Housing market is too far gone.

Menger

OT Supporter
Nov 23, 2011
23,483
Went to 3 open houses yesterday. First one said they had an offer deadline ~4 hours later. Second was decent, needed a bit of work to make a nice place, but next door was a pool and a pile of kids. Could get old quick. Third house sucked in about every facet. /blog
 

Jon91SE

These hoes ain’t loyal
OT Supporter
Mar 31, 2004
29,812
FL
Went to 3 open houses yesterday. First one said they had an offer deadline ~4 hours later. Second was decent, needed a bit of work to make a nice place, but next door was a pool and a pile of kids. Could get old quick. Third house sucked in about every facet. /blog

Buy all three

Keep the one you like most

Sell the other two and pay for the one you wanna keep with the profit

It’s not that hard
 

Bugalu

OT Supporter
Nov 23, 2003
58,713
Nashville
Went to 3 open houses yesterday. First one said they had an offer deadline ~4 hours later. Second was decent, needed a bit of work to make a nice place, but next door was a pool and a pile of kids. Could get old quick. Third house sucked in about every facet. /blog
People still go to open houses?
 

stevezissou

OT Supporter
Jul 15, 2009
37,703
US
I just go because it’s a lot easier than coordinating with the realtor. Emailed her yesterday asking for seller disclosures for two of those places. Heard nothing back.

Sounds like my first agent.
Good questions to ask a potential agent.

1. How many years have you been doing this?
2. How many closings have you actually done on this type of property in the last 2 years? Residential, Commercial, etc etc.
 

Remy Bressant

40 big girls and a bottle
OT Supporter
Jul 24, 2015
28,614
SoCal
I just go because it’s a lot easier than coordinating with the realtor. Emailed her yesterday asking for seller disclosures for two of those places. Heard nothing back.
creating a mechanism to reduce agent commissions and turn them into buyer credits for shit like this would be the best thing to happen to real estate.
can you imagine the melt downs from OT realtors when they lose thousands in pay for being lazy clowns?
 

Menger

OT Supporter
Nov 23, 2011
23,483
Good questions to ask a potential agent.

1. How many years have you been doing this?
2. How many closings have you actually done on this type of property in the last 2 years? Residential, Commercial, etc etc.
I got a text from her this morning. She’s honestly ok, but doesn’t live very close, and I decided to go look at those places sort of last minute (is there any other way when they don’t list until Friday and offers are due Sunday?) so I didn’t even ask if she would go. Not really her fault. I was at a concert Friday after work, then a lil sick Sat, so didn’t figure out my open house plans until Sunday AM.
 
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Bugalu

OT Supporter
Nov 23, 2003
58,713
Nashville
Good questions to ask a potential agent.

1. How many years have you been doing this?
2. How many closings have you actually done on this type of property in the last 2 years? Residential, Commercial, etc etc.
Years don’t mean shit.

I’ve done it for 5 or so years now and know more then agents who say “I’ve been doin this for 25 years this is the way it is”.

Some agents get stagnant and never learn the new shit, contracts change almost every year
 
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stevezissou

OT Supporter
Jul 15, 2009
37,703
US
Years don’t mean shit.

I’ve done it for 5 or so years now and know more then agents who say “I’ve been doin this for 25 years this is the way it is”.

Some agents get stagnant and never learn the new shit, contracts change almost every year
Hence questions #2.

And yes I agree with you it isn't all encompassing but it is a good place to start.
 

Remy Bressant

40 big girls and a bottle
OT Supporter
Jul 24, 2015
28,614
SoCal
Years don’t mean shit.

I’ve done it for 5 or so years now and know more then agents who say “I’ve been doin this for 25 years this is the way it is”.

Some agents get stagnant and never learn the new shit, contracts change almost every year
LoL we’re definitely creating a way to hack 250$ from your commissions for every hour a text or email goes unanswered.
 

