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UTPhil2006

By UTPhil2006
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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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Wulaw Horn

Wulaw Horn 19068

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On 6/2/2020 at 4:57 PM, UTPhil2006 said:

Call the escrow servicer just to be safe so you aren't left with a shortfall.

To amplify that a. It- you will absolutely be short at the end of the year. They will pay your shortage but you will get a bill for that next March or April or they will tack on double the difference for a year to catch you up. So, if your bill was $3600 short you will owe an extra $600 a month for a year- $300 to make the new number right, and another $300 a month for a year to catch you up. 

Most a lead pipe cinch that your pro rations were short. Get with title in October or November when your bill comes out to see if you can track down seller for the amount short you were on the prorations. 

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Wulaw Horn

Wulaw Horn 19068

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3 hours ago, HRSchenker said:

If you're a mortgage broker who wants me to refinance with you and the letter you send only addresses me instead of me and my wife, you will NEVER get my business. Ever.

What if you are the only one on the loan?  And when you say letter, do you mean, literally, note and stamp and mail box and the like?  

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HRSchenker

HRSchenker 2268

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14 hours ago, Wulaw Horn said:

What if you are the only one on the loan?  And when you say letter, do you mean, literally, note and stamp and mail box and the like?  

Our names are both on the loan and yes I'm talking about an actual letter in my mailbox. 

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Wulaw Horn

Wulaw Horn 19068

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40 minutes ago, South Austin said:

Your wife posts on Surly, doesn’t she?

His wife hacked his account!  Jk. But cracked me up. Poor bastard mortgage guy. Writing a letter to his customer thinking it’s helping, only to find out he’s pissed the poor guy off and losing business compared to if he’d have just been lazy. 

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HRSchenker

HRSchenker 2268

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43 minutes ago, South Austin said:

Your wife posts on Surly, doesn’t she?

lmao I'd laugh my ass off if she got a letter from the broker that only addressed her. I just hate lazy attempts to earn my business, especially when they pulled it from public records and saw both of our names.

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UTPhil2006

UTPhil2006 3806

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On 6/5/2020 at 3:08 PM, HRSchenker said:

If you're a mortgage broker who wants me to refinance with you and the letter you send only addresses me instead of me and my wife, you will NEVER get my business. Ever.

Dear Mr and Mrs HR Schenker.. would you like to refi with us?

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UTPhil2006

UTPhil2006 3806

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On 5/12/2020 at 3:03 PM, UTPhil2006 said:

So, UWM is rolling out a program today called Conventional Conquest, which has rates at or below 3.0% on conventional loans (currently, I'm assuming the program will morph as time/market changes).  I'm assuming there will be a learning curve on our end, but it looks like I can check by address for qualification purposes, and then allows for pricing if anyone wants me to run a quote/availability for them.

Qualifications - Primary/Secondary residence, couldn't have refinanced with UWM in the last 18 months (other lenders such as Caliber, Quicken, etc are eligible now),  no cash outs, conventional loan (conventional loan limit $510,400).  They offer anything from 8-30 years but it looks like the best pricing is for a 30 year.

My email is pdubord@prodigymbo.com if you want me to run things for you.

Still doing 30's around 2.99 and 15's around 2.625-2.75 via this program

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PhillyD

PhillyD 1257

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This probably belongs in the dumb question thread, but if you have a Home Equity Loan, can you leave that alone and refinance the lower amount or do you have to pay that off when closing?  This question affects me because of the limit on the program.

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UTPhil2006

UTPhil2006 3806

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1 hour ago, PhillyD said:

This probably belongs in the dumb question thread, but if you have a Home Equity Loan, can you leave that alone and refinance the lower amount or do you have to pay that off when closing?  This question affects me because of the limit on the program.

Gotta pay it off

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Gil Bang

Gil Bang 25922

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This probably belongs in the dumb question thread, but if you have a Home Equity Loan, can you leave that alone and refinance the lower amount or do you have to pay that off when closing?  This question affects me because of the limit on the program.

Phil is mostly right. “Priority” is based on time. Whoever is first making the loan is in first position.

 

There is something called a “subordination agreement” where a junior lien allows the borrower to refinance the senior lien where the new loan assumes 1st position.

 

In my asset manager days, I always agreed to subordinate my junior lien if the borrower was refinancing for better terms, never ever if he was pulling cash out.

 

Practically speaking, I doubt that any lenders will go through those motions, which is why Phil is mostly right.

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Enchubben

Enchubben 5510

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Question - contracting now for a new-build house. I have no issue qualifying for both my current mortgage and adding a mortgage for the new house and then some. Make plenty of money, have probably 25% of the new home cost in equity in my current home. And then have 401k that I could borrow from etc.  One small monthly car payment.  

However- liquidity and timing is an issue to where I won't have enough cash to cover down payment for additional options for another week (thanks Merrill Lynch and UPS you dumbfucks).  I will have enough liquid cash to cover earnest money (1%) but can i borrow the money or receive a gift to cover the deposit on options or will that eff me when it comes time for final mortgage approval at closing?

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UT_OB1

UT_OB1 2217

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I know you don't want to wait, but would it be easier (and maybe less expensive) just to wait a week?

Also, if you don't mind me asking, what is the $/sqft, sqft, and area of your build?  Not stalking, just interested in prices to build.  

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BevoSwag

BevoSwag 272

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3 hours ago, Enchubben said:

Question - contracting now for a new-build house. I have no issue qualifying for both my current mortgage and adding a mortgage for the new house and then some. Make plenty of money, have probably 25% of the new home cost in equity in my current home. And then have 401k that I could borrow from etc.  One small monthly car payment.  

