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All Encompassing Mortgage and Real Estate Thread


UTPhil2006

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1 hour ago, CDAK said:

What's the best/easiest way to "shop" mortgages? I don't want to go to the ends of the earth trying to find a slightly lower closing costs or interest rate but would like to get 2-3 cost estimates just to feel like I did my due diligence.

With the first house we bought several years ago, I just used Quicken. It was fine. I have no qualms. I'm having difficulty getting them to respond to me now though. Maybe they've gone downhill. I don't know.

Our agent is really pushing Caliber and gets aggravated when I mention trying to get another quote (which annoys me).  I use USAA for most of my banking but they apparently don't offer non-VA mortgages. I'm not a veteran.

We live in the Pacific Northwest if that makes any difference.

We just bought and I found "shopping around" to be much more difficult than it needs to be. I personally can't fucking believe that people make this huge of a financial decision without trying to get the best deal possible, but that's just my personality I guess.

If you have a bank or credit union that you do business with, I found that to be a pretty good option. We did an application with the credit union that issues one of our credit cards. Their process was very easy - after we did the app, they sent me a link to a website that would update once a day with a full menu of loan terms/interest rates/closing costs. In the end we didn't go with them but I think it was basically as easy as "click this button once you're ready to lock in this particular loan".

Side note, you may already know this, but I noticed that rates and closing costs move in relation to each other. For example, the credit union only ever quoted by eighths of a point (that might be standard, not sure), so if rates went down today, but not quite a whole eighth of a point, they'd drop the rate but raise the closing costs to compensate for it. Then if rates kept dropping the next day, maybe they'd leave the rate but bring the fees down some.

Other than the bank route, you can just ask around for brokers that people like. We did applications with two brokers that were recommended to us. Let them know right up front that rate, or closing costs, etc is important to you and if they're good they'll pick up what you're putting down. Let them know they're not the only horse in the race. One got annoyed when I mentioned the credit union, and started applying all sorts of high pressure BS. We cut him loose quick because I ain't got time for that. Sign of unprofessionalism, IMO.

So this strategy worked out well for us because we had the credit union - easy process, everything up front, decent rates but not rock bottom - that we could fall back on plus the broker trying to get us something lower. Only problem for us was that lock periods vary. For the loan that the broker was quoting us, the lock period was shorter, so we had to sweat it out for a week or so and hope that rates wouldn't rise. The situation with fees was always pretty fuzzy to me too, which is an aspect I don't really understand. It's not like I'm going to back out of closing on this house in 4 days or whatever because my lender is all of a sudden showing me fees that are $300 higher than an estimate I saw a few weeks ago. That seems like a flaw in the entire home buying process - once you pass a certain point, everyone has you by the balls.

It seems like there are a few internet outfits that are trying to disrupt mortgages. You mentioned Quicken/Rocket, and Better seems like the trendy one right now. I explored Better a little bit before we got too far in the process. Internet reviews say it's real easy and streamlined, but my impression was that you're gonna end up paying for that with higher closing costs.

Sorry for the long post. Just went through all this a matter of weeks ago so it's fresh in my mind.

Edited by tokamak
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On 3/26/2021 at 6:07 PM, SuperSport said:

Any appraisers up in this piece? Finally found a house we really like (Far North Dallas), but the seller is requiring an appraisal waiver on all offers and I'm trying to decide how much cash (and lube) I'll need to have on-hand. It's a nice flip, but they stopped short of a full reno and list price is already at least $40/sf higher than local comps. We want to submit a strong offer thanks to this market insanity, but my liquidity is finite, unfortunately. Can PM the details if necessary.

I'm not sure that you would get the information that you are looking for in an appraisal.  At least here in Austin, we are having some appraisers dragging their feet on the increased value caused by the over-bidding.  I had one appraiser in his report actually claim that the market was in balance and that prices were stable.  Cost my buyers about an extra $15-20K in cash.  He refused to look at any comparables (admittedly they were smaller but almost the same price) and used comparables from a little over six months ago.  Your appraisal wouldn't be used by your lender, and you could end up with appraisers at the opposite ends of the spectrum.

