All Encompassing Mortgage and Real Estate Thread

[YChang 3441]

1 hour ago, Storm the Field said:

Decent chance you'll get an email during the time leading up to closing that says your wire transfer needs to be arranged within the next 24 hours in order to close on time and they'll provide wire transfer instructions These guys build email accounts that look similar to the realtors/mortgage/title people you've been dealing with. They'll even steal the signature block and logos. Make sure to check the actual address. Instead of something like "Stormthefield@titlecompany.com" it will instead be something like "Stormthefieldtitlecompany@gmail.com."

Yeah it was uncanny at a quick glance how close they were to the real deal — as described right down to the email signatures. 

[UTPhil2006 3801]

Yeah they're getting good at copying vital information and such, but one of the biggest things is look at the email as Storm pointed out.  Also we encourage that towards closing confirm everything by phone with our Sr Processor or the Title Rep over the phone.

[UTPhil2006 3801]

On 9/7/2018 at 1:36 PM, MNLonghornFUKM said:

Sold our house in contingency that the buyer( who's a realtor herself) sells hers which was just listed today.

 

Huge potential monkey off our back since our new construction is supposed to close in mid November.

 

I was getting in the beginning stages of getting a tad nervous

 

How's the contingency going?  She get hers sold?

[Gil Bang 25907]

CA now has a "wire fraud disclosure" as part of our offer, saying all of the above.  

[Gil Bang 25907]

@MNLonghornFUKM  how did your deal turn out?  You left us hanging. 

[MNLonghornFUKM 8817]

3 minutes ago, Gil Bang said:

@MNLonghornFUKM  how did your deal turn out?  You left us hanging. 

My contingency buyer has an inspection next week on their home. if all goes well they should close on their sale Oct 23rd, our transaction is oct 26th and then we move into our new house late Oct-mid November.

 

minimal to no extra moving is what we're hoping for

[Storm the Field 5291]

The old man's leaseback on the tear-down property we bought ends today. Tomorrow, I'll finally get to go see the inside and backyard of the shack I now own. Interested to see if there's anything in there worth hanging on to, though I doubt it. 

Have had several buddies ask about the possibility of going over there with a cooler full of beer and kicking a few holes in the walls one of these weekends before the bulldozers show up.

[UTPhil2006 3801]

38 minutes ago, Storm the Field said:

The old man's leaseback on the tear-down property we bought ends today. Tomorrow, I'll finally get to go see the inside and backyard of the shack I now own. Interested to see if there's anything in there worth hanging on to, though I doubt it. 

Have had several buddies ask about the possibility of going over there with a cooler full of beer and kicking a few holes in the walls one of these weekends before the bulldozers show up.

I'm on board with this.  Hell just sell Surly users $20 5 minute spots to tear up as much as possible, lord knows theres a bunch of people here that could stand to get out some aggression.

[Gil Bang 25907]

You're crazy if you don't salvage the copper pipe and wiring.   You'll be surprised how much scrap copper will bring.   Brass fittings too.  

[Stunns38 3460]

Hello, All.

We’re in the process of getting a new home built and our State Farm rep forwarded us reference to their Water Damage and Foundation Endorsements.

They stated that they make the homeowner aware of these endorsements at the start of a policy because if the policy does not begin with the endorsements, they cannot be added at a later date. We can elect to have either or both endorsements on the prospective State Farm Homeowners policy.

We’re building in Dallas proper and it isn’t a flood zone or the area isn’t flood prone that I know of. This would probably be a no-brainer in Houston though.

Anyone have experience with this? Any advice or recs?

Thanks

Necrobump.

Closing is approaching within 2.5 months so I wanted to get additional opinions on this above. It isn’t flood insurance, it’s defined as coverage provided for deterioration, wet rot or dry caused by continuous or repeated seepage or leakage of water or steam from a heating, air conditioning or automatic fire protective sprinkler system, household appliance or plumbing system.

I don’t think it covers the contents damaged by water though but I could be mistaken. Is this worth it? It’ll probably add $50 monthly with State Farm.

Thanks

[UTPhil2006 3801]

From the Fed announcement today ...

Quote

Mortgage rates improved in a somewhat noticeable way for the first time in weeks following today's policy announcement from the Fed.  Actually, to be fair and accurate, rates didn't improve until Fed Chair Powell answered a question about inflation during his press conference, saying the Fed doesn't see inflation "surprising to the upside."  That's a fancy way of saying they don't expect inflation to rise any faster than forecasts suggest.

