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All Encompassing Mortgage and Real Estate Thread

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On 1/30/2020 at 7:50 AM, Captainant said:

My wife and I are starting to house hunt in earnest and her cousin with a real estate license is trying to push her way into being our realtor lol. Can give me some reputable (or at least better than "its from surly") looking links to Houston realtors? We're looking primarily in the Heights area but more generally on the west side of Houston (I work near City Center, wife works near Galleria)

use UTphil2006. satisfied client/repeat customer. cheers.

Edited by riloh05

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On 1/30/2020 at 5:50 AM, Captainant said:

My wife and I are starting to house hunt in earnest and her cousin with a real estate license is trying to push her way into being our realtor lol. Can give me some reputable (or at least better than "its from surly") looking links to Houston realtors? We're looking primarily in the Heights area but more generally on the west side of Houston (I work near City Center, wife works near Galleria)

That's a tough one.  If you use somebody else, you will no doubt cause friction in the family.

Here's my recommendation:  find an experienced realtor that you would like to work with, explain the situation, and ask them to give the cousin a referral fee.  The cousin collects a few bucks, you get the benefit of the better agent, and Thanksgiving stays pleasant for all. 

25% of the new agent's commission is appropriate as a referral fee to the cousin.  When I've been in that situation, I've offered as much as 33% (depending on price range).   If your new agent refuses, then find somebody else.  

Be sure that the referral fee is agreed-upon (in writing) before making any offers. 

Edited by Gil Bang

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I'm looking to buy a house in Cypress.  Considering the history of Cypress Creek with flooding, is there an online tool/website where I can find out which subdivision had flooded houses to avoid those?

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28 minutes ago, Chapo said:

I'm looking to buy a house in Cypress.  Considering the history of Cypress Creek with flooding, is there an online tool/website where I can find out which subdivision had flooded houses to avoid those?

Pretty solid source - you can type in the address you want to view. https://www.harriscountyfemt.org/#

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Not sure if this is the right thread, but this came with the house we bought in September and are rehabbing for renting. Does anyone know wtf this is?  Is it worth anything?  

Edit well shit can’t figure out how to post picture

https://i.imgur.com/bLtEsoD_d.jpg?maxwidth=640&shape=thumb&fidelity=medium

 

Edited by UT_OB1
I’m a fucking idiot

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8 hours ago, UT_OB1 said:

Not sure if this is the right thread, but this came with the house we bought in September and are rehabbing for renting. Does anyone know wtf this is?  Is it worth anything?  

Edit well shit can’t figure out how to post picture

https://i.imgur.com/bLtEsoD_d.jpg?maxwidth=640&shape=thumb&fidelity=medium

 

Looks like something @ROFL BOX would buy 

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3 hours ago, UTPhil2006 said:

Looks like something @ROFL BOX would buy 

It's a historical artifact ya gots right there - with 100% certainty* guarantee** that this is the actual hoist that was used to get baby Jessica out of that well.

 

*Offer not valid in 253 of the Texas' counties.  You have to guess which is the 1 valid county.

**Not guaranteed.

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On 2/6/2020 at 3:28 PM, Chapo said:

I'm looking to buy a house in Cypress.  Considering the history of Cypress Creek with flooding, is there an online tool/website where I can find out which subdivision had flooded houses to avoid those?

PM sent

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Not sure if this is the right thread, but this came with the house we bought in September and are rehabbing for renting. Does anyone know wtf this is?  Is it worth anything?  
Edit well shit can’t figure out how to post picture
https://i.imgur.com/bLtEsoD_d.jpg?maxwidth=640&shape=thumb&fidelity=medium
 

It looks like the machine in Clooney’s basement in Burn After Reading.

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On 2/7/2020 at 1:31 PM, UT_OB1 said:

Wow.  Some legit useful posts from Surly.  Thank you all.  

Give it time. The next 5 will be smart ass comments so it evens out 

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2 minutes ago, Dnaguy said:


I wonder if he went with a 30 year.fixed or a 5/1 ARM. 

Probably interest only for 10, then prime plus LIBOR for 20.

Edited by Sbbruin

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4 minutes ago, 52-80 said:

What's a 3% agent fee on that look like?

Pretty damn fat.  I'm pretty sure like in monster commercial deals, it's a negotiated fee rather than a percentage.  A seven figure (at least) fee, but a set fee for sure.