 

Long story short, as much as the bidding on houses is hit and miss, the appraisals are just the same.

 

 

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On 3/27/2021 at 9:30 AM, Gil Bang said:


I’m not familiar with the Texas contract. Are there other “outs” in the contract? Meaning, can you use the inspection as an excuse to kill the deal if it doesn’t appraise?

Due to the competition in the bidding process, the option period is getting squeezed down to 3-5 days from the date of execution and a much larger than normal option fee (used to be $250-500, now well over double that) is being offered.  I don't think you could get an appraisal done in anywhere near the time needed.  It's probably taking 2-3 weeks to get them back if recent experiences are the norm.

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43 minutes ago, tokamak said:

We just bought and I found "shopping around" to be much more difficult than it needs to be. I personally can't fucking believe that people make this huge of a financial decision without trying to get the best deal possible, but that's just my personality I guess.

If you have a bank or credit union that you do business with, I found that to be a pretty good option. We did an application with the credit union that issues one of our credit cards. Their process was very easy - after we did the app, they sent me a link to a website that would update once a day with a full menu of loan terms/interest rates/closing costs. In the end we didn't go with them but I think it was basically as easy as "click this button once you're ready to lock in this particular loan".

Side note, you may already know this, but I noticed that rates and closing costs move in relation to each other. For example, the credit union only ever quoted by eighths of a point (that might be standard, not sure), so if rates went down today, but not quite a whole eighth of a point, they'd drop the rate but raise the closing costs to compensate for it. Then if rates kept dropping the next day, maybe they'd leave the rate but bring the fees down some.

Other than the bank route, you can just ask around for brokers that people like. We did applications with two brokers that were recommended to us. Let them know right up front that rate, or closing costs, etc is important to you and if they're good they'll pick up what you're putting down. Let them know they're not the only horse in the race. One got annoyed when I mentioned the credit union, and started applying all sorts of high pressure BS. We cut him loose quick because I ain't got time for that. Sign of unprofessionalism, IMO.

So this strategy worked out well for us because we had the credit union - easy process, everything up front, decent rates but not rock bottom - that we could fall back on plus the broker trying to get us something lower. Only problem for us was that lock periods vary. For the loan that the broker was quoting us, the lock period was shorter, so we had to sweat it out for a week or so and hope that rates wouldn't rise. The situation with fees was always pretty fuzzy to me too, which is an aspect I don't really understand. It's not like I'm going to back out of closing on this house in 4 days or whatever because my lender is all of a sudden showing me fees that are $300 higher than an estimate I saw a few weeks ago. That seems like a flaw in the entire home buying process - once you pass a certain point, everyone has you by the balls.

It seems like there are a few internet outfits that are trying to disrupt mortgages. You mentioned Quicken/Rocket, and Better seems like the trendy one right now. I explored Better a little bit before we got too far in the process. Internet reviews say it's real easy and streamlined, but my impression was that you're gonna end up paying for that with higher closing costs.

Sorry for the long post. Just went through all this a matter of weeks ago so it's fresh in my mind.

Really smart understanding of the process from a consumer standpoint and good advice. 
the only thing I’d say you got wrong is that lender can’t raise their fees days before the closing by law- so nobody has you by the Balls. My fees are my fees and if I raise them during the process I have to give you a corresponding credit to make it right. Now- if you are talking about my estimate of a third party fee being wrong then yeah- that can change. But that’s bc it’s not really my business to know how much your title company or your insurance agent is going to charge you for their services. I give a guess but that’s in the bucket called “vendors you can shop for” for a reason. 
good job though man. 

