All Encompassing Mortgage and Real Estate Thread

[UTPhil2006 3930]

Cmon let’s end the week in the 4.1xx

[Sam Lin 3597]

[Wulaw Horn 19590]

Just got canned on this- tell me whose beating this one:

7.449- bought down 1/0 buydown to 6.449 (by me), conventional loan- 675 credit score/ no points. 
I was making 110 basis points of which 40 were mine in cyp. Locked before things got a little better recently because we had a 3 week deadline (there are now 2 weeks left today). 
ended on good terms. He thanked me for our work (like I said- he’d been approved 1 week in) who the hell is beating that deal?  
I’m not mad, genuinely curious. Hell, probably work to my benefit- the agent who referred is both impressed and apologetic and this was only his second referral. “You’ve been a pro and great- I am so sorry, this is so embarrassing, I owe you one etc”. No big deal. If he’s got a better deal cool. How is there better out there?  Or is someone making like 1/4 of a point or something (660k sale/600k loan)? 

[UTPhil2006 3930]

Credit union? 

[Neonmoon 38130]

1 hour ago, Wulaw Horn said:

Just got canned on this- tell me whose beating this one:

7.449- bought down 1/0 buydown to 6.449 (by me), conventional loan- 675 credit score/ no points. 
I was making 110 basis points of which 40 were mine in cyp. Locked before things got a little better recently because we had a 3 week deadline (there are now 2 weeks left today). 
ended on good terms. He thanked me for our work (like I said- he’d been approved 1 week in) who the hell is beating that deal?  
I’m not mad, genuinely curious. Hell, probably work to my benefit- the agent who referred is both impressed and apologetic and this was only his second referral. “You’ve been a pro and great- I am so sorry, this is so embarrassing, I owe you one etc”. No big deal. If he’s got a better deal cool. How is there better out there?  Or is someone making like 1/4 of a point or something (660k sale/600k loan)? 

What does “of which 40 were mine in cyp” mean?

And did you really ask if someone is desperate enough to make 25 bips on a 600K loan in this market? The answer is yes 

Edited June 14 by Neonmoon

[UTPhil2006 3930]

23 minutes ago, Neonmoon said:

What does “of which 40 were mine in cyp” mean?

And did you really ask if someone is desperate enough to make 25 bips on a 600K loan in this market? The answer is yes 

Control your price. Partner incentive with UWM 

[Neonmoon 38130]

2 hours ago, UTPhil2006 said:

Control your price. Partner incentive with UWM 

So was he being paid 110 or 70?

[UTPhil2006 3930]

55 minutes ago, Neonmoon said:

So was he being paid 110 or 70?

70 I’m guessing with 40 of his own. It was a larger loan amount so that’s why he used his 40 (max value)

[Wulaw Horn 19590]

2 hours ago, Neonmoon said:

So was he being paid 110 or 70?

70. Of which 40 were mine. 

[UTPhil2006 3930]

9 minutes ago, Wulaw Horn said:

70. Of which 40 were mine. 

Echo 

[Neonmoon 38130]

Someone can always go lower 

[LCHorn 2751]

19 hours ago, Wulaw Horn said:

Hell, probably work to my benefit- the agent who referred is both impressed and apologetic and this was only his second referral. “You’ve been a pro and great- I am so sorry, this is so embarrassing, I owe you one etc”.

Haha, I’ve told myself that same thing many times.  Unfortunately guilt isn’t a great motivator for most people.  
 

More often than not, when that happens to me it’s a referral from an agent that I know pits us against another of their favored agents, at least somewhat deliberately.  

[UTPhil2006 3930]

43 minutes ago, LCHorn said:

Haha, I’ve told myself that same thing many times.  Unfortunately guilt isn’t a great motivator for most people.  
 

More often than not, when that happens to me it’s a referral from an agent that I know pits us against another of their favored agents, at least somewhat deliberately.  

Agreed. The 8 day agent above swore us up and down. Nada since. 

[Wulaw Horn 19590]

2 hours ago, LCHorn said:

Haha, I’ve told myself that same thing many times.  Unfortunately guilt isn’t a great motivator for most people.  
 

More often than not, when that happens to me it’s a referral from an agent that I know pits us against another of their favored agents, at least somewhat deliberately.  

 

2 hours ago, UTPhil2006 said:

Agreed. The 8 day agent above swore us up and down. Nada since. 

