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UTPhil2006

By UTPhil2006
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Upgrayedd

Upgrayedd 5803

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On 8/24/2020 at 3:18 PM, Sbbruin said:

For you Houston folks, CRE pwerhouse legend Gerald Hines passes away at 95.  Hines had/has a number of major holdings out here.  

Develoments in a lot of areas.  Didn't know he passed.  Wonder if he had any single daughters/granddaughters? 

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mchookem
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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
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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
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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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mchookem

mchookem 16095

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On 7/28/2020 at 2:10 PM, UTPhil2006 said:

Can confirm the wow price of said property.

Zillow still shows 'pending offer', with the original outrageous list price, and they are actually 'destaging' it today...but the yard sign is still up, no 'contract pending' notice, and i think they actually had another open house about a week ago - it was weird though b/c it was like a Tuesday or something, and there was no sign, no fanfare, but lots of cars and people coming and going.

basically, i don't know what is going on over there lol, but i am damn curious! 

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royiv

royiv 9131

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On 7/13/2020 at 9:10 AM, UTPhil2006 said:

Home for Sale in S Austin - 4/3 2714 sq ft, over half an acre lot.. (Thad and buddy flip home) - https://www.realtor.com/realestateandhomes-detail/5306-Mc-Carty-Ln_Austin_TX_78749_M89494-20496

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Was curious and went back to see if this one was still on the market. Curious to hear what the feedback is for it to have been on the market for several months and taken over a $100k price reduction. From the stories on this board about the Austin market that seems really out of the ordinary.

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Gil Bang

Gil Bang 25865

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4 hours ago, mchookem said:

Zillow still shows 'pending offer', with the original outrageous list price, and they are actually 'destaging' it today...but the yard sign is still up, no 'contract pending' notice, and i think they actually had another open house about a week ago - it was weird though b/c it was like a Tuesday or something, and there was no sign, no fanfare, but lots of cars and people coming and going.

basically, i don't know what is going on over there lol, but i am damn curious! 

Can y'all do open houses out there?  We cannot, due to COVID. 

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LCHorn

LCHorn 2582

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1 hour ago, APMP said:

Our current lender (we are selling and house is under contract) pre-qualified us for 30 year fixed jumbo at 3%. Said we couldn't lock until under contract.

That sound about right or should I be shopping around?

hard to gauge without knowing what the origination charges are.  

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Horns99

Horns99 155

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Our current lender (we are selling and house is under contract) pre-qualified us for 30 year fixed jumbo at 3%. Said we couldn't lock until under contract.

That sound about right or should I be shopping around?

From a few months ago & from above threads, take 3% on a 30 year jumbo all day long
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TKthunder2

TKthunder2 4975

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12 hours ago, Gil Bang said:

Can y'all do open houses out there?  We cannot, due to COVID. 

Yes they are, we went to multiple.  Keep 6ft apart, wear a mask, and depending on the sellers and realtor’s company some have rules in place limiting how many people can be in the house at one time, if they can touch things (doors/cabinets).  One I had to put booties on my shoes.

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TKthunder2

TKthunder2 4975

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14 hours ago, APMP said:

Our current lender (we are selling and house is under contract) pre-qualified us for 30 year fixed jumbo at 3%. Said we couldn't lock until under contract.

That sound about right or should I be shopping around?

You might go a little lower but not much, and generally you can’t lock until under contract.  But I would shop another lender just to be sure you’re getting the best rate.

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UTPhil2006

UTPhil2006 3790

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14 hours ago, royiv said:

Was curious and went back to see if this one was still on the market. Curious to hear what the feedback is for it to have been on the market for several months and taken over a $100k price reduction. From the stories on this board about the Austin market that seems really out of the ordinary.

I'll ask Thad.  He and another realtor are flipping it so I've stayed out of the loop on that one.  I'll ask whats going on with it.

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Wulaw Horn

Wulaw Horn 18963

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13 hours ago, LCHorn said:

hard to gauge without knowing what the origination charges are.  

