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UTPhil2006

By UTPhil2006
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Gil Bang

Gil Bang 26021

Posted
Posted
On 11/8/2021 at 6:56 PM, CHIEF said:

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

I belong to CRMLS (the largest in the world, IIRC) and we are required to post any and all changes within 24 hours, including final sales price and any concessions. 

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mchookem
mchookem

alrighty...i haven't wanted to jinx anything so i've been pretty quiet... but we just closed on our new home in Denver this morning so i can now officially say YEAH! 😃 in a nutshell - we sold

Esque
Esque

Thank you for this - gave me a good laugh.  But also a good reminder of how the general public does not understand what is going on in real estate and thus why so many get caught offsides when the tid

Neonmoon
Neonmoon

Realtor: You should list your house at 500K Client: But three houses down the street sold for 700K Realtor: Yeah, but those are overvalued due to pandemic Fed policy and institutional invest

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Wulaw Horn

Wulaw Horn 19152

Posted
Posted

Only lost 69 basis points in the MBS market today.  I think I got repricing for the worse at 4 different times today?  Maybe 5?  That's always a fun day.  So, all the fun from the last week and a half is wiped out plus a little.  At least tomorrow is a holiday so the carnage will stop for 24 hours.  Apparently there are a few inflation hawks left in this world.  Who knew?

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Wulaw Horn

Wulaw Horn 19152

Posted
Posted
14 minutes ago, UTPhil2006 said:

Just goes back to the point to that if you have a good rate take it. The odds are more likely that your rate is going to go up (and quick) than waiting to see if it goes down another .125

What I tell almost everyone…  way more danger of it getting a lot worse than payoff in it getting a little better. 

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Neonmoon

Neonmoon 38130

Posted
Posted (edited)
3 hours ago, Wulaw Horn said:

Only lost 69 basis points in the MBS market today.  I think I got repricing for the worse at 4 different times today?  Maybe 5?  That's always a fun day.  So, all the fun from the last week and a half is wiped out plus a little.  At least tomorrow is a holiday so the carnage will stop for 24 hours.  Apparently there are a few inflation hawks left in this world.  Who knew?

Nothing like someone getting back to you about wanting to lock in that rate after you get the repricing for the worse notice. 
 

image.gif.63ac62fa0226653d2dfc18c464d6eedd.gif

 

Edited by Neonmoon
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Wulaw Horn

Wulaw Horn 19152

Posted
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34 minutes ago, Neonmoon said:

Nothing like someone getting back to you about wanting to lock in that rate after you get the repricing for the worse notice. 
 

image.gif.63ac62fa0226653d2dfc18c464d6eedd.gif

 

10:00 am:  can you beat this rate?

me- yeah but we got to lock now. Want To lock?  I think we should. 
crickets crickets crickets. 
3:00: ok- can we still do that rate?

me- no- but I think we should lock now. 
crickets  

5:30- so- how about now- do You want me to lock?

hold on- I’m waiting for my guy from last night to get back to me to see if he can do any better. 
Me- Hahahahaha. 
 

Had one more app promised at 10:00 am same story- me- get this filled out now it’s like trying to catch a falling knife out there. Him- sure thing. 10 hours later- nothing. 

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Gil Bang

Gil Bang 26021

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So, looks like Opendoor is following the zillow model.  

Today, I'm going to show an opendoor listing.  $450,000.  

They paid $443,500 in August. 

So, after commissions and carrying costs, they are gonna lose money. 

 

https://www.redfin.com/CA/Oceanside/352-Riverview-Way-92057/home/3250536#property-history

 

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UTPhil2006

UTPhil2006 3812

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2 hours ago, Gil Bang said:

So, looks like Opendoor is following the zillow model.  

Today, I'm going to show an opendoor listing.  $450,000.  

They paid $443,500 in August. 

So, after commissions and carrying costs, they are gonna lose money. 

 

https://www.redfin.com/CA/Oceanside/352-Riverview-Way-92057/home/3250536#property-history

 

Let em all fail.

