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Mortgage Rates (5 Viewers)

culdeus said:
The way I follow things is people list below market, and take offers based on photos sight unseen for cash and come see it a couple days later.  

It doesn't take much to look at the cash offers, pick the highest one and setup a showing for that one and maybe one or two backups. 

If you don't get any offers for whatever reason, pull the sign up and re-visit.  

The houses that don't move in Dallas have significant issues.  Mostly location based (proximity to busy streets).

I mean you can hire a lawyer to draw up all the paperwork for a flat fee once you have a buyer.  It's not rocket science.  Most realtors I know are pretty useless except for just simply having slightly better comp data. (which is low value in a hot market)
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The majority of realtors are useless. I saw data not too long ago that there were more licensed realtors than there are properties on the market. 

Good realtors are worth their cost. Most aren't good and aren't worth anything. So many are part time, or do it because they don't want to actually work and have 1-2 transactions a year or just got their license and know nothing or are semi-retired and do it as a hobby... it keeps going on. The real professionals that know what they are doing are bad @$$ though for sure.

 
Chadstroma said:
The majority of realtors are useless. I saw data not too long ago that there were more licensed realtors than there are properties on the market. 

Good realtors are worth their cost. Most aren't good and aren't worth anything. So many are part time, or do it because they don't want to actually work and have 1-2 transactions a year or just got their license and know nothing or are semi-retired and do it as a hobby... it keeps going on. The real professionals that know what they are doing are bad @$$ though for sure.
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I think this is true but a lot of realtors do relocations now part time and build a referral book from the relo listings on the side to make up full time work.  They get paid 1.5% on the relos and do 20-30 of those and work 20-30 hrs a week and are fine.  As those relos come back to them they make 6% and ditch the relo work, repeat.  

 
Chadstroma said:
The majority of realtors are useless. I saw data not too long ago that there were more licensed realtors than there are properties on the market. 

Good realtors are worth their cost. Most aren't good and aren't worth anything. So many are part time, or do it because they don't want to actually work and have 1-2 transactions a year or just got their license and know nothing or are semi-retired and do it as a hobby... it keeps going on. The real professionals that know what they are doing are bad @$$ though for sure.
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This is pretty spot on.  I'm working with one of those PT'ers.  12 deals in 6 years.   Freaks out about everything.  Won't sign that FHA clause thing as a listing agent.

Got really pissed when my buyers switched to FHA instead of conventional. They had 25K for down, but we couldn't add a new roof to the price and finance it. So now lower down and roof after closing.  He freaked that I was "changing" the contract and his seller would not be happy about that. I told him the contract states that buyer can switch to any loan as long as seller doesn't incur any costs by doing so. He STFO on that one.

Then the appraiser had to come back out because it was FHA now. He told them no. Could have delayed closing date. Appraiser ignored him and went out LOL.  He was then worried so much that appraisal would not come in because he talked so rudely to them.  Came in next day at 20k over. LOL.  What a tool.

 
Getzlaf15 said:
This is pretty spot on.  I'm working with one of those PT'ers.  12 deals in 6 years.   Freaks out about everything.  Won't sign that FHA clause thing as a listing agent.

Got really pissed when my buyers switched to FHA instead of conventional. They had 25K for down, but we couldn't add a new roof to the price and finance it. So now lower down and roof after closing.  He freaked that I was "changing" the contract and his seller would not be happy about that. I told him the contract states that buyer can switch to any loan as long as seller doesn't incur any costs by doing so. He STFO on that one.

Then the appraiser had to come back out because it was FHA now. He told them no. Could have delayed closing date. Appraiser ignored him and went out LOL.  He was then worried so much that appraisal would not come in because he talked so rudely to them.  Came in next day at 20k over. LOL.  What a tool.
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Yup... morons abound as agents... the job seems to attract them for some reason. 

It makes you really appreciate the good ones!

 
I had 4 different realtors meet me at the home and basically interviewed them.  Landed on a mother / son team with Compass and two years later, we finally closed . . . on the 4th try.  It was excruciatingly difficult for all involved and there is not a chance in hell it could've got done without a solid realtor.  Or if so, for a much lower price.