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11 minutes ago, Sbbruin said:

Pretty damn fat.  I'm pretty sure like in monster commercial deals, it's a negotiated fee rather than a percentage.  A seven figure (at least) fee, but a set fee for sure.

Don't trample on my fantasy

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2 hours ago, UTPhil2006 said:

Give it time. The next 5 will be smart ass comments so it evens out 

Got my appraisal set for Saturday at noon. Will be a nervous reck until then. Thad and especially Danna probably are ready for a break from me. 

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1 hour ago, 52-80 said:

What's a 3% agent fee on that look like?

You just sparked my curiosity.  

I'll report back shortly. 

 

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So, for shits and giggles, I just looked on the MLS for all detached residential listed at over 50 million in LA, Orange, and San Diego counties.  

There were 20.  They were all L.A. County. 

1 paid the buyer's agent 1.5%.  1 paid 2.25%.  All the rest paid 2%.  

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1 hour ago, UT_OB1 said:

Got my appraisal set for Saturday at noon. Will be a nervous reck until then. Thad and especially Danna probably are ready for a break from me. 

Nah we love you. If it makes you feel better there’s probably at least 5 others on this thread thinking the same. Appraisals abound due this week 

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Nah we love you. If it makes you feel better there’s probably at least 5 others on this thread thinking the same. Appraisals abound due this week 
I'm still looking. Hopeful there's a tick up this month.
Just need to find that one place with exactly everything I want for the price I want in the location I want. Easy right?

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26 minutes ago, vtaenz said:

I'm still looking. Hopeful there's a tick up this month.
Just need to find that one place with exactly everything I want for the price I want in the location I want. Easy right?

Well if you're looking to rent in the meantime...

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I was thinking of remodeling but remodel prices are crazy.  So, I've spent about 1 hour looking at building and can do a David Weekly build-on-your-lot for $450,000.

Currently, my house is appraised at $600,000. The land is valued at $400,000.  I owe $210,000.

I have no idea how it works but I think it is like this:

  • Land value: $400,000
  • Current mortgage balance on land/existing house = $210,000
  • Land equity = $190,000
  • New construction = $450,000
  • New home total "value" (land value + construction cost) = $850,000 (Similar size new construction homes in the neighborhood list for $1-1.3M)
  • Down payment is the land equity ($190,000) = 22% down
  • New mortgage amount (new value - land equity):  $660,000

Is my thinking correct?  If so, how do you proceed? Is it a normal construction loan that rolls to a new mortgage after closing? 

 


 

 

 

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2 hours ago, CooterBrown said:

I was thinking of remodeling but remodel prices are crazy.  So, I've spent about 1 hour looking at building and can do a David Weekly build-on-your-lot for $450,000.

Currently, my house is appraised at $600,000. The land is valued at $400,000.  I owe $210,000.

I have no idea how it works but I think it is like this:

  • Land value: $400,000
  • Current mortgage balance on land/existing house = $210,000
  • Land equity = $190,000
  • New construction = $450,000
  • New home total "value" (land value + construction cost) = $850,000 (Similar size new construction homes in the neighborhood list for $1-1.3M)
  • Down payment is the land equity ($190,000) = 22% down
  • New mortgage amount (new value - land equity):  $660,000

Is my thinking correct?  If so, how do you proceed? Is it a normal construction loan that rolls to a new mortgage after closing? 

 


 

 

 

PM sent.

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7 hours ago, CooterBrown said:

I was thinking of remodeling but remodel prices are crazy.  So, I've spent about 1 hour looking at building and can do a David Weekly build-on-your-lot for $450,000.

Currently, my house is appraised at $600,000. The land is valued at $400,000.  I owe $210,000.

I have no idea how it works but I think it is like this:

  • Land value: $400,000
  • Current mortgage balance on land/existing house = $210,000
  • Land equity = $190,000
  • New construction = $450,000
  • New home total "value" (land value + construction cost) = $850,000 (Similar size new construction homes in the neighborhood list for $1-1.3M)
  • Down payment is the land equity ($190,000) = 22% down
  • New mortgage amount (new value - land equity):  $660,000

Is my thinking correct?  If so, how do you proceed? Is it a normal construction loan that rolls to a new mortgage after closing? 

 


 

 

 

You're going to demolish your existing house and start over?   Sorry, there's no fucking that a new build is going to be cheaper than a major remodel.

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2 hours ago, Gil Bang said:

You're going to demolish your existing house and start over?   Sorry, there's no fucking that a new build is going to be cheaper than a major remodel.