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Wulaw Horn

Wulaw Horn 19152

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1 hour ago, UTPhil2006 said:

We had one in Livingston a while back take 75 days.

Son of a bitch I'd lose my mind. I think the worst we've had was 5 weeks up in waco for 20 acres.  That came in at a smooth $2300.00. My son is definitely becoming an appraiser.  It's got to be the easiest money ever. 

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Sbbruin

Sbbruin 21888

Posted
Posted (edited)

Random question, and requesting stupid question amnesty, but I have to think this "home title theft" shit they are peddling on tv is complete bullshit, yes?  They make it seem like hackers can steal your title with 5 clicks of a mouse.

 

nvmd.  decided it is a truly stupid question.

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Assman

Assman 1830

Posted
Posted
8 hours ago, Wulaw Horn said:

Son of a bitch I'd lose my mind. I think the worst we've had was 5 weeks up in waco for 20 acres.  That came in at a smooth $2300.00. My son is definitely becoming an appraiser.  It's got to be the easiest money ever. 

The first appraiser my lender reached out to wanted $2400 for ours because he's "about to go on vacation".  Fuck you.

I'm seriously considering getting my appraiser license. 

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Muny_Tex

Muny_Tex 299

Posted
Posted

Apologies for the bump, but wanted to pass along my praise/endorsement of Wulaw’s team.

We just completed a VA IRRL (with nearly a full 1% rate improvement) and am very pleased with the final outcome. Gabe created a deal that is essentially net-zero cost after applying the skipped payments, which is thousands better than what my existing servicer offered.

I’ve previously dealt with two different big box lenders who created constant stress due to limited competency and lack of ownership.

It was a totally different story with Gabe who was immediately responsive to all questions; and made a personal effort to deliver on my goals. Also had great exchanges with his title partner/notary which made for very simple closing.

I’ve learned a lot from this thread (lurker since day 1), and appreciate everyone’s (Phil, Gil, etc) contributions. Thanks again.



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UTPhil2006

UTPhil2006 3812

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Two things of note - new (to this term) Fed Chair will be Powell again..

Secondly one of our main Jumbo lenders is rolling out a Professional program detailed below that goes up to 95% LTV on Purchases, and 90% LTV with No MI with the guidelines below

95% LTV Loan Amounts $1.25 million

  • Fico 720
  • DTI 43
  • Months Reserves 4
  • This is a no MI product

95% LTV loan amounts $1 million

  • Fico 700
  • DTI 43
  • Months Reserves 3
  • This is a no MI product

****Borrower must be a resident or practicing physician, attorney, CPA, oral surgeon, dentist, pharmacist, optometrist, nurse anesthetist, physician assistant, or ophthalmologist.

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Wulaw Horn

Wulaw Horn 19152

Posted
Posted
56 minutes ago, UTPhil2006 said:

Two things of note - new (to this term) Fed Chair will be Powell again..

Secondly one of our main Jumbo lenders is rolling out a Professional program detailed below that goes up to 95% LTV on Purchases, and 90% LTV with No MI with the guidelines below

95% LTV Loan Amounts $1.25 million

  • Fico 720
  • DTI 43
  • Months Reserves 4
  • This is a no MI product

95% LTV loan amounts $1 million

  • Fico 700
  • DTI 43
  • Months Reserves 3
  • This is a no MI product

****Borrower must be a resident or practicing physician, attorney, CPA, oral surgeon, dentist, pharmacist, optometrist, nurse anesthetist, physician assistant, or ophthalmologist.

How about podiatrist- does that count? 

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Wulaw Horn

Wulaw Horn 19152

Posted
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40 bip drop today in the mortgage backed security market. Morning reprice from Friday and afternoon reprice from the morning. 
Average deal for a 30 fixed nationwide up to 3.31. Anything low 3 is good. Anything in 2’s is excellent and thank your broker. 
Market didn’t love vice chair for the fed and the hawks probable don’t love Powell coming back. Normal inflation concerns. Technical trade move to market going higher. I now have had alerts to lock 5 of last 7 days. Typically I get 3-5 a month.

is the era of super duper low rates gone for good?  Maybe. Do I think we are going to see rates anywhere like we did in the 70’s through 90’s?  No way.  