Paid 3.1% in the end, as they represented both sides.  In the beginning they agreed to 1.4% on the seller's side.

I kicked around the idea of FSBO, as it was in a gated community where like 80% of the buyers come from current residents or family.  So I thought marketing or finding a buyer was not very necessary in this scenario.  Once anything hits the market, EVERYBODY knows.  And indeed the buyer did come from down the street.  But boy would that have been a mistake.  I don't have the time to list everything that could've gone wrong.  Those agents were worth every penny and then some.  Even things like staging and concierge were made much easier.

That being said, what also happened was we got to see the really ugly side of agents.  Those I interviewed that didn't get the listing ended up bad-mouthing the property and flat-out spreading lies.  Literally two agents do most of the deals and they do everything to keep it that way.  And they of course do not negotiate on commission.  I think they only showed the home as a last resort to buyers.  It cost us a lot of money, starting with structural engineers (to prove it was more than stable).  It fell out of escrow with two of the buyers due to hearsay and rumors.  And we know for a fact this took place.  To what degree, that I don't know.  And yeah, you can sue for that but it's very hard to prove and then you've got more money down the drain and a ton of time.  Basically, this is another area I could list things that took place that are hard to believe but I would be typing all night.

Suffice is to say I feel like I saw it all.  The absolute worst in agents.  And the absolute best . . . which highlights their importance.  It most certainly depends on each individual situation.  Just going with the first smiley face you meet is your fault, not the salesperson, you should already know what most of them are.

Getzlaf, for example, I would sign up with in a heartbeat, missing teeth and all.

 
Rodrigo Duterte said:
I had 4 different realtors meet me at the home and basically interviewed them.  Landed on a mother / son team with Compass and two years later, we finally closed . . . on the 4th try.  It was excruciatingly difficult for all involved and there is not a chance in hell it could've got done without a solid realtor.  Or if so, for a much lower price.

Paid 3.1% in the end, as they represented both sides.  In the beginning they agreed to 1.4% on the seller's side.

I kicked around the idea of FSBO, as it was in a gated community where like 80% of the buyers come from current residents or family.  So I thought marketing or finding a buyer was not very necessary in this scenario.  Once anything hits the market, EVERYBODY knows.  And indeed the buyer did come from down the street.  But boy would that have been a mistake.  I don't have the time to list everything that could've gone wrong.  Those agents were worth every penny and then some.  Even things like staging and concierge were made much easier.

That being said, what also happened was we got to see the really ugly side of agents.  Those I interviewed that didn't get the listing ended up bad-mouthing the property and flat-out spreading lies.  Literally two agents do most of the deals and they do everything to keep it that way.  And they of course do not negotiate on commission.  I think they only showed the home as a last resort to buyers.  It cost us a lot of money, starting with structural engineers (to prove it was more than stable).  It fell out of escrow with two of the buyers due to hearsay and rumors.  And we know for a fact this took place.  To what degree, that I don't know.  And yeah, you can sue for that but it's very hard to prove and then you've got more money down the drain and a ton of time.  Basically, this is another area I could list things that took place that are hard to believe but I would be typing all night.

Suffice is to say I feel like I saw it all.  The absolute worst in agents.  And the absolute best . . . which highlights their importance.  It most certainly depends on each individual situation.  Just going with the first smiley face you meet is your fault, not the salesperson, you should already know what most of them are.

Getzlaf, for example, I would sign up with in a heartbeat, missing teeth and all.
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I liked this before I saw my name... LOL.

But stuff like this happens in more deals than not. There is a ton of negotiating back and forth. Especially on inspection issues. And FSBO sellers rarely have a clue as to the legal liability they have if they don't do things according the law on disclosing.  Or how to react when issues come up.

And the market now is bring out the crazy in everyone. Buyers, Seller's, agents. Hell, I even had a step-dad of a buyer go ape chit on our inspector claiming wood rot on the side of a home that just needed to be scraped, sanded and painted. He would not shut up, claiming inside the walls would also have rot. Amazingly bizarre stuff almost every deal now.

