All Encompassing Mortgage and Real Estate Thread

[Upgrayedd 5,743]

WAP talk not going away

[StassneyHorn 6,407]

Let me guess, custodian had a bucket and a mop for it?

[Neonmoon 38,126]

Just sitting here...hoping for price improvement 

[Neonmoon 38,126]

20 hours ago, Neonmoon said:

Just sitting here...hoping for price improvement 

Spoiler: It never happened. 

But I did luckily lock my 2 loans in before the late reprice for the worse. (and todays' opening shit)

[UTPhil2006 3,753]

[Incredulity 11,141]

[UTPhil2006 3,753]

Those of you buying soon should definitely engage your Realtor (and mortgage person) about 1/1, 2/1 buydowns etc 

[Sam Lin 3,532]

And handjobs.

[UTPhil2006 3,753]

2 hours ago, Sam Lin said:

And handjobs.

ZJs. Cmon 

[Dbeasy 14,733]

If one were to buy land in excess of 5 acres and there was no agricultural exemption on it, how hard or easy is it to get it put on the property? Assume cattle grazing leases are the mechanism. If that doesn’t work, what would that’s not too difficult?

[Fudge Nuggets 18,825]

Honey bees. There’s an entire cottage industry devoted to the scam. 

[Catpfish 618]

28 minutes ago, Dbeasy said:

If one were to buy land in excess of 5 acres and there was no agricultural exemption on it, how hard or easy is it to get it put on the property? Assume cattle grazing leases are the mechanism. If that doesn’t work, what would that’s not too difficult?

Just be aware for the cattle ag exemption, although reviewed on a case by case basis, the general rule of thumb is more than 10 acres.  It would also be fairly difficult to find someone to run cattle on 10 acres, much less 5.  Not much bang for the buck.

That said, there is one case that you can easily get the ag exemption on smaller acreage tracts and that is if the purchased land is attached to land that is currently under hay production or cattle grazing and the land is easily accessible (usually meaning no fence or at least a gate) for the use to continue.  

 

 

 

Edited August 16, 2023 by Catpfish

[Neonmoon 38,126]

5 minutes ago, Fudge Nuggets said:

Honey bees. There’s an entire cottage industry devoted to the scam. 

This is correct. I know of a few rural AirBnB owners that are now honey bees operators as well. 

 

[Fudge Nuggets 18,825]

1 minute ago, Neonmoon said:

This is correct. I know of a few rural AirBnB owners that are now honey bees operators as well. 

 

I saw a billboard advertising hive leasing and management. That’s how I knew it was a scam. 

[Neonmoon 38,126]

This past week has been a kick in the taint

Note: Down is bad

[Wulaw Horn 18,917]

41 minutes ago, Neonmoon said:

This past week has been a kick in the taint

Note: Down is bad

Yeah man, it ain't great.  Ain't great at all.  I assume the fed meeting notes will make it worse.  And the next unemployment report and next inflation report.  It will swing I think at some point in time, but it's awful stubborn right now.  Bad juju feeds on itself. 

[smokebomb 347]

1 hour ago, Dbeasy said:

If one were to buy land in excess of 5 acres and there was no agricultural exemption on it, how hard or easy is it to get it put on the property? Assume cattle grazing leases are the mechanism. If that doesn’t work, what would that’s not too difficult?

Note that if the property currently doesn’t have an Ag exemption, you have to have it run with an agricultural purpose for 5 out of 7 years before you get the tax exemption.

But once you have an Ag exemption, you can then convert it to a wildlife exemption, which is a bit less work. 

Edited August 16, 2023 by smokebomb

[Wulaw Horn 18,917]

And the fed minutes come out and we are down 50 basis points since I gave someone a quote at 10:00 am.  Only down 33 basis points for the day.  And the hits just keep on coming.  Good times.  

[Neonmoon 38,126]

57 minutes ago, Wulaw Horn said:

Yeah man, it ain't great.  Ain't great at all.  I assume the fed meeting notes will make it worse.  And the next unemployment report and next inflation report.  It will swing I think at some point in time, but it's awful stubborn right now.  Bad juju feeds on itself. 

It did get worse.

AND Bank just stole loan from me. Offering 6.625% on a FHA with 686 credit and 0.5 points. That's absurd. 

[LCHorn 2,527]

I'm weirdly not seeing investor repricing, maybe it's still coming..

[Wulaw Horn 18,917]

5 minutes ago, LCHorn said:

I'm weirdly not seeing investor repricing, maybe it's still coming..

Give it about 10 minutes. It just moved strongly about 15 minutes ago I'd say. Support broke. Wheeeeeeeeeeeeeeeeeeeeeee  all the way down. UWM had repriced already when we got to -12 on the day so they might not reprice, but I'd think the rest would be getting ready to.  Who knows. 

13 minutes ago, Neonmoon said:

It did get worse.

AND Bank just stole loan from me. Offering 6.625% on a FHA with 686 credit and 0.5 points. That's absurd. 

How big was the loan?

