All Encompassing Mortgage and Real Estate Thread

[MNLonghornFUKM 8817]

got my first offer w/ FSBO. 35K less than what I listed. We asked a couple realtors whos working with the builder we're building our next house and they said no less than 255 is what I should accept. I listed my home at 265 so Im in a good spot for negotiating to an acceptable price...but after seeing 230 for an offer, i just had to laugh inside and pretend like Im listening when she was going through the sheets.

 

Phil, i assume i just counter in a couple days with what I really want?

Edited July 18, 2018 by MNLonghornFUKM

[Gil Bang 25907]

 Not Phil, but I am a Realtor. 

I also think FSBO people are generally idiots, and would be much better off listing their homes with somebody that knows what the fuck they're doing.

Having said that, there's absolutely no reason whatsoever to "wait" to counter.  Counter right now.  You don't want to be dicking around with a shitty offer when a better offer comes in.  Your buyer needs to shit or get off the can.  

Why did you list at 265?  Did you have a wild hair up your ass or did you actually review the comps and determine that 265 was the right price?  Did you decide 250 was the right price but you were being greedy?  If 265 is the right price, then hold out for 265 or something close. 

Do your buyers have an agent?  if not, they might be idiots too. 

Edited July 18, 2018 by Gil Bang

[MNLonghornFUKM 8817]

I asked Phil because hes not a turd with his answers like you generally are.

 

I got 265 based off of comps, recently sold similar style homes, sq footage of my yard, 3rd stall for my garage, and lack of specials. Not sure if specials are a thing in Cali, theyre just another way to pay for streets, maintenance, upkeep, projects in your neighborhood. Every new lot has an assessed mount(usually 25-50K) 

 

Did you read the part about the realtors(who apparently know what the fuck they are doing) said they wouldnt accept less than 255? 

 

yes the buyers have an agent.  We're doing FSBO because its a no rush to sell this second because our under construction house isnt done until Nov. Doesnt hurt to try to save a few grand.

Edited July 18, 2018 by MNLonghornFUKM

[UTPhil2006 3801]

On 7/14/2018 at 2:05 PM, MNLonghornFUKM said:

Ok so my first open house is tomorrow. I'm gonna put together a flyer with info about it and a few pics.

I have no idea how many agents or people will show up. Any pro tips if I'm suddenly swarmed by like 3 or 4 offers? I know Phil said make a deadline in a PM...but dont commit to anything obviously.

Anything else?

Update?

[MNLonghornFUKM 8817]

Update?

Gonna shoot em a counter tonight.

[Gil Bang 25907]

6 hours ago, MNLonghornFUKM said:

I asked Phil because hes not a turd with his answers like you generally are.

 

I got 265 based off of comps, recently sold similar style homes, sq footage of my yard, 3rd stall for my garage, and lack of specials. Not sure if specials are a thing in Cali, theyre just another way to pay for streets, maintenance, upkeep, projects in your neighborhood. Every new lot has an assessed mount(usually 25-50K) 

 

Did you read the part about the realtors(who apparently know what the fuck they are doing) said they wouldnt accept less than 255? 

 

yes the buyers have an agent.  We're doing FSBO because its a no rush to sell this second because our under construction house isnt done until Nov. Doesnt hurt to try to save a few grand.

What you call "specials" sounds like what we call "Community Facilities Districts" frequently referred to as "Mello-Roos" after the two pols that created them. 

Sounds like maybe your comps didn't have similar lot sizes, the additional garage space, etc?

If so, it's tough to adjust for that, particularly when you don't do it every day.  Be careful there. 

[Gil Bang 25907]

1 hour ago, MNLonghornFUKM said:

2 hours ago, UTPhil2006 said:

Update?

Gonna shoot em a counter tonight.

make sure that the counter has an expiration date/time.  

[Gil Bang 25907]

anybody looking for a house in L.A.?

http://www.latimes.com/business/realestate/hot-property/la-fi-hotprop-brady-bunch-20180718-story.html

 

[UTPhil2006 3801]

1.885 is a lot for memorabilia.  Then again, people pay a lot more for sports stuff so not farfetched.  

[MNLonghornFUKM 8817]

18 hours ago, Gil Bang said:

make sure that the counter has an expiration date/time.  

I countered back with 256,900+Ill pay off the remaining balances of specials(1,575). Their reealtor just emailed me and said she had a chance to go over the counter with her client and should have a response by this evening...*fingers crossed but unlikely*

[UTPhil2006 3801]

If they come back between 245-250 what are you going to do?

[52-80 19142]

Last week I had to chase this fucking notary guy around like I was trying to collect a debt.  His office giving me the run-around, the dude seemed  more interested about going on vacation, etc.  

 

Reverted back to the original fucker whom my bank referred, who ignored my emails.  Caught them in the phone and they begrudgingly revealed "oh we were already working on everything, paperwork should be ready Monday or Tuesday we'll let you know".