Major kudos for interviewing four agents. Sucks those other two didn't help you at all, but I can see that where they own a lot of market share in a small community.  

More crazy from today....  Some agents posted in private group that a listing was only giving the buyers agent $1. Few dozen agents go ape chit on the listing agent. How can that greedy B do that?   I asked them if they had called and talked to her and asked her why?  Crickets and more nasty things said about her.  I'm like, "guarantee the seller is the greedy one here and didn't want to pay a buyers agent in this market and/or had previous bad experiences with buyers agent."   More sniping at the agent ensued.   And then I looked up her history..... 63 listings.... 6 at 2.5% to buyer, 1 at 2% to buyer, 1 at 1.5% she double ended.   and 55 deals at the normal 3%.  Not a post since then.

 
Tossing around the idea of renting out our home vs selling it once we move out of state in July. We live in one of the hottest suburbs of the Nashville area about 20 minutes from downtown just into one of the bordering counties with a good school district. No HOA and we have a pool and a decent sized lot for the area. Told my wife I needed to ask my message board friends before making a big decision like that. Should we get out now and store away the profits or rent it out and keep building equity and sell in a couple of years? We know nothing about renting or if it would even be too big of a headache to deal with letting some company rent it out. We're never moving back to the area because I'll be working on a military base from here on out. 

 
Chadstroma said:
99% don't know.... they just grab the first person someone mentions or they come in contact with. 
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This is true.  Because it's hard to identify the good ones and it's tough to cut someone loose once you've met with them face to face and they've done work for you, but you haven't pay them and won't pay them if you cut them loose. 

 
flapgreen said:
Tossing around the idea of renting out our home vs selling it once we move out of state in July. We live in one of the hottest suburbs of the Nashville area about 20 minutes from downtown just into one of the bordering counties with a good school district. No HOA and we have a pool and a decent sized lot for the area. Told my wife I needed to ask my message board friends before making a big decision like that. Should we get out now and store away the profits or rent it out and keep building equity and sell in a couple of years? We know nothing about renting or if it would even be too big of a headache to deal with letting some company rent it out. We're never moving back to the area because I'll be working on a military base from here on out. 
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:lmao: :lmao:  

I will give my thoughts later when not on a phone, but that crackse up... like doing loans for an FBG and the wife asks, where did you find this guy?  :mellow:

 
Chadstroma said:
:lmao: :lmao:  

I will give my thoughts later when not on a phone, but that crackse up... like doing loans for an FBG and the wife asks, where did you find this guy?  :mellow:
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Oh my wife is well aware of the value of fbgs. Lol. She's had 18 years of hearing about it to know. Even she was like ask some of them and see what they say. I always forward her the monthly home value email. 

 
flapgreen said:
Tossing around the idea of renting out our home vs selling it once we move out of state in July. We live in one of the hottest suburbs of the Nashville area about 20 minutes from downtown just into one of the bordering counties with a good school district. No HOA and we have a pool and a decent sized lot for the area. Told my wife I needed to ask my message board friends before making a big decision like that. Should we get out now and store away the profits or rent it out and keep building equity and sell in a couple of years? We know nothing about renting or if it would even be too big of a headache to deal with letting some company rent it out. We're never moving back to the area because I'll be working on a military base from here on out. 
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It can be a pain. And it can be great. Good renters are key. @Getzlaf15 knows a lot. Make sure to factor all your costs, obviously.  I had a rental with a pool. Never again. 

 
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DA RAIDERS said:
It can be a pain. And it can be great. Good renters are key. @Getzlaf15 knows a lot. Make sure to factor all your costs, obviously.  I had a rental with a pool. Never again. 
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I'm not sure I would want to do a rental with a pool. Maybe if there were no kids.

Prices have spiked so much in the last six months, it makes the question to rent out much more difficult.  If it's a primary, I'm leaning towards taking the money and running if the gains are tax free.

