All Encompassing Mortgage and Real Estate Thread

[Dbeasy 14953]

CA guy here, so outside of CA I may or may not be correct. 
 
Sellers are required to disclose "material facts".  What is a "material fact"?    It's something that, if you were aware of it, would impact your decision to purchase and/or what price you are willing to pay.  Certainly a moldy garage fits.  

Same in Texas and a seller would be taking a very big risk by not disclosing it.

[UTPhil2006 3790]

19 hours ago, Dbeasy said:

Same in Texas and a seller would be taking a very big risk by not disclosing it.

This. I don’t wanna advise things not working with you but I’d almost kill that deal. What else could he be hiding. 

[Gil Bang 25865]

So our brokerage has a webpage where we all discuss upcoming listings, wants and needs, etc.

This was posted today:

 

Looking for a lease for a family.

 

Must have a main house and a guest house.
The main house must have at least 5 bedrooms.

The guest house must have at least 2 bedrooms. 

Must have a pool.

Beverly Hills or Bel Air.

No limit on monthly payment, but targeting $100k-$200k/month.

[UT_OB1 2200]

4 minutes ago, Gil Bang said:

So our brokerage has a webpage where we all discuss upcoming listings, wants and needs, etc.

This was posted today:

 

Looking for a lease for a family.

 

Must have a main house and a guest house.
The main house must have at least 5 bedrooms.

The guest house must have at least 2 bedrooms. 

Must have a pool.

Beverly Hills or Bel Air.

No limit on monthly payment, but targeting $100k-$200k/month.

Good lord. Why do people pay that much to rent?  

[Gil Bang 25865]

4 minutes ago, UT_OB1 said:

Good lord. Why do people pay that much to rent?  

I assume that it's a rapper.  

[UTPhil2006 3790]

Damnnnn

[closetohumping 17380]

57 minutes ago, Gil Bang said:

So our brokerage has a webpage where we all discuss upcoming listings, wants and needs, etc.

This was posted today:

 

Looking for a lease for a family.

 

Must have a main house and a guest house.
The main house must have at least 5 bedrooms.

The guest house must have at least 2 bedrooms. 

Must have a pool.

Beverly Hills or Bel Air.

No limit on monthly payment, but targeting $100k-$200k/month.

I live in Irvine.  I feel really poor.

[Skipper 6088]

Learn me on cash-out refi's.  I'm 4 years into a 30 year at 3.25%.  Likely looking at doing >$50K in home improvement in early '21 (covered patio, outdoor kitchen, etc.) and would be great to essentially finance that rather than paying cash.  Are cash-out refi's generally available at same low rates as purchases and are there any restrictions on what you can do with the cash?  Also, I had flooding issues in crazy Dallas storms last year all remediated but have no idea what kind of negative impact that would have if I tried to sell my home right now.  Would that get picked up at all in the appraisal?  I'm renting out my last house so have never had a home I owned appraised (so not sure of that process).  Thanks.

[Gil Bang 25865]

I'm getting a cash-out right now.  Low LTV (25%ish), pulling 30k, getting 2.875%, no points. 

Appraiser was here Monday, so waiting to hear back on that, but at my LTV it shouldn't matter.

As to the flooding, I don't recall it raining here in the last 25 years or so, so I will leave that question for the others to answer. 

[UTPhil2006 3790]

3 hours ago, Skipper said:

Learn me on cash-out refi's.  I'm 4 years into a 30 year at 3.25%.  Likely looking at doing >$50K in home improvement in early '21 (covered patio, outdoor kitchen, etc.) and would be great to essentially finance that rather than paying cash.  Are cash-out refi's generally available at same low rates as purchases and are there any restrictions on what you can do with the cash?  Also, I had flooding issues in crazy Dallas storms last year all remediated but have no idea what kind of negative impact that would have if I tried to sell my home right now.  Would that get picked up at all in the appraisal?  I'm renting out my last house so have never had a home I owned appraised (so not sure of that process).  Thanks.

Cash out's are really good and well priced right now.  Especially with UWM who has created a Conquest program similar to the ones mentioned upstream in this thread.  You can pay off debt, home improvement, pad your bank account whatever with the Cash out.  Appraisals are pretty straight forward nowadays, so as long as the home isn't moldy, torn apart, unfinished (the big one) from the flooding, you should be fine.  You can PM me or email me with any specific questions in regards to your property specifically and I can run you a quick quote.. pdubord@prodigymbo.com

[Chewbacca 7727]

Where are rates on a 15 year non-jumbo at around 50-60% LTV?

[UTPhil2006 3790]

On 9/23/2020 at 2:30 PM, Chewbacca said:

Where are rates on a 15 year non-jumbo at around 50-60% LTV?

