All Encompassing Mortgage and Real Estate Thread

[Wulaw Horn 19,068]

1 minute ago, Neonmoon said:

FHA PMI cancels after 11 years if you put down 10% or more.

How much are the savings over the life of the loan? i would also factor in the geographic area. If homes appreciate fast in the area, conventional can knock off that PMI way faster 
 

There is no PMI on the conventional. That’s P&I only. So the conventional never goes down. Life of loan savings is something like $35,000, but 97% of that savings cokes after the fha PMI is cancelled. So, that’s pretty theoretical. 

[Neonmoon 38,129]

15 minutes ago, Wulaw Horn said:

There is no PMI on the conventional. That’s P&I only. So the conventional never goes down. Life of loan savings is something like $35,000, but 97% of that savings cokes after the fha PMI is cancelled. So, that’s pretty theoretical. 

Gotcha. So will depend on how long they stay in the house 

[Wulaw Horn 19,068]

1 minute ago, Neonmoon said:

Gotcha. So will depend on how long they stay in the house 

Yep.  She says she's there forever and is 50 years old.  Who knows.  It's just a total crap shoot. If she stays for 13 years I think she's better off with the FHA.  That also assumes she never refinances of course.  at 4.75% she's less likely to refinance than at 5.99% or whatever that deal is.  pretty unusual situation to have the numbers just not totally dictate the deal.  

[TKthunder2 4,985]

4 hours ago, Pato del Muerto said:

He said it does 

Wow, not sure how I inserted a NOT in there.  Fucking brain.

[CHIEF 5,079]

We just had a house go under contract for $10k over asking, with the buyers paying all closing costs, no repairs, and waved the rest of the option period. Our neighborhood isn't slowing down yet.

CHIEF

[UTPhil2006 3,806]

Just now, CHIEF said:

We just had a house go under contract for $10k over asking, with the buyers paying all closing costs, no repairs, and waved the rest of the option period. Our neighborhood isn't slowing down yet.

CHIEF

Most of the contracts we've seen lately and written lately have been the seller title, etc but still going ask or over.

[Neonmoon 38,129]

1 hour ago, CHIEF said:

We just had a house go under contract for $10k over asking, with the buyers paying all closing costs, no repairs, and waved the rest of the option period. Our neighborhood isn't slowing down yet.

CHIEF

That's slowing down when 50K-100K over ask had been the norm for the past year. 

 

[Upgrayedd 5,810]

Silly question for you guys, but I am reluctantly assisting on a project in Dallas area.  47 lots for single family.  

Do I need to arrange for ALTA Surveys or any other survey beyond the final plat?

[Hefeweizen 5,310]

4 hours ago, Upgrayedd said:

Silly question for you guys, but I am reluctantly assisting on a project in Dallas area.  47 lots for single family.  

Do I need to arrange for ALTA Surveys or any other survey beyond the final plat?

Yes.  The ALTA is to satisfy lenders and most won’t loan you money without it.  You need to be able to get a solid title commitment too.  
 

The final plat can be done without the benefit of a tree and topo survey but usually you want those done first in case any easements or other permanent features need to be accommodated. 
 

Finally you have to set pins, also known as staking lot corners, before the plat is recorded.  That way any other surveyor can verify lot corners for subsequent transactions.  
 

All I can say if you’ve never done it before is find a good surveyor who does subdivisions in the jurisdiction you’re in.  You will never regret something more than a bad surveyor.

[CHIEF 5,079]

9 hours ago, Neonmoon said:

That's slowing down when 50K-100K over ask had been the norm for the past year. 

 

Maybe in Austin, but not in Granbury. It peaked at $40k over, but most were $5-10k over asking.

CHIEF

[Upgrayedd 5,810]

4 hours ago, Hefeweizen said:

Yes.  The ALTA is to satisfy lenders and most won’t loan you money without it.  You need to be able to get a solid title commitment too.  
 