I have a client that's wanted to trade up for over a year now. Wife wants remodel home only, no upgrades for them to do. He wants a shop and RV space.  So 0.5 to 1 acre.  Last August his home comped at $290k. It now comps at $410k.  Before I urged them to keep and rent first home.  Now we both agree to sell and dump 80% of proceeds into new down and use the 20% for fixing up, furniture, etc.   This type of sale is like reason #32 why there is no inventory. So many want to trade up now because they have the equity to keep payment similar to current payment.

 
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Getzlaf15 said:
I'm not sure I would want to do a rental with a pool. Maybe if there were no kids.

Prices have spiked so much in the last six months, it makes the question to rent out much more difficult.  If it's a primary, I'm leaning towards taking the money and running if the gains are tax free.

I have a client that's wanted to trade up for over a year now. Wife wants remodel home only, no upgrades for them to do. He wants a shop and RV space.  So 0.5 to 1 acre.  Last August his home comped at $290k. It now comps at $410k.  Before I urged them to keep and rent first home.  Now we both agree to sell and dump 80% of proceeds into new down and use the 20% for fixing up, furniture, etc.   This type of sale is like reason #32 why there is no inventory. So many want to trade up now because they have the equity to keep payment similar to current payment.
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Excellent. Pretty sure we won't be on the hook for taxes. It's our primary residence and we've been here over 2 years 

 
Started the process this week in Eugene, OR. Have seen about 12 homes in three days, have liked three of them. One of them listed on Wednesday, we viewed it on Thursday and placed an offer at $455 ($399 list), and on Friday we were told our offer was third with one above us all cash.  

Anything decent is having showings all day long every 30 minutes, with an accepted offer within 2-4 days of hitting the market. 

This might take awhile. 

 
SFBayDuck said:
Started the process this week in Eugene, OR. Have seen about 12 homes in three days, have liked three of them. One of them listed on Wednesday, we viewed it on Thursday and placed an offer at $455 ($399 list), and on Friday we were told our offer was third with one above us all cash.  

Anything decent is having showings all day long every 30 minutes, with an accepted offer within 2-4 days of hitting the market. 

This might take awhile. 
Click to expand...
OH my goodness 

 
flapgreen said:
Oh my wife is well aware of the value of fbgs. Lol. She's had 18 years of hearing about it to know. Even she was like ask some of them and see what they say. I always forward her the monthly home value email. 
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They hit my thoughts mostly on what jas already been posted... I would also add the moratorium on evictions would make me sure uneasy about starting to rent right now. No way to tell if they are going to come in and then just refuse to pay rent. Then you are SOL. 

 
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Rodrigo Duterte said:
I had 4 different realtors meet me at the home and basically interviewed them.  Landed on a mother / son team with Compass and two years later, we finally closed . . . on the 4th try.  It was excruciatingly difficult for all involved and there is not a chance in hell it could've got done without a solid realtor.  Or if so, for a much lower price.

Paid 3.1% in the end, as they represented both sides.  In the beginning they agreed to 1.4% on the seller's side.

I kicked around the idea of FSBO, as it was in a gated community where like 80% of the buyers come from current residents or family.  So I thought marketing or finding a buyer was not very necessary in this scenario.  Once anything hits the market, EVERYBODY knows.  And indeed the buyer did come from down the street.  But boy would that have been a mistake.  I don't have the time to list everything that could've gone wrong.  Those agents were worth every penny and then some.  Even things like staging and concierge were made much easier.

That being said, what also happened was we got to see the really ugly side of agents.  Those I interviewed that didn't get the listing ended up bad-mouthing the property and flat-out spreading lies.  Literally two agents do most of the deals and they do everything to keep it that way.  And they of course do not negotiate on commission.  I think they only showed the home as a last resort to buyers.  It cost us a lot of money, starting with structural engineers (to prove it was more than stable).  It fell out of escrow with two of the buyers due to hearsay and rumors.  And we know for a fact this took place.  To what degree, that I don't know.  And yeah, you can sue for that but it's very hard to prove and then you've got more money down the drain and a ton of time.  Basically, this is another area I could list things that took place that are hard to believe but I would be typing all night.