Assuming a 740+ credit score looking around a 2.375

[Storm the Field 5270]

Wife and I managed to cause a real fun problem for ourselves. Closing on selling our house next week, but our new build probably has another ~3 weeks to go until it's move-in ready. Couldn't do a lease-back b/c new owners need to move in very soon after closing. Starting Tuesday, it's us and our 2 dogs in a 2 room extended stay until the 20th. Let's hope we're still alive/married by the time that's over.

Edited September 25, 2020 by Storm the Field

[Dbeasy 14953]

A friendly comment to those seeing skyrocketing house prices in Austin and fantasizing about selling now to lock-in a huge gain.  Had a neighbor do that, then realized they couldn't find an affordable house anywhere.  Got outbid four times, and anything left to buy is garbage.  Now living with their parents and trying to figure out a plan B.

[TKthunder2 4975]

That’s why we bought first, closing on the sale of our Cedar Park house in just over a week from now.

[closetohumping 17380]

1 hour ago, Storm the Field said:

Wife and I managed to cause a real fun problem for ourselves. Closing on selling our house next week, but our new build probably has another ~3 weeks to go until it's move-in ready. Couldn't do a lease-back b/c new owners need to move in very soon after closing. Starting Tuesday, it's us and our 2 dogs in a 2 room extended stay until the 20th. Let's hope we're still alive/married by the time that's over.

We stayed with my parents for a couple of weeks.  Not fun

[UTPhil2006 3790]

22 hours ago, Storm the Field said:

Wife and I managed to cause a real fun problem for ourselves. Closing on selling our house next week, but our new build probably has another ~3 weeks to go until it's move-in ready. Couldn't do a lease-back b/c new owners need to move in very soon after closing. Starting Tuesday, it's us and our 2 dogs in a 2 room extended stay until the 20th. Let's hope we're still alive/married by the time that's over.

Should have went to Hedonism for 3 weeks 

[Texas73 420]

On 9/25/2020 at 2:20 PM, Storm the Field said:

Wife and I managed to cause a real fun problem for ourselves. Closing on selling our house next week, but our new build probably has another ~3 weeks to go until it's move-in ready. Couldn't do a lease-back b/c new owners need to move in very soon after closing. Starting Tuesday, it's us and our 2 dogs in a 2 room extended stay until the 20th. Let's hope we're still alive/married by the time that's over.

No kids? There are many more difficult challenges, especially in 2020. You will be fine. 

[Chewbacca 7727]

Assuming a 740+ credit score looking around a 2.375

Damn. Did it a year ago at 3.25 and figured i would never touch it again.

[Wulaw Horn 18963]

On 9/25/2020 at 2:20 PM, Storm the Field said:

Wife and I managed to cause a real fun problem for ourselves. Closing on selling our house next week, but our new build probably has another ~3 weeks to go until it's move-in ready. Couldn't do a lease-back b/c new owners need to move in very soon after closing. Starting Tuesday, it's us and our 2 dogs in a 2 room extended stay until the 20th. Let's hope we're still alive/married by the time that's over.

No kids and two rooms?  Dude, that’s like ShangriLa y’all don’t even need a fuck tent. 

[UTPhil2006 3790]

23 hours ago, Chewbacca said:

On 9/25/2020 at 11:56 AM, UTPhil2006 said:

Assuming a 740+ credit score looking around a 2.375

Damn. Did it a year ago at 3.25 and figured i would never touch it again.

2.25 with a small amount of origination is attainable too

[Wulaw Horn 18963]

15 hours ago, UTPhil2006 said:

2.25 with a small amount of origination is attainable too

Hey Phil- what’s going on with Texas cash outs with y’all?  Are they not subject

to the 50 bip spread or is the penalty for cash out just disappearing/becoming negligible?  I’ve had a couple priced lately and been surprised at how low they are relative to r/t. You seeing the same? 

[Storm the Field 5270]

Packing and moving always sucks, but this was our first time moving out of a long-term house (7 years) with all the crap we've accumulated over the past decade.

Moving out of an apartment usually takes half a day maybe. I spent the better part of this past weekend just clearing out my garage. I technically can't go to my local dump again until October, I've used up all my trips for September.

[closetohumping 17380]

53 minutes ago, Storm the Field said:

Packing and moving always sucks, but this was our first time moving out of a long-term house (7 years) with all the crap we've accumulated over the past decade.

Moving out of an apartment usually takes half a day maybe. I spent the better part of this past weekend just clearing out my garage. I technically can't go to my local dump again until October, I've used up all my trips for September.

I've made 4 moves over the last five years.