I’m an idiot. I assumed no discount points but yeah- maybe I shouldn’t have. 
I priced a jumbo yesterday and I want to say I was getting 87 bips at 3.0 on a 45 day lock. That’s the kind of thing where someone tells me they are getting that rate I ask them for the lenders phone number so I can refer him other business. 
I never get beat on price and in this case I’d be getting beat on price big time. 

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Wulaw Horn

Wulaw Horn 18963

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19 minutes ago, APMP said:

I got a worksheet with a bunch of line item costs on it. I assume you are asking about the percentage of the loan amount that is listed as 'origination cost"? There are a bunch of other fees there too.

Discount points. Origination points. Underwriting fees. Processing fees. Basically everything in the top left box. 

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APMP

APMP 685

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Discount points. Origination points. Underwriting fees. Processing fees. Basically everything in the top left box. 
Origination is 1%.
$250 processing
$225 underwriting
$300 closing coordination
$395 loan delivery

Rest is third party fees (with the two title insurances being the biggest chunk) and tax prepay/escrow.
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hornian

hornian 5201

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Posted
18 hours ago, APMP said:

Our current lender (we are selling and house is under contract) pre-qualified us for 30 year fixed jumbo at 3%. Said we couldn't lock until under contract.

That sound about right or should I be shopping around?

I got 3.125 on a jumbo in July and I no one was close to that. If you're getting 3, jump on it. 

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LCHorn

LCHorn 2582

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1 hour ago, APMP said:

Origination is 1%.
$250 processing
$225 underwriting
$300 closing coordination
$395 loan delivery

Rest is third party fees (with the two title insurances being the biggest chunk) and tax prepay/escrow.

I don't think 3.00% with 1% origination is anything special but it's also about where the market is at.  Hornian's pricing is going to be somewhat exceptional, i.e., some lender really thinks he's purty. 

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Gil Bang

Gil Bang 25865

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17 hours ago, royiv said:

Was curious and went back to see if this one was still on the market. Curious to hear what the feedback is for it to have been on the market for several months and taken over a $100k price reduction. From the stories on this board about the Austin market that seems really out of the ordinary.

That fucking master bath is a crime against humanity.  I'm not surprised that it's not selling. 

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Wulaw Horn

Wulaw Horn 18963

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30 minutes ago, LCHorn said:

I don't think 3.00% with 1% origination is anything special but it's also about where the market is at.  Hornian's pricing is going to be somewhat exceptional, i.e., some lender really thinks he's purty. 

Yessir. That’s why you are smarter than me asking about the points- didn’t cross my mind. 
And yeah- Hornian must have paid in some other way. Maybe the guys stepping out in his wife and wants to have a divorce guy owe him one or something. 

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Storm the Field

Storm the Field 5270

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On 8/21/2020 at 2:02 PM, Storm the Field said:

Welp, first buyer backed out towards very end of the option period this past weekend. Went back on market Tuesday, a new offer came in Wednesday and we're back under contract. Let's hope Round 2 goes better.

Option period ended today and we reached agreement with buyers on price adjustments for necessary work. Now just gotta make it to closing at end of month.

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victory88

victory88 5654

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Alright, so I need some advice from you guys on how to start this process.  Wife and I are looking to buy a house in the next couple of months.  We are first time buyers.  I switched from a W2 to a 1099 Jan of 2019.  Last October, I opened my own practice.  With all the equipment we bought, I was able to write off all of my income last year and not have to pay any tax.  Is this going to affect our ability to get mortgage or a decent rate?  We're probably going to show very little income this year as well as we have more we can write off with the business.

I spoke to my CPAs, they've told me to apply for a "doctor" loan.  We have a decent amount of cash we saved for a down payment and have great credit.  Can you guys guide me on where to start, with which lenders, and how I can qualify for the most competitive rate.  The house prices are insanely high right now in DFW so I really don't want to take on a high interest rate mortgage on top of that.  I just want to know realistically what I should be able to get, I can pm our finances if needed for a better idea of what we would qualify for.  Also, if you guys could let us know when would be the best time to buy.  Couple of realtor friends told us to wait till October when we started looking this summer.

Thanks in advance...