The final plat can be done without the benefit of a tree and topo survey but usually you want those done first in case any easements or other permanent features need to be accommodated. 
 

Finally you have to set pins, also known as staking lot corners, before the plat is recorded.  That way any other surveyor can verify lot corners for subsequent transactions.  
 

All I can say if you’ve never done it before is find a good surveyor who does subdivisions in the jurisdiction you’re in.  You will never regret something more than a bad surveyor.

I'm familiar with ALTAs.  You get one for every single parcel?  Can't spin one up until you know who the borrower is, at least if the borrower wants to be in listed in the Certification Statement.  Can't rely on it if you are not named.  At least my experience out west.

Noted on the title.  Need that for the ALTA, so that goes without saying.

Note on final platting.  We have some easements to work through.  Have a prelim grading plan and have prepared the sponsor on the forthcoming tree mitigation fee shakedown.

Good tips.  Thanks.

[Hefeweizen 5,310]

8 hours ago, Upgrayedd said:

I'm familiar with ALTAs.  You get one for every single parcel?  Can't spin one up until you know who the borrower is, at least if the borrower wants to be in listed in the Certification Statement.  Can't rely on it if you are not named.  At least my experience out west.

Noted on the title.  Need that for the ALTA, so that goes without saying.

Note on final platting.  We have some easements to work through.  Have a prelim grading plan and have prepared the sponsor on the forthcoming tree mitigation fee shakedown.

Good tips.  Thanks.

If you are a cash buyer you can skip the ALTA and just do a good boundary.  That’s what you tie the deed to.  
 

If you’re into tree mitigation get an arborist.  Lots of the trees that get tied by surveyors are misidentified and furthermore frequently sick or dead.  You shouldn’t pay for either.   Davey usually has a good arborist, and in many jurisdictions they will allow you to spend the mitigation on tree health like pruning, aeration or fertilization.

[Upgrayedd 5,810]

15 minutes ago, Hefeweizen said:

If you are a cash buyer you can skip the ALTA and just do a good boundary.  That’s what you tie the deed to.  
 

If you’re into tree mitigation get an arborist.  Lots of the trees that get tied by surveyors are misidentified and furthermore frequently sick or dead.  You shouldn’t pay for either.   Davey usually has a good arborist, and in many jurisdictions they will allow you to spend the mitigation on tree health like pruning, aeration or fertilization.

Thanks.  We have engaged an arborist.  Maybe we can tag some as mostly-dead.  All of them are either in ROW to be dedicated or in the middle of lots so they all have to go.  Project includes new plantings, but way below the replacement targets stipulated in the zoning code and/or the PAD.

[mchookem 16,325]

finally pulled out of Austin for the last time this morning, on our way to Denver. 

im too emotional to say much, plus im sure i already said too much about the whole thing elsewhere lol😊

just here for the same boring kudos for Thad and REI lol 😋... got my house sold in a month, he convinced us to shoot for the moon and damn if we didn't almost get it. and literally days before the brakes really started slowing things down...timing was perfection. so much more than we ever imagined, even a year ago. just incredible. 

been looking at Denver listings for a couple of months now...looking forward to getting there in person and finding a new home! 

so long, Texas🤘

 

 

[Hefeweizen 5,310]

Congratulations!  It’s wild out there right now, the market is in serious flux due to uncertainty about everything ( recession, inflation, rates, pricing) and about the only thing that seems reasonably assured is the tightness of labor. 
 

I can tell you finding trades anywhere is still a giant pain in the ass, and forget anything about getting appliances quickly.

[Sbbruin 21,833]

Yeah, I'd maybe rent for a year and let the market sort itself out.

[Neonmoon 38,129]

Powell admits it's going to be a hard landing.

