother mopar (b. late 1900s)

Green Bluff with Fall Colors (c 2021)

Digital Media

$350

[Mother mopar 3326]

Mother mopar (b. late 1900s)
Green Bluff with Fall Colors (c 2021)
Digital Media
$350

Not sure what the issue is...looked fine on preview.

[Okie State 3848]

She should gleefully let them know it’s not even hot yet. Just wait for august and September.

This. They ain't seen shit yet. Fuck em.

[tokamak 6444]

11 hours ago, Mother mopar said:

Me and Mrs MM signed a contract for land today. Found a nice 21 acre tract about 35mins south of Tyler with a bluff that is perfect for the retirement house. We're stoked.
 

Nice looking piece of land. Very green.

[troph 24916]

18 hours ago, Lobo said:

You seem too level-headed to be in real estate.  

We got another drive-by solicitation from a buyer's agent asking if we'd like to sell and be out before school starts in 7 weeks time.  I told him, we get written offers all the time but for stopping by in person and hustling in this environment, we'll take a serious look at a written offer.  I'm sure he knows the area and all the off-market transacted prices and conditions in the area, etc.  But that the clients would have to bake in a "disruption premium" on top of whatever price they are considering (I assumed they had a price in mind if they sent this guy out on a Sunday).  He told me he doesn't advise clients to bake in disruption premiums, so that'd be a deal breaker.  I took his card and told him not to bother.  If you can see my two school-aged children behind me in the doorway and don't understand all the shit we'd have to do to get them settled in a place with just weeks before school starts, you shouldn't be in real estate.  We're now up to 5 homes in my HOA that have transacted off-market, closed in less than 30 days, and all went for 10%+ over asking, and I gotta field your client discount offer---your AAA kids wanting to play in the big leagues.   Don't go door knocking on Sundays if you don't actually know what the fuck you're doing.  

We are disrupted by our own choice while building our house and there is - in hindsight - no premium worth it with how tight this market is. We have enough to not be losers over all but we lost big time selling our Lakeway house on the front of covid. 

Edited June 29, 2021 by troph

[troph 24916]

@Mother mopar that’s a fantastic plot of land!! You should be excited!

[troph 24916]

15 hours ago, Neonmoon said:

My wife works with many tech transplants who moved from San Fran to Austin. The sheer horror they’ve expressed about the heat brings me joy. 

We are outdoors 8am-10:30am and 6pm-10pm (around water) and indoors the rest from July 1 - September 30. Fuck the heat.

[Guest Lobo]

7 minutes ago, troph said:

We are disrupted by our own choice while building our house and there is - in hindsight - no premium worth it with how tight this market is. We have enough to not be losers over all but we lost big time selling our Lakeway house on the front of covid. 

Yeah, my soon-to-be-ex-business partner put his house on the market in Lakeway (Vineyard Bay) just before Covid-19 started.  He and his agent completely mispriced it so it didn't move.  They took it off once Covid-19 got really bad.  They just put it back on at a correct price (different agent), so it's getting all kinds of offers.  The mispricing actually helped because now that Covid is winding down, school is almost here, and market is so compressed---they'll get a better overall deal. 

That is just another fascinating submarket to me.  Right across 620 from him are unpaved roads leading to double-wides and ranchettes that aren't worth the cars up on blocks in their front "yards."  

Anyway, moral of the story...if you're a buyer's agent...don't bother people on weekends that have kids unless you're gonna at least throw out a token, "and my client understands how challenging this move may be on your family in July before school starts."  If he'd have said that, I'd have seriously considered an offer.  But he acted like I was being the asshole for bringing it up.  Guy's gonna be lucky to do business in my neighborhood with his shitty attitude and lack of situational awareness.  There are agents literally fighting one another to get listings here because nothing goes on market and we're trading at $200k above asking.  

 

[troph 24916]

20 minutes ago, Lobo said:

Yeah, my soon-to-be-ex-business partner put his house on the market in Lakeway (Vineyard Bay) just before Covid-19 started.  He and his agent completely mispriced it so it didn't move.  They took it off once Covid-19 got really bad.  They just put it back on at a correct price (different agent), so it's getting all kinds of offers.  The mispricing actually helped because now that Covid is winding down, school is almost here, and market is so compressed---they'll get a better overall deal. 