Bugalu

OT Supporter
Nov 23, 2003
58,713
Nashville
creating a mechanism to reduce agent commissions and turn them into buyer credits for shit like this would be the best thing to happen to real estate.
can you imagine the melt downs from OT realtors when they lose thousands in pay for being lazy clowns?
Do the same for lenders and I’m down
 

Bugalu

OT Supporter
Nov 23, 2003
58,713
Nashville
Hence questions #2.

And yes I agree with you it isn't all encompassing but it is a good place to start.
Tbh it’s not.

“ I’m not sure the answer but I’ll find out and get back to you asap”

Call your broker, call your mentor, call another agent. Boom you have the answer
 

atxmike

This is my custom title
OT Supporter
Nov 28, 2007
2,550
Austin, TX
creating a mechanism to reduce agent commissions and turn them into buyer credits for shit like this would be the best thing to happen to real estate.
can you imagine the melt downs from OT realtors when they lose thousands in pay for being lazy clowns?

I'm buying with shopprop.com in bay area. They use a point system where writing an offer, doing a private showing or inspection adds a point. Based on how many points you use they rebate commission. Highest fee is $6995, rebate rest. Best part is they send disclosures, find out about offer deadlines and get pricing analysis for no points, fast, and it's tracked through a ticket system.
 

Bugalu

OT Supporter
Nov 23, 2003
58,713
Nashville
And I’ll give you a great example. I’d done RE for 2 years. Joined a team and my first lead was 1.5 mil in an armed guard community.

Called my trainer freaking out because it was so out of my wheelhouse.

“Call this agent”.
Uh ok?

Called her, she gave me the run down on every builder in that community, how to even get in the gates, and things to look for that detract from value in that community.


I was under contract for 1.47 the next day.
 
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saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
21,781
Loserville. Population: 1
HIGHLY AGREE

@saabguy we’re coming for those 115bps son
I know there's bad LO's and people who don't know WTF they are doing or how to conduct business. Currently in a similar spot as 2007-ish when a bunch of dumbass used car salesmen decided to get into lending because of the hot market. They will soon be gone when they realize there is a lot more to the business than taking a slam dunk refi application.

That being said, we get inundated with questions non-stop, 24/7. Typical deal has:
buyer
buyer's agent
buyer's agent transaction coordinator
seller's agent
seller's agent transaction coordinator
home insurance agent
title company rep
title company closing coordinator
title company escrow officer

When they all at different times are asking "hey checking on the status!" I want to answer "currently we can't get anything done because you motherfuckers won't leave us alone and keep asking for status updates every 45 minutes. You want a status update? buyer's file has been almost denied 3x since 8am today. The insurance agent is working on lowering the premium $200 and we found a small credit card we can pay off at closing to keep the debt ratio low enough to get approved. Your buyer keeps sending screenshots of bank statements instead of the ACTUAL BANK STATEMENTS that have been requested 4x, and the one time they sent an actual bank statement, they blacked out half the transactions because "this is my personal information and I don't see how it's any of your business." We haven't sent out the Closing Disclosure yet to get signed because the buyer still hasn't signed the Loan Estimate from 3 weeks ago, because that 3 week old Loan Estimate has different insurance numbers on it than the quote he just got 12 minutes ago, and "I refuse to sign something that isn't correct." Oh, and the DataVerify check shows the buyer was associated with a property in Oklahoma that foreclosed 3 years ago so we're trying to gather the documentation pertaining to that. So there's your update. Now if everyone would stop interrupting me and asking for "UPDATES???" every 5 minutes, I can work on getting it all cleared. Or I can put all work to the side and just keep updating everyone and we'll never close. Your call."
 

Bugalu

OT Supporter
Nov 23, 2003
58,713
Nashville
I know there's bad LO's and people who don't know WTF they are doing or how to conduct business. Currently in a similar spot as 2007-ish when a bunch of dumbass used car salesmen decided to get into lending because of the hot market. They will soon be gone when they realize there is a lot more to the business than taking a slam dunk refi application.