However- liquidity and timing is an issue to where I won't have enough cash to cover down payment for additional options for another week (thanks Merrill Lynch and UPS you dumbfucks).  I will have enough liquid cash to cover earnest money (1%) but can i borrow the money or receive a gift to cover the deposit on options or will that eff me when it comes time for final mortgage approval at closing?

Do you have job openings?  I'm 80 and willing to learn.

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Enchubben

Enchubben 5510

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Posted (edited)
7 hours ago, UT_OB1 said:

I know you don't want to wait, but would it be easier (and maybe less expensive) just to wait a week?

Also, if you don't mind me asking, what is the $/sqft, sqft, and area of your build?  Not stalking, just interested in prices to build.  

Would certainly be easier, but unfortunately there are other buyers interested in the lot/house. (It's being built on spec and will be posted for public viewing monday)  I'm going to try and see if the builder will let me postdate the check for options and see what builder says (fingers crossed).  If the earnest money is paid, maybe they wont have an issue with delaying the options deposit. 

How in 2020 we have reusable space rockets, but a global financial company like Merrill Lynch that manages over $2T in retirement funds does not have the ability to wire funds or direct deposit disbursements is beyond me.  Also fuck UPS for getting me a lighting fixture from china in 4 days, but it takes 5 days to get an envelope from New Jersey after paying for next day air.

Other question - $140/sqft base price before options of which there are many. 3550 sqft, on 90ft lot. One story. 

 

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UT_OB1

UT_OB1 2217

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2 hours ago, Enchubben said:

Would certainly be easier, but unfortunately there are other buyers interested in the lot/house. (It's being built on spec and will be posted for public viewing monday)  I'm going to try and see if the builder will let me postdate the check for options and see what builder says (fingers crossed).  If the earnest money is paid, maybe they wont have an issue with delaying the options deposit. 

How in 2020 we have reusable space rockets, but a global financial company like Merrill Lynch that manages over $2T in retirement funds does not have the ability to wire funds or direct deposit disbursements is beyond me.  Also fuck UPS for getting me a lighting fixture from china in 4 days, but it takes 5 days to get an envelope from New Jersey after paying for next day air.

Other question - $140/sqft base price before options of which there are many. 3550 sqft, on 90ft lot. One story. 

 

Thanks for the answers. That is one fucking tall house. Is it just a set of spiral stairs to heaven?

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UTPhil2006

UTPhil2006 3806

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On 6/13/2020 at 3:54 PM, Gil Bang said:

Heh.  I work for a pretty big brokerage here in SoCal.  We have a private website where agents can share wants and needs.  Somebody's looking for a Studio within 20 minutes of the USC campus for under $3,000, for his client, Craig Naivar.

What does 3000 get you near USC?  Is that a reasonable request? 

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Gil Bang

Gil Bang 25922

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2 hours ago, UTPhil2006 said:

What does 3000 get you near USC?  Is that a reasonable request? 

Actually, you'd likely avoid areas very close to USC.  It's the fuckng hood, although it's gentrifying somewhat.  (UCLA, area on the other hand, is fucking PRIME real estate).

Sure, it's a reasonable request.  I would think you could get a studio somewhere for that...Silverlake or somewhere similar.   I assume that football coaches don't keep normal rush-hour hours, so a 20 minute radius is a pretty big net to cast. 

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Wulaw Horn

Wulaw Horn 19068

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On 6/12/2020 at 10:59 AM, Enchubben said:

Question - contracting now for a new-build house. I have no issue qualifying for both my current mortgage and adding a mortgage for the new house and then some. Make plenty of money, have probably 25% of the new home cost in equity in my current home. And then have 401k that I could borrow from etc.  One small monthly car payment.  

However- liquidity and timing is an issue to where I won't have enough cash to cover down payment for additional options for another week (thanks Merrill Lynch and UPS you dumbfucks).  I will have enough liquid cash to cover earnest money (1%) but can i borrow the money or receive a gift to cover the deposit on options or will that eff me when it comes time for final mortgage approval at closing?

Money from a relative shouldn’t be any problem as a gift- just make sure to paper trail it. 

But really you could probably pay them unmarked bills in a beat up old briefcase and be ok- because you aren’t closing for like 6-9 months- right?  By the time you go to get your financing whoever is helping you is going to be irritated because they will have to unwind your “mistake” but it’s not like that’s going to be a fatal flaw that makes the deal undoable. 

The above disclaimer was said by a. Originator and the reason my partner that handles contract to close likely cusses me. 

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Enchubben

Enchubben 5510

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1 hour ago, Wulaw Horn said:

Money from a relative shouldn’t be any problem as a gift- just make sure to paper trail it. 

But really you could probably pay them unmarked bills in a beat up old briefcase and be ok- because you aren’t closing for like 6-9 months- right?  By the time you go to get your financing whoever is helping you is going to be irritated because they will have to unwind your “mistake” but it’s not like that’s going to be a fatal flaw that makes the deal undoable. 

The above disclaimer was said by a. Originator and the reason my partner that handles contract to close likely cusses me. 

Yea this is what i ended up going with; a very short term loan, set up like a gift.  Had to get a gift letter written up to document it.  Of course I will pay back the loan plus nominal interest for the week while I need it floated. 

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Armybrat

Armybrat 40826

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My brother’s 30 year old 2,200 sq/ft house just off Mount Bonnell & 2222  was listed for $779,000 two weeks sgo. He signed a contract a week later for $800,000.

Seems that a couple of months ago he spread the word among his neighbors that he was going to sell & move. He said he got five of them interested because the now numerous empty nesters in his hood were seeking to downsize. Guess there was a brief bidding “war”? I’m amazed there is still that kind of activity in Austin.
 

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