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All Encompassing Mortgage and Real Estate Thread


UTPhil2006

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We sent letters on our offers, but got no letters when we sold.  I don’t care either way, but my wife googled everyone’s name who made an offer.  It didn’t affect our decision (I’ll elaborate a little more tomorrow once I see that wire hit my bank account) but unless it’s a totally blind process your always going to have possible discrimination.

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On 10/3/2020 at 8:29 PM, UT_OB1 said:

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

Going rate based on a recent deal I did west of Austin is $6,000/yr.  That is Hwy 71, not I-35...Not sure what the difference in lease rates might be from Hwy to Interstate...

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Okay so we officially closed on selling our house in Cedar Park last week and the money is in the bank.

We listed just before Labor Day weekend. It was only a six year old new construction that we built back in 2014 for around $350k.  We added a some smart home things (Nest, Rachio, doorbell/garage, etc) water softener, did some landscaping and built a deck but otherwise nothing major.

Comps in the area had my realtor listing the house at $420k.  We had about 30 showings over the weekend and went best/final Monday at noon.  Realtor had two top offers at $440k and $445k and when we went best and final the $440k upped it to $450k.

Initially we were going to choose the lower $445k offer because they could close in two weeks, we’re putting more down (meaning we didn’t need to worry as much about the appraisal), had biggest option/earnest money, and only wanted 1 of our 2 refrigerators but when the realtor called they pulled their offer because they just got another offer accepted on another house they saw that same weekend.

That left us with the higher offer $450k, which immediately asked for our playset (with we marked as did not convey) and some other things but we told them no and that we had other offers.  They needed the full 30 days to close, and had some clauses in the contract that our realtor said indicated that it might be an investment property.  Due to all that we were on pins and needles for pretty much the whole month.  They asked for a ton of punch list things which typically fall under normal wear and tear which we said no to most but gave them a few hundred in concessions just to move the deal along.

But now we have the cash to start our remodel and we’re happy we got out of the real estate game for the time being because our biggest fear was buying high and selling low.

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7 minutes ago, TKthunder2 said:

Okay so we officially closed on selling our house in Cedar Park last week and the money is in the bank.

We listed just before Labor Day weekend. It was only a six year old new construction that we built back in 2014 for around $350k.  We added a some smart home things (Nest, Rachio, doorbell/garage, etc) water softener, did some landscaping and built a deck but otherwise nothing major.

Comps in the area had my realtor listing the house at $420k.  We had about 30 showings over the weekend and went best/final Monday at noon.  Realtor had two top offers at $440k and $445k and when we went best and final the $440k upped it to $450k.

Initially we were going to choose the lower $445k offer because they could close in two weeks, we’re putting more down (meaning we didn’t need to worry as much about the appraisal), had biggest option/earnest money, and only wanted 1 of our 2 refrigerators but when the realtor called they pulled their offer because they just got another offer accepted on another house they saw that same weekend.

That left us with the higher offer $450k, which immediately asked for our playset (with we marked as did not convey) and some other things but we told them no and that we had other offers.  They needed the full 30 days to close, and had some clauses in the contract that our realtor said indicated that it might be an investment property.  Due to all that we were on pins and needles for pretty much the whole month.  They asked for a ton of punch list things which typically fall under normal wear and tear which we said no to most but gave them a few hundred in concessions just to move the deal along.

But now we have the cash to start our remodel and we’re happy we got out of the real estate game for the time being because our biggest fear was buying high and selling low.

I'd always rather buy than rent, but if you factor in closing costs, taxes, insurance, and any costs you might not have lumped in to your 350 build costs - did you actually come out ahead after just 6 years?  With an $80k increase in price, I'd assume yes (I'd hope yes), but I don't know what the taxes are like in Cedar park.  

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37 minutes ago, UT_OB1 said:

I'd always rather buy than rent, but if you factor in closing costs, taxes, insurance, and any costs you might not have lumped in to your 350 build costs - did you actually come out ahead after just 6 years?  With an $80k increase in price, I'd assume yes (I'd hope yes), but I don't know what the taxes are like in Cedar park.  

Yes, we bought another house in Austin prior to selling this one, I posted about it on here about a month ago.  We just had a gap between buying the Austin house and selling the Cedar Park house where we were nervous about buying high and selling low which would have tanked our renovation budget.

Yes, we came out ahead, or at least recouped the vast majority of our investment depending on what you’re counting (taxes, interest, insurance, maintenance, HOA, closing costs, etc).

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Bought a 3/2 at the end of 2016 for $275 (shaggy poor) in 78745. Listed on Friday for $385 and had two offers for $395, under contract now with the one without a contingency. I guess it might have been possible to squeeze a bit more out but I have a pregnant wife, we're relocating, and time is important, so I'm happy. Hoping we don't hit any snags. Looking forward to our next home in probably Wake Forest, with a much bigger budget and a lower cost of housing.

