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All Encompassing Mortgage and Real Estate Thread


UTPhil2006

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On 6/29/2021 at 3:00 PM, Wulaw Horn said:

Mom and dad are selling their house in Houston and just got a pretty good offer.  255 (ask was 235) buyer paying title, HOA docs and not asking for warranty, with short option period and healthy earnest money and short financing contingency.  
Only problem with the offer was they only waived appraisal up to 230k.  I think it will appraise for 250k ish and if it does they will get top of appraisal.  Nobody else guaranteed appraisal up to anything, so... no reason to look at other offers.  11 offers in 3 days, 1 open house and 9 showings.  Houston is a sellers market.  I knew this because of being in the industry as a mortgage guy and having my clients experience it- but it is so freaking odd after 25 years of being a buyers market outside of hot neighborhoods and the like.  When I say Houston in this sense I'm not talking about in the loop I'm talking about cookie cutter houses in the burbs.  What a weird thing after all this time.

Nothing like yall's ATX stories, but this is a weird development for Htown.  

   Where the hell can you buy a home for 255 in a decent burb out here? My brother just moved here from the West coast. They threw down 40k over asking and got outbid by another 40. They decided to rent and let the market die down. On the 4th we were over and talking to their new neighbors who just bout a couple months ago. He paid 130k over what the comps were going for 5 years ago, and his house was in need of some TLC.

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1 hour ago, Thatguy said:

   Where the hell can you buy a home for 255 in a decent burb out here? My brother just moved here from the West coast. They threw down 40k over asking and got outbid by another 40. They decided to rent and let the market die down. On the 4th we were over and talking to their new neighbors who just bout a couple months ago. He paid 130k over what the comps were going for 5 years ago, and his house was in need of some TLC.

Kingwood. It’s still really affordable in my opinion for a nice and decent community. North east Houston. 

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3 hours ago, Thatguy said:

   Where the hell can you buy a home for 255 in a decent burb out here? My brother just moved here from the West coast. They threw down 40k over asking and got outbid by another 40. They decided to rent and let the market die down. On the 4th we were over and talking to their new neighbors who just bout a couple months ago. He paid 130k over what the comps were going for 5 years ago, and his house was in need of some TLC.

Amazon announcing another 1,000 new hires in Pflugerville in the next six months will probably help calm down this hot market.  

What.  the.  Fuck?  Coupland will be a close-in suburb before this is all over . 

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28 minutes ago, Lobo said:

Amazon announcing another 1,000 new hires in Pflugerville in the next six months will probably help calm down this hot market.  

What.  the.  Fuck?  Coupland will be a close-in suburb before this is all over . 

Good. Keep my value up in Georgetown if enough jobs are in north Austin. 

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   Where the hell can you buy a home for 255 in a decent burb out here? My brother just moved here from the West coast. They threw down 40k over asking and got outbid by another 40. They decided to rent and let the market die down. On the 4th we were over and talking to their new neighbors who just bout a couple months ago. He paid 130k over what the comps were going for 5 years ago, and his house was in need of some TLC.

Of course the definition of “decent burb” and what constitutes an acceptable option as a home are subjective, but you can definitely find that price point in suburban Houston. Now you’ll likely be 20+ miles from the city, in the aggy belt, and/or neighbors with a petrochemical plant depending on where you’re at, but it exists.
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2 hours ago, Wulaw Horn said:

Kingwood. It’s still really affordable in my opinion for a nice and decent community. North east Houston. 

 

15 minutes ago, Murfdogg21 said:

Did the canoes and life vests convey with the house?

   Yep. That makes sense. A lot of parts of Kingwood have flooded twice in the last 2 years. Still did not think it was that low in that area. You cannot get into anything in any kind of decent shape for less than 300 here. Realistically, if you are looking for anything you can fit a family in, you are gonna be looking at 400 to get in.