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3 hours ago, Catpfish said:

I'm not sure that you would get the information that you are looking for in an appraisal.  At least here in Austin, we are having some appraisers dragging their feet on the increased value caused by the over-bidding.  I had one appraiser in his report actually claim that the market was in balance and that prices were stable.  Cost my buyers about an extra $15-20K in cash.  He refused to look at any comparables (admittedly they were smaller but almost the same price) and used comparables from a little over six months ago.  Your appraisal wouldn't be used by your lender, and you could end up with appraisers at the opposite ends of the spectrum.

 

Long story short, as much as the bidding on houses is hit and miss, the appraisals are just the same.

 

 

Yeah, we didn’t get it, they had multiple offers over $650k list (we were slightly below)...a generous appraisal will likely be $575-600k due to local comps, which is a smooth $200k cash at closing. Too rich for my blood.

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So I have some questions around Modular houses...I know, Surly 1%ers are scoffing, but here is the situation.  My wife and I want to move south of Austin to be close to her family (FIL in poor health, we want to start a family and be closer to them).  They live on land in Driftwood, so we had been looking at Dripping Springs, but it has gotten so expensive and competitive in the last 6 months that we have quickly been priced out, and it is even getting that way in a lot of Kyle (outside of the dumpier stuff East of 35).  

So we have been looking into building at their land.  The only problem is that we can't necessarily commit to living there forever, and as such, we're looking into Modular houses as a solution to allow us to live there but also potentially sell that house off the land at a future time.  Is this even remotely feasible?  This isn't a mobile home we're talking about, just a house built in a warehouse and assembled on site, so I am unsure if removing it and selling it is even an option.  Has anyone heard of this, or is it not really a thing?  

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Question on values. Are they going up at similar rates across the metro area?  Like even in Taylor, hutto, Elgin, or Bertram?  Trying to figure out where the best chance at increased equity stops. 
 

if things go well, we will be buying a home not on the market in old Georgetown, but things don’t always go well so I’m attempting to learn the market for plans b-z.  More specifically where can I get a 3/2 at the 300k price point and expect it to appreciate proportional to the market.  Would also be useful as my sainted mother plans on buying soon as well. 
 

how is the scheduling for home inspections?  Delayed due to the freeze issues?
 

 

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Inspections aren't too bad at least from my experience.  It's the appraisals that are taking forever for the loan.  

As far as the price/location there are certain pockets that are going to be higher than others relative to the location but generally speaking it kind of tapers off the further you go out.  That line has just extended much further faster over the past year or so

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1 hour ago, gurt said:

So I have some questions around Modular houses...I know, Surly 1%ers are scoffing, but here is the situation.  My wife and I want to move south of Austin to be close to her family (FIL in poor health, we want to start a family and be closer to them).  They live on land in Driftwood, so we had been looking at Dripping Springs, but it has gotten so expensive and competitive in the last 6 months that we have quickly been priced out, and it is even getting that way in a lot of Kyle (outside of the dumpier stuff East of 35).  

So we have been looking into building at their land.  The only problem is that we can't necessarily commit to living there forever, and as such, we're looking into Modular houses as a solution to allow us to live there but also potentially sell that house off the land at a future time.  Is this even remotely feasible?  This isn't a mobile home we're talking about, just a house built in a warehouse and assembled on site, so I am unsure if removing it and selling it is even an option.  Has anyone heard of this, or is it not really a thing?  

I don't think it works like that.  I think you'd have to go with a traditional Oklahoma type "trailer" for that scenario to work, and, although Manufactured Homes are quite nice these days, they do depreciate like a mofo, so buying a new one and figuring on selling it later isn't a good plan.   Now, if you can find a nice used one,  maybe that makes sense. 

Have you considered keeping  the home as a future rental?  

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56 minutes ago, Gil Bang said:

I don't think it works like that.  I think you'd have to go with a traditional Oklahoma type "trailer" for that scenario to work, and, although Manufactured Homes are quite nice these days, they do depreciate like a mofo, so buying a new one and figuring on selling it later isn't a good plan.   Now, if you can find a nice used one,  maybe that makes sense. 