Inflation is critical to the Fed's decision-making process--especially because we're currently at an important crossroads.  For the first time since before the financial crisis, core inflation stands a chance to make a sustained move up and over the 2% barrier.  2% is generally the line in the sand, above which the Fed is more apt to think about tightening monetary policy (i.e. doing things that push interest rates higher).  This time around, they began tightening well in advance of 2% inflation because they were highly confident in the inflation outlook (and they were right).

If the Fed doesn't see inflation running hotter than expected, and if today's interest rates do what they can to price-in future expectations, the only risk remaining is that inflation progresses slower than expected.  That would be good for rates and that's essentially why rates recaptured some recently-lost territory today.

 

[Sbbruin 21827]

Jack Woltz's pad is for sale for a mere $135 mil.

 

https://therealdeal.com/la/2018/09/25/famed-beverly-house-hits-the-market-again-seeking-135m/?utm_source=The+Real+Deal+E-Lerts&utm_campaign=3b1819c2c8-LA_WEEKLY_ROUNDUP_12_07_201512_6_2015_COPY_01&utm_medium=email&utm_term=0_6e806bb87a-3b1819c2c8-389538569

[T’Boo Ted Marshall 2731]

Necrobump.

Closing is approaching within 2.5 months so I wanted to get additional opinions on this above. It isn’t flood insurance, it’s defined as coverage provided for deterioration, wet rot or dry caused by continuous or repeated seepage or leakage of water or steam from a heating, air conditioning or automatic fire protective sprinkler system, household appliance or plumbing system.

I don’t think it covers the contents damaged by water though but I could be mistaken. Is this worth it? It’ll probably add $50 monthly with State Farm.

Thanks

What’s the time frame to discover issues? Last I looked for SF it was like 14 days which is not much. Also ask what they cover if they tear out something to inspect and don’t cover it.

Find a better carrier. If your house is $750k and up call C-man. I’ve hung up my jersey in that game.

[UTPhil2006 3801]

On 10/1/2018 at 11:13 AM, Sbbruin said:

Jack Woltz's pad is for sale for a mere $135 mil.

 

https://therealdeal.com/la/2018/09/25/famed-beverly-house-hits-the-market-again-seeking-135m/?utm_source=The+Real+Deal+E-Lerts&utm_campaign=3b1819c2c8-LA_WEEKLY_ROUNDUP_12_07_201512_6_2015_COPY_01&utm_medium=email&utm_term=0_6e806bb87a-3b1819c2c8-389538569

I'll take 2.

[stupidgringo 66]

I need two houses and a lot appraised. Any of you RE guys have a good appraiser? One house in Travis County, other house and lot in Comal County. Would it be best to use local appraisers? What should I expect to pay? Thanks. 

[UTPhil2006 3801]

PM me. 

[Gil Bang 25907]

On 10/1/2018 at 7:05 PM, T’Boo Ted Marshall said:

What’s the time frame to discover issues? Last I looked for SF it was like 14 days which is not much. Also ask what they cover if they tear out something to inspect and don’t cover it.

 

In CA, you have a 17 day inspection period by default in the contract.  That can be changed, but 17 days is the norm.  Sellers have 5 days to submit written disclosures. 

I have a deal closing next week where seller disclosed foundation issues, we had our home inspection , and then on day 17 we decided to have a structural engineer inspect.  Since we hadn't released our inspection contingency on day 17, we could still perform that inspection on day 19.

[T’Boo Ted Marshall 2731]

I think Stunns is talking in general, not during a closing period.

[Guest]

Gil Bang, you are in SoCal. Have you seen this "Show me how to Duffy?" A 50k "commercial" to sell  45mm house.

I've been in Costa Mesa, Newport and Irvine all week and it's all everyone is talking about.

https://www.smithgrouprealestate.com/blog/What-39-s-A-Duffy/67687

[taco 12]

On 9/22/2018 at 10:47 AM, Stunns38 said:

 

Necrobump.

Closing is approaching within 2.5 months so I wanted to get additional opinions on this above. It isn’t flood insurance, it’s defined as coverage provided for deterioration, wet rot or dry caused by continuous or repeated seepage or leakage of water or steam from a heating, air conditioning or automatic fire protective sprinkler system, household appliance or plumbing system.

I don’t think it covers the contents damaged by water though but I could be mistaken. Is this worth it? It’ll probably add $50 monthly with State Farm.