[Neonmoon 38,126]

2 minutes ago, Wulaw Horn said:

Give it about 10 minutes. It just moved strongly about 15 minutes ago I'd say. Support broke. Wheeeeeeeeeeeeeeeeeeeeeee  all the way down. UWM had repriced already when we got to -12 on the day so they might not reprice, but I'd think the rest would be getting ready to.  Who knows. 

How big was the loan?

Not big enough for that shit. $300K

[LCHorn 2,527]

18 minutes ago, Neonmoon said:

It did get worse.

AND Bank just stole loan from me. Offering 6.625% on a FHA with 686 credit and 0.5 points. That's absurd. 

Is there anything weird about it?  I'm at 97.375 on a FHA $300K purchase; I can deviate down to 97.625 before I'd need to charge a discount point and I've been getting my shit pushed in regularly on pricing. 

 

Quick edit--I'm at 97.375% at 6.625%

Edited August 16, 2023 by LCHorn

[Neonmoon 38,126]

Nothing weird about it other than I couldn't get close to matching. I can go down to 98% and basically make nothing, but I ain't getting down to 97.375%

Oh great, the 10 year is above 4.25. 

[Wulaw Horn 18,917]

3 minutes ago, Neonmoon said:

Nothing weird about it other than I couldn't get close to matching. I can go down to 98% and basically make nothing, but I ain't getting down to 97.375%

Oh great, the 10 year is above 4.25. 

The bank isn't totally off the reservation, we could make that deal happen on those terms and make enough money on the thing that we'd be happy and not resentful to have the loan in.  Sorry it happened to you though, that always sucks.  They were smart on their pricing- that 0.5 in discount points got them almost 4/10's of a point in a rate I think. I'm normally very sceptical of anyone paying discount points in a high rate environment but the payback on this is like less than 18 months.  I still probably wouldn't do it if I was the buyer but that's a pretty big pyscological thing.  

[Dbeasy 14,733]

1 hour ago, smokebomb said:

Note that if the property currently doesn’t have an Ag exemption, you have to have it run with an agricultural purpose for 5 out of 7 years before you get the tax exemption.

But once you have an Ag exemption, you can then convert it to a wildlife exemption, which is a bit less work. 

That’s what I was trying to remember. 

[Neonmoon 38,126]

22 minutes ago, Wulaw Horn said:

The bank isn't totally off the reservation, we could make that deal happen on those terms and make enough money on the thing that we'd be happy and not resentful to have the loan in.  Sorry it happened to you though, that always sucks.  They were smart on their pricing- that 0.5 in discount points got them almost 4/10's of a point in a rate I think. I'm normally very sceptical of anyone paying discount points in a high rate environment but the payback on this is like less than 18 months.  I still probably wouldn't do it if I was the buyer but that's a pretty big pyscological thing.  

Am going to try and switch it to another investor and save it (company hates doing that, so might decline me)

 

[Wulaw Horn 18,917]

26 minutes ago, Neonmoon said:

Am going to try and switch it to another investor and save it (company hates doing that, so might decline me)

 

Good luck.  

[Mother mopar 3,262]

If one were to buy land in excess of 5 acres and there was no agricultural exemption on it, how hard or easy is it to get it put on the property? Assume cattle grazing leases are the mechanism. If that doesn’t work, what would that’s not too difficult?

Depends on the state and their acreage requirements but I've had ag exemption running cattle. Also have a property that was timber exempt before we purchased it as well.

We looked at continuing it but it was almost as much as the property taxes. Your required to have a harvest and growth plan along with fertilizer and culling plan and then that gets inspected etc. It was too much for us considering we live outside the state of TX.

[UTPhil2006 3,753]

19 hours ago, Neonmoon said:

Nothing weird about it other than I couldn't get close to matching. I can go down to 98% and basically make nothing, but I ain't getting down to 97.375%

Oh great, the 10 year is above 4.25. 

Now at 4.30 

[Neonmoon 38,126]

5 minutes ago, UTPhil2006 said:

Now at 4.30 

Fuuuuuuck

Good news is clients appreciated my service and they chose me even with a higher rate. (I got them Pre-Approved at 11pm at night and other lender was not responsive) I did raise hell to my company this morning and got them to concede enough to get pretty close to other offer. 

 

Edited August 17, 2023 by Neonmoon

[UTPhil2006 3,753]

5 minutes ago, Neonmoon said:

Fuuuuuuck

Good news is clients appreciated my service and they chose me even with a higher rate. (I got them Pre-Approved at 11pm at night and other lender was not responsive) I did raise hell to my company this morning and got them to concede enough to get pretty close to other offer. 

 

Solid save. Yeah customer service and accessibility are at the utmost importance right now (and in general)

[UTPhil2006 3,753]

[Biff Tannen 44,917]

On 8/16/2023 at 11:24 AM, Fudge Nuggets said:

Honey bees. There’s an entire cottage industry devoted to the scam. 

 

On 8/16/2023 at 11:31 AM, Neonmoon said:

This is correct. I know of a few rural AirBnB owners that are now honey bees operators as well. 

 

Not sure why this is a scam, unless you're just referring to the "leasing and management" part.  Honey bees are a fuck ton more important than cattle.