Good luck everyone

[closetohumping 17,437]

3 hours ago, mchookem said:

finally pulled out of Austin for the last time this morning, on our way to Denver. 

im too emotional to say much, plus im sure i already said too much about the whole thing elsewhere lol😊

just here for the same boring kudos for Thad and REI lol 😋... got my house sold in a month, he convinced us to shoot for the moon and damn if we didn't almost get it. and literally days before the brakes really started slowing things down...timing was perfection. so much more than we ever imagined, even a year ago. just incredible. 

been looking at Denver listings for a couple of months now...looking forward to getting there in person and finding a new home! 

so long, Texas🤘

 

 

Denver's great.  What will be your housing situation while you look?  

[CooterBrown 18,005]

finally pulled out of Austin for the last time this morning, on our way to Denver. 
im too emotional to say much, plus im sure i already said too much about the whole thing elsewhere lol
just here for the same boring kudos for Thad and REI lol ... got my house sold in a month, he convinced us to shoot for the moon and damn if we didn't almost get it. and literally days before the brakes really started slowing things down...timing was perfection. so much more than we ever imagined, even a year ago. just incredible. 
been looking at Denver listings for a couple of months now...looking forward to getting there in person and finding a new home! 
so long, Texas
 
 

Would you start a thread on your Denver housing search? I know I’d love to hear your opinion on different neighborhoods. We will probably be headed up that way in a few years.

[mchookem 16,325]

7 hours ago, closetohumping said:

Denver's great.  What will be your housing situation while you look?  

good friends in the city have a huge house with a nice finished basement, we'll stay there up to 90 days. should work out fine, feel pretty confident we'll be in a good position to find a place in three months. 

if not, then we will pursue renting, but would really prefer to buy (and only move once! 😝)

5 hours ago, CooterBrown said:

Would you start a thread on your Denver housing search? I know I’d love to hear your opinion on different neighborhoods. We will probably be headed up that way in a few years.

im not much of a thread starter but i can comment on this thread and tag you 🙂

we'll start this weekend visiting the areas we've been looking at online, try to get a feel for diff areas. we definitely want to check the vibe of various communities. hope to start actually looking at homes by end of next week. 

Edited June 30, 2022 by mchookem

[fattyflattie 4,639]

2 hours ago, mchookem said:

good friends in the city have a huge house with a nice finished basement, we'll stay there up to 90 days. should work out fine, feel pretty confident we'll be in a good position to find a place in three months. 

if not, then we will pursue renting, but would really prefer to buy (and only move once! 😝)

im not much of a thread starter but i can comment on this thread and tag you 🙂

we'll start this weekend visiting the areas we've been looking at online, try to get a feel for diff areas. we definitely want to check the vibe of various communities. hope to start actually looking at homes by end of next week. 

Best of luck on your search. That seems like a huge undertaking. I’m not certain I could pull the trigger without everything planned to the T.  I’m jealous of your new climate.  

[mchookem 16,325]

thanks! honestly it's a pretty easy plan...no kids, no jobs (retired), no contingencies, comfortable free housing in the interim...i mean i'm generally a control freak/over planner, and i'm feeling pretty chill about it. mostly I'm glad we can take our time 😊

[fattyflattie 4,639]

40 minutes ago, mchookem said:

i mean i'm generally a control freak/over planner, and i'm feeling pretty chill about it. mostly I'm glad we can take our time 😊

I am too. Of course I have all the other stuff going into the accounting (kids, jobs, lol retirement) but man I can’t see myself ever relaxing that much on that decision. Kudos to you. 

[closetohumping 17,437]

On 6/29/2022 at 10:25 AM, Sbbruin said:

Yeah, I'd maybe rent for a year and let the market sort itself out.

You’re probably right but renting always feels like you’re throwing money away.  If she rents for two years at 2500.00 a month that’s 60k that could go towards your home.  I know we need concrete numbers before we know if renting vs owning is the better option. 

11 hours ago, fattyflattie said:

Best of luck on your search. That seems like a huge undertaking. I’m not certain I could pull the trigger without everything planned to the T.  I’m jealous of your new climate.  

Denver has the best weather imo.  Not quite as cold as you may think

[mchookem 16,325]

those of you already there, guess I could ask opinions...any particular thoughts on these communities?