Suffice is to say I feel like I saw it all.  The absolute worst in agents.  And the absolute best . . . which highlights their importance.  It most certainly depends on each individual situation.  Just going with the first smiley face you meet is your fault, not the salesperson, you should already know what most of them are.

Getzlaf, for example, I would sign up with in a heartbeat, missing teeth and all.
Click to expand...
I asked my realtor about why some agents offer less percentage for the listing. I thought her answer was good. She said if the agent can't even negotiate their percentage, why would I want them negotiating the sale of my home? Thought it was a good point. 

 
SFBayDuck said:
Started the process this week in Eugene, OR. Have seen about 12 homes in three days, have liked three of them. One of them listed on Wednesday, we viewed it on Thursday and placed an offer at $455 ($399 list), and on Friday we were told our offer was third with one above us all cash.  

Anything decent is having showings all day long every 30 minutes, with an accepted offer within 2-4 days of hitting the market. 

This might take awhile. 
Click to expand...
Same boat in Mass. Bid 75K over asking and waived home inspection. Someone came in with 700K cash and a 2 week close. The amount of cash out there that buyers have is insane. 

Edit to add that we had an escalation offer and were actually 5k over the cash offer but cash is king.

 
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Chadstroma said:
They hit my thoughts mostly on what jas already been posted... I would also add the moratorium on evictions would make me sure uneasy about starting to rent right now. No way to tell if they are going to come in and then just refuse to pay rent. Then you are SOL. 
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Man, I love all you guys.  This just gave me the idea to have all new renters on month to month from the start.   You can not evict someone now, but you can not renew their lease when it is over. 

 
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ffjunk said:
I asked my realtor about why some agents offer less percentage for the listing. I thought her answer was good. She said if the agent can't even negotiate their percentage, why would I want them negotiating the sale of my home? Thought it was a good point. 
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Fair enough, but this agent had done just under a billion in sales.  His Mother, just over a billion.  They're on some Forbes list for top agents/teams in the country (200?).  Anyway, I wasn't worried about their skills.

The reason the other agents wouldn't drop their rates was collusion, more or less.  Again, they have this particular gated community cornered.  "My" team had done some deals in this area -- and the son actually grew up there so he also knew it quite well -- but they wanted inroads for more, and dropping their rate gave them that.  Worked for both parties.

 
rascal said:
With the price of lumber right now?  New home prices are ridiculous.  I can't believe new construction hasn't dropped off a cliff.  No way I'd be buying a house right now.
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I'm not surprised that housing prices have increased alot in places where people are moving to from high income & high tax states. This was happening before the pandemic, and has accelerated since. Such as people from the NE moving to Florida, and those moving from California to other western states.

But when I read about bidding wars in Ohio, I was surprised. Maybe I'm underestimating Ohio and the strength of its economy. 

https://amp.dispatch.com/amp/4233977001

 
SoBeDad said:
If rates increase, will there be a bursting of the bubble? 
Click to expand...
No. Demand is silly high and supply is equally silly low. There is not a lot of new construction being done. As rates increase, it will put a brake on everything but I don't think there is a bubble really. What is happening now is starting to create one and then there is likely to be a correction but don't get shades of 2008 in your head. There is just way too many fundamentally different things going on here from now and then. 

 
Chadstroma said:
No. Demand is silly high and supply is equally silly low. There is not a lot of new construction being done. As rates increase, it will put a brake on everything but I don't think there is a bubble really. What is happening now is starting to create one and then there is likely to be a correction but don't get shades of 2008 in your head. There is just way too many fundamentally different things going on here from now and then. 
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Why isn't there more new construction being done with demand so high and supply so low? You would think they would spark a ton of new construction. 