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UTPhil2006

UTPhil2006 3790

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Posted (edited)
5 hours ago, ISUCyclones said:

Question for the pros of the thread, is it smart to refinance after only a year in to a 30 year loan with current rates the way they are? I'm in at 3.625 from when we closed on our house Aug 2019. Obviously don't have much equity into the house yet though.

Yeah probably would make sense, but have your local guy (I'm assuming you're in Iowa) check with UWM on their Conquest program or any similar programs.  If you can get to 2.99 or 2.875 pretty much worth it.

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UTPhil2006

UTPhil2006 3790

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5 hours ago, victory88 said:

Alright, so I need some advice from you guys on how to start this process.  Wife and I are looking to buy a house in the next couple of months.  We are first time buyers.  I switched from a W2 to a 1099 Jan of 2019.  Last October, I opened my own practice.  With all the equipment we bought, I was able to write off all of my income last year and not have to pay any tax.  Is this going to affect our ability to get mortgage or a decent rate?  We're probably going to show very little income this year as well as we have more we can write off with the business.

I spoke to my CPAs, they've told me to apply for a "doctor" loan.  We have a decent amount of cash we saved for a down payment and have great credit.  Can you guys guide me on where to start, with which lenders, and how I can qualify for the most competitive rate.  The house prices are insanely high right now in DFW so I really don't want to take on a high interest rate mortgage on top of that.  I just want to know realistically what I should be able to get, I can pm our finances if needed for a better idea of what we would qualify for.  Also, if you guys could let us know when would be the best time to buy.  Couple of realtor friends told us to wait till October when we started looking this summer.

Thanks in advance...

You can PM or email me (Pdubord@prodigymbo.com) the rundown of things if you'd like and I can run it past our lenders.  Usually they want 2 years of self employed, and writing everything off may impact things but like I said I can run it up the ladder to see options.  As far as timing October is better because it's not summer, but pretty much Austin/Houston/Dallas have been hot all year.

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Gil Bang

Gil Bang 25865

Posted
Posted (edited)
6 hours ago, victory88 said:

Alright, so I need some advice from you guys on how to start this process.  Wife and I are looking to buy a house in the next couple of months.  We are first time buyers.  I switched from a W2 to a 1099 Jan of 2019.  Last October, I opened my own practice.  With all the equipment we bought, I was able to write off all of my income last year and not have to pay any tax.  Is this going to affect our ability to get mortgage or a decent rate?  We're probably going to show very little income this year as well as we have more we can write off with the business.

I spoke to my CPAs, they've told me to apply for a "doctor" loan.  We have a decent amount of cash we saved for a down payment and have great credit.  Can you guys guide me on where to start, with which lenders, and how I can qualify for the most competitive rate.  The house prices are insanely high right now in DFW so I really don't want to take on a high interest rate mortgage on top of that.  I just want to know realistically what I should be able to get, I can pm our finances if needed for a better idea of what we would qualify for.  Also, if you guys could let us know when would be the best time to buy.  Couple of realtor friends told us to wait till October when we started looking this summer.

Thanks in advance...

Absolutely, go with a "doctor" loan.  I"ve known a few MD's that were able to buy very nice homes that they wouldn't have otherwise qualified for. 

The big banks will probably ask you to move your business accounts to them...that's why they do these loans in the first place; to establish a relationship with someone who promises to be wealthy, or at least a high-earner, down the road.  

 

As to the "when to buy" question, I suppose I should defer to the locals on that.   BUT: in general (in a non-COVID world) demand comes down a significantly after summer, but so does inventory.  Most folks want to complete a move in time to get the kids settled before school starts.    Fewer folks want to sell during the holiday season, and by late october, the sellers (and buyers)  are looking at a Thanksgiving-time move.  Not a lot of folks find that appealing. 

Edited by Gil Bang
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Gil Bang

Gil Bang 25865

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58 minutes ago, Firemans4Horn said:

If anyone has referrals for single family home investors/flippers in D/FW please PM their contact information.