[UTPhil2006 3790]

1 hour ago, Wulaw Horn said:

Hey Phil- what’s going on with Texas cash outs with y’all?  Are they not subject

to the 50 bip spread or is the penalty for cash out just disappearing/becoming negligible?  I’ve had a couple priced lately and been surprised at how low they are relative to r/t. You seeing the same? 

They are but UWM and Quicken have both been pricing them really well, especially on UWM's Conquest program.  But UWM (and presumably Quicken) are reinstating the .5 hit starting Thursday AM.

[Wulaw Horn 18963]

1 hour ago, UTPhil2006 said:

They are but UWM and Quicken have both been pricing them really well, especially on UWM's Conquest program.  But UWM (and presumably Quicken) are reinstating the .5 hit starting Thursday AM.

Gotcha. Is been dealing with the penalty for a couple weeks now. Was wondering about y’all and others out there. 

[UTPhil2006 3790]

On 9/28/2020 at 12:22 PM, UTPhil2006 said:

They are but UWM and Quicken have both been pricing them really well, especially on UWM's Conquest program.  But UWM (and presumably Quicken) are reinstating the .5 hit starting Thursday AM.

Update:  So Quicken is still reinstating the hit at midnight tonight still, but UWM has pushed theirs officially (was informal 10/1 at first) to next Thursday at midnight.  So if you're looking at a Refi the next couple days would really be the time to get in on it before that rate hit takes effect next week (final lender pricing it in, as mentioned others have already done it)

[Incredulity 11532]

On 9/28/2020 at 10:01 AM, closetohumping said:

I've made 4 moves over the last five years.

3 in 4 years for me after 12 years in one spot.  We did 3 dumpsters full of shit out of the house we lived 12 years in.  Unbelievable how much shit gets stuffed in a corner over the years.  Especially garages.  We keep a respectable level of organization around the house too(no hoarder piles).

[closetohumping 17380]

2 hours ago, Incredulity said:

3 in 4 years for me after 12 years in one spot.  We did 3 dumpsters full of shit out of the house we lived 12 years in.  Unbelievable how much shit gets stuffed in a corner over the years.  Especially garages.  We keep a respectable level of organization around the house too(no hoarder piles).

Threw away so much shit. Still have alot of shit

[Axle Hongsnort 208]

Best route for insurance on a new house? Pursue the giants directly or go through a broker?

[Wulaw Horn 18963]

1 hour ago, Axle Hongsnort said:

Best route for insurance on a new house? Pursue the giants directly or go through a broker?

Broker. 

[HRSchenker 2257]

What's the going rate for putting a billboard up on property near an interstate? I have an idea but I want to get some feedback for a purchase I might make very soon. It's not what you think, believe me. 

[UTPhil2006 3790]

2 hours ago, HRSchenker said:

What's the going rate for putting a billboard up on property near an interstate? I have an idea but I want to get some feedback for a purchase I might make very soon. It's not what you think, believe me. 

Call Reagan advertising and ask them?  I wouldn't have the first clue.

[UT_OB1 2200]

Let’s say I had ~30 acres right on the interstate just outside of Houston, but it is considered a wetland and 98% of it is under water (although only 2” deep in about 2 acres.  People do pull off the road and fish on it. How do I make money off that?  I see billboard as an option. 
 

Cheap house boats for rentals(motor doesn’t need to work)?  Fishing pier with a bait shop?  Party boat - what happens on the water stays on the water?  I’m open to good and bad ideas.

 

[UTPhil2006 3790]

26 minutes ago, UT_OB1 said:

Let’s say I had ~30 acres right on the interstate just outside of Houston, but it is considered a wetland and 98% of it is under water (although only 2” deep in about 2 acres.  People do pull off the road and fish on it. How do I make money off that?  I see billboard as an option. 
 

Cheap house boats for rentals(motor doesn’t need to work)?  Fishing pier with a bait shop?  Party boat - what happens on the water stays on the water?  I’m open to good and bad ideas.

 

Snake Farm.

[kmac30 416]

There used to be a billboard guy on here. I haven’t seen him around in a long time.

[UT_OB1 2200]

1 hour ago, UTPhil2006 said:

Snake Farm.

I like that. Could put up a giant metal snake shaped building like the alligator farm off i10 near Beaumont. 