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3 hours ago, Thatguy said:

   Where the hell can you buy a home for 255 in a decent burb out here? My brother just moved here from the West coast. They threw down 40k over asking and got outbid by another 40. They decided to rent and let the market die down. On the 4th we were over and talking to their new neighbors who just bout a couple months ago. He paid 130k over what the comps were going for 5 years ago, and his house was in need of some TLC.

I have a new build in OC.  In 9 months they sold my exact model for 200k over mine.  Now, new builds are a bit different but there's some inflation here.

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30 minutes ago, Murfdogg21 said:

Did the canoes and life vests convey with the house?

Ha.  No- not necessary for them.  They didn't flood during any hurricane, their power remained on the entire time during the ice storm, and none of the other flooding events in Kingwood got them.  They also put in a new bathroom and kitchen and have a corner lot so nice big back yard that goes into a greenbelt- so it's a pretty good piece of property.  All for 255k or whatever it appraises for.  Pretty good deal I thought.  2051 square foot.  2 stories.  3 bedrooms upstairs, master downstairs. 

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25 minutes ago, gmr548 said:


Of course the definition of “decent burb” and what constitutes an acceptable option as a home are subjective, but you can definitely find that price point in suburban Houston. Now you’ll likely be 20+ miles from the city, in the aggy belt, and/or neighbors with a petrochemical plant depending on where you’re at, but it exists.

I think at this point Austin is nearly double Houston for like for like.  Absurd.

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1 hour ago, gmr548 said:


Of course the definition of “decent burb” and what constitutes an acceptable option as a home are subjective, but you can definitely find that price point in suburban Houston. Now you’ll likely be 20+ miles from the city, in the aggy belt, and/or neighbors with a petrochemical plant depending on where you’re at, but it exists.

YEah. I mean, Kingwood isn't the woodlands but it's got movie theater, restaurants, mall pretty close by, Lake Houston pretty close and other suburban ameneties and it's about 35 minutes from down town if traffic isn't awful (and traffic usually isn't all that bad up north east- which was a big reason why I lived there once upon a time- as I was on the road all the time). It's no Woodlands, Sugarland or Katy or anything like that, but it's totally functional and fine- and way cheaper than those places for sure. 

We don't live there anymore but when we did I wasn't super fired up about it nor did I think it was bad or anything. Good schools.  It's perfectly decent. No petrochemical plant.  Not particularly Aggie.  Right at 20 miles from the city. In Houston that's nothing.   

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1 hour ago, Thatguy said:

 

   Yep. That makes sense. A lot of parts of Kingwood have flooded twice in the last 2 years. Still did not think it was that low in that area. You cannot get into anything in any kind of decent shape for less than 300 here. Realistically, if you are looking for anything you can fit a family in, you are gonna be looking at 400 to get in.

Where is here for you?  Yeah- I think the flooding will be fixed in Kingwood in like 5 years I was told, but there is something that they are going to have to do to make that work- and I stopped listening.  Mom and Dad never flooded even in hurricane.  But plenty of Kingwood did, and then the other two floods were kind of bizarre. Yes it rained a lot.  No, it shouldn't have flooded and didn't elsewhere.  It's a neighborhood thing in a couple different places I was told.  Don't know what they are doing to rectify, but knew 1 person that got flooded 3 times (Harvey, then the two incidents you were mentioning). 

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I think at this point Austin is nearly double Houston for like for like.  Absurd.

To be fair, the proper comp for Kingwood isn’t Austin; distance wise, it’s Leander or Kyle. I think you’re probably overstating it as Houston area has gone pretty bonkers too. But yeah, Austin is pretty wild. Hard to imagine a worse value proposition than the Austin suburbs, IMO. Same exact shit as DFW or Houston, still paying that Austin premium.