That is just another fascinating submarket to me.  Right across 620 from him are unpaved roads leading to double-wides and ranchettes that aren't worth the cars up on blocks in their front "yards."  

Anyway, moral of the story...if you're a buyer's agent...don't bother people on weekends that have kids unless you're gonna at least throw out a token, "and my client understands how challenging this move may be on your family in July before school starts."  If he'd have said that, I'd have seriously considered an offer.  But he acted like I was being the asshole for bringing it up.  Guy's gonna be lucky to do business in my neighborhood with his shitty attitude and lack of situational awareness.  There are agents literally fighting one another to get listings here because nothing goes on market and we're trading at $200k above asking.  

 

I have no doubt I left $200-250K on the table.  oh well, didn't know headed into covid what was going to happen.

from Volente all the way around south shore and over to spicewood is where we play now that we are thinking about leaving 04.  it's a hard market to figure out.  but not if you focus on substantial water views and lake front.  that's the sub market that makes the duplexes, double wides, and the old 1-3 acre ranchettes in hudson bend interior for example irrelevant.  the tweeners - the no water view, nice lot, big house market out in lake travis is one I wouldn't touch with my worst enemy's money. 

Edited June 29, 2021 by troph

[NotActuallyALonghorn 4979]

13 hours ago, Mother mopar said:

Me and Mrs MM signed a contract for land today. Found a nice 21 acre tract about 35mins south of Tyler with a bluff that is perfect for the retirement house. We're stoked.
 

Bullard area?

[CooterBrown 18038]

My neighbor just got a ballpark estimate on tearing down his house and replacing it with a house the same size…2-story and about 2700 sq ft. The number was $1.2M for construction.

[ZB'Tejas 594]

On 6/27/2021 at 12:30 PM, jimmyjazz said:

I got a redfin "market summary" email update for Northwest Austin this morning.  It claims median home price is up 42.4% year over year.  Yeesh.

Median days on market jumped from 8 days (May 2020) to 27 days (May 2021), but that's still a pretty quick turn.

Crazy Indeed. I still get email updates on my old house in Cat Mountain on projected values... It's shows about 130% higher than what I had originally bought for in 2014. 

[Dbeasy 15162]

1 hour ago, troph said:

We are disrupted by our own choice while building our house and there is - in hindsight - no premium worth it with how tight this market is. We have enough to not be losers over all but we lost big time selling our Lakeway house on the front of covid. 

I sold a house and a lakefront lot at the front-end of covid. That probably cost me $150k

[jimmyjazz 46352]

28 minutes ago, CooterBrown said:

My neighbor just got a ballpark estimate on tearing down his house and replacing it with a house the same size…2-story and about 2700 sq ft. The number was $1.2M for construction.

That's almost exactly 3X what it cost me to build my house (per square foot) in 2015.  It's nice, not super high end, but not spec or tract quality, either.

[Dbeasy 15162]

There is hope for Austinites. After having two sets of buyers outbid on about ten bids in Central Texas in the last month, we finally got a client house under contract yesterday. I think there has been an almost imperceptible change in the demand curve in the last three weeks, probably due to so many people getting frustrated and literally giving up. 

[Sbbruin 21904]

14 hours ago, Mother mopar said:

Me and Mrs MM signed a contract for land today. Found a nice 21 acre tract about 35mins south of Tyler with a bluff that is perfect for the retirement house. We're stoked.
 

I think I see a nipple.

[hornian 5230]

28 minutes ago, Dbeasy said:

I sold a house and a lakefront lot at the front-end of covid. That probably cost me $150k

Yup. I think I left at least $100k - $150k on the table by selling my house with lake views/private park and boat ramp in May of last year; but I also got my current house for about $250k less than it would sell for this year by getting it under contract in May of last year, so it more than evened out in the wash. 

[Wulaw Horn 19156]

29 minutes ago, hornian said:

Yup. I think I left at least $100k - $150k on the table by selling my house with lake views/private park and boat ramp in May of last year; but I also got my current house for about $250k less than it would sell for this year by getting it under contract in May of last year, so it more than evened out in the wash. 

People always seem to leave this off the table. When you aren’t jumping markets it doesn’t matter bc whatever happens to your house happened to your replacement house. 

[Dbeasy 15162]

1 hour ago, Wulaw Horn said:

People always seem to leave this off the table. When you aren’t jumping markets it doesn’t matter bc whatever happens to your house happened to your replacement house. 

ya....about that.  One was a rent house and one was a vacation property so it didn't impact my primary residence situation, just $150k that went "poof".

