All Encompassing Mortgage and Real Estate Thread

[Gatorubet 30241]

Meanwhile, at Zillow



So, what you're telling me, is that the music is about to stop, and we're going to be left holding the biggest bag of odorous excrement ever assembled in the history of capitalism.

[Wulaw Horn 19070]

1 hour ago, Mother mopar said:

Looking to buy a house in Florida (Fort Walton Beach area) anyone service that area before I reach out elsewhere?

I've got a friend that does ( @closetohumping talked about that referral when he said she was great and ethical and shot straight with him before he ultimately went elsewhere) if you want the name and number.  I don't care one way or another but she's good people and I refer (for free- I get nothing out of it) people to her in other states that I can't service. I don't know if she will have the lowest rate but I know she's honest and ethical and will get your deal closed.  The rate shouldn't be bad, either, but shop around and YMMV. PM Me if you want her contact. 

Edited November 2, 2021 by Wulaw Horn

[gurt 748]

Are building costs coming down at all lately?  I know lumber has started to fall back after the craziness of the first part of the year, but has that made its way back to the consumer yet? 

We are thinking of doing a screened in porch on the house but wondering if we should wait a bit more to let things normalize...or is that a fantasy at this point?

[UTPhil2006 3807]

Thanks for the positivity Mortgage News Daily 🤷🏼‍♂️

[UT_OB1 2223]

4 hours ago, gurt said:

Are building costs coming down at all lately?  I know lumber has started to fall back after the craziness of the first part of the year, but has that made its way back to the consumer yet? 

We are thinking of doing a screened in porch on the house but wondering if we should wait a bit more to let things normalize...or is that a fantasy at this point?

I’ve been tracking the HD costs if a handful of common lumber pieces. With prices falling from 1500ish the consumer prices have definitely dropped. In fact they are about half what they were. But prices have started going back up since lumber bottomed out around 475ish, and is now sitting around 700

[UTPhil2006 3807]

 

[Neonmoon 38129]

[immamac 42854]

2 hours ago, UTPhil2006 said:

 

Love it. 

[dingleberryswitzer 2724]

4 hours ago, UTPhil2006 said:

 

“Oops” /rickperry.gif

Edited November 3, 2021 by dingleberryswitzer

[Mother mopar 3318]

 

Hate to see it

[Okie State 3821]

I guess I'd enjoy that more if the people who fucked up were the ones losing their jobs. I know better than that though.

[TKthunder2 4992]

But I just saw a commercial for selling your home with Zillow so that can’t be true…

[Beantown Express 2.0 6559]

 

If they would have watched The Jerk they would have understood what a profit deal is.


Sent from my iPhone using Tapatalk

[Wulaw Horn 19070]

No curve balls from the fed yesterday. We lost 17 bips after the announcement and we are up 25 bips for the day today- so the last 24 hours have been slightly better for the market but a whole lot of nothing. 
the last FED meeting kicked off a time where we lost 200 basis points over the next 3 or 4 weeks so boring is good from my perspective. Or anyone looking to buy/refinance. 

[UTPhil2006 3807]

40 minutes ago, Wulaw Horn said:

No curve balls from the fed yesterday. We lost 17 bips after the announcement and we are up 25 bips for the day today- so the last 24 hours have been slightly better for the market but a whole lot of nothing. 
the last FED meeting kicked off a time where we lost 200 basis points over the next 3 or 4 weeks so boring is good from my perspective. Or anyone looking to buy/refinance. 

Yep we relatively came out unscathed.  For now..

[Wulaw Horn 19070]

26 minutes ago, UTPhil2006 said:

Yep we relatively came out unscathed.  For now..

There is always that qualifier.