YEah. I mean, Kingwood isn't the woodlands but it's got movie theater, restaurants, mall pretty close by, Lake Houston pretty close and other suburban ameneties and it's about 35 minutes from down town if traffic isn't awful (and traffic usually isn't all that bad up north east- which was a big reason why I lived there once upon a time- as I was on the road all the time). It's no Woodlands, Sugarland or Katy or anything like that, but it's totally functional and fine- and way cheaper than those places for sure. 
We don't live there anymore but when we did I wasn't super fired up about it nor did I think it was bad or anything. Good schools.  It's perfectly decent. No petrochemical plant.  Not particularly Aggie.  Right at 20 miles from the city. In Houston that's nothing.   

For sure, Kingwood is fine if you’re looking at the suburbs. Note the “and/or” - you don’t necessarily have to be among the aggy or on the ship channel to find affordable options - though Kingwood is definitely on the fringe of the north Houston aggy curtain.

I doubt the price difference between it and, say, The Woodlands is warranted when it comes to day to day quality of life. People paying for schools I guess. Just noting that 20+ miles from the city center is the kind of thing you need to be willing to accept to find that kind of affordability for a house of the size/condition you described. If one is inclined to go with the suburbs, all the better.
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9 minutes ago, gmr548 said:


To be fair, the proper comp for Kingwood isn’t Austin; distance wise, it’s Leander or Kyle. I think you’re probably overstating it as Houston area has gone pretty bonkers too. But yeah, Austin is pretty wild. Hard to imagine a worse value proposition than the Austin suburbs, IMO. Same exact shit as DFW or Houston, still paying that Austin premium.


For sure, Kingwood is fine if you’re looking at the suburbs. Note the “and/or” - you don’t necessarily have to be among the aggy or on the ship channel to find affordable options - though Kingwood is definitely on the fringe of the north Houston aggy curtain.

I doubt the price difference between it and, say, The Woodlands is warranted when it comes to day to day quality of life. People paying for schools I guess. Just noting that 20+ miles from the city center is the kind of thing you need to be willing to accept to find that kind of affordability for a house of the size/condition you described. If one is inclined to go with the suburbs, all the better.

I like the Dallas and Houston burbs over Austin’s for sure.  Even if the price points are similar

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18 minutes ago, gmr548 said:


To be fair, the proper comp for Kingwood isn’t Austin; distance wise, it’s Leander or Kyle. I think you’re probably overstating it as Houston area has gone pretty bonkers too. But yeah, Austin is pretty wild. Hard to imagine a worse value proposition than the Austin suburbs, IMO. Same exact shit as DFW or Houston, still paying that Austin premium.


For sure, Kingwood is fine if you’re looking at the suburbs. Note the “and/or” - you don’t necessarily have to be among the aggy or on the ship channel to find affordable options - though Kingwood is definitely on the fringe of the north Houston aggy curtain.

I doubt the price difference between it and, say, The Woodlands is warranted when it comes to day to day quality of life. People paying for schools I guess. Just noting that 20+ miles from the city center is the kind of thing you need to be willing to accept to find that kind of affordability for a house of the size/condition you described. If one is inclined to go with the suburbs, all the better.

Absolutely agreed on all fronts. I knew it was an and or you were talking about, was just saying it wasn’t Aggie or ship channel just distance in that case. I think cypress/Katy is the Aggiest of aggy set ups in Houston. 

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28 minutes ago, closetohumping said:

I like the Dallas and Houston burbs over Austin’s for sure.  Even if the price points are similar

Plano over lake travis all day long.  frisco over dripping spings and a gateway to the hill country twice on sunday. quaint lockhart versus flower mound, not even a question flower mound all the way.  bastrop, ok i'll give you that one.

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For the commercial real estate surly folks on here, how do you find out about all of the real estate developments planned in a particular area? I know you can go to the zoning and planning commission of a city, but there is no easily available information on their web sites, and when you call them you have to be specific about what you want to know.  There has to be an easier way. What do the commercial real estate folks use?

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7 minutes ago, Dbeasy said:

For the commercial real estate surly folks on here, how do you find out about all of the real estate developments planned in a particular area? I know you can go to the zoning and planning commission of a city, but there is no easily available information on their web sites, and when you call them you have to be specific about what you want to know.  There has to be an easier way. What do the commercial real estate folks use?