Thanks

 

We had coverage from State Farm on an old ranch house on my family's property. We go out there a few times a year, mostly during dove season and rarely otherwise. 

Went up before summer to check on things and the house was flooded. Looked like we'd been robbed by the Wet Bandits. There was about an inch of standing water everywhere and mold to the fucking ceiling. Wood floors a total loss, the whole house is a total loss. Toilet reservoir some how developed a small crack and flooded the place. Insurance is arguing we are not covered and I assume what you're asking about is the reason. Although, they must have gotten coverage on it decades ago. Shitty situation regardless. 

 More recently, parents built a new home. Pipe above their theater room (that they never use) broke and destroyed it and everything in it. Fortunately State Farm didn't argue about that situation and are covering everything. 

If you keep up with maintenance and know how to shut off your water, I don't think you would need it. At least not from State Farm anyways. 

 

[T’Boo Ted Marshall 2731]

That’s my point from my earlier reply. You have a certain amount of time to discover a leak. Each policy varies. I’ve seen as little as 14 days.
In the case of your ranch it had been quite a while and that’s why it was denied.

[T’Boo Ted Marshall 2731]

I’m looking to sell my rental condo. I’ve had the same set of renters for almost 9 years. Doubtful they go anywhere. Is it better to sell this on the regular market or to the landlord market?
If through the landlord market would it be worth more than market value since it comes with long time renters ?

[Stunns38 3460]

I think Stunns is talking in general, not during a closing period.

Yes, correct. State Farm only will allow you to add the endorsements initially, not as an add-on later.

[Stunns38 3460]

PM me. 

Any opinions on the rising interest rates? Is it wise to try to rate lock soon for a December closing or ride it out and hope the markets, midterm elections, and other factors keep it from rising too quickly? I know it’s a question no one can predict. I think we will see 5% avg pretty soon which is still historically good but will panic some buyers.

Thx

[Gil Bang 25907]

52 minutes ago, Stunns38 said:

 

2 hours ago, T’Boo Ted Marshall said:

I’m looking to sell my rental condo. I’ve had the same set of renters for almost 9 years. Doubtful they go anywhere. Is it better to sell this on the regular market or to the landlord market?
If through the landlord market would it be worth more than market value since it comes with long time renters ?

Regular market.  Put in the listing "long term tenants would like to stay"

 

 

[Modessit 5598]

I’m looking to sell my rental condo. I’ve had the same set of renters for almost 9 years. Doubtful they go anywhere. Is it better to sell this on the regular market or to the landlord market?
If through the landlord market would it be worth more than market value since it comes with long time renters ?

Have you told your renters? Maybe they want to buy it.

[UTPhil2006 3801]

15 hours ago, T’Boo Ted Marshall said:

I’m looking to sell my rental condo. I’ve had the same set of renters for almost 9 years. Doubtful they go anywhere. Is it better to sell this on the regular market or to the landlord market?
If through the landlord market would it be worth more than market value since it comes with long time renters ?

Regular market.  

[UTPhil2006 3801]

13 hours ago, Stunns38 said:

 

Any opinions on the rising interest rates? Is it wise to try to rate lock soon for a December closing or ride it out and hope the markets, midterm elections, and other factors keep it from rising too quickly? I know it’s a question no one can predict. I think we will see 5% avg pretty soon which is still historically good but will panic some buyers.

Thx

 

The market at least corrected itself about 10 points from its most recent run the last few days after Trump made comments about the Fed.  60 day rates are gonna be a tick higher that say your standard 30-45 day locks.  The election is going to be the biggest thing to follow IMO.  I think as it currently stands it will slowly keep correcting for a few more days, but if I truly knew what was going to happen I'd be a rich man, these are just my thoughts.

[T’Boo Ted Marshall 2731]

Have you told your renters? Maybe they want to buy it.

This will be my first shot.

[Your Mom 4805]

Phil,

Thad did my VA loan a couple years ago.  Looking to move in the next 6 months or year.  Not on a tight schedule, just looking to move a few neighborhoods over, here in south Austin.  What kind of rates are you seeing for 30 year fixed, VA?  

I'm also interested in keeping my current house as a rental but I suppose I'd have to refinance it if I want a new VA loan.  Is that correct?  I'd be interested in a discussion about the pros and cons of refinancing the current home and getting a new VA loan vs keeping the existing loan as-is and getting a new house with a conventional loan.  Different credit scores required,  any money saved with one choice vs the other, etc...