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drewlaws

drewlaws 126

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I am considering an addition and wondering where to start to determine the feasibility of the project and get a budget estimate. Right now I have a 2000 sqft 3/2 split level with 3 bedrooms on one "wing" of the house and an open concept living/dining/kitchen on the other "wing" over the oversized garage. The interior was gutted and redone about 15 years ago.

My thought for the addition is to add 1000 sqft for a large master bedroom suite and office on top of the bedroom "wing" and possibly a rooftop deck. I would reno the kitchen to add storage and increase functionality while we're in construction hell.

Is the first step to call a contractor(s) to get a quote? Are they able to tell if the current house can support such an addition or is that an engineer's job? Or do I call an architect first? My biggest fear is that we rip the roof off the home only to be told that the structure cannot support a 2nd floor.

I have not ruled out any option, including tearing down and rebuilding ($$$$) or moving within my neighborhood (least amount of stress but $$$ to get what we want). 

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Wulaw Horn

Wulaw Horn 19152

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1 hour ago, drewlaws said:

I am considering an addition and wondering where to start to determine the feasibility of the project and get a budget estimate. Right now I have a 2000 sqft 3/2 split level with 3 bedrooms on one "wing" of the house and an open concept living/dining/kitchen on the other "wing" over the oversized garage. The interior was gutted and redone about 15 years ago.

My thought for the addition is to add 1000 sqft for a large master bedroom suite and office on top of the bedroom "wing" and possibly a rooftop deck. I would reno the kitchen to add storage and increase functionality while we're in construction hell.

Is the first step to call a contractor(s) to get a quote? Are they able to tell if the current house can support such an addition or is that an engineer's job? Or do I call an architect first? My biggest fear is that we rip the roof off the home only to be told that the structure cannot support a 2nd floor.

I have not ruled out any option, including tearing down and rebuilding ($$$$) or moving within my neighborhood (least amount of stress but $$$ to get what we want). 

Architect, engineer then contractor in that order.l I would think.  That’s the order you would build it in so seems like the same order for a renovation.  

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Neonmoon

Neonmoon 38130

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6 hours ago, Wulaw Horn said:

40 bip drop today in the mortgage backed security market. Morning reprice from Friday and afternoon reprice from the morning. 
Average deal for a 30 fixed nationwide up to 3.31. Anything low 3 is good. Anything in 2’s is excellent and thank your broker. 
Market didn’t love vice chair for the fed and the hawks probable don’t love Powell coming back. Normal inflation concerns. Technical trade move to market going higher. I now have had alerts to lock 5 of last 7 days. Typically I get 3-5 a month.

is the era of super duper low rates gone for good?  Maybe. Do I think we are going to see rates anywhere like we did in the 70’s through 90’s?  No way.  

Markets hedging for the holiday. They will kick you in the nuts again before Thanksgiving 

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TKthunder2

TKthunder2 4997

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16 hours ago, drewlaws said:

I am considering an addition and wondering where to start to determine the feasibility of the project and get a budget estimate. Right now I have a 2000 sqft 3/2 split level with 3 bedrooms on one "wing" of the house and an open concept living/dining/kitchen on the other "wing" over the oversized garage. The interior was gutted and redone about 15 years ago.

My thought for the addition is to add 1000 sqft for a large master bedroom suite and office on top of the bedroom "wing" and possibly a rooftop deck. I would reno the kitchen to add storage and increase functionality while we're in construction hell.

Is the first step to call a contractor(s) to get a quote? Are they able to tell if the current house can support such an addition or is that an engineer's job? Or do I call an architect first? My biggest fear is that we rip the roof off the home only to be told that the structure cannot support a 2nd floor.

I have not ruled out any option, including tearing down and rebuilding ($$$$) or moving within my neighborhood (least amount of stress but $$$ to get what we want). 

I’m currently doing some like this.  Full down stairs remodel, adding 1500 sqft and a new garage.