[Gil Bang 26069]

So, I ratfucked a redfin agent yesterday, and I don't regret it even a tiny bit. 

Listing hits the market as "coming soon" on Friday.  Listing says "easy to show, showings between noon and two Saturday and Wednesday, call showingtime to schedule".

So, I call showingtime, and they say that they cannot schedule anything until the listing is changed to "Active".  So, I call the agent and I tell her that I tried to schedule though the service, and what happened.  She says when do you want to go.  I tell her I want first showing, noon on Saturday.  She says no problem.

So, I show up with my client to my fucking APPOINTMENT and there are two other agents there with clients.  WTF?   Yeah, they all claim to have appointments at noon.   

So, I'm pulling the key out of the lockbox, and I hear yelling.  There are a two houses, both with tenants, and both tenants are screaming at the other agents about how nobody told us about these showings, you aren't coming in my house, I've got a mean dog, etc. 

Fucking redfin asshole agent is only allowing 4 hours total for showings, and not only is she not there to coordinate, she's fucking out of town and not answering her phone.  I'm fucking ragey, and I look like an asshole to my client.    Fortunately, the client was cool about it, and was still interested in the house.   Agent calls me Sunday and apologizes; blames the owner, etc.  Says that everything is arranged for Wednesday.

So, while we're on the site, the "2 houses" thing is funky as shit.  They were built 40 years apart, and are attached in one spot.   Also, the detached garage has this "beautiful finished loft" per the listing, and we look at it and the construction is sketchy as shit.  So, monday morning I haul ass to city hall and pull permit records.  As far as the city is concerned, it's one house, and if they've converted it to two, it's illegal as fuck and would be almost impossible to bring into compliance.  It it is possible, it will cost a fortune.

And the garage is permitted, but not the loft.   OK.  So, I email the chief building official and tell him what the site looks like.  He emails me back and gives me a laundry list of violations, and what will be required to correct them.   

So, I text the agent and say hey, my I'm looking at tax records and it says 1 house only...what is the permit status on this shit.  She responds that "the work was done before permits were required, so that's why I put "permits unknown" in the listing.  Of course, she DID NOT put that in the listing.  I've printed a copy several days ago, and pull it up again and do the "control F" thing, and nothing about permits. 

She then texts "hey, just so you know we have multiple offers so you need to move fast".   Fuck that shit.

I forwarded the email from the city to her.  That's where I ratfucked her lazy ass.  Now she most certainly knows the permit status, and she's required to disclose what a shitshow it is to everybody concerned.  So, now she added "permits unknown on front house and loft in garage".   

No, you lying bitch, it's not "unknown".  You know fully that the shit is illegal.  I hope she gets the shit sued out of her. 

[Dbeasy 15162]

3 minutes ago, Gil Bang said:

So, I ratfucked a redfin agent yesterday, and I don't regret it even a tiny bit. 

Listing hits the market as "coming soon" on Friday.  Listing says "easy to show, showings between noon and two Saturday and Wednesday, call showingtime to schedule".

So, I call showingtime, and they say that they cannot schedule anything until the listing is changed to "Active".  So, I call the agent and I tell her that I tried to schedule though the service, and what happened.  She says when do you want to go.  I tell her I want first showing, noon on Saturday.  She says no problem.

So, I show up with my client to my fucking APPOINTMENT and there are two other agents there with clients.  WTF?   Yeah, they all claim to have appointments at noon.   

So, I'm pulling the key out of the lockbox, and I hear yelling.  There are a two houses, both with tenants, and both tenants are screaming at the other agents about how nobody told us about these showings, you aren't coming in my house, I've got a mean dog, etc. 

Fucking redfin asshole agent is only allowing 4 hours total for showings, and not only is she not there to coordinate, she's fucking out of town and not answering her phone.  I'm fucking ragey, and I look like an asshole to my client.    Fortunately, the client was cool about it, and was still interested in the house.   Agent calls me Sunday and apologizes; blames the owner, etc.  Says that everything is arranged for Wednesday.

So, while we're on the site, the "2 houses" thing is funky as shit.  They were built 40 years apart, and are attached in one spot.   Also, the detached garage has this "beautiful finished loft" per the listing, and we look at it and the construction is sketchy as shit.  So, monday morning I haul ass to city hall and pull permit records.  As far as the city is concerned, it's one house, and if they've converted it to two, it's illegal as fuck and would be almost impossible to bring into compliance.  It it is possible, it will cost a fortune.