[UTPhil2006 3801]

Sent you a PM but to answer the basics - would be smarter to keep old loan since VA rates back then would be cheaper than where they are now (4.6 area), then do the new one as conventional.  Conventional is 660+ score usually, and at least 5% down (20% to avoid MI)

[GottaB 594]

Phil,
Thad did my VA loan a couple years ago.  Looking to move in the next 6 months or year.  Not on a tight schedule, just looking to move a few neighborhoods over, here in south Austin.  What kind of rates are you seeing for 30 year fixed, VA?  
I'm also interested in keeping my current house as a rental but I suppose I'd have to refinance it if I want a new VA loan.  Is that correct?  I'd be interested in a discussion about the pros and cons of refinancing the current home and getting a new VA loan vs keeping the existing loan as-is and getting a new house with a conventional loan.  Different credit scores required,  any money saved with one choice vs the other, etc...

Holy flashback Batman.

I think this post is copied from me about 4 years ago. Thad and Phil helped me navigate these concerns at the time. Good luck.

[Your Mom 4805]

 Thanks Phil. That post and your PM cleared up exactly what I was asking. I’ll be in touch again when I get more serious about it. 

[Gil Bang 25907]

8 hours ago, Your Mom said:

Phil,

Thad did my VA loan a couple years ago.  Looking to move in the next 6 months or year.  Not on a tight schedule, just looking to move a few neighborhoods over, here in south Austin.  What kind of rates are you seeing for 30 year fixed, VA?  

I'm also interested in keeping my current house as a rental but I suppose I'd have to refinance it if I want a new VA loan.  Is that correct?  I'd be interested in a discussion about the pros and cons of refinancing the current home and getting a new VA loan vs keeping the existing loan as-is and getting a new house with a conventional loan.  Different credit scores required,  any money saved with one choice vs the other, etc...

The answer is "maybe, maybe not".  The VA caps the amount that you can borrow.  You can spread that amount over multiple properties.  The amount varies by location. 

[Your Mom 4805]

What’s the cap?  

[UTPhil2006 3801]

13 hours ago, Your Mom said:

What’s the cap?  

$453,100 in Texas.  Also here's the response from our rep in regards to Gil Bangs post:

Quote

Hi Phil, 

You can have multiple VA loans as long as the subject property is a primary residence of course. 

The only thing is he may have to put money down if you don’t have enough entitlement. 

You have to have either 25% of the purchase price to be covered by entitlement or a down payment.

 

[UTPhil2006 3801]

10 year treasury still slowly trickling down, now to 3.13

[MNLonghornFUKM 8817]

Closing day this morning!

 

What a relief... this is the first house i lived in after leaving my parents place. Built it as a bachelor in 2010 and now it's paid for the down payment of our dream house which is set to be done nov 15. A Little emotional last few days(no tears) when doing final vacuuming, stainless etc. A wife and 2 kids 3 and under later.. time to get bigger and better.

 

 

But wow am i happy the packing, cleaning, showings, moving, cleaning, lifting , cleaning, inspection and cleaning are done. Excited to have a life(whatever little there is) again.

 

 

[UTPhil2006 3801]

6 hours ago, MNLonghornFUKM said:

Closing day this morning!

 

What a relief... this is the first house i lived in after leaving my parents place. Built it as a bachelor in 2010 and now it's paid for the down payment of our dream house which is set to be done nov 15. A Little emotional last few days(no tears) when doing final vacuuming, stainless etc. A wife and 2 kids 3 and under later.. time to get bigger and better.

 

 

But wow am i happy the packing, cleaning, showings, moving, cleaning, lifting , cleaning, inspection and cleaning are done. Excited to have a life(whatever little there is) again.

 

 

That's awesome!  Closing day and signing is always a huge sigh of relief.

[HoustonFrog 368]

Fuck the Dallas market. Slow as shit


Sent from my iPhone using Tapatalk

[South Austin 52431]

6 minutes ago, HoustonFrog said:

Fuck the Dallas market. Slow as shit

Well, you got Amari Cooper.

[UTPhil2006 3801]

1 hour ago, HoustonFrog said:

Fuck the Dallas market. Slow as shit


Sent from my iPhone using Tapatalk

Post the link.  You'd be surprised how much that helps, if anything to get eyes on it.  I think we have a Housing thread on the Help forum as well.