Littleton

Highlands Ranch/Centennial

Lakewood

Arvada

Thornton

Commerce City is interesting, lots of newer, really nice homes and it's closer in, but I think it's a  transitional area?

Aurora has the most listings by far, but I know there are a lot of shitty areas, and in general it's pretty flat andnot real scenic.

anyways... obviously we're pretty open about our options 😁 gonna keep our agent busy 😊

[Neonmoon 38,129]

https://www.cnbc.com/2022/06/29/feds-mester-backs-75-basis-point-hike-in-july-if-conditions-remain-the-same.html

Quote

Mester — a voting member of the Federal Open Market Committee — said July’s meeting will likely involve a debate among FOMC policymakers over whether to opt for 50 basis points or 75 basis points.

 

[Wulaw Horn 19,068]

15 minutes ago, Neonmoon said:

https://www.cnbc.com/2022/06/29/feds-mester-backs-75-basis-point-hike-in-july-if-conditions-remain-the-same.html

 

I’d like 100, but 75 is fine. 50 would be bad imo. 

[Sam Lin 3,554]

7 hours ago, mchookem said:

those of you already there, guess I could ask opinions...any particular thoughts on these communities?

Littleton

Highlands Ranch/Centennial

Lakewood

Arvada

Thornton

Commerce City is interesting, lots of newer, really nice homes and it's closer in, but I think it's a  transitional area?

Aurora has the most listings by far, but I know there are a lot of shitty areas, and in general it's pretty flat andnot real scenic.

anyways... obviously we're pretty open about our options 😁 gonna keep our agent busy 😊

Not saying you should start a new thread, but you should really start a new thread.

[topochico 1,049]

8 hours ago, mchookem said:

those of you already there, guess I could ask opinions...any particular thoughts on these communities?

Littleton

Highlands Ranch/Centennial

Lakewood

Arvada

Thornton

Commerce City is interesting, lots of newer, really nice homes and it's closer in, but I think it's a  transitional area?

Aurora has the most listings by far, but I know there are a lot of shitty areas, and in general it's pretty flat andnot real scenic.

anyways... obviously we're pretty open about our options 😁 gonna keep our agent busy 😊

Can I suggest Genesee to add to your list. Golden is also great, but Genesee has mountain feel/wildlife with supremely easy access to Denver (downtown is 20-25 minutes away). 

[Wulaw Horn 19,068]

Up 53 basis points (up is good in the MBS market) in the MBS market. Had a good week all week. Could this be the turn? 
I think this is the first positive entire week of the year. 
we’ve broken resistance levels so this thing could run for a while in a positive way. 

[UTPhil2006 3,806]

2 hours ago, Wulaw Horn said:

Up 53 basis points (up is good in the MBS market) in the MBS market. Had a good week all week. Could this be the turn? 
I think this is the first positive entire week of the year. 
we’ve broken resistance levels so this thing could run for a while in a positive way. 

Yep been a great week and really on the whole a great month.  10 year was at 3.55 at one point.  Now currently at 2.88

[Gil Bang 25,923]

[tokamak 6,395]

I think Airbnb is done. It’s fucking up the real estate market in a lot of places and people are starting to realize that the value proposition isn’t any better than a hotel in most cases. Unless you have a big group and need a whole house, there’s no point. 

[Hefeweizen 5,310]

1 hour ago, tokamak said:

I think Airbnb is done. It’s fucking up the real estate market in a lot of places and people are starting to realize that the value proposition isn’t any better than a hotel in most cases. Unless you have a big group and need a whole house, there’s no point. 

I agree except in very specific vacation oriented markets.  There, unoccupied vacation homes can be a reasonable value proposition, because the cost is sunk already. But as a straight up investment I think it’s not going to paper long term.

[CooterBrown 18,005]

I think Airbnb is done. It’s fucking up the real estate market in a lot of places and people are starting to realize that the value proposition isn’t any better than a hotel in most cases. Unless you have a big group and need a whole house, there’s no point. 