I’m not a CRE guy, but you might look at CoStar to see if they have what you’re looking for. 

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2 hours ago, Dbeasy said:

For the commercial real estate surly folks on here, how do you find out about all of the real estate developments planned in a particular area? I know you can go to the zoning and planning commission of a city, but there is no easily available information on their web sites, and when you call them you have to be specific about what you want to know.  There has to be an easier way. What do the commercial real estate folks use?

The equivalent of RECA.  Most of it is word of mouth and the brokers most of the time know early on.  Attorneys next, last to find out are the contractors and consultants.

 

 

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4 hours ago, Dbeasy said:

For the commercial real estate surly folks on here, how do you find out about all of the real estate developments planned in a particular area? I know you can go to the zoning and planning commission of a city, but there is no easily available information on their web sites, and when you call them you have to be specific about what you want to know.  There has to be an easier way. What do the commercial real estate folks use?

The cities around here put them on the web the day the initial applications are received. 

 

I think McGraw-Hill-Dodge may have what you're looking for. 

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22 minutes ago, Gil Bang said:

The cities around here put them on the web the day the initial applications are received. 

 

I think McGraw-Hill-Dodge may have what you're looking for. 

There are so many types of applications it is very hard to track.  There can be development agreements, PUDS, SPAs, etc that never get noticed until staff has negotiated with the applicant.  Plats and zoning applications usually notify neighbors and get put on a consent disapproval.  And jurisdiction matters, if you’re in full purpose the process is different that ETJ and again different in unincorporated areas.

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My closing is in an hour. We were going to sell last year and travel for a couple years, but COVID happened. Ended up getting at least an extra 20% over what I would have been happy with last year and it sold in two days to cash offer. Will be staying at Airbnb’s from here on out and investing the house money. 

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On 7/7/2021 at 6:56 AM, Dbeasy said:

For the commercial real estate surly folks on here, how do you find out about all of the real estate developments planned in a particular area? I know you can go to the zoning and planning commission of a city, but there is no easily available information on their web sites, and when you call them you have to be specific about what you want to know.  There has to be an easier way. What do the commercial real estate folks use?

Sniff around and find a half dozen LP's in the existing real estate developments in that particular area.  Find a way to bump into them and ask what they think is coming to the area.  They know at the same time the developer does.  Because the developer isn't gonna even bother with so much as a rendering or an excel spreadsheet if they don't soft-circle a little bit of capital just to outline to underwrite the start of a planning phase.  

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I refinanced almost exactly a year ago - went from a 30 year at 4.0% to a 15 year at 2.75%.

We're happy in the 15 year mortgage and we're happy in our house - not looking to move for at least the next 10 years, and probably more.  Does it make sense to refinance again?

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48 minutes ago, someguy said:

I refinanced almost exactly a year ago - went from a 30 year at 4.0% to a 15 year at 2.75%.

We're happy in the 15 year mortgage and we're happy in our house - not looking to move for at least the next 10 years, and probably more.  Does it make sense to refinance again?

Depends on what you owe

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Who has the best rates and quickest turnarounds for HELOCs right now? No sense letting this free value and low interest rates go to waste, right????

Edited by ftf82
e instead of i, except after something something
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3 hours ago, someguy said:

I refinanced almost exactly a year ago - went from a 30 year at 4.0% to a 15 year at 2.75%.

We're happy in the 15 year mortgage and we're happy in our house - not looking to move for at least the next 10 years, and probably more.  Does it make sense to refinance again?

Gonna be close but shoot me a PM we may can make it work 

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1 hour ago, ftf82 said:

Who has the best rates and quickest turnarounds for HELOCs right now? No sense letting this free value and low interest rates go to waste, right????

I wish I had a good answer. If you find it and like who you are dealing with let me know?  
 