[Gil Bang 25,506]

Oh fuck y'all.  I've been chasing a nice listing for several weeks.  A friend of the GF.  She's gonna sell a super-nice condo, downsize a bit, get away from HOA fees, and bank her 250,000 exemption.   I got the listing today, just as the summer sales season is winding down and the kids are starting school.  Oh well, not much inventory, her unit is super nice, and I can sell it anyway, and probably get a record price for the complex.  

Meanwhile, I've been looking at replacement units for her.  There's an over-55 complex that she likes, so I've been showing her houses in there for a month or so.   

I usually take Mondays off for yardwork, personal errands, home maintenance, etc.  Two Mondays ago, I'm heading to Home Depot, wearing a paint-stained Strickland Propane T Shirt, dirty shorts, and flip flops.  I get an alert that there's a new listing in the over 55.  I'm heading in that direction, so I decide to go preview it.  I pull up, and a woman is peeking through the windows.  She sees me and says "are you the owner".  Nah, I explain that I'm a sloppy realtor on his day off, apologize for my appearance, and tell her I was heading to Home Depot for mulch.   I open the lockbox and invite her in.  

We look at the home together, she asks me about other neighborhood listings, and says "you're very knowledgeable...may I have your card".. Sure.

Fast forward a week.  My family suffers a horrible loss; a tragic death of a younger guy that's near and dear to me and nearer and dearer to the GF.  It's a kick in the nuts.  It's bad.

I get a call from the window-peeker.  She wants to see another listing.  I tell her that I'm living in upside-down land, and  tell her the only time I can show her is at 7 AM.  She says "fine".  We do the showing, she asks me to write at 20k over asking, all cash, and sends bank statements.   The seller is a local monastery.  The homeowner died Elvis-style, on the shitter, and wasn't found for several days.  I've got a copy of the bio-hazard cleanup invoice...15,000. 

His family donated the home to the monastery.   

Listing agent puts on the MLS all the shitter death info, and says all offers will be reviewed after day 7 of the listing.  I call the dude, and he's straight-up old-school.  Says "I will not represent any buyers on this deal".  "I'll play it fair and square", and something in his voice makes me believe him 

So, we get an offer together, I send it over, and the agent responds that I'm offer #9.  

Shit.  I confer with windowpeeker, and we agree to keep looking.  This morning I show her another listing that she likes, but not as much as Elvis-shitterdeath unit.  We do the showing, crunch some numbers, and, this unit is tenant-occupied by an elderly couple, which complicates matters.  We discuss several scenarios, but she tells me that she still prefers the Elvis unit if she can get it.

I explain to her that I cannot write on the second deal with the offer out on the first because it's unethical.  I tell her I'll call the agent on the Elvis Shitter house and see which way the wind is blowing.  I call the guy...Mr. Old School, and say hey, are we in the game here, because if not I'm sending you a withdrawal of offer notice so my client can move on.  He says yeah, your offer is very strong and you're very much in the game and very well might win.

I call windowpeeker and she says fuck it, I'll buy both, and sends me Proof of Funds that she can buy both. 

Oh boy.  Today I listed $895,000 and have cash offers out totaling over a million.  It's the worst week I can imagine personally, and as good as it gets professionally.

[Gil Bang 25,506]

The aforementioned shirt

[South Austin 51,409]

6 hours ago, Gil Bang said:

It's the worst week I can imagine personally, and as good as it gets professionally.

 

[LCHorn 2,527]

If Real Genius came out now it would own the meme universe.  

[smoothlonghorn 83]

Condolences and congratulations, Gil. Hope all works out with all the properties and (reading the other thread) it makes things easier to help out the family (if needed).

[UTPhil2006 3,753]

That story had more twists and turns than the Texas Cyclone at Astroworld 

[Neonmoon 38,126]

3 hours ago, UTPhil2006 said:

That story had more twists and turns than the Texas Cyclone at Astroworld 

But not as shaky and poorly constructed 

[mchookem 15,429]

3 hours ago, UTPhil2006 said:

That story had more twists and turns than the Texas Cyclone at Astroworld 

[Biff Tannen 44,917]

11 hours ago, LCHorn said:

If Real Genius came out now it would own the meme universe.  

It still does in my head

[KYHorn 16,691]

nm

Edited August 19, 2023 by KYHorn

[UTPhil2006 3,753]

Is Ukraine looking to refi? I’d like that loan 

[Gil Bang 25,506]

Of my two offers out, I got a "thanks but no-thanks" on one of them.  "We had 9 offers, many over asking, and the offer the seller's chose waived contingencies".

Fuck that...the house was rough. 

[Neonmoon 38,126]

Multiple offers and waiving contingencies with 7% rates. 

The 5% environment is going to be crazy town 

[UTPhil2006 3,753]

3 hours ago, Neonmoon said:

Multiple offers and waiving contingencies with 7% rates. 

The 5% environment is going to be crazy town 

Bart Scott can’t wait dot gif 

[UTPhil2006 3,753]

On 8/17/2023 at 10:17 AM, UTPhil2006 said:

Now at 4.30 

Don’t look today 

[Neonmoon 38,126]

4.348

That 4.33 barrier went bye bye