[HRSchenker 2257]

Alright here's why I'm asking. I'm looking into some land for sale off I-35 and there's a billboard on the property. Owner showed me the contract they signed and these are the terms: 20 year lease beginning 2011, option to renew the agreement for another 20 year term, and the billboard company pays land owner $2,500 every year while the contract is in effect. That doesn't seem like market price but I don't know anything about the billboard industry 

[UTPhil2006 3790]

1 hour ago, HRSchenker said:

Alright here's why I'm asking. I'm looking into some land for sale off I-35 and there's a billboard on the property. Owner showed me the contract they signed and these are the terms: 20 year lease beginning 2011, option to renew the agreement for another 20 year term, and the billboard company pays land owner $2,500 every year while the contract is in effect. That doesn't seem like market price but I don't know anything about the billboard industry 

35 and what? That’s a really long road

[Dbeasy 14953]

Let’s say I had ~30 acres right on the interstate just outside of Houston, but it is considered a wetland and 98% of it is under water (although only 2” deep in about 2 acres.  People do pull off the road and fish on it. How do I make money off that?  I see billboard as an option. 
 
Cheap house boats for rentals(motor doesn’t need to work)?  Fishing pier with a bait shop?  Party boat - what happens on the water stays on the water?  I’m open to good and bad ideas.
 

Pet fish boarding and grooming.

[UT_OB1 2200]

38 minutes ago, Dbeasy said:

Pet fish boarding and grooming.

Are you my wife?  

[Gil Bang 25865]

upthread, we had a discussion about letters that prospective buyers write to sellers.  Our state board just rolled out a new "Fair Housing" disclosure that contains the following:

 

EXAMPLES OF CONDUCT THAT MAY NOT BE MOTIVATED BY DISCRIMINATORY INTENT BUT COULD HAVE A DISCRIMINATORY EFFECT.  "Prior to acceptance of an offer, asking for or offering buyer personal information or letters from the buyer, especially with photos.  Those types of documents may inadvertently reveal, or be perceived as revealing, protected status information thereby increasing the risk of (i) actual or unconscious bias, and (ii) potential legal claims against sellers and others by prospective buyers whose offers were rejected." 

[UT_OB1 2200]

Back to billboards - anyone have any contacts I could get some info from?  Or get a quote/estimate on builds and leases?  

[Storm the Field 5270]

On 9/25/2020 at 2:20 PM, Storm the Field said:

Wife and I managed to cause a real fun problem for ourselves. Closing on selling our house next week, but our new build probably has another ~3 weeks to go until it's move-in ready. Couldn't do a lease-back b/c new owners need to move in very soon after closing. Starting Tuesday, it's us and our 2 dogs in a 2 room extended stay until the 20th. Let's hope we're still alive/married by the time that's over.

Man, the week that followed this post was one the longest and most stressful of my life, but we made it. Just barely managed to get everything packed up and moved out of our old house, close the sale, and get ourselves settled into our temp. home for the next few weeks without completely losing it. That said, I don't even want to think about ever moving again until I'm ready to retire and leave the city. 

[UTPhil2006 3790]

I told you 3 weeks at Hedonism was the right move 🤷🏼‍♂️

[HRSchenker 2257]

On 10/3/2020 at 1:33 PM, Gil Bang said:

upthread, we had a discussion about letters that prospective buyers write to sellers.  Our state board just rolled out a new "Fair Housing" disclosure that contains the following:

 

EXAMPLES OF CONDUCT THAT MAY NOT BE MOTIVATED BY DISCRIMINATORY INTENT BUT COULD HAVE A DISCRIMINATORY EFFECT.  "Prior to acceptance of an offer, asking for or offering buyer personal information or letters from the buyer, especially with photos.  Those types of documents may inadvertently reveal, or be perceived as revealing, protected status information thereby increasing the risk of (i) actual or unconscious bias, and (ii) potential legal claims against sellers and others by prospective buyers whose offers were rejected." 

What does this mean for potential buyers?

[hornian 5201]

On 10/5/2020 at 7:32 PM, HRSchenker said:

What does this mean for potential buyers?

Doesn't matter in Texas. Gil's in California. 

[Dbeasy 14953]

Hornian it doesn’t matter in the sense of formal legislation in Texas, but aren’t these letters a big risk for sellers and buyers when it comes to fair housing law? I’ve always felt that sellers and agents who accept letters place themselves in a very vulnerable position for a lawsuit. I’d predict we will see one in Texas in less than two years. I say all this as an agent and real estate investor.

[hornian 5201]

7 minutes ago, Dbeasy said:

Hornian it doesn’t matter in the sense of formal legislation in Texas, but aren’t these letters a big risk for sellers and buyers when it comes to fair housing law? I’ve always felt that sellers and agents who accept letters place themselves in a very vulnerable position for a lawsuit. I’d predict we will see one in Texas in less than two years. I say all this as an agent and real estate investor.

I am a lawyer, but not a real estate lawyer. I have bought and sold houses using letters. I'm on record farther up the thread in being in favor of them. Others are against them. 

[Murfdogg21 4412]

This is why we can’t have nice things.