Have you considered keeping  the home as a future rental?  

Yes we have, but the family isn't overly enthused by this...I am trying to convince them that this wouldn't be so bad if we fenced it off and keep the tenants off the actual property, but it is an uphill battle...

 

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On 3/30/2021 at 11:58 AM, Pato del Muerto said:

Question on values. Are they going up at similar rates across the metro area?  Like even in Taylor, hutto, Elgin, or Bertram?  Trying to figure out where the best chance at increased equity stops. 

I mean it’s gone up everywhere, but Bertram is still pretty far out there.  Manor/Elgin, Hutto/Taylor, CedarPark/Leander, Driftwood/Dripping, Buds/Kyle have all had pretty big bumps in the last year.

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On 3/30/2021 at 11:58 AM, Pato del Muerto said:

Question on values. Are they going up at similar rates across the metro area?  Like even in Taylor, hutto, Elgin, or Bertram?  Trying to figure out where the best chance at increased equity stops. 
 

if things go well, we will be buying a home not on the market in old Georgetown, but things don’t always go well so I’m attempting to learn the market for plans b-z.  More specifically where can I get a 3/2 at the 300k price point and expect it to appreciate proportional to the market.  Would also be useful as my sainted mother plans on buying soon as well. 
 

how is the scheduling for home inspections?  Delayed due to the freeze issues?
 

 

Why aren’t you asking your realtor this? That is what they should know. 

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1 hour ago, Dbeasy said:

Why aren’t you asking your realtor this? That is what they should know. 

I’m choosing not to be represented at this time, as there may be a financial advantage if things go as planned. Plus I’m already fed up with the salesmanship of the realtor I’m using to sell my current house and I don’t really want to deal with two of these fuckers simultaneously if I can help it. 

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1 hour ago, Pato del Muerto said:

I’m choosing not to be represented at this time, as there may be a financial advantage if things go as planned. Plus I’m already fed up with the salesmanship of the realtor I’m using to sell my current house and I don’t really want to deal with two of these fuckers simultaneously if I can help it. 

Man I wouldn’t want to be a buyer in that area unrepresented by an agent. It’s such a sellers market that doing anything outside of the norm could well get you offer tossed in the trash as being a pain in the behind to deal with.  

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On 3/30/2021 at 11:58 AM, Pato del Muerto said:

Question on values. Are they going up at similar rates across the metro area?  Like even in Taylor, hutto, Elgin, or Bertram?  Trying to figure out where the best chance at increased equity stops. 
 

If is was at a $300k price point, I'd look closely at Liberty Hill school district area.  183A toll road is gonna be extended past Hwy 29 pretty soon, making access to NW Austin a breeze.  New HEB (when it's open) is in process at Ronald Reagan and Hwy 29.  Tons of new subdivisions coming in at multiple price points.  LHISD bond election coming up for around $500 million for new HS, middle school, a couple of elementary schools, and expansion of all of the existing schools, expansion of the existing football stadium (to 10,000 capacity), and maybe another new stadium just like it.  Current total LHISD enrollment is around 6,000 students -- the middle case 10 year projection is 26,000 students.  I don't see how you could go wrong with a home purchase in that area. 

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17 minutes ago, Wulaw Horn said:

Man I wouldn’t want to be a buyer in that area unrepresented by an agent. It’s such a sellers market that doing anything outside of the norm could well get you offer tossed in the trash as being a pain in the behind to deal with.  

If I end up on the open market making bids, I’ll use a realtor for sure. At this time, it is an unnecessary cost that buyer and seller would like to avoid. Should know in 3 or so weeks if one will be required. 

