All Encompassing Mortgage and Real Estate Thread

[LCHorn 2,749]

18 hours ago, victory88 said:

Sorry just venting.  

So I’ve actually had this same situation occur twice and our solution has been to have the house remodeled ourselves.  
 

There are corners you can cut (nobody is paying extra in Austin on a resale because you pulled permits) and those you cannot (actually leaving structural deficiencies unrepaired or your HVAC issue).  
 

I’m also auto-terminating anything with foundation issues.  You just can’t predict how much it will cost to fix it.  

[Gil Bang 26,175]

I enforce it myself on my deals.  I keep copies of reports, and I send them to the (new) buyer.  

[The Royal We 3,090]

12 hours ago, victory88 said:

The inspector did a great job to his ability.  Showed me issues and told me it was out of his scope to evaluate and recommended i call an engineer to evaluate the structural repairs.  I just wanted more info to see if they were small problems we could have the seller fix or major problems.  The more licensed pros that took a look, the clearer it was for me to pass on this home.  New roof, brick veneer, , new windows, and completely redone interior makes it look like a brand new home without a scratch so it’s very deceiving for someone like me who doesn’t know shit about construction.  When we sent the termination contract, the selling agent was basically begging us to list items for repairs and they would take care of all of it,  she said, we can fix all the hardware and missing knobs.  I laughed… the entire work in the attic looks like two dudes from Home Depot just started hammering 2x4s to hold up the roof.  The structural engineer was shocked to see it.   Those skinny beams are all that’s supported that roof.  They covered big fractures in the foundation by putting epoxy over it in the garage.  Painted over fractures on the exterior.  

Damn, that looks so sketchy. I think every house I've ever owned had support struts running at an angle between the ceiling joists and rafters. And I don't see enough joists and the rafters look pretty far apart too?

What a shitty situation. I'd report them to the city too, maybe it saves the next potential buyer from the same heartache.

[UT_OB1 2,260]

@The Royal We it does have purlins that are tied to the joists. At least in the picture, the wood does not looks new. You sure that’s not the original purlins and rafters built to the code at that time?  Again I’m only seeing one picture, but it doesn’t look much different that a lot of roofs. 

[Neonmoon 38,130]

@Wulaw Horn @UTPhil2006

Who is the best bank statement lender? Arc? Angel Oak? 

 

[UTPhil2006 3,909]

2 hours ago, Neonmoon said:

@Wulaw Horn @UTPhil2006

Who is the best bank statement lender? Arc? Angel Oak? 

 

UWM does them now.. I’d start there if they qualify. Then we use Oaktree for the more difficult ones. AngelOak if for some reason those two can’t but they’re pretty similar to Angel. Let me know if you want our AE’s info for the latter two. 

[LCHorn 2,749]

We use Deephaven for most of our non-QM because we can underwrite them in house. 

Back in 2021, though, we used ARC a fair number of times and I ran a bank statement loan through them earlier in the summer.  Their software is shitty but they were pretty generous on the calculation.  I didn't really evaluate their pricing compared to their peers, it was more "can we do this or not?"

[Neonmoon 38,130]

2 hours ago, UTPhil2006 said:

UWM does them now.. I’d start there if they qualify. Then we use Oaktree for the more difficult ones. AngelOak if for some reason those two can’t but they’re pretty similar to Angel. Let me know if you want our AE’s info for the latter two. 

I don’t believe we can use UWM. We do use Oaktree

1 hour ago, LCHorn said:

We use Deephaven for most of our non-QM because we can underwrite them in house. 

Back in 2021, though, we used ARC a fair number of times and I ran a bank statement loan through them earlier in the summer.  Their software is shitty but they were pretty generous on the calculation.  I didn't really evaluate their pricing compared to their peers, it was more "can we do this or not?"

My processor was shit talking ARC so was hoping for a better option. Will look into Deephaven 

[Wulaw Horn 19,560]

26 minutes ago, Neonmoon said:

I don’t believe we can use UWM. We do use Oaktree

My processor was shit talking ARC so was hoping for a better option. Will look into Deephaven 

I like LS mortgage for my non QM now. I trust my account rep to shoot straight and their quality of customer service is pretty good. PM me if you want the contact info for my AE. 

