Real Estate Crash thread

[spanky]

Also a WF mortgagor. Here's what they're offering. Can I have a COVID-19 financial hardship if I'm still working???

[MakersTeleMark]

If our mortgage is WF there is no fucking way I am doing anything other than paying each month. Those guys will fuck you over six ways to Sunday if they can. My partner still has them for her personal bank and I mask a chuckle every time they fuck something up. Fuck them.

I had a client schedule a payment to me through WF. It was supposed to be in my box within 5 business days. That was 7 days ago. She called them today to cancel the payment and they said the bill pay department has been having issues. They at least waived any fees.

That bank and ANB have always been the absolute worst.

[MarcusBrody]

JP Morgan Chase is apparently raising their standards so that you're going to need 700+ credit and have 20%down to get a home loan. I'm curious as to whether other companies will follow.

[Skidog]

JP Morgan Chase is apparently raising their standards so that you're going to need 700+ credit and have 20%down to get a home loan. I'm curious as to whether other companies will follow.

My guess is they won't be writing many loans after this is all over then.


Sent from my Pixel 2 using TGR Forums mobile app

[Name Redacted]

It'll be interesting to see what happens to all of the deed restricted. "Affordable Housing" that has gone up around our county lately. Now that there's not really any workers currently because the service industry has basically collapsed. Since a majority of them are deed restricted, I wonder if they'll ease up on or drop some restrictions completely, or just drop prices really low. If they don't many might sit vacant for a long time.

[liv2ski]

I am still not sure about the ramifications of missing 3 mortgage payments. Maybe it will not fuck up your credit scores BUT it will show on your credit report as 90 days with no payments made and that is a major no no unless they decide to let you slide. We will see how that plays out.

[Skidog]

I am still not sure about the ramifications of missing 3 mortgage payments. Maybe it will not fuck up your credit scores BUT it will show on your credit report as 90 days with no payments made and that is a major no no unless they decide to let you slide. We will see how that plays out.

I sure wouldn't do it just to pocket money for 3 months. If I have the payment they get it. Things change? I'll revisit.

Sent from my Pixel 2 using TGR Forums mobile app

[char_]

JP Morgan Chase is apparently raising their standards so that you're going to need 700+ credit and have 20%down to get a home loan. I'm curious as to whether other companies will follow.

Just accepted a lower all cash offer over high offers that needed financing because we don't want to risk the deal not going through because of changing bank requirements. Crazy time to need to sell a house.

[Self Jupiter]

Any decent listings under ~$1.3m are still going under contract immediately here in metro Boston, often with multiple bidders. Listing supply will probably continue to contract making it likely that trend continues for at least a few more weeks.

Right now there is little in the way of institutional leadership on handling in-person showings. My brokerage has taken the position that they ‘don’t recommend you do in-person showings,’ but they can’t tell their agents who are independent contractors how to run their businesses. Real estate was deemed essential at some point along the way. Some cities and towns have begun to ban in-person showings. Our national, state and local trade associations are yet to take a coherent position on the matter from what I can tell.

[MarcusBrody]

Just accepted a lower all cash offer over high offers that needed financing because we don't want to risk the deal not going through because of changing bank requirements. Crazy time to need to sell a house.

As someone who is going to be in the market to buy soon, I'm a bit worried about this. I have very good credit and can easily make the 20% down mark for where we're looking, but I'm worried that we are going to be competing with a bunch of cash offers from equity firms if things drop in price at all.

[4matic]

we are going to be competing with a bunch of cash offers from equity firms if things drop in price at all.

No way they are willing to compete at price you would pay. In 2008 zero down subprime loans were resetting at 8-10% so there was no point in trying to keep the house. With forbearance, higher down payments, and low fixed rates the foreclosure rate will be much much lower this time and supply will not be like 2008.

[char_]

As someone who is going to be in the market to buy soon, I'm a bit worried about this. I have very good credit and can easily make the 20% down mark for where we're looking, but I'm worried that we are going to be competing with a bunch of cash offers from equity firms if things drop in price at all.

We were frankly bummed to sell to an investor who will rent instead of another young family that needs a affordable place to live. Unfortunately, we aren't in a position where we can afford to pay housing costs in two locations for long.

Good luck.