 
Chadstroma said:
No. Demand is silly high and supply is equally silly low. There is not a lot of new construction being done. As rates increase, it will put a brake on everything but I don't think there is a bubble really. What is happening now is starting to create one and then there is likely to be a correction but don't get shades of 2008 in your head. There is just way too many fundamentally different things going on here from now and then. 
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I'm not sure there is a comp. In 1984, I bought a house in Miami for $95,000 and assumed an 11.5% mortgage, which was a great deal. Now, the same house on Redfin is worth  $625,000 per Zillow, but I could get an ~3% mortgage. We were coming out of stagflation. There was a K-shaped recovery from the Carter years and another k-shaped recovery now. As long as mortgage rates don't increase too much, and the unemployment rate is not high, things should be ok. 

The guy who sold me the house in 1984, bought it 5 years earlier for $92,000. No profit after considering expenses. That could be the future.

 
flapgreen said:
Why isn't there more new construction being done with demand so high and supply so low? You would think they would spark a ton of new construction. 
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It started to ramp up before then COVID hit and shut it down. It is starting to ramp up again but it isn't something that you just flip an on and off switch on. 

 
So, funny enough my dad, who lives on the property next to mine, got a walk up offer on his house. Some guy literally pulled in his driveway while he was mowing and flat out said he wanted to buy the house. My Dad told him no. Guy offered $400k (I think that is high). He still said no. 
 

The really weird part... this is the third time this has happened since 2000. I vaguely remember posting somewhere here about the last time it happened.

 
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Chadstroma said:
PSA: Rates have come back down over the last week. If you waited before.... I would say don't wait anymore. Get your toosh on the move. Unsure how long this lasts. 
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Just locked in a new purchase conventional at 2.757%. Was worried when we started this process in earnest a few weeks ago that rates were going to run away from us before we could get an offer accepted. 

 
Talked to my lender guy, he talked me out of refinancing a couple years ago. I called him today and he told me rates have gone up. Said they’re over 4% which is what we have now.

Anybody have a guy? The only debt I have is a 15k truck loan and our house. (worth ~600k, owe 339k. Wife and I combine for over 200k )annually. 

 
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STEADYMOBBIN 22 said:
Talked to my lender guy, he talked me out of refinancing a couple years ago. I called him today and he told me rates have gone up. Said they’re over 4% which is what we have now.

Anybody have a guy? The only debt I have is a 15k truck loan and our house. (worth ~600k, owe 339k. Wife and I combine for over 200k )annually. 
Click to expand...
I hear this guy, @Chadstroma is pretty damn good, and even if he isn't licensed in your state, can find you a trusted reference.

 
STEADYMOBBIN 22 said:
Talked to my lender guy, he talked me out of refinancing a couple years ago. I called him today and he told me rates have gone up. Said they’re over 4% which is what we have now.

Anybody have a guy? The only debt I have is a 15k truck loan and our house. (worth ~600k, owe 339k. Wife and I combine for over 200k )annually. 
Click to expand...
🤣 that is a retail guy for sure. Their rates have really skyrocketed. 

 
acarey50 said:
I hear this guy, @Chadstroma is pretty damn good, and even if he isn't licensed in your state, can find you a trusted reference.
Click to expand...
Yup. Happy to help. My brokerage is licensed in a few states and I know brokers licensed in all the rest of the 50 states and PR too. Happy to make the intro (I get no compensation by law for doing so). I have lost track of how many FBG loans I have done and I have referred a whole bunch more to brokers fir help. Also happy to look at a lenders loan estimate from a lender if you just want peace of mind of knowing you got a good deal or not. Anyone who wants, just feel free to teach out. 

 
Reason 1,946 why I loath Rocket. Us brokers come across crap like this from them all the time. A fellow broker just shared this... 

"Craziest scenario.... borrowers come to me while doing a refi with Rocket. They were charging 2 points for what I get as par. They immediately lock with me but then refused to sign their disclosures. They don’t believe that I am truly giving them the rate that I say because rocket told them that the points had to be charged by law. That is a Fannie Mae regulation. That was a week ago now they will not reply. I’ve never had anyone not believe the locked loan estimate and a very detailed explanation I gave them on the rate pricing. They don’t want to cancel what they have and lose everything. 🙄"

This consumer is going to pay 2 points just because some call center jockey that likely was waiting tables a month ago happens to be a very successful liar.  :rant:

 
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