And the garage is permitted, but not the loft.   OK.  So, I email the chief building official and tell him what the site looks like.  He emails me back and gives me a laundry list of violations, and what will be required to correct them.   

So, I text the agent and say hey, my I'm looking at tax records and it says 1 house only...what is the permit status on this shit.  She responds that "the work was done before permits were required, so that's why I put "permits unknown" in the listing.  Of course, she DID NOT put that in the listing.  I've printed a copy several days ago, and pull it up again and do the "control F" thing, and nothing about permits. 

She then texts "hey, just so you know we have multiple offers so you need to move fast".   Fuck that shit.

I forwarded the email from the city to her.  That's where I ratfucked her lazy ass.  Now she most certainly knows the permit status, and she's required to disclose what a shitshow it is to everybody concerned.  So, now she added "permits unknown on front house and loft in garage".   

No, you lying bitch, it's not "unknown".  You know fully that the shit is illegal.  I hope she gets the shit sued out of her. 

I love this. After being treated like shit by selling agents for five months I love a little bit of “what goes around comes around”..

[Wulaw Horn 19156]

Mom and dad are selling their house in Houston and just got a pretty good offer.  255 (ask was 235) buyer paying title, HOA docs and not asking for warranty, with short option period and healthy earnest money and short financing contingency.  
Only problem with the offer was they only waived appraisal up to 230k.  I think it will appraise for 250k ish and if it does they will get top of appraisal.  Nobody else guaranteed appraisal up to anything, so... no reason to look at other offers.  11 offers in 3 days, 1 open house and 9 showings.  Houston is a sellers market.  I knew this because of being in the industry as a mortgage guy and having my clients experience it- but it is so freaking odd after 25 years of being a buyers market outside of hot neighborhoods and the like.  When I say Houston in this sense I'm not talking about in the loop I'm talking about cookie cutter houses in the burbs.  What a weird thing after all this time.

Nothing like yall's ATX stories, but this is a weird development for Htown.  

[troph 24916]

3 hours ago, Wulaw Horn said:

People always seem to leave this off the table. When you aren’t jumping markets it doesn’t matter bc whatever happens to your house happened to your replacement house. 

and we are building subject to the cost increase and sold before the price increase.  so yeah we aren't getting that either.  we do get the land equity and finished house bump but it's nothing but higher taxes for the next 30 years.

[gmr548 16617]

Me and Mrs MM signed a contract for land today. Found a nice 21 acre tract about 35mins south of Tyler with a bluff that is perfect for the retirement house. We're stoked.

Congrats. East Texas is sneaky pretty.

[troph 24916]

1 hour ago, Gil Bang said:

So, I ratfucked a redfin agent yesterday, and I don't regret it even a tiny bit. 

Listing hits the market as "coming soon" on Friday.  Listing says "easy to show, showings between noon and two Saturday and Wednesday, call showingtime to schedule".

So, I call showingtime, and they say that they cannot schedule anything until the listing is changed to "Active".  So, I call the agent and I tell her that I tried to schedule though the service, and what happened.  She says when do you want to go.  I tell her I want first showing, noon on Saturday.  She says no problem.

So, I show up with my client to my fucking APPOINTMENT and there are two other agents there with clients.  WTF?   Yeah, they all claim to have appointments at noon.   

So, I'm pulling the key out of the lockbox, and I hear yelling.  There are a two houses, both with tenants, and both tenants are screaming at the other agents about how nobody told us about these showings, you aren't coming in my house, I've got a mean dog, etc. 

Fucking redfin asshole agent is only allowing 4 hours total for showings, and not only is she not there to coordinate, she's fucking out of town and not answering her phone.  I'm fucking ragey, and I look like an asshole to my client.    Fortunately, the client was cool about it, and was still interested in the house.   Agent calls me Sunday and apologizes; blames the owner, etc.  Says that everything is arranged for Wednesday.

So, while we're on the site, the "2 houses" thing is funky as shit.  They were built 40 years apart, and are attached in one spot.   Also, the detached garage has this "beautiful finished loft" per the listing, and we look at it and the construction is sketchy as shit.  So, monday morning I haul ass to city hall and pull permit records.  As far as the city is concerned, it's one house, and if they've converted it to two, it's illegal as fuck and would be almost impossible to bring into compliance.  It it is possible, it will cost a fortune.