It absolutely can be depending on the age of the house and what you want to do. I ran the analysis a few years back when I lived in a house built in 1955. It was cheaper for me to scrape and start over rather than do a major remodel. Not wanting to move out and rebuild, I bought a teardown in the same neighborhood and rebuilt on the new lot.

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On 2/19/2020 at 7:16 PM, royiv said:

It absolutely can be depending on the age of the house and what you want to do. I ran the analysis a few years back when I lived in a house built in 1955. It was cheaper for me to scrape and start over rather than do a major remodel. Not wanting to move out and rebuild, I bought a teardown in the same neighborhood and rebuilt on the new lot.

This.  In East Austin and SW Austin/Oltorf/SoCo area is not that uncommon

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On 1/31/2020 at 9:39 AM, UTPhil2006 said:

1.53.  Getting close to 3 year lows.

10 year now 1.47.  Coronavirus been knocking it down for a couple weeks straight now

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Cross post:

Trying to figure out new build homes get taxed before they're appraised.

Travis County Appraisal District announced they aren't doing any appraisals in 2020, so I'm wondering what the implications are for my new home I'm building.

Is there a mechanism other than an appraisal to change the value of a homesite from a vacant to an improved lot?

Just trying to budget for closing and taxes for 2020. Based on what I've been told by my lender, I'm pretty much only going to pay tax on the value of the lot. Trying to confirm that with someone local and familiar with Travis County property taxes.

Any thoughts or recommendations on who to talk to?

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If you don’t trust what your lender is telling you then why are you using them?
My lender isn't local. I'm a first time homebuyer, so I don't know at all what the norm for this type of situation is. I believe him, but can also understand why he wouldn't be up with the rules/protocols in every jurisdiction around. That's not realistic.

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Is he a buddy and you’re trying to scratch his back?  

This is what you’re paying the lender for- make him earn it.  If he’s not local and/or incapable then it’ll be a good lesson on local expertise.  

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11 hours ago, Longhornmaniac8 said:
11 hours ago, LCHorn said:
If you don’t trust what your lender is telling you then why are you using them?

My lender isn't local. I'm a first time homebuyer, so I don't know at all what the norm for this type of situation is. I believe him, but can also understand why he wouldn't be up with the rules/protocols in every jurisdiction around. That's not realistic.

Who is your lender? 

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Is he a buddy and you’re trying to scratch his back?  
This is what you’re paying the lender for- make him earn it.  If he’s not local and/or incapable then it’ll be a good lesson on local expertise.  
No, it's a specific mortgage program that I qualify for related to my profession, so I'm somewhat limited on options.

I appreciate the sentiment of your posts, and fundamentally agree with them, but I'm really looking for someone who has specific knowledge of this in Travis County and can either tell me definitively how this plays out, or can direct me to someone who can.

Suffice it to say there's lots of value in working with someone local, for this exact type of reason, but I'm willing to go through this type of hassle if it saves me a couple hundred dollars a month on a mortgage payment.

Just looking for info/experiece, that's all.

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as answered on the other thread, the building department reports to the assessor about the size of the home being built, and it's completion.  The assessor  taxes the home accordingly. 

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headshot*90xx1663-2217-225-325.jpg
By Will Anderson  – Managing Editor, Austin Business Journal
Feb 17, 2020, 8:15am CST Updated Feb 19, 2020, 12:27pm CST
 

When homeowners in Travis County receive their next property tax bill this fall, they will likely notice something different.

The market value of their property will be the same as in 2019. That’s because Travis Central Appraisal District does not plan to reappraise residential properties this year.

Contrast that with the significant climb in values in recent years, driven by one of the hottest housing markets in the United States. The median appraised value in Travis County in 2019 for someone with a homestead exemption was $359,154, up 6.2% from 2018.

TCAD is shelving appraisals for 2020 because of a dispute with the Austin Board of Realtors. The two sides have been feuding since the Realtor organization discovered last year that the appraisal district was using local multiple listing service data from CoreLogic to help appraise homes.

ABOR sent a cease and desist letter to TCAD last May. Now Marya Crigler, TCAD's chief appraiser, said that letter prevents the appraisal district from using sales MLS data, removing one of the primary tools it uses to calculate appraisals.

"We are doing everything we can to get data," Crigler said. "We’re pleading with the public: if anybody has data that they will share with us, we’d love to have it. We're not trying to induce people to violate their agreements, but we're making a plea for market data to do the job we’re required to do."