[Wulaw Horn 19,560]

Down 32 points 15 minutes before jobs report. Someone must have gotten an advance copy and it must be hot. 
fuck my life. We gonna lose 100 basis points today?  
 

[Wulaw Horn 19,560]

350k jobs. After ADP has it at 89k. 
expectations of 170k added. 
Super hot. 
This is going to be bad. I’m going to take a bath with a toaster. 
10 year is up 11. 
yet MBS is only down 8. 
another excellent job by habib. They lowered from 187 to 170k but guys, we are expecting weaker than that. Float going into the job release number!!!!!

Edited October 6, 2023 by Wulaw Horn

[Wulaw Horn 19,560]

Funny thing is we were down 30 basis points. They released the big job figures numbers and over the course of 15 minutes clawed all the way back to zero, and then hit zero and immediately kicked back to down 20 basis points. I have no idea what’s going on. Unemployment stayed at 3.8 with expectations were that it might fall to 3.7.  At any rate, I can’t imagine the 10 year making a serious March to 5 and MBS not breaking support and going into free fall at some time today. Which is awesome because the only thing that can make this year better is if we close with interest rates at 8. Good times. 

[Wulaw Horn 19,560]

And here’s the bukkake I was expecting- down 55. No idea why it climbed all the way to zero. 

[LCHorn 2,749]

I'd rather have a tooth pulled than go back through this thread again, but I'd imagine if we did so we'd see monthly "this one is pivotal" bursts of posting around one particular announcement or another.  I think that's somewhat emblematic of the market at large--lots of sturm and drang pre-report, maybe more volatility in the immediate aftermath, and then it's back to (shitty) business as usual. 

I think we're all basically on half (which might be generous) rations until next summer.  Apparently there's lots of jobs through so we can always go do something else...

[LCHorn 2,749]

From NYT:

 

[Wulaw Horn 19,560]

1 minute ago, LCHorn said:

I'd rather have a tooth pulled than go back through this thread again, but I'd imagine if we did so we'd see monthly "this one is pivotal" bursts of posting around one particular announcement or another.  I think that's somewhat emblematic of the market at large--lots of sturm and drang pre-report, maybe more volatility in the immediate aftermath, and then it's back to (shitty) business as usual. 

I think we're all basically on half (which might be generous) rations until next summer.  Apparently there's lots of jobs through so we can always go do something else...

There are no jobs. It’s all a lie. Or shitty service jobs. But basically a lie. Birth death doing way more work than it should. I’m more inclined to trust the payroll company than this (or any) regime. But whatever. Feels more like it’s going to be quarter rations. 

[Wulaw Horn 19,560]

1 minute ago, LCHorn said:

From NYT:

 

Now they care huh?  
They’ve been shit talking non stop for however long about higher for longer and I will break you and now they care? 
I don’t believe you Ron Burgandy Gif. 

[Neonmoon 38,130]

Down 85 early, now only 61. Bloodbath

Fed already took notice of the bond market this week. They had people out trying to talk it down. 

[Wulaw Horn 19,560]

2 minutes ago, Neonmoon said:

Down 85 early, now only 61. Bloodbath

Fed already took notice of the bond market this week. They had people out trying to talk it down. 

Not very fucking hard. Those are the assholes been playing (needlessly) with matches. 

[UTPhil2006 3,909]

57 minutes ago, Neonmoon said:

Down 85 early, now only 61. Bloodbath

Fed already took notice of the bond market this week. They had people out trying to talk it down. 

2 steps forward 10 steps back 

[Neonmoon 38,130]

1 hour ago, Wulaw Horn said:

Not very fucking hard. Those are the assholes been playing (needlessly) with matches. 

Yeah, I think we can probably pencil no more hikes. 

[unoriginal 55]

1 hour ago, Wulaw Horn said:

There are no jobs. It’s all a lie. Or shitty service jobs. But basically a lie. Birth death doing way more work than it should. I’m more inclined to trust the payroll company than this (or any) regime. But whatever. Feels more like it’s going to be quarter rations. 