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2 hours ago, HRSchenker said:

Some bitch in Frisco keeps sending me letters in the mail because she wants to buy my house for cash. I get one at least every two weeks. How the hell do I put an end to this? Is there anything the stupid fucks at the USPS can do?

Answer it, give her the run around. Just waste her time. Have some fun with it. 

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3 hours ago, HRSchenker said:

Some bitch in Frisco keeps sending me letters in the mail because she wants to buy my house for cash. I get one at least every two weeks. How the hell do I put an end to this? Is there anything the stupid fucks at the USPS can do?

What is your house worth?
Take that number and add $1.5 million and tell her that is the price you are thinking about

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1 hour ago, GottaB said:

Is there still plans to institute a new fee for refis? I have a family member in Houston that is interested?

Most have priced it in. UWM held off until the 10th, but I think Quicken is still pricing well and not quite passed it on yet. If you wanna have them email me/Thad (prob this week) I can get them taken care of 

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Our house is older, built in the 70's, with popcorn ceilings.  We've redone a majority of the house and expect to put it on the market early spring '21. 

One area we need to fix is a real pain.  Ceiling sheet rock in the Master bedroom is cracked.  It would be an undertaking to get all the furniture out for repair while we are still living in it.  We've had the foundation repaired so it appears that is not a contributing factor to the ceiling cracks.  FIL said it is just old sheet rock.  

So should we get an estimate and offer a credit to a potential buyer and let them decide the end result?  I wouldn't repair and put popcorn back.  I would scrape that whole room and redo it all.  

 

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I think the problem would be that you would end up with just one room without the popcorn.  That would be unusual to say the least, not to mention, the imaginary bells that would set off for potential buyers about the roof leaks, water leaks, pee stains (no judgement here), etc. that might have caused the repair

 

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Hallway and one bathroom have no popcorn now.  In Richardson many of the homes have had ceiling and foundation repairs so it isn't out of the ordinary to see mix matched rooms. 

38 minutes ago, UT_OB1 said:

To hell with scraping.  Just cut it out and put new sheetrock up.  Can't be more than about $250 for the materials.   

This was a typo on my part as that is what I would do.  However, the dilemma is the same.  Huge pain to do while we are in it.    

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18 minutes ago, Catpfish said:

I think the problem would be that you would end up with just one room without the popcorn.  That would be unusual to say the least, not to mention, the imaginary bells that would set off for potential buyers about the roof leaks, water leaks, pee stains (no judgement here), etc. that might have caused the repair

 

That I can get.  Although I was thinking along the lines of just doing the ceiling.  Don't know if anyone would notice/care, and you do have the foundation work as the cause that would be disclosed anyway.  

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On 11/2/2020 at 12:29 PM, T’Boo Ted Marshall said:

Hallway and one bathroom have no popcorn now.  In Richardson many of the homes have had ceiling and foundation repairs so it isn't out of the ordinary to see mix matched rooms. 

This was a typo on my part as that is what I would do.  However, the dilemma is the same.  Huge pain to do while we are in it.    

We some bad tape jobs that we repaired before we sold over in the Canyon Creek area of Richardson.  And then they ripped it down to studs...

Edited by TKthunder2
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34 minutes ago, T’Boo Ted Marshall said:

That’s where we intend to move. not surprised that’s what they did to your house. Still really prevalent there.

Yeah not a big fan of what they did to the house, they completely eliminated all the character it had and honestly the exterior looks like shit, not that it was awesome before but still...regardless we really liked that area, I’m sure y’all will too.

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Yeah not a big fan of what they did to the house, they completely eliminated all the character it had and honestly the exterior looks like shit, not that it was awesome before but still...regardless we really liked that area, I’m sure y’all will too.

Know the area pretty well and we’ve been in Richardson for over 10 years. Most of our friends already live there.

Seems a little cliquish in CC and PC but that can happen just about anywhere.
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Can't find the original post about VA IRRLs (inteerest rate reduction loan) but still through Veterans Day next week they are doing a .50 bps special (which effectively wipes out the .50 refi tax that everyone has implemented at this point)... I know it's a week away but quite a few of you have taken advantage of it or your family members have.  If anyone wants me to take a look at things email me - pdubord@prodigymbo.com

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Can't find the original post about VA IRRLs (inteerest rate reduction loan) but still through Veterans Day next week they are doing a .50 bps special (which effectively wipes out the .50 refi tax that everyone has implemented at this point)... I know it's a week away but quite a few of you have taken advantage of it or your family members have.  If anyone wants me to take a look at things email me - pdubord@prodigymbo.com
Email sent.
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30 minutes ago, Bevo Num1 said:
On 11/4/2020 at 2:01 PM, UTPhil2006 said:
Can't find the original post about VA IRRLs (inteerest rate reduction loan) but still through Veterans Day next week they are doing a .50 bps special (which effectively wipes out the .50 refi tax that everyone has implemented at this point)... I know it's a week away but quite a few of you have taken advantage of it or your family members have.  If anyone wants me to take a look at things email me - pdubord@prodigymbo.com

Email sent.