 

Of course it's Thursday and I ain't heard dicksquat, not even a 3 word email update to say "we are delayed"

 

Fucking scums

[UTPhil2006 3801]

What part of Europe is this?

[MNLonghornFUKM 8817]

1 hour ago, UTPhil2006 said:

If they come back between 245-250 what are you going to do?

250 is the lowest we can go w/o a realtor.

[52-80 19142]

35 minutes ago, UTPhil2006 said:

What part of Europe is this?

Austria.  Apparently corporate law, litigation, trial, and etc is not such big business here.  It's mostly legislative.  So the top placing law graduates all fight for positions in notarial services because it's a license to print money.

 

[UTPhil2006 3801]

Ah Austria.. nice.

[UTPhil2006 3801]

On 7/19/2018 at 10:28 AM, MNLonghornFUKM said:

I countered back with 256,900+Ill pay off the remaining balances of specials(1,575). Their reealtor just emailed me and said she had a chance to go over the counter with her client and should have a response by this evening...*fingers crossed but unlikely*

What'd they come back with?

[MNLonghornFUKM 8817]

1 hour ago, UTPhil2006 said:

What'd they come back with?

240, and we pay 5 of their closing

 

pretty much just said thanks but this transaction wasn't meant to be, back to the drawing board.

Edited July 20, 2018 by MNLonghornFUKM

[UT_OB1 2213]

Anyone ever been to a sheriff’s auction to buy a house?

[UTPhil2006 3801]

On 7/22/2018 at 9:21 AM, UT_OB1 said:

Anyone ever been to a sheriff’s auction to buy a house?

We've done it in Austin.  It's quite the scene.

[GlenFromTheMailRoom 1603]

2 hours ago, UTPhil2006 said:

We've done it in Austin.  It's quite the scene.

Can't imagine that there's too much that actually gets sold at these things around Austin.

[UT_OB1 2213]

4 hours ago, GlenFromTheMailRoom said:

Can't imagine that there's too much that actually gets sold at these things around Austin.

Why’s that?

 

Phil - any general advice?  Thoughts?  Was it worth your time?  Supposed to be something like 300 homes up at the Harris auction in August.  I may only be able to save 5-10% on the some value unless I get really lucky, but considering I’m just starting to look for investment house #2 as opposed to doing several houses a month, every penny seems worth it. 

 

By the way, we’re you in investment houses at one time and got out?  Still doing them in addition to the mortgage company?  

Edited July 25, 2018 by UT_OB1

[UTPhil2006 3801]

It's a lot of work, you need to do your homework, and it's a lot of chance.  It's not really cut out for rookies.

We're mostly in flips, instead of flip and hold investments.

[UTPhil2006 3801]

On 7/25/2018 at 1:54 PM, GlenFromTheMailRoom said:

Can't imagine that there's too much that actually gets sold at these things around Austin.

A good portion get struck before it even starts.

[Gil Bang 25907]

New listing out this way:  165 undeveloped acres above Beverly Hills.

List price 1 Billion. 

[HenryJames 66033]

Is that a lot?

[UTPhil2006 3801]

50 minutes ago, Gil Bang said:

New listing out this way:  165 undeveloped acres above Beverly Hills.

List price 1 Billion. 

Can we split the commission?

[Sbbruin 21826]

Site was owned by Merv Griffin.  

[UTPhil2006 3801]

17 hours ago, Sbbruin said:

Site was owned by Merv Griffin.  

They ever say what he wanted to do with it?  Looks fairly inaccessible except by air

[Catpfish 618]

I'm pretty sure I read that it has a private road with a 16' tall stone entrance

[UTPhil2006 3801]

4 hours ago, Catpfish said:

I'm pretty sure I read that it has a private road with a 16' tall stone entrance

Yep you're right.  Also Merv Griffin did own it.  -- "The Mountain has been shopped around and has a troubled past. According to The Hollywood Reporter, the property was purchased by the sister of the shah of Iran in the 1970s, and then sold to Merv Griffin. Herbalife founder Mark Hughes then stepped in and bought it for $8.7 million in 1997, making it the most expensive property sold in America at the time, according to the Los Angeles Times."

[jimmyjazz 45877]

25% appreciation per year.  Makes perfect sense.

[UTPhil2006 3801]

18 hours ago, jimmyjazz said:

25% appreciation per year.  Makes perfect sense.

I'll be curious to see what it goes for.  LA people, and LA people with that kind of money, are stupid.

[HoustonFrog 368]

Alright Houston folks, need some info. 

Need some compare/contrast on townhomes in Museum Park vs Rice Military vs the few random ones in West U area. Have one infant and wife is SAHM. Trying to figure out which place is safer, better prospects for appreciation, and more things to do (eat, parks, museums, entertainment) nearby that they can walk to or make a VERY short drive to.  