Down 22K full time jobs
Up 151K part time jobs
Up 123K multiple jobholders

[Wulaw Horn 19,560]

3 hours ago, unoriginal said:

Down 22K full time jobs
Up 151K part time jobs
Up 123K multiple jobholders

Yeah/ and as I suspected birth/death models doing waaaaay too much work. 

3 hours ago, Neonmoon said:

Yeah, I think we can probably pencil no more hikes. 

The could, you know, actually say that.  

[Neonmoon 38,130]

Whats everyone’s thoughts on Anywhere RE settlement?

https://www.prnewswire.com/news-releases/anywhere-announces-terms-of-nationwide-settlement-agreement-in-burnett-and-moehrl-antitrust-class-actions-301949468.html

Quote

The proposed settlement includes injunctive relief requiring practice changes in Anywhere Advisors, the Company's owned brokerage operations, which includes Coldwell Banker Realty, Corcoran, and Sotheby's International Realty, for a period of five years following final court approval. Anywhere has also agreed to recommend and encourage these same practice changes to its independently owned and operated franchise network across the Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran®, ERA®, and Sotheby's International Realty® brands. The practice changes are consistent with positions for which Anywhere has previously indicated support in the industry.

First, in the injunctive relief, Anywhere has agreed to make three practice changes consistent with rule changes that the National Association of REALTORS® (NAR) made in its 2020 settlement with the Department of Justice (DOJ), which the DOJ subsequently revoked:

• Anywhere will prohibit company owned brokerages and their affiliated agents from claiming buyer agent services are free.
   
• Anywhere will require company owned brokerages and their affiliated agents to include the listing broker's offer of compensation for prospective buyers' agents as soon as possible in each active listing, consistent with MLS rules and/or capabilities of third-party website operators.
   
• Anywhere will prohibit company owned brokerages and their affiliated agents from using any technology (or manual methods) to sort listings by offers of compensation, unless requested by the client.

Second, Anywhere has agreed to advise and remind company owned brokerages, franchisees, and affiliated agents that the Company has no rule requiring offers of compensation. Anywhere continues to see the economic benefits that offers of compensation bring to both sellers and buyers and the importance of making sure that both buyers and sellers have access to the professional services that agents provide.

I doubt this changes much to be honest. Unless sellers stop paying high commission, you’re still going to see the 6% seller/buyer split

[jimmyjazz 46,970]

1 hour ago, Wulaw Horn said:

Yeah/ and as I suspected birth/death models doing waaaaay too much work. 

What does this mean?

[Upgrayedd 5,861]

34 minutes ago, jimmyjazz said:

What does this mean?

The models are being worked to death 

[ChickenSandwich 9,918]

7 hours ago, unoriginal said:

Down 22K full time jobs
Up 151K part time jobs
Up 123K multiple jobholders

Details are worse. Ugg. 

[Wulaw Horn 19,560]

2 hours ago, jimmyjazz said:

What does this mean?

So there’s a modeling component where they guess how many jobs were created by businesses being born and how many were lost by businesses dying. Let’s just say if you wanted to present fuckery in the numbers to make the job market look more robust this is where you would do it. 

[jimmyjazz 46,970]

8 minutes ago, Wulaw Horn said:

So there’s a modeling component where they guess how many jobs were created by businesses being born and how many were lost by businesses dying. Let’s just say if you wanted to present fuckery in the numbers to make the job market look more robust this is where you would do it. 

Shit, I thought you were talking about people being born or dying, and I couldn't see how that would be (very) relevant.

So I guess you can be a cynic and assume they're fucking with the numbers.  It makes the narrative work.

[Wulaw Horn 19,560]

1 hour ago, jimmyjazz said:

Shit, I thought you were talking about people being born or dying, and I couldn't see how that would be (very) relevant.

So I guess you can be a cynic and assume they're fucking with the numbers.  It makes the narrative work.

For sure. I might be wrong. It’s not any particular admin in cynical about- it’s all of them. 

[Incredulity 11,861]

On 10/6/2023 at 5:59 AM, Wulaw Horn said:

I’m more inclined to trust the payroll company than this (or any) regime

Wasn’t ADP way higher than government earlier in the year?