And the garage is permitted, but not the loft.   OK.  So, I email the chief building official and tell him what the site looks like.  He emails me back and gives me a laundry list of violations, and what will be required to correct them.   

So, I text the agent and say hey, my I'm looking at tax records and it says 1 house only...what is the permit status on this shit.  She responds that "the work was done before permits were required, so that's why I put "permits unknown" in the listing.  Of course, she DID NOT put that in the listing.  I've printed a copy several days ago, and pull it up again and do the "control F" thing, and nothing about permits. 

She then texts "hey, just so you know we have multiple offers so you need to move fast".   Fuck that shit.

I forwarded the email from the city to her.  That's where I ratfucked her lazy ass.  Now she most certainly knows the permit status, and she's required to disclose what a shitshow it is to everybody concerned.  So, now she added "permits unknown on front house and loft in garage".   

No, you lying bitch, it's not "unknown".  You know fully that the shit is illegal.  I hope she gets the shit sued out of her. 

why did you jump my case when I made a comment about shady/unethical agents?

[Wulaw Horn 19156]

12 minutes ago, troph said:

and we are building subject to the cost increase and sold before the price increase.  so yeah we aren't getting that either.  we do get the land equity and finished house bump but it's nothing but higher taxes for the next 30 years.

Yeah, that's a shit break for yall.  There are obviously other situations than what I was talking about- but I think it's about 70% of the market that's owner occupied owners moving to another place in town. Those people aren't really doing anything but moving money from one pocket to the other- but when you are in the 30% that could either be a big win or a big loss.  Sorry for your loss.  
I hear you on the higher taxes.  I finally bought my forever home at 41 years old in the end of 2019.  Awesome place on 6 acres (I'd rather live inside the loop- but I also like making my wife happy and her dream house has acreage- I might be the only hetero white middle aged conservative male that's never had a "I want to live on land" fetish) and the value has gone up probably 20% in the last year and a half I've owned it. Every other house I've owned probably didn't go up collectively 20% in value and if I'm being honest I basically sold all of them for a loss by the time I paid out commissions and stuff like that. I finally got a house that's a winner that I think might be worth $1,000,000.00 in 10 or 15 years (I bought for $475, great timing and great deal from a seller who had to move b/c of divorce and couldn't afford the house) and instead of ever realizing any gain on anything other than a balance sheet all I will be left with is paying higher taxes for the next (checks calendar) till I die.  So, yeah, I feel ya.  

[Gil Bang 26069]

25 minutes ago, troph said:

why did you jump my case when I made a comment about shady/unethical agents?

Is that what I did?   Maybe I need to revisit this thread.  I sure as shit don't defend all agents, as I'm sure you don't defend all lawyers.  I deal with mostly good ones.  I bet you'd say the same about your profession.

When I see a dipshit agent doing stupid shit, I call it out.   For example, check out what some moron put in a listing for a very nice house; I just saw this a minute ago:

 

The Real Estate Market is on Fire! New Comps in Neighborhood just put this Incredible Luxurious Country Estate at $2.3M current market value. The housing prices are only going to get higher within the next 2-5 years as the lack of supply will only get worse and demand will only get higher. Homeowners are scared to sell because they don’t want to become buyers in this market. Plus interest rates are going up making it even more of an incentive for homeowners to not sell which will continue to drive up prices. This house cost $2M to build in 2006. But with surging lumber and construction costs it’s making it much more expensive to build this house today. Don’t wait until this house skyrockets to $3M. Now is the time to buy this one of a kind dream home.

 

Hopefully, he'll get sued and run out of the business.  

[CHIEF 5095]

32 minutes ago, Gil Bang said:

Is that what I did?   Maybe I need to revisit this thread.  I sure as shit don't defend all agents, as I'm sure you don't defend all lawyers.  I deal with mostly good ones.  I bet you'd say the same about your profession.