Disagree completely.

I want 2-3 bedrooms, a kitchen, and a washer/dryer when we vacation. I don’t know a hotel that can reliably provide that at even twice the cost of a middle of the road AirBNB/VRBO.

We just stayed in a 3/3 in London for $299/night and a 2/2 in Paris for $350/night. Both had full kitchens and W/D. I couldn’t touch those prices in a hotel unless I want to bunk in the same room with two kids.

[Neonmoon 38,129]

Different strokes for different folks. I want a hotel. I want a full bar and restaurant downstairs. 
 

For Airbnb, I think a recession could makes things interesting. No one is getting easy money for second homes and investment anymore. Those days are over. If a recession hits and people stop spending as much, I’m curious if people start unloading these properties if they can’t get enough occupancy to cover the mortgage 

[Wulaw Horn 19,068]

1 hour ago, Hefeweizen said:

I agree except in very specific vacation oriented markets.  There, unoccupied vacation homes can be a reasonable value proposition, because the cost is sunk already. But as a straight up investment I think it’s not going to paper long term.

I couldn’t disagree more. I know and have worked with plenty of people doing this and it a loser in the bunch. Now, is it possible an area could outlaw Air BnB and leave you holding the short end of the stick?  Sure. But those places are a gold mine man. Most of my people don’t even need 50% occupancy to hit their numbers.  

[Gil Bang 25,923]

1 hour ago, Wulaw Horn said:

I couldn’t disagree more. I know and have worked with plenty of people doing this and it a loser in the bunch. Now, is it possible an area could outlaw Air BnB and leave you holding the short end of the stick?  Sure. But those places are a gold mine man. Most of my people don’t even need 50% occupancy to hit their numbers.  

Yeah, the banning of short-term rentals is a hot topic in a lot of beach towns.  I used to live in the "Capo Beach" neighborhood of Dana Point (I rented).  It was a really laid-back mellow place.  I read that now every block has a house with a raging party going on 24/7.  There was a movement to ban short-term but I don't know if it passed. 

[Chewbacca 7,769]

those of you already there, guess I could ask opinions...any particular thoughts on these communities?
Littleton
Highlands Ranch/Centennial
Lakewood
Arvada
Thornton
Commerce City is interesting, lots of newer, really nice homes and it's closer in, but I think it's a  transitional area?
Aurora has the most listings by far, but I know there are a lot of shitty areas, and in general it's pretty flat andnot real scenic.
anyways... obviously we're pretty open about our options gonna keep our agent busy

If you plan on going to the mountains a lot, west side of town makes that much easier. I'm in South Aurora, just north of Parker. Aurora gets nicer the father south you go. Lakewood can be good or not so good, depending on where you are. Arvada is nice. I-25 corridor is always a mess. Personally I avoid it whenever possible, but since you're not committing for a job, that should be lessened. The highest concentration of good restaurants is going to be closer to downtown.

[Chewbacca 7,769]

Yeah, the banning of short-term rentals is a hot topic in a lot of beach towns.  I used to live in the "Capo Beach" neighborhood of Dana Point (I rented).  It was a really laid-back mellow place.  I read that now every block has a house with a raging party going on 24/7.  There was a movement to ban short-term but I don't know if it passed. 

STRs completely fucking up mountain RE markets, too.

[closetohumping 17,437]

On 6/30/2022 at 11:21 AM, mchookem said:

those of you already there, guess I could ask opinions...any particular thoughts on these communities?

Littleton

Highlands Ranch/Centennial

Lakewood

Arvada

Thornton

Commerce City is interesting, lots of newer, really nice homes and it's closer in, but I think it's a  transitional area?