It’s certainly possible that it goes down that way. 
I honestly don’t care as I am getting more than my share right now, but it’s weird how much shifting seems to be happening right now. I’ve been fired more in the last 30 days than in my entire career combined, and pricing was solid on all those deals and we were conditionally approved on like 3 of the 5 so it wasn’t like files were gathering dust or the team wasn’t performing. 
I had a VA cleared to close in 8 or 9 days the other day and agent asked me why docs weren’t at title yet (like 12 days before closing) and I was like- what the hell is going on here in this market- I don’t get it. People moving. People not happy about 10 day CTC’s- I think everyone needs to get busier so that we don’t have time on our hands to nitpick over stupid shit or something. I can’t figure out what’s going on, honestly. 
on 6/28 I will have closed 10 more units than I did in all of 2023 so I’m not complaining at all, but none of this shit makes sense. 

[UTPhil2006 3930]

20 minutes ago, Wulaw Horn said:

 

It’s certainly possible that it goes down that way. 
I honestly don’t care as I am getting more than my share right now, but it’s weird how much shifting seems to be happening right now. I’ve been fired more in the last 30 days than in my entire career combined, and pricing was solid on all those deals and we were conditionally approved on like 3 of the 5 so it wasn’t like files were gathering dust or the team wasn’t performing. 
I had a VA cleared to close in 8 or 9 days the other day and agent asked me why docs weren’t at title yet (like 12 days before closing) and I was like- what the hell is going on here in this market- I don’t get it. People moving. People not happy about 10 day CTC’s- I think everyone needs to get busier so that we don’t have time on our hands to nitpick over stupid shit or something. I can’t figure out what’s going on, honestly. 
on 6/28 I will have closed 10 more units than I did in all of 2023 so I’m not complaining at all, but none of this shit makes sense. 

I don’t think realtors, or at least the good ones, are expecting 8 day closes. I will offer that as a strategy to win the deal on their offer, but they haven’t come to us with such. The aforementioned 8 day Surly guy/realtor literally posed the DM as “long shot” but hey 

[Gil Bang 26231]

I never, ever write (an offer with)  a short close unless I've already discussed it with the lender and he's on board. 

 

Edited June 16 by Gil Bang

[JulesVerne 32]

Shot in the dark, but does anyone have a good realtor recommendation for Oklahoma City area? I think work is going to have me relocate at some point......

[Gil Bang 26231]

single-wide or double-wide?

[Mother mopar 3383]

single-wide or double-wide?

They are making triple wides nowadays. Okies call those mansions.

[Neonmoon 38130]

9 hours ago, Gil Bang said:

single-wide or double-wide?

You jest, but in my area, some of these are pretty nice

https://www.zillow.com/homedetails/8-Bachelder-Ln-Candler-NC-28715/104348191_zpid/

[Gil Bang 26231]

I do jest.  I sell them every now and then.  I sold one a few months ago on fee-simple land, in a lovely 55+ community.   They're fine

[BearSchlong 8238]

Berkshire Hathaway is in that space as well.

[Incredulity 11875]

I assume 236K is without foundation or connections?

[Neonmoon 38130]

Provide client with explicit instructions: Pay down balance of this credit card from $8953 to $4232 to get a better credit score 

Client sends over updated CC statement showing balance of $4415

[Wulaw Horn 19590]

42 minutes ago, Neonmoon said:

Provide client with explicit instructions: Pay down balance of this credit card from $8953 to $4232 to get a better credit score 

Client sends over updated CC statement showing balance of $4415

Numbers are hard. 

[UTPhil2006 3930]

46 minutes ago, Neonmoon said:

Provide client with explicit instructions: Pay down balance of this credit card from $8953 to $4232 to get a better credit score 

Client sends over updated CC statement showing balance of $4415

We had one with specific instructions to pay off the rest of a car note (fairly low balance).. well she did that… and then bought another 

[Gil Bang 26231]

I was showing a young couple houses that they barely qualified for.  After a long day of showings, we stopped and I bought them a drink while we discussed the offer we were going to write.

I gave them the standard talk; don't charge anything, this isn't the time to buy a new car, etc. These guys BARELY qualified.   The guy got really quiet.   The week before, he had financed an expensive mall jewelry store engagement ring and planned to propose when their escrow closed.  Fucking moron. 

[Neonmoon 38130]

lol. I had a client call me up with 2 weeks till close.

“Remember when you said don’t change jobs until after closing?”

Yes.