When I see a dipshit agent doing stupid shit, I call it out.   For example, check out what some moron put in a listing for a very nice house; I just saw this a minute ago:

 

The Real Estate Market is on Fire! New Comps in Neighborhood just put this Incredible Luxurious Country Estate at $2.3M current market value. The housing prices are only going to get higher within the next 2-5 years as the lack of supply will only get worse and demand will only get higher. Homeowners are scared to sell because they don’t want to become buyers in this market. Plus interest rates are going up making it even more of an incentive for homeowners to not sell which will continue to drive up prices. This house cost $2M to build in 2006. But with surging lumber and construction costs it’s making it much more expensive to build this house today. Don’t wait until this house skyrockets to $3M. Now is the time to buy this one of a kind dream home.

 

Hopefully, he'll get sued and run out of the business.  

Bet TREC would love to see that.

CHIEF

[Wulaw Horn 19156]

35 minutes ago, Gil Bang said:

Is that what I did?   Maybe I need to revisit this thread.  I sure as shit don't defend all agents, as I'm sure you don't defend all lawyers.  I deal with mostly good ones.  I bet you'd say the same about your profession.

When I see a dipshit agent doing stupid shit, I call it out.   For example, check out what some moron put in a listing for a very nice house; I just saw this a minute ago:

 

The Real Estate Market is on Fire! New Comps in Neighborhood just put this Incredible Luxurious Country Estate at $2.3M current market value. The housing prices are only going to get higher within the next 2-5 years as the lack of supply will only get worse and demand will only get higher. Homeowners are scared to sell because they don’t want to become buyers in this market. Plus interest rates are going up making it even more of an incentive for homeowners to not sell which will continue to drive up prices. This house cost $2M to build in 2006. But with surging lumber and construction costs it’s making it much more expensive to build this house today. Don’t wait until this house skyrockets to $3M. Now is the time to buy this one of a kind dream home.

 

Hopefully, he'll get sued and run out of the business.  

Ethically I don’t know what’s wrong with that as I’m not an agent, but the logic is absurd and doesn’t even pass the test of- does this internally make sense. 

[troph 24916]

1 hour ago, Wulaw Horn said:

Yeah, that's a shit break for yall.  There are obviously other situations than what I was talking about- but I think it's about 70% of the market that's owner occupied owners moving to another place in town. Those people aren't really doing anything but moving money from one pocket to the other- but when you are in the 30% that could either be a big win or a big loss.  Sorry for your loss.  
I hear you on the higher taxes.  I finally bought my forever home at 41 years old in the end of 2019.  Awesome place on 6 acres (I'd rather live inside the loop- but I also like making my wife happy and her dream house has acreage- I might be the only hetero white middle aged conservative male that's never had a "I want to live on land" fetish) and the value has gone up probably 20% in the last year and a half I've owned it. Every other house I've owned probably didn't go up collectively 20% in value and if I'm being honest I basically sold all of them for a loss by the time I paid out commissions and stuff like that. I finally got a house that's a winner that I think might be worth $1,000,000.00 in 10 or 15 years (I bought for $475, great timing and great deal from a seller who had to move b/c of divorce and couldn't afford the house) and instead of ever realizing any gain on anything other than a balance sheet all I will be left with is paying higher taxes for the next (checks calendar) till I die.  So, yeah, I feel ya.  

no need to apologize.  win some, lose some, we seem to win enough.  you're right the sell to trade up doesn't do a whole lot of good if you aren't changing some part of the dynamic - moving further out, downsizing, moving to a different market, etc.

[South Austin 52664]

56 minutes ago, Gil Bang said:

When I see a dipshit agent doing stupid shit, I call it out.   For example, check out what some moron put in a listing for a very nice house; I just saw this a minute ago:

 

The Real Estate Market is on Fire! New Comps in Neighborhood just put this Incredible Luxurious Country Estate at $2.3M current market value. The housing prices are only going to get higher within the next 2-5 years as the lack of supply will only get worse and demand will only get higher. Homeowners are scared to sell because they don’t want to become buyers in this market. Plus interest rates are going up making it even more of an incentive for homeowners to not sell which will continue to drive up prices. This house cost $2M to build in 2006. But with surging lumber and construction costs it’s making it much more expensive to build this house today. Don’t wait until this house skyrockets to $3M. Now is the time to buy this one of a kind dream home.

 

Hopefully, he'll get sued and run out of the business.  

In Texas, I think that would constitute puffery and wouldn't be actionable.  That's just douchy sales hype, with some fear baked in there.  That kind of marketing is nothing new. 

[UTPhil2006 3824]

34 minutes ago, CHIEF said:

Bet TREC would love to see that.

CHIEF

Cal-TREC