I’d call the contractor first and talk it out.  They shouldn’t charge you anything and would generally be able to highlight some concerns and give you a ball park.  HVAC, electric, septic, city/zoning concerns will be pointed out since they deal with them regularly. Then if you’re still ready to move forward Architect to draw it out and will generally have an engineering firm they work with.

Be warned this took me nearly a year from first meeting to the start of my demo.

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Gil Bang

Gil Bang 26021

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20 hours ago, Wulaw Horn said:

Architect, engineer then contractor in that order.l I would think.  That’s the order you would build it in so seems like the same order for a renovation.  

Sort of.  

You call the architect.  He calls the engineer.  On a properly run project, everything goes through the architect.  

Imagine there's a structural issue.  A completely sound engineering solution may be to put a post in the middle of your living room.  It may be a great idea from a structural engineering standpoint, but it sucks from every other standpoint.  

The architect is the traffic cop for the entire project. 

I'm guessing that @Onboard 2.0 will agree.

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Onboard 2.0

Onboard 2.0 9083

Posted
Posted (edited)
28 minutes ago, Gil Bang said:

Sort of.  

You call the architect.  He calls the engineer.  On a properly run project, everything goes through the architect.  

Imagine there's a structural issue.  A completely sound engineering solution may be to put a post in the middle of your living room.  It may be a great idea from a structural engineering standpoint, but it sucks from every other standpoint.  

The architect is the traffic cop for the entire project. 

I'm guessing that @Onboard 2.0 will agree.

Yeah for better, and worse the architect has to be the traffic cop, marriage counselor, cheerleader, and voice of reason.  Think about it, you got guys like @Deadshank, and @ROFLBOX running around job sites....

Edited by Onboard 2.0
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Wulaw Horn

Wulaw Horn 19152

Posted
Posted
34 minutes ago, Gil Bang said:

Sort of.  

You call the architect.  He calls the engineer.  On a properly run project, everything goes through the architect.  

Imagine there's a structural issue.  A completely sound engineering solution may be to put a post in the middle of your living room.  It may be a great idea from a structural engineering standpoint, but it sucks from every other standpoint.  

The architect is the traffic cop for the entire project. 

I'm guessing that @Onboard 2.0 will agree.

Yep. If you get a good one. And you can handle being hands off. 

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Gil Bang

Gil Bang 26021

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Posted
2 hours ago, drewlaws said:

Thanks everyone for your recommendations. What are the most important things to consider when selecting an architect?

What's his/her (it's almost always "his") portfolio.  Is your remodel/addition in his wheelhouse?  When I was doing Medical office and Surgery Center stuff, my guy was terrific, but I wouldn't trust him to do a remodel on my house.  Everybody's got a wheelhouse. 

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drewlaws

drewlaws 126

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Posted
What's his/her (it's almost always "his") portfolio.  Is your remodel/addition in his wheelhouse?  When I was doing Medical office and Surgery Center stuff, my guy was terrific, but I wouldn't trust him to do a remodel on my house.  Everybody's got a wheelhouse. 

Thanks. This is what I was wondering about. If I want something contemporary, don’t hire someone who does mostly modern farmhouse, etc. And I assume I want someone who has done several additions, not only new builds. I was unsure how adaptable architects are across different types of projects.


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MAUFRAIS

MAUFRAIS 6635

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Posted

Yeah that’s good advice. Find someone who has done things that look like what you want yours to look like. We did a big project a few years ago and told our architect exactly what we wanted, but the first few drafts looked a lot more like their other projects. We joked that we had hired Mike Brady.

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Longhorn_Fan68

Longhorn_Fan68 33899

Posted
Posted
2 hours ago, BrazilHorn said:

Any recommendations for an architect in central Austin that would be good for a garage apartment type design?

we have an old (1930s) carriage house we are looking to expand/tear down and then replace with a garage/apartment type setup

I'll hit you up vm pm.

4 minutes ago, blacklab said:

I'd recommend @Longhorn_Fan68

He did a design for a garage apartment a few years ago. I ended up moving and not using them so ask him for my design, maybe he'll give it to you cheap

It doesn't work like that, and you know that ;)

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