That being said, we get inundated with questions non-stop, 24/7. Typical deal has:
buyer
buyer's agent
buyer's agent transaction coordinator
seller's agent
seller's agent transaction coordinator
home insurance agent
title company rep
title company closing coordinator
title company escrow officer

When they all at different times are asking "hey checking on the status!" I want to answer "currently we can't get anything done because you motherfuckers won't leave us alone and keep asking for status updates every 45 minutes. You want a status update? buyer's file has been almost denied 3x since 8am today. The insurance agent is working on lowering the premium $200 and we found a small credit card we can pay off at closing to keep the debt ratio low enough to get approved. Your buyer keeps sending screenshots of bank statements instead of the ACTUAL BANK STATEMENTS that have been requested 4x, and the one time they sent an actual bank statement, they blacked out half the transactions because "this is my personal information and I don't see how it's any of your business." We haven't sent out the Closing Disclosure yet to get signed because the buyer still hasn't signed the Loan Estimate from 3 weeks ago, because that 3 week old Loan Estimate has different insurance numbers on it than the quote he just got 12 minutes ago, and "I refuse to sign something that isn't correct." Oh, and the DataVerify check shows the buyer was associated with a property in Oklahoma that foreclosed 3 years ago so we're trying to gather the documentation pertaining to that. So there's your update. Now if everyone would stop interrupting me and asking for "UPDATES???" every 5 minutes, I can work on getting it all cleared. Or I can put all work to the side and just keep updating everyone and we'll never close. Your call."
There’s bad lenders here and there’s really good ones. I’d venture to say the bad lenders get weeded out fast because realtors don’t wanna work with em.


There’s a guy here I’ve used for 5 years, never dropped the ball. And a girl in NJ that some friends recommended. I text her and within 10 minutes I have an answer.

Between the two I’d never go anywhere else
 

atxmike

This is my custom title
OT Supporter
Nov 28, 2007
2,550
Austin, TX
I know there's bad LO's and people who don't know WTF they are doing or how to conduct business. Currently in a similar spot as 2007-ish when a bunch of dumbass used car salesmen decided to get into lending because of the hot market. They will soon be gone when they realize there is a lot more to the business than taking a slam dunk refi application.

That being said, we get inundated with questions non-stop, 24/7. Typical deal has:
buyer
buyer's agent
buyer's agent transaction coordinator
seller's agent
seller's agent transaction coordinator
home insurance agent
title company rep
title company closing coordinator
title company escrow officer

When they all at different times are asking "hey checking on the status!" I want to answer "currently we can't get anything done because you motherfuckers won't leave us alone and keep asking for status updates every 45 minutes. You want a status update? buyer's file has been almost denied 3x since 8am today. The insurance agent is working on lowering the premium $200 and we found a small credit card we can pay off at closing to keep the debt ratio low enough to get approved. Your buyer keeps sending screenshots of bank statements instead of the ACTUAL BANK STATEMENTS that have been requested 4x, and the one time they sent an actual bank statement, they blacked out half the transactions because "this is my personal information and I don't see how it's any of your business." We haven't sent out the Closing Disclosure yet to get signed because the buyer still hasn't signed the Loan Estimate from 3 weeks ago, because that 3 week old Loan Estimate has different insurance numbers on it than the quote he just got 12 minutes ago, and "I refuse to sign something that isn't correct." Oh, and the DataVerify check shows the buyer was associated with a property in Oklahoma that foreclosed 3 years ago so we're trying to gather the documentation pertaining to that. So there's your update. Now if everyone would stop interrupting me and asking for "UPDATES???" every 5 minutes, I can work on getting it all cleared. Or I can put all work to the side and just keep updating everyone and we'll never close. Your call."

Damn, now I feel like I should ask for a discount for having my shit together.
 
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