Responded.

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On 11/4/2020 at 2:01 PM, UTPhil2006 said:

Can't find the original post about VA IRRLs (inteerest rate reduction loan) but still through Veterans Day next week they are doing a .50 bps special (which effectively wipes out the .50 refi tax that everyone has implemented at this point)... I know it's a week away but quite a few of you have taken advantage of it or your family members have.  If anyone wants me to take a look at things email me - pdubord@prodigymbo.com

Last day for this.

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Got some feedback that I want to make sure is correct.

If the wife and I are moving and both starting new jobs in a new industry.... for a company owned by a family member, what are the chances that we will be able to get a conventional 30 y, FHA backed mortgage?

0%? 2%?
Company is 30+ years old. We both have the skills needed for the jobs and it’s not like I’m a HR professional who’s all of a sudden going to start being an electrician. But we both worked in different industries strictly speaking.

Just need to know if renting a house for a year is our only real option here or if looking for a house is a fruitful endeavor.

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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.

Shockingly, "3 weeks" to get the new build ready for move-in turned into 6 weeks. Finally freaking moved in on Friday and even then we still have a decent amount of exterior work to do (touch up painting, lawn/landscaping, additional fencing between driveway and pool area.)

From the day we bought the teardown to move-in ended up clocking in at right around 27 months (16 months since lot clearing and beginning of construction). Gonna be a long time before we ever consider building anything again, but very happy with getting this one to the finish line. 

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8 hours ago, Storm the Field said:

Shockingly, "3 weeks" to get the new build ready for move-in turned into 6 weeks. Finally freaking moved in on Friday and even then we still have a decent amount of exterior work to do (touch up painting, lawn/landscaping, additional fencing between driveway and pool area.)

From the day we bought the teardown to move-in ended up clocking in at right around 27 months (16 months since lot clearing and beginning of construction). Gonna be a long time before we ever consider building anything again, but very happy with getting this one to the finish line. 

sounds about right.  

I spent the better part of my career in construction lending.  I'd say 5% of projects finish ahead-of-schedule, and 20% relatively close to the schedule.    The rest were late, and many were very late.  I wrote loans for periods of 12-18 months generally, and I wrote a ton of extensions (and collected a ton of extension fees).   

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Can somebody give me the cliff notes on the Austin residential real estate market? The other day some real estate person on AM radio was saying “I’ve never seen anything like it”. Houses in my shitty neighborhood are being listed for astronomical prices. WTF is going on?

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4 minutes ago, XYZ said:

Can somebody give me the cliff notes on the Austin residential real estate market? The other day some real estate person on AM radio was saying “I’ve never seen anything like it”. Houses in my shitty neighborhood are being listed for astronomical prices. WTF is going on?

Too much demand, not enough supply.  And artificially constrained chain to supply more.  Basically, Austin and Travis county do more to constrain housing supply than any other jurisdiction outside California.  As a result, it takes a minimum of two years to go from dirt to starting houses.  Who was forecasting two years ago e we would have record demand now?

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11 minutes ago, Hefeweizen said:

Too much demand, not enough supply.  And artificially constrained chain to supply more.  Basically, Austin and Travis county do more to constrain housing supply than any other jurisdiction outside California.  As a result, it takes a minimum of two years to go from dirt to starting houses.  Who was forecasting two years ago e we would have record demand now?

Where is all this demand coming from? I mean, aren’t we in a kind of depression, with millions of jobs gone more or less permanently? 

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Alright - so who can give me the run down on what I should be looking for when buying a plot of undeveloped/partially developed land?

Looking at buying 20-40 acres somewhere between Lufkin and Austin (we like the Moscow and Centerville areas a lot). Basically plan to sit on the land for a couple years and eventually build a weekend home on it. In the meantime we may buy an RV and take that on the weekends with the kids.

Obviously my #1 concern is utilities. My strong preference would be that electric, water and septic is already on site somewhere but that’s somewhat hard to find unless they have some home on it already. If I pay $125 for undeveloped land, how much am I paying to bring in utilities?

Second interest is the Ag exemption. How easy is that to obtain? Huge difference in prop taxes.

Any other huge pitfalls I should be looking for? I’ll have a realtor who knows the areas and buying property but curious to know from people who have done it.

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