”Well I got another job”

WHAT THE FUCK

 

[Wulaw Horn 19590]

Habib went in dry on the government today. Said everything positive on the economy from the last 9 months is bullshit and they have overstated jobs by like 600k in the 4th quarter alone. Said the inflation numbers are bullshit being skewed by owners equivalent rent which is nonsense and inflation should really be considered 2.3 instead of 3.3 and the jobs situation is all bullshit pencil whipping by the government and the markets are too dumb to realize it. 
was interesting. 
he was arguing jobs and inflation was overstated so I don’t think- gun to his head he’s arguing nefarious, rather stupid. 

[Gravy Train 975]

23 hours ago, Gil Bang said:

I was showing a young couple houses that they barely qualified for.  After a long day of showings, we stopped and I bought them a drink while we discussed the offer we were going to write.

I gave them the standard talk; don't charge anything, this isn't the time to buy a new car, etc. These guys BARELY qualified.   The guy got really quiet.   The week before, he had financed an expensive mall jewelry store engagement ring and planned to propose when their escrow closed.  Fucking moron. 

Sure, boneheaded move on his part, but not entirely his fault.  I guarantee his girlfiend/ex-fiance had much more to do with that decision.  Things get even more interesting had you asked them independently how each were contributing to the mortgage.

[Gil Bang 26231]

4 minutes ago, Gravy Train said:

Sure, boneheaded move on his part, but not entirely his fault.  I guarantee his girlfiend/ex-fiance had much more to do with that decision.  Things get even more interesting had you asked them independently how each were contributing to the mortgage.

Yeah, the whole deal was fucked.  He worked in Orange County, she worked in San Diego, so they were trying to find a spot in the middle (where they would both have a shitty commute).  She eventually bought a small condo herself, and did that with me.  I have no idea whatever happened to him and them as a couple.  When she bought the condo, he got the home inspection done for her...some dipshit kid that knew absolutely nothing. A relative of his, IIRC.  I told her that the inspection was useless, and recommended that she gets another inspector to do a "real" one.  She refused, so I made her sign an inspection waiver because his was so horrible. 

[Neonmoon 38130]

2 hours ago, Wulaw Horn said:

Habib went in dry on the government today. Said everything positive on the economy from the last 9 months is bullshit and they have overstated jobs by like 600k in the 4th quarter alone. Said the inflation numbers are bullshit being skewed by owners equivalent rent which is nonsense and inflation should really be considered 2.3 instead of 3.3 and the jobs situation is all bullshit pencil whipping by the government and the markets are too dumb to realize it. 
was interesting. 
he was arguing jobs and inflation was overstated so I don’t think- gun to his head he’s arguing nefarious, rather stupid. 

It’s almost like he’s financially motivated to say this. 

Habib has been claiming the jobs numbers are rigged for years because he needs a scapegoat for how wrong he is all the time 

[Wulaw Horn 19590]

17 minutes ago, Neonmoon said:

It’s almost like he’s financially motivated to say this. 

Habib has been claiming the jobs numbers are rigged for years because he needs a scapegoat for how wrong he is all the time 

He’s predicting the future- anyone in that business is going to be wrong a lot. He’s won a bunch of awards for being the most accurate guy out there. He didn’t have a good last 2 or 3 years.

the live pricing and alert before relock and charts are worth the price financially/ even if you don’t ascribe any value to his reading of the tea leaves. I know multiple different people who know him pretty well and they all say he’s great. If he’s saying this about jobs and inflation it’s because he means it and thinks it’s right, not for any other reason. Does that make him right?  No. But it was an interesting perspective.  

[LCHorn 2751]

3 hours ago, Wulaw Horn said:

He’s won a bunch of awards for being the most accurate guy out there.

I mean, let’s be frank, all those California originators that got rich in the late ‘90’s are constantly sucking each other off and giving each other bullshit awards.  I mean; you basically had to be an imbecile not to make money in mortgages back then in an incredible growth market.  It’s like it was for us in 2021-2022 but they had a decade of it.  
 

At least Barry has the balls to hang himself; everyone else is in coaching or peddling software.  There’s also not a whole lot of competition in that space.  Pretty much all the macro guys I listen or read have been predicting a recession to happen any day now since May of 2022.

[StassneyHorn 6767]

On 6/17/2024 at 10:31 AM, Neonmoon said:

Provide client with explicit instructions: Pay down balance of this credit card from $8953 to $4232 to get a better credit score 

Client sends over updated CC statement showing balance of $4415

Did they do it, then get hit with monthly interest and didn’t account for it?

[jimmyjazz 47137]

Yes, let's applaud a guy for being consistently wrong but boldly doing so.

[Captainant 28529]

9 hours ago, jimmyjazz said:

Yes, let's applaud a guy for being consistently wrong but boldly doing so.

Do you know what website you're posting on?