Texas is a non-disclosure state, meaning sales prices for homes and other buildings do not need to be made public.

In an emailed statement, ABOR pushed back on the notion that the cease and desist letter prevents the appraisal district from reappraising residential properties. The statement read, in part: "The cease and desist order that was sent to TCAD called on the appraisal district to stop using the proprietary data of the Austin/Central Texas Realty Information Service (ACTRIS). Unauthorized use of a proprietary data set is not the only means of doing the job by an appraisal district. The cease and desist order should have no impact on TCAD's ability to reappraise homes. It did so for many years without use of ACTRIS proprietary data

Indeed, there are other means of obtaining data to try to formulate an accurate appraisal: homeowners sometimes voluntarily provide information and some idea of a home's price can be gleaned from mortgage deeds. But Crigler said the appraisal district has only found limited success using those avenues. She said her office mailed out about 22,000 letters asking property owners to disclose the sales price of their home; so far, about 2,300 have responded.

ABOR's stance has "really created a chilling effect" when it comes to homeowners and third parties supplying accurate home value data, Crigler said.

ABOR was also angry at CoreLogic for turning MLS data over to the appraisal district. But the Realtor organization and CoreLogic settled in December for undisclosed terms.

So, what does this mean for overall property taxes? It's complicated and will depend on each individual situation. The taxable value of a property could still increase in 2020. For instance, if a property owner has a homestead exemption that limits the annual increase in the taxable value to 10%, but the taxable value is still below the market value, they could see an increase of up to 10%. Or, if there is new construction in 2020, that would add to the taxable value. New homes will also receive appraisals.

And then the tax rate set by school districts and other taxing entities will need to be considered. School districts rely heavily on property tax revenue for funding, so changes to appraised values could affect their budgets. Nicole Conley, chief of business and operations for AISD, told the Austin Monitor that her staff "is looking at the methodology to determine what effect this decision may have on our operating and debt budgets." She added: "We greatly understand the need for property tax relief. Though we understand why the Austin Board of Realtors has taken such measures, we also realize this could reduce revenue growth for local school districts. It could also potentially shift more funding burden to the state, and create more instability in public education funding."

 

 

https://www.bizjournals.com/austin/news/2020/02/17/your-next-property-tax-appraisal-may-surprise-you.html

Edited by Gil Bang

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57 minutes ago, Longhornmaniac8 said:

No, it's a specific mortgage program that I qualify for related to my profession, so I'm somewhat limited on options.

I appreciate the sentiment of your posts, and fundamentally agree with them, but I'm really looking for someone who has specific knowledge of this in Travis County and can either tell me definitively how this plays out, or can direct me to someone who can.

Suffice it to say there's lots of value in working with someone local, for this exact type of reason, but I'm willing to go through this type of hassle if it saves me a couple hundred dollars a month on a mortgage payment.

Just looking for info/experiece, that's all.

You and I are in the same profession. Would you mind being a little more specific about the program you’re talking about?  Something from ALPA or within your company  maybe?   

I will say that a few years ago I bought a house with a mortgage from Phil and his business partner Thad and I’m in the process of using them again right now.  

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Just wanted to give a testimonial that UTPhil, Thad, and Danna were great during my refinance process and made it seamless. I highly recommend them. The rates have dropped even lower since closing but I’m happy with our rate. Will work with them again.

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Maniac,

The 2020 appraisal is based on the market value as of January 1. If it’s just a lot as of that date, that’s what the appraisal will be based on. If you are in a neighborhood, they probably have a uniform land value. If you started construction prior to 1/1, it’ll be based off percent complete of the improvement as of 1/1.