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This probably doesn’t fit here exactly but the thread traffic makes me want to post it here:

if I was to build or have built an outbuilding on my property, say 10x10 or so, electrified but no plumbing, is that getting to the point where codes and inspections and permits come into play?

also I’d like the challenge of building it myself so any thoughts would be appreciated on how good or bad an idea that might be. 

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51 minutes ago, Pato del Muerto said:

This probably doesn’t fit here exactly but the thread traffic makes me want to post it here:

if I was to build or have built an outbuilding on my property, say 10x10 or so, electrified but no plumbing, is that getting to the point where codes and inspections and permits come into play?

also I’d like the challenge of building it myself so any thoughts would be appreciated on how good or bad an idea that might be. 

That would be specified in your local codes.  There could are specs for shed buildings allowed.  I would assume electric would require permit, but I have seen jurisdictions where homeowner performed electrical work is allowed without permit, but is not supposed to be performed immediately preceding a property sale.
 

If you are really worried about letter of the law and/or live in a neighborhood with busybody neighbors you probably want to get permits.  Problems with most local authorities will be complaint driven.  So is it 10 x 10 right on the property line painted chartreuse?

 

 

 


 

 

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This probably doesn’t fit here exactly but the thread traffic makes me want to post it here:
if I was to build or have built an outbuilding on my property, say 10x10 or so, electrified but no plumbing, is that getting to the point where codes and inspections and permits come into play?
also I’d like the challenge of building it myself so any thoughts would be appreciated on how good or bad an idea that might be. 

10x10 in Austin doesn’t require a permit but you have adhere to setbacks. I think >180 sq ft requires a permit.

Electricity always requires a permit. However, it’s easy to find an electrician to do it without a permit. Add a breaker to your main panel. Bury that line to the shed sub panel that has a breaker(s) that don’t exceed the breaker feeding it.

I wouldn’t pull a permit for that.
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31 minutes ago, CooterBrown said:


10x10 in Austin doesn’t require a permit but you have adhere to setbacks. I think >180 sq ft requires a permit.

Electricity always requires a permit. However, it’s easy to find an electrician to do it without a permit. Add a breaker to your main panel. Bury that line to the shed sub panel that has a breaker(s) that don’t exceed the breaker feeding it.

I wouldn’t pull a permit for that.

Yeah conduit is already buried so I can just pull the line through when the time comes. Building will be behind the garage, mostly hidden from view. Nowhere near the (40 ft!) setback lines.  Electrician that ran the 30 a rv line already said to have a sub panel in order to be able to handle the demand from an a/c and several wall outlets powering computer, printer, etc, plus lighting. 
 

it’s in Williamson county, and technically not a part of the city of Georgetown.  So county only. 
 

also, new neighbor works at a lumber yard and has a nice workshop with tools I can use. So that should help if I go DIY. 

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17 hours ago, Pato del Muerto said:

Yeah conduit is already buried so I can just pull the line through when the time comes. Building will be behind the garage, mostly hidden from view. Nowhere near the (40 ft!) setback lines.  Electrician that ran the 30 a rv line already said to have a sub panel in order to be able to handle the demand from an a/c and several wall outlets powering computer, printer, etc, plus lighting. 
 

it’s in Williamson county, and technically not a part of the city of Georgetown.  So county only. 
 

also, new neighbor works at a lumber yard and has a nice workshop with tools I can use. So that should help if I go DIY. 

I go all hillbilly on shit like this. My electrician can pull any permit needed, but rarely does. For septic, I read the county rules, but never pull permits, just tell them it was an existing system from when permits weren't required. The previous structure was an unlivable 1970's mobile home, and I drug it off. Works great in the rural areas that were once cheap land. The septic on my 6 acres cost me about $2500.

CHIEF

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3 hours ago, CooterBrown said:

I don’t think counties have the authority to permit work not associated with driveways onto public roads and septic systems. You’re basically on your own out of the city limits.

In Texas?  I have been told I will need a permit for my deck I’m building on Bolivar. Granted this is by someone who’d be making money off me pulling that permit. 