We actually have room for rates to run back down from here. It might not be the most likely thing but there is a chance, for sure.  You couldn't have really plausibly said that for any time other than what- march 21 since the covid thing settled in around April of 20. It will be interesting to see what happens with the "for now". Gun to my head I'd say a 1/2 point move up is more likley than a half point move down- but you do actually have enough room for a 1/2 point move down now- that doesn't get us lower than any time in history but it puts us back in that neighborhood.

[dingleberryswitzer 2724]

On 11/2/2021 at 5:12 PM, UTPhil2006 said:

 

I get calls every couple of weeks from some random home buying company.  They seem really excited until I say I’ll take no less than $400k!! (On a house worth maybe 250).  
Guess they weren’t serious about making a competitive offer. 

[UT_OB1 2223]

4 hours ago, dingleberryswitzer said:

I get calls every couple of weeks from some random home buying company.  They seem really excited until I say I’ll take no less than $400k!! (On a house worth maybe 250).  
Guess they weren’t serious about making a competitive offer. 

I have a rental I keep getting calls about. Told one I’d take no less than 300k. He stammered and said most houses that size in Galveston are going for $60-80k. Ok, give me the address of a few non-tear downs on at least a 4k sqft lot that sold for that price range. None? Lol. Bye. 

My house isn’t worth 300k, but lowball 30-40% offers in this market are stupid and annoying. 

[Neonmoon 38129]

The taper was priced in. The Fed did a great job of telegraphing it to avoid the taper tantrums like last time. 

My guy says rates will go down a little during November, but then start their climb to 2 in December, but he drinks a lot so…

[UTPhil2006 3807]

Another little reprieve at the opening bell.

[UTPhil2006 3807]

In my next lifetime I'm gonna be an appraiser.  This dude just flat out appraised the whole ass wrong house.  Pics/comps and all.

[Updawg 2266]

In my next lifetime I'm gonna be an appraiser.  This dude just flat out appraised the whole ass wrong house.  Pics/comps and all.

Forget if it was this thread discussing being appraiser. I can “retire” from current job in 3 years and starting to think about giving up this career and doing that instead. Would give lots of flexibility to travel and golf and also seems low stress and easy.

[UT_OB1 2223]

On 11/5/2021 at 2:30 PM, UTPhil2006 said:

In my next lifetime I'm gonna be an appraiser.  This dude just flat out appraised the whole ass wrong house.  Pics/comps and all.

Well, did he at least get the amount right for the loan? 😀

[UTPhil2006 3807]

20 minutes ago, UT_OB1 said:

Well, did he at least get the amount right for the loan? 😀

Ha yep the value came in good which bodes well for us, the house across the street 

[CBT 1282]

[troph 24810]

ARBOR blocking sales data or at least attempting to:
 

 

Edited November 8, 2021 by troph

[UT_OB1 2223]

14 minutes ago, troph said:

ARBOR blocking sales data or at least attempting to:
 

 

Does it make it more difficult for tax appraisal to get info to jack your taxes up after you purchase?  I feel like you’d probably rather keep your taxes value low, but I think you’re screwed at least one way or another, probably both ways. 

[TKthunder2 4992]

1 hour ago, UT_OB1 said:

Does it make it more difficult for tax appraisal to get info to jack your taxes up after you purchase?  I feel like you’d probably rather keep your taxes value low, but I think you’re screwed at least one way or another, probably both ways. 

I don’t think so but not positive. Before Zillow/Redfin/etc had full access to MLS they would pull the historical sold prices from CAD.  I assume that will still be there it’s just going to be months delayed which sucks a donkey dick is a fast paced dynamic market.  Realtors are going to put themselves out a business even faster if they keep pulling these anti-consumer shenanigans.

[Catpfish 618]

2 hours ago, TKthunder2 said:

I don’t think so but not positive. Before Zillow/Redfin/etc had full access to MLS they would pull the historical sold prices from CAD.  I assume that will still be there it’s just going to be months delayed which sucks a donkey dick is a fast paced dynamic market.  Realtors are going to put themselves out a business even faster if they keep pulling these anti-consumer shenanigans.