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headshot*90xx1663-2217-225-325.jpg By Will Anderson  – Managing Editor, Austin Business Journal Feb 17, 2020, 8:15am CST Updated Feb 19, 2020, 12:27pm CST   When homeowners in Travis County receive their next property tax bill this fall, they will likely notice something different.
The market value of their property will be the same as in 2019. That’s because Travis Central Appraisal District does not plan to reappraise residential properties this year.
Contrast that with the significant climb in values in recent years, driven by one of the hottest housing markets in the United States. The median appraised value in Travis County in 2019 for someone with a homestead exemption was $359,154, up 6.2% from 2018.
TCAD is shelving appraisals for 2020 because of a dispute with the Austin Board of Realtors. The two sides have been feuding since the Realtor organization discovered last year that the appraisal district was using local multiple listing service data from CoreLogic to help appraise homes.
ABOR sent a cease and desist letter to TCAD last May. Now Marya Crigler, TCAD's chief appraiser, said that letter prevents the appraisal district from using sales MLS data, removing one of the primary tools it uses to calculate appraisals.
"We are doing everything we can to get data," Crigler said. "We’re pleading with the public: if anybody has data that they will share with us, we’d love to have it. We're not trying to induce people to violate their agreements, but we're making a plea for market data to do the job we’re required to do."
Texas is a non-disclosure state, meaning sales prices for homes and other buildings do not need to be made public.
In an emailed statement, ABOR pushed back on the notion that the cease and desist letter prevents the appraisal district from reappraising residential properties. The statement read, in part: "The cease and desist order that was sent to TCAD called on the appraisal district to stop using the proprietary data of the Austin/Central Texas Realty Information Service (ACTRIS). Unauthorized use of a proprietary data set is not the only means of doing the job by an appraisal district. The cease and desist order should have no impact on TCAD's ability to reappraise homes. It did so for many years without use of ACTRIS proprietary data
Indeed, there are other means of obtaining data to try to formulate an accurate appraisal: homeowners sometimes voluntarily provide information and some idea of a home's price can be gleaned from mortgage deeds. But Crigler said the appraisal district has only found limited success using those avenues. She said her office mailed out about 22,000 letters asking property owners to disclose the sales price of their home; so far, about 2,300 have responded.
ABOR's stance has "really created a chilling effect" when it comes to homeowners and third parties supplying accurate home value data, Crigler said.
ABOR was also angry at CoreLogic for turning MLS data over to the appraisal district. But the Realtor organization and CoreLogic settled in December for undisclosed terms.
So, what does this mean for overall property taxes? It's complicated and will depend on each individual situation. The taxable value of a property could still increase in 2020. For instance, if a property owner has a homestead exemption that limits the annual increase in the taxable value to 10%, but the taxable value is still below the market value, they could see an increase of up to 10%. Or, if there is new construction in 2020, that would add to the taxable value. New homes will also receive appraisals.
And then the tax rate set by school districts and other taxing entities will need to be considered. School districts rely heavily on property tax revenue for funding, so changes to appraised values could affect their budgets. Nicole Conley, chief of business and operations for AISD, told the Austin Monitor that her staff "is looking at the methodology to determine what effect this decision may have on our operating and debt budgets." She added: "We greatly understand the need for property tax relief. Though we understand why the Austin Board of Realtors has taken such measures, we also realize this could reduce revenue growth for local school districts. It could also potentially shift more funding burden to the state, and create more instability in public education funding."
 
 
https://www.bizjournals.com/austin/news/2020/02/17/your-next-property-tax-appraisal-may-surprise-you.html
Thanks, Gil. That clears it up. Based on what that and others say, it's based on the status of the lot as of 1/1/20. I don't believe they had started work on it at that point. I know for a fact the slab had not been poured.

Sounds like I may get a break in tax year 2020, but that it will be appraised prior to 1/1/21.

Thanks for the help, folks!

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On 2/22/2020 at 10:57 AM, Your Mom said:

You and I are in the same profession. Would you mind being a little more specific about the program you’re talking about?  Something from ALPA or within your company  maybe?   

I will say that a few years ago I bought a house with a mortgage from Phil and his business partner Thad and I’m in the process of using them again right now.  

Thanks!

On 2/22/2020 at 2:46 PM, Stunns38 said:

Just wanted to give a testimonial that UTPhil, Thad, and Danna were great during my refinance process and made it seamless. I highly recommend them. The rates have dropped even lower since closing but I’m happy with our rate. Will work with them again.

Thanks bud!

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On 2/21/2020 at 10:40 AM, UTPhil2006 said:

10 year now 1.47.  Coronavirus been knocking it down for a couple weeks straight now

Down down 800+, 10 year down to 1.36 which is right at the lowest it's been the past 4 years (1.35 in July 16)

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On 2/24/2020 at 10:33 AM, UTPhil2006 said:

Down down 800+, 10 year down to 1.36 which is right at the lowest it's been the past 4 years (1.35 in July 16)

Down down another 800, 10 year at 1.31

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What’s 30 year VA at?  
Got photos taken today and should have it on the market in the next couple days. Will start looking as soon as I get some offers. 

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