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3 hours ago, CooterBrown said:

I don’t think counties have the authority to permit work not associated with driveways onto public roads and septic systems. You’re basically on your own out of the city limits.

My county requires a perc test, and you have to have an acre to run septic unless you are in a grandfathered subdivision. Then, they will require an aerobic system. A conventional system runs about $7500 and an aerobic about $11500. They will require two septic tanks and at least 70 feet of lateral line on a conventional. Doesn't matter if it's a shop bathroom that might get used one or twice a week, or a 3/2 with a five member household living there full time. They have a one size fits all septic plan, it's stupid as shit.

My Dad got away with it on a bathroom used for entertaining 50-100 guests about once or twice per month. I thought it would bite my mom in the ass when she sold that place, but it was never even brought up. With 1-2 county inspectors they have bigger fish to fry.

CHIEF

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19 hours ago, CooterBrown said:

I don’t think counties have the authority to permit work not associated with driveways onto public roads and septic systems. You’re basically on your own out of the city limits.

True for single family under 10000 square feet I believe.  Commercial this is absolutely not true.  And I think SWPPP and site disturbance amounts come into play at about an acre as well.  

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We’re installing new septic this week.  Austin LTD so this is one of the things they can require me to do.  Requires 3 tanks, 1 microfast .50 biomicrobic treatment plant/360 GPD, 750 gallon concrete pump tank, 750 gallon trash tank, 1800 linear feet of drip lines, pumps, floats, alarms. pipes etc…..$40k+ for a place to store my shit.

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9 minutes ago, TKthunder2 said:

We’re installing new septic this week.  Austin LTD so this is one of the things they can require me to do.  Requires 3 tanks, 1 microfast .50 biomicrobic treatment plant/360 GPD, 750 gallon concrete pump tank, 750 gallon trash tank, 1800 linear feet of drip lines, pumps, floats, alarms. pipes etc…..$40k+ for a place to store my shit.

Well I feel better about the $11k I was quoted to dig a hole and a trench for ours.  I did ask about connecting to the sewer, but it was going to be $5k to run the line a hundred feet (and they said I get on a waiting list for that), $5k to install a grinder pump and tap in (no slope, so pump required), and still $80 a month just for sewer service, water and trash not included in that number. Seemed ridiculous for sewer.  Didn’t like the idea of paying that much and still having a pump that I know going to crap out on me at the worst time. 

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29 minutes ago, UT_OB1 said:

Well I feel better about the $11k I was quoted to dig a hole and a trench for ours.  I did ask about connecting to the sewer, but it was going to be $5k to run the line a hundred feet (and they said I get on a waiting list for that), $5k to install a grinder pump and tap in (no slope, so pump required), and still $80 a month just for sewer service, water and trash not included in that number. Seemed ridiculous for sewer.  Didn’t like the idea of paying that much and still having a pump that I know going to crap out on me at the worst time. 

In a pump situation, it's best to have a smaller tank; say 75 gallon, with the pump activated at about the 1/4 point.  That way, the pump only runs when needed, and, in the event of a pump failure, you still have "room" to use the plumbing for a few days while waiting on the repair.  At least that's how it's done out here. 

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4 hours ago, TKthunder2 said:

We’re installing new septic this week.  Austin LTD so this is one of the things they can require me to do.  Requires 3 tanks, 1 microfast .50 biomicrobic treatment plant/360 GPD, 750 gallon concrete pump tank, 750 gallon trash tank, 1800 linear feet of drip lines, pumps, floats, alarms. pipes etc…..$40k+ for a place to store my shit.

My septic at my old place worked fine. Just saying. 

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1 hour ago, hornian said:

My septic at my old place worked fine. Just saying. 

lol I know we paid to inspect it.  But what I don’t know is if it would have been big enough if we had expanded the master and closed in the sunroom like we wanted (assuming the work was permitted).  We got a credit from the seller on this house for the full $40k which it allowed us to move to the next highest tank size to accommodate our 1300 sqft expansion.

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