Be careful.  They are notorious for making you an offer that looks pretty good, then beating the shit out of you at the last minute to get the price down.   Unless your house is really, really shitty, you're likely better off listing with a good realtor, and selling to a buyer that wants some sweat equity.

Here's the question to ask yourself (or ask a pro):  Does this house qualify for financing?  If so, go with conventional marketing.   If it's a cash-only deal, then maybe the flipper is the best way to go. 

My brokerage has a construction division.  We can fix up your home prior to listing, and get paid at closing.  I'm sure that Dallas has similar brokerages. 

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Gil Bang

Gil Bang 25865

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Posted (edited)

that's fast. 

 

In a situation where I have multiple offers, I ask the buyers to shorten their contingency period.   It's traditionally 17 days out here.  I ask them to cut it to 7 or maybe 10.   It's a shit-or-get-off-the-pot situation.   You don't want them whistledicking around for a couple of weeks and then trying to beat you up on the price, or walking altogether. 

 

 

 

Edited by Gil Bang
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Dbeasy

Dbeasy 14953

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that's fast. 
 
In a situation where I have multiple offers, I ask the buyers to shorten their contingency period.   It's traditionally 17 days out here.  I ask them to cut it to 7 or maybe 10.   It's a shit-or-get-off-the-pot situation.   You don't want them whistledicking around for a couple of weeks and then trying to beat you up on the price, or walking altogether. 
 
 
 

7 is typical here already. Just enough time to do an inspection.
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Wulaw Horn

Wulaw Horn 18963

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On 9/3/2020 at 8:23 AM, ISUCyclones said:

Question for the pros of the thread, is it smart to refinance after only a year in to a 30 year loan with current rates the way they are? I'm in at 3.625 from when we closed on our house Aug 2019. Obviously don't have much equity into the house yet though.

I actually work in Iowa, and we are only allowed to make 150 basis points, total, for the company side thru our national desk- which typically means stupid low rates. Like probably 2.625% on a 30. If you want to chat about it briefly I could break down your numbers for you, but if you plan on being on the place for more than a couple years it’s probably a win. 
let me know and we can hook you up. 

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ISUCyclones

ISUCyclones 216

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Posted
I actually work in Iowa, and we are only allowed to make 150 basis points, total, for the company side thru our national desk- which typically means stupid low rates. Like probably 2.625% on a 30. If you want to chat about it briefly I could break down your numbers for you, but if you plan on being on the place for more than a couple years it’s probably a win. 
let me know and we can hook you up. 
I'm actually in northern Kentucky, if you do work here too I would for sure chat.
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Wulaw Horn

Wulaw Horn 18963

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2 minutes ago, ISUCyclones said:
17 minutes ago, Wulaw Horn said:
I actually work in Iowa, and we are only allowed to make 150 basis points, total, for the company side thru our national desk- which typically means stupid low rates. Like probably 2.625% on a 30. If you want to chat about it briefly I could break down your numbers for you, but if you plan on being on the place for more than a couple years it’s probably a win. 
let me know and we can hook you up. 

Read more  

I'm actually in northern Kentucky, if you do work here too I would for sure chat.

Sure. Same deal. Everywhere but Ny and Wyoming I think. Will drop you a pm. 

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TKthunder2

TKthunder2 4975

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30 minutes ago, Storm the Field said:

With this arguably being a rather strong sellers market with houses going under contract quickly/multiple offer situations, has there been any issue with appraisals coming in significantly low? As in, more so than usual?

So as a current seller we’re told to list it at what it will/should apprise at.  If the buyer offers over list they should be prepared to make up the difference in cash since their lender most likely will not.  When I was we put in our two offers as buyers we were prepared to pay cash for anything over list.  I’m currently reviewing offers (all over asking) and only 1 did not specifically say that they’d waive the right to terminate if it’s didn’t appraise for the amount of their offer because everyone knows that it won’t.

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BradInATX

BradInATX 9208

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With this arguably being a rather strong sellers market with houses going under contract quickly/multiple offer situations, has there been any issue with appraisals coming in significantly low? As in, more so than usual?
Appraisals came in right at what we expected on houses we bought and sold about a month ago. Nothing abnormal.
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