The only way CAD would have had access to historical prices is from new buyers protesting taxes and using their HUDs to show proof.  That would put downward pressure on valuations because someone isn't going to protest if they paid more.  There is no recorded document that shows price that I'm aware of, so they have any number from that.  What am I missing?

[TKthunder2 4992]

1 hour ago, Catpfish said:

The only way CAD would have had access to historical prices is from new buyers protesting taxes and using their HUDs to show proof.  That would put downward pressure on valuations because someone isn't going to protest if they paid more.  There is no recorded document that shows price that I'm aware of, so they have any number from that.  What am I missing?

When Travis sent me my taxes this last year they have a full list of comps that sold in my neighborhood and their sold price, including my own house (which was less than they were try to assess, stupidly enough).  I know you don’t have to tell them what you paid for your house but they seemed to have that information somehow…but yeah I’m not in the know here so may be missing something too.

[Catpfish 618]

1 minute ago, TKthunder2 said:

When Travis sent me my taxes this last year they have a full list of comps that sold in my neighborhood and their sold price, including my own house (which was less than they were try to assess, stupidly enough).  I know you don’t have to tell them what you paid for your house but they seemed to have that information somehow…but yeah I’m not in the know here so may be missing something too.

It's possible that they received the data via protests.  For example, someone protesting got the sales data from a realtor and used it against them.  They then turn around and use that data on later protests.  It's also possible that they got the data through backchannel, possibly unethical means.  The CAD is staffed by people that will lie to the appraisal review boards, I know as I have called them on it several times much to the "shock" of the ARB.  They have stated on two separate instances that they are not bound by any appraisal standard (which I assume includes the ethical parts) and they have argued basic mathematical rules.  In short, I have very little doubt that they would exercise any and all means to get data that they really aren't entitled to since Texas is a non-disclosure state.

[Catpfish 618]

That said, that is why Zillow/Redfin etc. had such wild valuations (almost always overvaluations) for a long time.  They had very little to no actual access to data and seemed to be throwing numbers against the wall to drive clicks.  Much like Zillow did in their effort to be a major player in the housing market

[Wulaw Horn 19070]

7 minutes ago, Catpfish said:

It's possible that they received the data via protests.  For example, someone protesting got the sales data from a realtor and used it against them.  They then turn around and use that data on later protests.  It's also possible that they got the data through backchannel, possibly unethical means.  The CAD is staffed by people that will lie to the appraisal review boards, I know as I have called them on it several times much to the "shock" of the ARB.  They have stated on two separate instances that they are not bound by any appraisal standard (which I assume includes the ethical parts) and they have argued basic mathematical rules.  In short, I have very little doubt that they would exercise any and all means to get data that they really aren't entitled to since Texas is a non-disclosure state.

I've heard some people down there flat out say- we know what you paid for the house as a point toward the backchannel, possibly unethical means.  That was me in Victoria when I paid $10 a foot over market value and said- yo- why am I so much higher than all my neighbors?  What difference does it make if I stupidly overpaid if that's not what the actual going rate is.  They were not receptive to that argument b/c they "had the login to the MLS". My point was- hey- I got a fridge something else and they paid all my closing costs- that has real world value that should be subtracted out on an appraisal. They laughed at me. Fuckers. I don't know if every county does the backchannel but I have to assume it's not super uncommon. 

[CHIEF 5090]

NETRIS (North East Texas Real Estate Information System) generally has the final sales price up within 6 months. We don't put the information up. I'm guessing Title Companies share the info. It's coming from somewhere.

CHIEF

[Neonmoon 38129]

Won’t Zillow/Redfin just require the information at some point in terms of service?

[UTPhil2006 3807]

Another nice little dip to start the day on the 10 year.  Down about ~20 basis points in the last 2 weeks or so.