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3 minutes ago, DalTxHornFan said:

If is was at a $300k price point, I'd look closely at Liberty Hill school district area.  183A toll road is gonna be extended past Hwy 29 pretty soon, making access to NW Austin a breeze.  New HEB (when it's open) is in process at Ronald Reagan and Hwy 29.  Tons of new subdivisions coming in at multiple price points.  LHISD bond election coming up for around $500 million for new HS, middle school, a couple of elementary schools, and expansion of all of the existing schools, expansion of the existing football stadium (to 10,000 capacity), and maybe another new stadium just like it.  Current total LHISD enrollment is around 6,000 students -- the middle case 10 year projection is 26,000 students.  I don't see how you could go wrong with a home purchase in that area. 

Sounds great, I’ve looked at a couple of communities off of Ronald reagan.  They would be second choice if the private deal falls through. 

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20 minutes ago, CooterBrown said:

With how the market is, it'd make me wonder what is wrong with the property that makes the seller want to avoid realtor fees. 

My guess is they think they’re saving 6% when in all likely hood the poster above is taking 6% off his offer. Ends up netting the same 

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On 3/31/2021 at 11:21 PM, DalTxHornFan said:

If is was at a $300k price point, I'd look closely at Liberty Hill school district area.  183A toll road is gonna be extended past Hwy 29 pretty soon, making access to NW Austin a breeze.  New HEB (when it's open) is in process at Ronald Reagan and Hwy 29.  Tons of new subdivisions coming in at multiple price points.  LHISD bond election coming up for around $500 million for new HS, middle school, a couple of elementary schools, and expansion of all of the existing schools, expansion of the existing football stadium (to 10,000 capacity), and maybe another new stadium just like it.  Current total LHISD enrollment is around 6,000 students -- the middle case 10 year projection is 26,000 students.  I don't see how you could go wrong with a home purchase in that area. 

I mean, unless you like having drinking water in the future:

https://www.texasmonthly.com/articles/central-texas-drinking-water-crisis/

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On 4/1/2021 at 7:45 AM, UTPhil2006 said:

My guess is they think they’re saving 6% when in all likely hood the poster above is taking 6% off his offer. Ends up netting the same 

 

On 4/1/2021 at 9:43 PM, Catpfish said:

I would say it's still going to cost the seller money unless the buyer is going to go over the expected list price. I bet less than 10% of houses are selling for what the comps suggest would be a market value.

You guys keep guessing or assuming for whatever reason when I’m being intentionally vague. But the bottom line is it’s not an arms-length transaction and that’s why both sides would be comfortable without representation, and sharing in the saved cost. If that particular property doesn’t happen, I will engage with a realtor to begin a search. 

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Something is seriously wrong in this housing market.  We began looking for homes in Dallas and some of the numbers are crazy.  A home that was purchased for $240,000 in 2014 went to market at $380,000.  They took it off the market after a few days and now put it back on (and is contingent within two days) at $420,000.  I can't figure out what exactly is going on, but will probably end up renting a single-family home for a year or two.

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6 hours ago, bluto said:

There’s gotta be a turning point when the boomers dying off/going to assisted living results in a market glut right? That plus inevitable(?) interest rate increases and the furious building pace

Nah. Millennials haven’t started in force yet. 

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9 minutes ago, Okie State said:

Really? Aren't Millennials mid-20's up to 40's by now? I bought my first house at 24 and that was pretty normal in my circle of pretty normal people.

Due to student loan debt and recessions (and continuous postponing of marriage) the millennials are getting started a little later than most. Their share of home ownership is still pretty low- though it is climbing. 

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Due to student loan debt and recessions (and continuous postponing of marriage) the millennials are getting started a little later than most. Their share of home ownership is still pretty low- though it is climbing. 
Yeah I was lucky to have a manageable student debt load that I could pay off. So I guess if student debt gets forgiven we'll see prices skyrocket.
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https://www.google.com/amp/s/www.globest.com/2021/02/11/after-2020-more-millennials-doubt-homeownership/%3famp=1
 

47% right now compared to 68% from gen x and 72% from silent generation. 
only 18% say they will never own a home. 
so, one would suspect that they have somewhere between 15 and 25% to go. 
they might have the lowest homeownership ever through no fault of their own, but it will still add another 10-15 million homeowners to the rolls on the next decade or so I’d wager. 
should offset death of boomers. 