Aurora has the most listings by far, but I know there are a lot of shitty areas, and in general it's pretty flat andnot real scenic.

anyways... obviously we're pretty open about our options 😁 gonna keep our agent busy 😊

Kids?   Aurora is a big place there’s good and bad.  Kids or no kids will help us make recs. I lived in Greenwood Village. Nice place

[Hefeweizen 5,310]

8 minutes ago, closetohumping said:

Kids?   Aurora is a big place there’s good and bad.  Kids or no kids will help us make recs. I lived in Greenwood Village. Nice place

My sister is in Greenwood Village and honestly although it is a super nice house and neighborhood it’s not a nice looking area.  I like the western side of town better especially evergreen or toward Boulder.  But she has a nice condo in Vail/Beaver Creek so the trade is worth it to her.

Schools are ready good in that area too, from what I’ve heard.

[Wulaw Horn 19,068]

16 minutes ago, closetohumping said:

Kids?   Aurora is a big place there’s good and bad.  Kids or no kids will help us make recs. I lived in Greenwood Village. Nice place

She said no kids. 

[closetohumping 17,437]

23 minutes ago, Hefeweizen said:

My sister is in Greenwood Village and honestly although it is a super nice house and neighborhood it’s not a nice looking area.  I like the western side of town better especially evergreen or toward Boulder.  But she has a nice condo in Vail/Beaver Creek so the trade is worth it to her.

Schools are ready good in that area too, from what I’ve heard.

Definitely doesn’t have the best views but there are some really nice neighborhoods and some of it is walkable. It’s easy to navigate, clean and there’s some commerce.  Cherry creek high school is probably the best in Colorado. I think a couple of our players are from there.  Maybe not my first choice but it all depends.  I miss my time in Denver honestly.  Balanced city

Edited July 2, 2022 by closetohumping

[Gil Bang 25,923]

2 hours ago, Chewbacca said:

3 hours ago, Gil Bang said:

Yeah, the banning of short-term rentals is a hot topic in a lot of beach towns.  I used to live in the "Capo Beach" neighborhood of Dana Point (I rented).  It was a really laid-back mellow place.  I read that now every block has a house with a raging party going on 24/7.  There was a movement to ban short-term but I don't know if it passed. 

STRs completely fucking up mountain RE markets, too.

My buddy that owns a condo in Steamboat agrees. 

[UTPhil2006 3,806]

On 7/1/2022 at 10:48 AM, UTPhil2006 said:

Yep been a great week and really on the whole a great month.  10 year was at 3.55 at one point.  Now currently at 2.88

Down another .09 today, about 70 points down from the high we hit last month.

[Goofyboy 3,269]

Morning! My sister and I have our family lake house under contract. Since it’s a vacation home we will have to pay capital gains. We inherited the place in 2018.

Is there anyone on here that can get me the fair market value of it from back then? Are tax values good enough? Thanks!

[Neonmoon 38,129]

You could reverse engineer it through county records, but it might be easier to ask a real estate person on here with MLS access.

[Wulaw Horn 19,068]

On 6/27/2022 at 8:42 AM, Wulaw Horn said:

 

 

30-YR. CONFORMING

5.849% +0.025

30-YR. JUMBO

5.445% +0.098

30-YR. FHA

5.643% +0.020

30-YR. VA

5.408% +0.014

30-YR. USDA

5.622% +0.024

15-YR. CONFORMING

4.858% -0.039

So- this was 10 days ago or so- and now- let me present- for the first time in forever- substantial improvement over a period of time lasting more than 48 Hours!  I'd called a likely top at 6.07% and this had represented good news from there.   Now- here is good news for today:  

 

30-YR. CONFORMING

5.655% -0.133

30-YR. JUMBO

5.172% -0.167

30-YR. FHA

5.498% -0.093

30-YR. VA

5.252% -0.091

30-YR. USDA

5.336% -0.158

15-YR. CONFORMING

4.770% -0.088

[Chewbacca 7,769]

On 7/2/2022 at 5:11 PM, closetohumping said:

Kids?   Aurora is a big place there’s good and bad.  Kids or no kids will help us make recs. I lived in Greenwood Village. Nice place

I grew up in GV.  Don't want to live there now, though.  Traffic is always a mess