[UTPhil2006 3801]

1 hour ago, HoustonFrog said:

Alright Houston folks, need some info. 

Need some compare/contrast on townhomes in Museum Park vs Rice Military vs the few random ones in West U area. Have one infant and wife is SAHM. Trying to figure out which place is safer, better prospects for appreciation, and more things to do (eat, parks, museums, entertainment) nearby that they can walk to or make a VERY short drive to.  

Are you still looking at that home with the developer that was being gutted?

[Gil Bang 25907]

3 hours ago, UTPhil2006 said:

I'll be curious to see what it goes for.  LA people, and LA people with that kind of money, are stupid.

You know better than that.  

It will likely be a foreign buyer.  

[UTPhil2006 3801]

On 8/1/2018 at 2:17 PM, Gil Bang said:

You know better than that.  

It will likely be a foreign buyer.  

True true.  There may not be enough ego money (Kardashian, etc) to purchase that property.

[UT_OB1 2213]

Well, on the Landlord front - upstairs tenants are already late late on their first rent due to us in August. And apparently they were behind in July before our purchase.  Not unexpected, and we'll likely be starting eviction next Monday if they don't get a payment to use by Friday.  

What was unexpected was the realtor/PM for the seller.  Our contract said the seller would write us a check for all deposits as well as all rent collected for the month we close, prorated.  Well, we go to close, and Gal housing authority has paid it's $800 already for the month.  However, seller's agent says since the tenants owed the owner their portion from previous month, he refused to write us check for the amount from the city for the new month.  He said we'd have to collect it from them.  I'm not sure we even legally have the right to ask the tenant for that money, and i'm pretty sure they can legally say GTFO we don't owe you.

Edited August 6, 2018 by UT_OB1

[UTPhil2006 3801]

What does your realtor say?

[MNLonghornFUKM 8817]

Fsbo didn't go as well as planned. Listed with my realtor friend today.

Ah well, was worth the gamble

[UTPhil2006 3801]

What is the realtor going to come in at?

And to play devils advocate against the no realtor crowd since it comes up a lot on here/Shaggy, the last 2 posts are a good reason to have one.

[MNLonghornFUKM 8817]

17 minutes ago, UTPhil2006 said:

What is the realtor going to come in at?

And to play devils advocate against the no realtor crowd since it comes up a lot on here/Shaggy, the last 2 posts are a good reason to have one.

Ok. Well I used one of my 4 months I have to sell to try and save 7k. If it bit, it bit. My realtor did say the market right now was slow so who knows if having a realtor the last several weeks would've mattered.

[Gil Bang 25907]

the market does, in fact, seem slow, at least out here.

I can feel it in my bones.  Good houses in moderate price-ranges still get a lot of attention, but the upper end seems to be running out of gas. 

[Player 4575]

Anybody have recs on commercial appraisers in Bexar County? 

[UTPhil2006 3801]

20 hours ago, Player said:

Anybody have recs on commercial appraisers in Bexar County? 

Meridia Appraisal 

[Pasken 1309]

Can you recoup any of the cost of your solar upon sale of the house?

[Catpfish 618]

Depends on where you are.  In Austin, right now, it's hard to get appraisers to give much, if any, value to solar.  As it becomes more widespread, that will probably change.

It'll also depend on whether you own the system outright (might get some value) as opposed to leased (zero value).

[Gil Bang 25907]

1 hour ago, Pasken said:

Can you recoup any of the cost of your solar upon sale of the house?

If the solar is free-and-clear, then it certainly adds to the appeal of the home, and thus should increase the sales price of the home, but it''s not likely that the market will recognize the value on a dollar-for-dollar basis. 

If it's a leased system or a power purchase agreement, it is often (always) problematic. 

[Gil Bang 25907]

28 minutes ago, Catpfish said:

Depends on where you are.  In Austin, right now, it's hard to get appraisers to give much, if any, value to solar.  As it becomes more widespread, that will probably change.

It'll also depend on whether you own the system outright (might get some value) as opposed to leased (zero value).

It's my position that leased systems have a value of less than zero.  Buyers hate them.  

[UTPhil2006 3801]

1 hour ago, Gil Bang said:

If the solar is free-and-clear, then it certainly adds to the appeal of the home, and thus should increase the sales price of the home, but it''s not likely that the market will recognize the value on a dollar-for-dollar basis. 

If it's a leased system or a power purchase agreement, it is often (always) problematic. 

Also of note, at least with Solar Mosaic here in Austin, it can really fuck with a Refinance.  They had it listed as a lien instead of an installment (which was incorrect) on our clients credit report and therefore they were insisting that on his cash out refinance he would have to satisfy that lien first.  About 30 emails/calls/arguments/days later we finally got it resolved.