[Wulaw Horn 19070]

Again, same disclaimer as always- these are average rates locked across America yesterday.  We can do better. Your guy down the street can do better (almost assuredly), blah blah blah.  Here is the chart:

Still have 30 jumbo being less than 30 year conforming, always wild to me when that happens...  

30-YR. CONFORMING

3.178% +0.007

30-YR. JUMBO

3.134% -0.009

30-YR. FHA

3.257% -0.012

30-YR. VA

2.878% -0.018

30-YR. USDA

3.170% -0.059

15-YR. CONFORMING

2.425% -0.009

[jimmyjazz 45960]

Any news on when the value line for jumbos is expected to rise to that $600K range?

[UTPhil2006 3807]

2 minutes ago, jimmyjazz said:

Any news on when the value line for jumbos is expected to rise to that $600K range?

They're already honoring 625k as the conventional loan limit.

[Wulaw Horn 19070]

2 minutes ago, jimmyjazz said:

Any news on when the value line for jumbos is expected to rise to that $600K range?

It's already there for basically everyone ($625,000) as most all lenders are already honoring that at the lock desk. It will go live officially 1/1/2022.  Once it goes live it will be eligible for appraisal waivers as right now you can't get a waiver (I'm told) between 548,250 and $625,000

[jimmyjazz 45960]

2 minutes ago, Wulaw Horn said:

It's already there for basically everyone ($625,000) as most all lenders are already honoring that at the lock desk. It will go live officially 1/1/2022.  Once it goes live it will be eligible for appraisal waivers as right now you can't get a waiver (I'm told) between 548,250 and $625,000

What's an "appraisal waiver"?  Mortgage company accepts the agreed on price w/o vetting it?

[UTPhil2006 3807]

11 minutes ago, jimmyjazz said:

What's an "appraisal waiver"?  Mortgage company accepts the agreed on price w/o vetting it?

Basically they use the data they already have.  If the appraised amount that is inputted by the LO is within that window, or the LTV is low enough (like ~70% and below) it usually gets a waiver.  They became more prominent the last year or so with COVID and appraisers getting bogged down and backed up.

[jimmyjazz 45960]

I'd be shocked if most Austin refis weren't below 50% LTV at this point.

[Wulaw Horn 19070]

2 minutes ago, jimmyjazz said:

I'd be shocked if most Austin refis weren't below 50% LTV at this point.

Yep. You can get one on a sale too, but it's less common.

Lets say you have a $400k loan.  We'd put in that your value is $550k and if we get an appraisal waiver we'd punch it in then at 650k 750k etc until we lost the waiver.  The lower your ltv the better the pricing, within reason. 

Some properties don't qualify for an appraisal waiver b/c the automated system doesn't have enough data to feel comfortable. But yeah, appraisal waiver saves the customer 3 weeks and $600-$1000 in costs, and the mortgage broker plenty of brain damage. 

[Guest]

On 11/8/2021 at 8:37 AM, troph said:

ARBOR blocking sales data or at least attempting to:
 

 

Literally just came to ask if anyone knew where I could pull sold prices from. RealtyAustin.com stopped showing them a bit ago. Damnit. I like keeping tabs on it.

[Assman 1830]

Locked in at 2.375% on a VA jumbo this week with $3000 lender credit.  Seemed good enough for me.

[UTPhil2006 3807]

9 hours ago, Assman said:

Locked in at 2.375% on a VA jumbo this week with $3000 lender credit.  Seemed good enough for me.

Very solid

[UTPhil2006 3807]

23 hours ago, UTPhil2006 said:

Another nice little dip to start the day on the 10 year.  Down about ~20 basis points in the last 2 weeks or so.

[BabaYaga 15299]

Evergrande just went tits up.  Officially defaults.  

Hold on to your hats people.....

Alex, I'll take "what is contagion", for $100

[Wulaw Horn 19070]

So, yeah, we lost 47 basis points in 2 hours today.  Fun, fun fun. Inflation, how does it work?