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3 minutes ago, Okie State said:

As long as $240K houses stop selling for $420K. That's why I think it's unsustainable. Feels like the student debt problem in a different form.

Well- that 240k home you are talking about is already a 1.2 million dollar home in LA or Silicon Valley. Maybe that’s just now and forever what a $420k home is in Dallas or Austin. I presume affordability there and places like Nashville and the research triangle are gone forever. 
congratulation on your progress I-35 corridor. I will just be here slumming in Houston where a really hot seller market means half a dozen offers in the first week. 

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4 hours ago, Okie State said:

As long as $240K houses stop selling for $420K. That's why I think it's unsustainable. Feels like the student debt problem in a different form.

Too much demand. Not enough supply. 
 

(and $240,000 in 2014 does not equal $240,000 in 2021)

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Too much demand. Not enough supply. 
 
(and $240,000 in 2014 does not equal $240,000 in 2021)
Right, I understand the concepts of supply and demand and inflation. This just seems above and beyond that. Unless you think 75% appreciation in seven years is normal.
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Big part of it has got to be the Fed as well, right? They’ve decided that they absolutely do not want anyone to save money, so there’s nothing to do with it expect pile it into the stock market or real estate, no matter how out of whack prices get.

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4 hours ago, Okie State said:
4 hours ago, Neonmoon said:
Too much demand. Not enough supply. 
 
(and $240,000 in 2014 does not equal $240,000 in 2021)

Right, I understand the concepts of supply and demand and inflation. This just seems above and beyond that. Unless you think 75% appreciation in seven years is normal.

It’s definitely absurd right now 

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I have a real estate license and am practicing currently in Austin. I don’t depend on it for my livelihood. I do it because I’m an investor and real estate is a passion for me. I know just about every neighborhood in Austin backwards and forwards.

What’s happening right now in the Austin market is unprecedented. I have two clients buying and they are losing out constantly to cash bids at prices over $100k above list, and list was set at 50% premiums to just twelve months ago. It’s crazy.

Going in without an agent for a bid will be interesting. With sellers fielding 5 to 20 offers or more, they aren’t worrying about a potential 1.5% overall savings on selling realtor costs (assuming the buyer and seller “split” the buyer’s agent fee that was saved). That’s all that’s saved. It’s not 6%.  It’s in the noise of the deal given the current environment.

 

 

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16 minutes ago, Dbeasy said:

I have a real estate license and am practicing currently in Austin. I don’t depend on it for my livelihood. I do it because I’m an investor and real estate is a passion for me. I know just about every neighborhood in Austin backwards and forwards.

What’s happening right now in the Austin market is unprecedented. I have two clients buying and they are losing out constantly to cash bids at prices over $100k above list, and list was set at 50% premiums to just twelve months ago. It’s crazy.

Going in without an agent for a bid will be interesting. With sellers fielding 5 to 20 offers or more, they aren’t worrying about a potential 1.5% overall savings on selling realtor costs (assuming the buyer and seller “split” the buyer’s agent fee that was saved). That’s all that’s saved. It’s not 6%.  It’s in the noise of the deal given the current environment.

 

 

I’ve always been more of the opinion that going in agent less (on the buy side) is more to compromise the listing agent.  
 

it’s a particularly useful strategy if you’re a “I’ll give them what they ask then negotiate hard during the option” type of investor.