Their models are divergent.

[Sam Lin 3,590]

On 10/6/2023 at 5:59 AM, Wulaw Horn said:

There are no jobs. It’s all a lie. Or shitty service jobs. But basically a lie. 

I have >30 openings that I'm currently trying to fill, for positions ranging from basic operator to Director of ______. I've hired 5 in the past month. I've lost 5 who took other jobs already. There are a shitton of jobs out there.

[Neonmoon 38,130]

43 minutes ago, Sam Lin said:

Director of ______.

I could do this job. PM sent 

[jimmyjazz 46,970]

44 minutes ago, Sam Lin said:

I have >30 openings that I'm currently trying to fill, for positions ranging from basic operator to Director of ______. I've hired 5 in the past month. I've lost 5 who took other jobs already. There are a shitton of jobs out there.

"150 people are moving to Austin every day.  There are no jobs."

Yeah, that math doesn't add up.

[52-80 19,379]

1 hour ago, Sam Lin said:

I have >30 openings that I'm currently trying to fill, for positions ranging from basic operator to Director of ______. I've hired 5 in the past month. I've lost 5 who took other jobs already. There are a shitton of jobs out there.

Do the jobs come with HDMI ports?

[Upgrayedd 5,861]

1 hour ago, Sam Lin said:

I have >30 openings that I'm currently trying to fill, for positions ranging from basic operator to Director of ______. I've hired 5 in the past month. I've lost 5 who took other jobs already. There are a shitton of jobs out there.

Drug test?

[StassneyHorn 6,755]

7 hours ago, Sam Lin said:

I have >30 openings that I'm currently trying to fill, for positions ranging from basic operator to Director of ______. I've hired 5 in the past month. I've lost 5 who took other jobs already. There are a shitton of jobs out there.

@Macanudo

[52-80 19,379]

8 hours ago, Upgrayedd said:

Drug test?

Never heard of director of drug test before but there you go

[Incredulity 11,861]

[Macanudo 13,254]

@Sam Lin  Message sent.

[UTPhil2006 3,909]

Back down .09 to 4.70 this morning. 4.6 here we come? 🤞🏻

[Wulaw Horn 19,560]

44 minutes ago, UTPhil2006 said:

Back down .09 to 4.70 this morning. 4.6 here we come? 🤞🏻

Technicals say next resistance at 4.5. We shall see. 

[Neonmoon 38,130]

Confirming loan limit up to $750,000 now 

[UTPhil2006 3,909]

23 hours ago, UTPhil2006 said:

Back down .09 to 4.70 this morning. 4.6 here we come? 🤞🏻

Down .05 this morning to 4.59. 4.5 here we come? 🤞🏻

[Wulaw Horn 19,560]

25 minutes ago, UTPhil2006 said:

Down .05 this morning to 4.59. 4.5 here we come? 🤞🏻

That’s the next technical resistance. Let’s hope. No corresponding change on MBS though. 

[Gil Bang 26,175]

Our MLS was just updated.  Property description options were changed, eliminating "master" and adding "primary".

[UTPhil2006 3,909]

32 minutes ago, Gil Bang said:

Our MLS was just updated.  Property description options were changed, eliminating "master" and adding "primary".

HAR got rid of it a few years back. ABOR still uses it I think.

[Catpfish 618]

HAR got rid of it a few years back. ABOR still uses it I think.

ABOR got rid of it a couple of years ago also

[UTPhil2006 3,909]

19 minutes ago, Catpfish said:

1 hour ago, UTPhil2006 said:

HAR got rid of it a few years back. ABOR still uses it I think.

ABOR got rid of it a couple of years ago also

Ah. I googled it to see if anything popped up like HAR and didn’t see anything. Makes sense. 

[jimmyjazz 46,970]

1 hour ago, Gil Bang said:

Our MLS was just updated.  Property description options were changed, eliminating "master" and adding "primary".

Is this a reaction to the potentially negative connotation of "master"?  If so, it never even occurred to me.  (I don't care what they call it, I'm pretty sure most 3+ bedroom houses have one that's bigger than the others.)