[LTtxfan 49994]

May go look at two contiguous 1/4 acre lots in hill country.  May reach out to realtor I know in the area, but it's not his listing.

If I ask him to help, am I allowed to offer him an additional flat fee above the 3% he'll get at closing as a buyer's agent?

Just trying to make it worth his time...

[jimmyjazz 47137]

If he'll take it at 3%, why offer additional money that comes out of your pocket?  If he balks at doing the job (which would surprise me in this environment), then look at sweetening the deal.  I don't see why it would be forbidden, but I'm no Realtor or attorney.

[UTPhil2006 3930]

4 minutes ago, LTtxfan said:

May go look at two contiguous 1/4 acre lots in hill country.  May reach out to realtor I know in the area, but it's not his listing.

If I ask him to help, am I allowed to offer him an additional flat fee above the 3% he'll get at closing as a buyer's agent?

Just trying to make it worth his time...

I might be reading this wrong, are you asking if you can pay him on top of the 3% he's going to get at closing from the sale?  Wouldn't it make more sense to go to the listing agent on the property and say you aren't represented?  If thats the route you are trying to go I presume.  But to answer the question directly you are free to add on top of whatever you'd like to your agent out of your funds.

[LTtxfan 49994]

Also never bought land alone before... any tips and caveats??

Guessing I need to be sure I understand restrictions since I want to add improvements later.  Property is part of MUD sewer system so gonna ask how expensive adding sewer, water and electric will be later.  Gonna get a survey too, and I guess a title policy needs to happen too?  

I'll likely make a cash offer if I like property.  

Any advice is greatly appreciated...

 

 

[LTtxfan 49994]

5 minutes ago, UTPhil2006 said:

I might be reading this wrong, are you asking if you can pay him on top of the 3% he's going to get at closing from the sale?  Wouldn't it make more sense to go to the listing agent on the property and say you aren't represented?  If thats the route you are trying to go I presume.  But to answer the question directly you are free to add on top of whatever you'd like to your agent out of your funds.

Yeah, I thought about going to listing agent instead too.  Just want to be sure I'm protected since land only.  

It's likely only $50k offer.  Any additional tips appreciated... Thx

[UTPhil2006 3930]

9 minutes ago, LTtxfan said:

Also never bought land alone before... any tips and caveats??

Guessing I need to be sure I understand restrictions since I want to add improvements later.  Property is part of MUD sewer system so gonna ask how expensive adding sewer, water and electric will be later.  Gonna get a survey too, and I guess a title policy needs to happen too?  

I'll likely make a cash offer if I like property.  

Any advice is greatly appreciated...

 

 

Yep the seller will have some of that information, and then it would be your/realtors due diligence to find out the rest.  Same with survey and title and such. We actually just did this near Dallas for a Surly guy, pretty similar situation.  DM sent.

[LTtxfan 49994]

Thx @UTPhil2006

[Neonmoon 38130]

Around NC, common realtor land commission is 5% per agent 

(negotiable of course)

[Wulaw Horn 19590]

3 hours ago, Neonmoon said:

Around NC, common realtor land commission is 5% per agent 

(negotiable of course)

I’ve seen a lot of 8% here (4 for each agent) on land. 

[Mother mopar 3383]

Also never bought land alone before... any tips and caveats??
Guessing I need to be sure I understand restrictions since I want to add improvements later.  Property is part of MUD sewer system so gonna ask how expensive adding sewer, water and electric will be later.  Gonna get a survey too, and I guess a title policy needs to happen too?  
I'll likely make a cash offer if I like property.  
Any advice is greatly appreciated...
 
 

Deed restrictions, mineral rights conveyance, any easements, etc.

[Sandman 3431]

On 6/15/2024 at 11:17 PM, JulesVerne said:

Shot in the dark, but does anyone have a good realtor recommendation for Oklahoma City area? I think work is going to have me relocate at some point......

PM sent

[Storm the Field 5366]

On 6/18/2024 at 2:57 PM, Neonmoon said:

It’s almost like he’s financially motivated to say this. 

Habib has been claiming the jobs numbers are rigged for years because he needs a scapegoat for how wrong he is all the time 

Lol. Sounds exactly like the fund managers that have been sitting on the sidelines b/c "recession and deep pullback imminent" and then when they finally have to issue a mea culpa, it's "well, if it weren't for reckless spending/money printing/fake numbers...I would have been right. Recession definitely soon though!"

[Neonmoon 38130]

Someone please explain why tax transcripts are showing up blank for 3 years but record of account is pulling fine?

thanks IRS for fucking me