[Benny Profane]

I would be happy just to have cash in hand. Who knows what the rental market will be with UE at maybe 20% or even more. He may wind up selling in a year or two at a much lower price just to survive. His present numbers may look like a long lost fantasy.

[char_]

I would be happy just to have cash in hand. Who knows what the rental market will be with UE at maybe 20% or even more. He may wind up selling in a year or two at a much lower price just to survive. His present numbers may look like a long lost fantasy.

For sure. Just happy to be able to sell all things considered.

[goldenboy]

Right now there is little in the way of institutional leadership on handling in-person showings. My brokerage has taken the position that they ‘don’t recommend you do in-person showings,’ but they can’t tell their agents who are independent contractors how to run their businesses. Real estate was deemed essential at some point along the way. Some cities and towns have begun to ban in-person showings. Our national, state and local trade associations are yet to take a coherent position on the matter from what I can tell.

Such a shitshow. We went through several days last week in CO where they were flip flopping on what was allowed twice a day. As of now, between CO state rules and our lawyer's interpretation of them, I can't even do a virtual showing of a vacant home or even vacant land. Or hire a photographer to take photos or videos of a listing. Some agents are putting homes under contract, because in-person showings are then deemed part of the contract process and therefore allowed... Luckily April and May are super slow here anyway, so maybe it won't be that big of a deal.

[smmokan]

My parents just sold their home in three days in South Carolina (for $500K+).... I believe they had four or five showings, which their realtor handled in person. It didn't sound like there were any restrictions on anything surrounding the listing setup, showings, etc.

They're in a unique spot where they have a ton of military families moving to the area, and obviously those folks have mostly stable income. The market in their area doesn't seem to be affected all that much.

[Kevo]

Redfin's Data Center is now publishing weekly data.

Boise & all markets pending sales

Attachment 324999

Attachment 325000

https://www.redfin.com/blog/data-center/

I never understood the appeal of Boise. Like if you cash out in another state, why the hell would you move to Boise over so many other, better options. Boise is all strip malls, traffic lights, Mormons, and poorly designed tract housing. What were people thinking?

[liv2ski]

I never understood the appeal of Boise.

The state does have a lot of natural beauty and not knowing much about it, maybe Boise is just the name that pops out to everyone that thinks of moving to Idaho? Especially people from CA who are conditioned to living in big cities. Boise is the name that stands out.

[snapt]

I never understood the appeal of Boise. Like if you cash out in another state, why the hell would you move to Boise over so many other, better options. Boise is all strip malls, traffic lights, Mormons, and poorly designed tract housing. What were people thinking?

It's Sacramento light, nice old town, downtown and green belt. Suburban hell outside of that. Close access to prety good recreation though and was dirt cheap.

[Kevo]

The state does have a lot of natural beauty and not knowing much about it, maybe Boise is just the name that pops out to everyone that thinks of moving to Idaho? Especially people from CA who are conditioned to living in big cities. Boise is the name that stands out.

Anything within an easy drive of Boise is so incredibly crowded (McCall, the Sawtooths, etc). IMHO there are much better options in Idaho.

My brother (who is well-traveled but has never been to Boise) is getting to a point in his career when he can live anywhere. He recently told me he and his wife were thinking about Boise and I shared my long-form opinion. Maybe you are right that "Boise" is what pops into people's heads when they think Idaho.

[wordbird]

Boise having the biggest % rise of any West coast metro area in this cycle is a bit puzzling to me. The only explanation that makes sense to me is Idaho with few Mormons?

[4matic]

Boise reminded me of Iowa. Looks midwestern.

[liv2ski]

Had lots of time to kill today so I was looking at homes for sale, preferably water front. I did not find much I would want to buy. Found one home in Calgary I kind of liked. For about $1M US, it works. https://www.zillow.com/homedetails/3...1535954_zpid/?

[Benny Profane]

I never understood the appeal of Boise. Like if you cash out in another state, why the hell would you move to Boise over so many other, better options. Boise is all strip malls, traffic lights, Mormons, and poorly designed tract housing. What were people thinking?

Back in 09-10, incredible bargains. They got hit hard by the housing crash.

[liv2ski]

Back in 09-10, incredible bargains. They got hit hard by the housing crash.

So did Bend Oregon. It was amazing how much that area got crushed and has come back.