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All Encompassing Mortgage and Real Estate Thread

UTPhil2006

By UTPhil2006
in Business and Markets

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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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LCHorn

LCHorn 2620

Posted
Posted
15 minutes ago, Neonmoon said:

Yes. 

 

8 minutes ago, Wulaw Horn said:

Yeah- as long as you can show continuity of income you should be fine. 

That what I said, too, apparently in error.  We escalated to Fannie who pointed to this:

”To obtain a credit report that is compatible with DU loan casefile requirements, the borrower's present address must be within the U.S. or U.S. territories, with the exception of an Army Post Office (APO), Fleet Post Office (FPO), or Diplomatic Post Office (DPO) military address.”

Per Fannie, it’s one of the more common causes of repurchase.  So it’s not simply a matter of credit risk as determined by the credit history.

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Wulaw Horn

Wulaw Horn 19070

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10 minutes ago, LCHorn said:

 

That what I said, too, apparently in error.  We escalated to Fannie who pointed to this:

”To obtain a credit report that is compatible with DU loan casefile requirements, the borrower's present address must be within the U.S. or U.S. territories, with the exception of an Army Post Office (APO), Fleet Post Office (FPO), or Diplomatic Post Office (DPO) military address.”

Per Fannie, it’s one of the more common causes of repurchase.  So it’s not simply a matter of credit risk as determined by the credit history.

He’s buying a primary here, right?  Wow, didn’t know that was an issue in pulling credit. Put in some other addy to push it through?  

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Neonmoon

Neonmoon 38129

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44 minutes ago, LCHorn said:

 

That what I said, too, apparently in error.  We escalated to Fannie who pointed to this:

”To obtain a credit report that is compatible with DU loan casefile requirements, the borrower's present address must be within the U.S. or U.S. territories, with the exception of an Army Post Office (APO), Fleet Post Office (FPO), or Diplomatic Post Office (DPO) military address.”

Per Fannie, it’s one of the more common causes of repurchase.  So it’s not simply a matter of credit risk as determined by the credit history.

Can’t you use his primary as his present address? 

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LCHorn

LCHorn 2620

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1 hour ago, Wulaw Horn said:

He’s buying a primary here, right?  Wow, didn’t know that was an issue in pulling credit. Put in some other addy to push it through?  

He’s buying an investment property.  His address for the credit pull would be a domestic US address he uses for business correspondence and that’s how we did purchase loans for him last year.  

 

45 minutes ago, Neonmoon said:

Can’t you use his primary as his present address? 

Unfortunately not, it’s not corroborated by his tax returns and his VOE identifying him as a resident of Singapore.  

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Neonmoon

Neonmoon 38129

Posted
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Dear Realtors,

What are the best ways for lead generation?

sphere of influence, side-business, buying leads from Zillow/Cinc/Realtor.com/etc, social media, traditional marketing??

Curious what people are leveraging in this market? How do realtors grow their business?

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UTPhil2006

UTPhil2006 3807

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3 hours ago, Neonmoon said:

Dear Realtors,

What are the best ways for lead generation?

sphere of influence, side-business, buying leads from Zillow/Cinc/Realtor.com/etc, social media, traditional marketing??

Curious what people are leveraging in this market? How do realtors grow their business?

Social media, referrals, title companies insurance companies etc 

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KYHorn

KYHorn 17069

Posted
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4 hours ago, UTPhil2006 said:

Social media, referrals, title companies insurance companies etc 

 

7 hours ago, Neonmoon said:

Dear Realtors,

What are the best ways for lead generation?

sphere of influence, side-business, buying leads from Zillow/Cinc/Realtor.com/etc, social media, traditional marketing??

Curious what people are leveraging in this market? How do realtors grow their business?

Most successful realtors I know have a strong social media presence. Unfortunately, this takes a lot of time and effort to develop. If you can get your clients to let you take their picture, tag them on social media, give positive reviews on Google, Zillow, Facebook, etc, I think it makes a significant difference. Another reason why I could never be a successful realtor.

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Neonmoon

Neonmoon 38129

Posted
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1 hour ago, KYHorn said:

 

Most successful realtors I know have a strong social media presence. Unfortunately, this takes a lot of time and effort to develop. If you can get your clients to let you take their picture, tag them on social media, give positive reviews on Google, Zillow, Facebook, etc, I think it makes a significant difference. Another reason why I could never be a successful realtor.

I’m just curious 

Seems like lead generation is a problem right now. There’s just no inventory. Duh. But I’m curious why some realtors are successful and others are not. Realtors with a thick Rolodex of past clients are probably doing fine, but there’s a lot not doing fine. I look up production on many firms and there are the 5 top producers and 30 other people on the struggle bus. 

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Wulaw Horn

Wulaw Horn 19070

Posted
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10 hours ago, Neonmoon said:

I’m just curious 

Seems like lead generation is a problem right now. There’s just no inventory. Duh. But I’m curious why some realtors are successful and others are not. Realtors with a thick Rolodex of past clients are probably doing fine, but there’s a lot not doing fine. I look up production on many firms and there are the 5 top producers and 30 other people on the struggle bus. 

That’s always the case in real estate. It is the exemplar of the Pareto principle, always (80-% of the money is made by too 20% of the industry). 

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Wulaw Horn

Wulaw Horn 19070

Posted
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41 minutes ago, LCHorn said:

I've not been paying attention to rates all day--why is Habib pushing alert to lock with the market up 20 bps from earlier?

Because we were up 27 at 9 eastern and he went to alert to lock at 12, down 15 from the high water. 
And he thinks we are going to have a bad rest of the week with CPI and a shitty bond auction

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Wulaw Horn

Wulaw Horn 19070

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4 minutes ago, Neonmoon said:

Cold calling is like getting kicked in the balls repeatedly 

Ha. It's not that bad man. You just have to get 25 no's to get your 1 yes and then you are off and running. I started enjoying it by about the 5th week of doing it. 
Who are you cold calling?