[UTPhil2006 3801]

On 10/25/2018 at 11:35 AM, UTPhil2006 said:

10 year treasury still slowly trickling down, now to 3.13

Down another .05 to 3.08.  Solid rebound over the last couple weeks.

[Gil Bang 25907]

On 10/17/2018 at 9:19 AM, UTPhil2006 said:

$453,100 in Texas.  Also here's the response from our rep in regards to Gil Bangs post:

 

You fucking doubted me man?

 

 

[UTPhil2006 3801]

42 minutes ago, Gil Bang said:

You fucking doubted me man?

 

 

Ha not at all.  But you and I both know Cali rules can be way different than Texas rules

[Gil Bang 25907]

The VA program works the same nationwide I believe.  But, we "do" have our own program for California Vets.  I've never seen one in the wild, but they do exist.  I do VA deals on the regular. 

 

 

CalVet Versus VA Mortgages

The biggest difference between CalVet and VA mortgages is that CalVet mortgages are procured using contracts of sale. Basically, CalVet purchases a qualified military veteran's desired property and then sells it to him using a contract of sale, sometimes known as a land contract. The CalVet program actually holds legal title to the home bought with a CalVet mortgage, while the military veteran holds equitable title — the right to obtain full ownership of the home. Military veterans using VA mortgages always receive immediate full legal title to and ownership of their properties.

 

Benefits of CalVet Mortgages

Equitable title in a CalVet-procured home still gives you many ownership rights, including to property tax and mortgage interest deductions. Because CalVet holds legal title to the home you bought using its mortgage, it can obtain an inexpensive group rate for the homeowners insurance you'll carry. CalVet allows veterans to finance the funding fee charged for their loans and also offers 100 percent, no-down-payment financing. CalVet's maximum loan amount of $589,785 covers Alameda and San Francisco counties. This is lower than VA financing available, which maxes out at $636,150.

CalVet Affect on VA Eligibility

In some cases when you use a CalVet mortgage, your VA loan entitlement is affected. To fund some of its loans, CalVet goes to the VA and obtains a guarantee on them. If you're buying a home using a CalVet loan and the guarantee actually comes from the VA, it may reduce your loan entitlement from the VA. Your CalVet and VA loan eligibility are restored once you've paid off or refinanced your CalVet mortgage into a loan from a traditional lender.

 

[Gil Bang 25907]

BTW Phil, as to your guy's "primary residence" thing, a lot of people don't realize that you can buy up to 4 units with a VA loan. 

Duplex, Triplex, 4-plex are allowed, subject to the price limits, and of course, you must reside in one of the units (until you don't, of course).

[UTPhil2006 3801]

17 hours ago, Gil Bang said:

BTW Phil, as to your guy's "primary residence" thing, a lot of people don't realize that you can buy up to 4 units with a VA loan. 

Duplex, Triplex, 4-plex are allowed, subject to the price limits, and of course, you must reside in one of the units (until you don't, of course).

Right.  Primary being the most important aspect of it all.

[UTPhil2006 3801]

Election basically one week away. Was interesting to see what happened last time, should be interesting to see what rates do depending on who wins what next week. 

[UT_OB1 2213]

Well I finally reset my password so I can log in...

Phil - my realtor wasnt happy about it either. We’ll get it in writing next time. 

 

Upstairs tenants almost got caught up, however last Friday they were served to noticed by animal control. Apparently they have a few more pets than when we inspected. They are getting noticed today or tomorrow. We’ve also started a few of the costly repairs we knew we needed - $4k for some structure work. None of this would have occurred had the original owners (not the one we purchased from) tried to keep shit up. Oh well. On a positive note, Galveston Housing increaeaed their payments by $200 a month. I think when we kick upstairs out, we’ll turn living room 2 in to a bedroom and rent that one for $1400 a month through housing too 

 

We just purchased our second property Friday. Bank called my realtor a couple weeks ago and said they had a 1000 sqft 1 room in Galveston for $85k he could have a look at before listing. I was expecting something that needed a lot of work. Nope. Already has central AC and in very good shape. We used hard money lender to purchase, we’ve got about $9k in repairs that include adding a second room, and we look to refinance in mid December. It was owned by an LLC that was listed in the top 100 Houston business in 2017, but for oil and gas, construction, and data management (wtf). They were expanding in to other states. I honestly think they just forgot they had it. We are going to try airBnB with it to start off. Estimates show $2200 a month average. If it doesn’t work, we’ll just rent it long term.