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1 hour ago, LCHorn said:

I’ve always been more of the opinion that going in agent less (on the buy side) is more to compromise the listing agent.  
 

it’s a particularly useful strategy if you’re a “I’ll give them what they ask then negotiate hard during the option” type of 

1 hour ago, LCHorn said:

I’ve always been more of the opinion that going in agent less (on the buy side) is more to compromise the listing agent.  
 

it’s a particularly useful strategy if you’re a “I’ll give them what they ask then negotiate hard during the option” type of investor.

 

 

Ya, appreciate your view but negotiations during the option period right now is an extremely rare event. Makes my point that navigating without an agent right now not only doesn’t save more than 1.5 points, it puts the buyer at a disadvantage in the process. In a different environment, it might have more value. 

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Who would I contact for an appraisal in Austin w/o having to deal with realtors?  I would just like to get an idea of current value.  I don't want to sell, I'd just be happy paying a little $ to get an idea of where I stand.

RBFCU just did a refinance for me and did a online appraisal (I think that’s what she called it) with no site visit. It was like $25.

It was called a Property MAP (Market Assessed Price). My report has two logos on it - Red Bell Real Estate and Five Bridges. You could start with one of them.
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16 hours ago, CooterBrown said:

I think it’s Realty Austin that’s has a cash offer program for their buyers because you can’t win a house with just a pre-approved mortgage and a bid for $100K over list. It’s gotta be cash nowadays.

Our realtor is Realty Austin and they pointed us to Homeward, who were on top of things on the offer we put in last month.  I was a little concerned that having someone else put in the cash offer would slow things down, but they got the job done.  We just couldn't compete on price.

 

Homeward was meant for folks that need to sell their house first before they buy, but we, and others are using it to get a cash offer on the table in this ridiculous market.  

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In a crazy market like y'all are discussing, I wouldn't advise using a buyer's agent to find a house.  I'd advise dealing directly with the listing agent. 

When I take a listing (I take them at 5%, sometimes less), the seller agrees to pay me 5% of the sales price.  I, as a "Realtor", and Member of the local MLS, agree to "split" that commission with an agent representing a buyer (not always an even split, but agreed upon in advance).   If I represent the buyer ("dual agency"), I "keep" the entire 5%, effectively doubling my commission on that given home.  

So, although the ethics are questionable, who's offer to you think listing agent "Jones" is going to push the buyer to accept...the offer written by agent "Smith" or the one that Jones wrote himself?   And, who's in the best position to advise the seller what to offer?  Hint: It's the guy that gets all the other offers sent directly to him.

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17 hours ago, jimmyjazz said:

Who would I contact for an appraisal in Austin w/o having to deal with realtors?  I would just like to get an idea of current value.  I don't want to sell, I'd just be happy paying a little $ to get an idea of where I stand.

 

17 hours ago, UTPhil2006 said:

Appraisers are about 2-3 weeks backed up and at least $550. I’d say a realtor friend who can run comps would be immensely easier and cheaper 

Yeah, call an local agent and offer to pay ($50-100 or so) for a "Comparative Market Analysis".  Give them a bullshit line of some sort, but make it clear that you aren't ready to list now, or they will be bugging the shit out of you.  

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3 hours ago, Gil Bang said:

In a crazy market like y'all are discussing, I wouldn't advise using a buyer's agent to find a house.  I'd advise dealing directly with the listing agent. 

When I take a listing (I take them at 5%, sometimes less), the seller agrees to pay me 5% of the sales price.  I, as a "Realtor", and Member of the local MLS, agree to "split" that commission with an agent representing a buyer (not always an even split, but agreed upon in advance).   If I represent the buyer ("dual agency"), I "keep" the entire 5%, effectively doubling my commission on that given home.  

So, although the ethics are questionable, who's offer to you think listing agent "Jones" is going to push the buyer to accept...the offer written by agent "Smith" or the one that Jones wrote himself?   And, who's in the best position to advise the seller what to offer?  Hint: It's the guy that gets all the other offers sent directly to him.

I had neighbor that did this plus told the listing agent that if his offer was accepted that he'd use the agent to sell his house. It worked.

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