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Wulaw Horn

Wulaw Horn 19070

Posted
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Dropping the kids off at school and got the text at 8:01 showing the market opened up down 44 points.

My 10 year old "dad- that's not good is it" 

Me- nope.  And we lost 65 points to end the day yesterday from lunch on- that's about 110 points in the last 5 work hours.  

Him- but I don't understand- inflation was at 9.5 and now it's at 3.4  Why is this still happening? (I swear to God this entire conversation played out exactly like this- he listens to Ben shapiro podcast daily- which is funny because I never have listened to Shapiro and I guess he was talking about inflation report yesterday on his pod) shouldn't interest rates be going down instead of up? 

Me- yeah buddy, that's what I've been saying should be going on but nobody seems to be listening to me.

5 minutes later- dad- are we going to lose our house?  

Me- nah our payment isn't really that high- even if the market never gets any better we can scrape together a living- I could make enough to pay the house payment driving uber- I saw this coming and loaded up with 100k worth of credit card availability for in case times get really really grim, blah blah blah.  

Him- Ok- that makes sense.  We should probably buy food first and then pay the house.

Me- that's the plan.  

3 minutes of think time later:

Him- why is that lake so shallow. Are all the trees going to die if there's no water? When are you going to do another podcast? Should mom be a PE teacher?  They do almost no work and make as much as regular teachers. Why is that?  My PE teacher the other day was eating subway- while we were in class.  Can you believe that? all the last happened literally in the space of 35 seconds.   

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Wulaw Horn

Wulaw Horn 19070

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1 hour ago, Wulaw Horn said:

I just got a par quote from UWM on a 20% down 780 credit score at 7.53!  Wowzers. 

Just a reminder- par quote doesn't mean that's what your interest rate will be, we almost always do better, sometimes we can't even do that well- depends on situation- blah blah blah.  Live pricing today is 7.14% though and that doesn't even account for the market being down 30 bips as we speak. I suspect par rate pretty much everywhere is going to end at 7.2 unless we rally a fair bit headed into the weekend.  

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Wulaw Horn

Wulaw Horn 19070

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17 minutes ago, Neonmoon said:

Your 10 year old listens to Ben Shapiro podcasts?

 

On his own. It’s weird. He found him on YouTube like 6 months ago doing a movie review (the latest john wick) - liked it and listens every day. 
I tell him no thanks dude- I’m not listening. Doesn’t help me out in any way. 

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Wulaw Horn

Wulaw Horn 19070

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5 minutes ago, UTPhil2006 said:

Sounds like he talks at the same speed as him too 

It’s funny that you say that because- yeah. He was telling his aunt something and she’s like I can’t listen to him he talks too fast. And he just looked at her puzzled. 
I listen to everyone gets a trophy, Bonby Burton and breathing Orange fire podcasts plus 90’s country music. Anything other than that and he’s on his own. 

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Wulaw Horn

Wulaw Horn 19070

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38 minutes ago, StassneyHorn said:

Just play the Ben Shapiro reading of WAP and say if you end up like this guy you wont have to worry about WAP at all

I have no idea what you are talking about. I literally have listened to 2 movie reviews that he insisted that I listen to, so I have no idea. 

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gmr548

gmr548 16580

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I have no idea what you are talking about. I literally have listened to 2 movie reviews that he insisted that I listen to, so I have no idea. 

It’s pretty funny. Obviously everything Ben Shapiro does is politically loaded, but removing that context it’s just an unintentionally hilarious reaction video.
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Wulaw Horn

Wulaw Horn 19070

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44 minutes ago, gmr548 said:


It’s pretty funny. Obviously everything Ben Shapiro does is politically loaded, but removing that context it’s just an unintentionally hilarious reaction video.

Ah it’s a song by two people I’ve never heard of- that’s what I didn’t get. Ok- I could see that. Sing funny. Thanks. 

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Armybrat

Armybrat 40850

Posted
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21 hours ago, Wulaw Horn said:

Dropping the kids off at school and got the text at 8:01 showing the market opened up down 44 points.

My 10 year old "dad- that's not good is it" 

Me- nope.  And we lost 65 points to end the day yesterday from lunch on- that's about 110 points in the last 5 work hours.  

Him- but I don't understand- inflation was at 9.5 and now it's at 3.4  Why is this still happening? (I swear to God this entire conversation played out exactly like this- he listens to Ben shapiro podcast daily- which is funny because I never have listened to Shapiro and I guess he was talking about inflation report yesterday on his pod) shouldn't interest rates be going down instead of up? 

Me- yeah buddy, that's what I've been saying should be going on but nobody seems to be listening to me.

5 minutes later- dad- are we going to lose our house?  

Me- nah our payment isn't really that high- even if the market never gets any better we can scrape together a living- I could make enough to pay the house payment driving uber- I saw this coming and loaded up with 100k worth of credit card availability for in case times get really really grim, blah blah blah.  

Him- Ok- that makes sense.  We should probably buy food first and then pay the house.

Me- that's the plan.  

3 minutes of think time later:

Him- why is that lake so shallow. Are all the trees going to die if there's no water? When are you going to do another podcast? Should mom be a PE teacher?  They do almost no work and make as much as regular teachers. Why is that?  My PE teacher the other day was eating subway- while we were in class.  Can you believe that? all the last happened literally in the space of 35 seconds.   

The girls PE teacher at my last school was fucking the boys PE teacher/coach. 
Custodian caught them in the act in the locker room late on afternoon after school.

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