Real Estate Crash thread

[FussyDutchman]

I was told that a biggish mortgage originator with prime CO RE loans had to PAY to sell on their last bundle.




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Discount pricing in the secondary market is the norm industry wide right now on just about any product outside of straight agency loans.

[Stu Gotz]

Scene - Ice taking potential buyer though house on zoom.

Buyer - "What's that?"
Ice - "What's what?"
Buyer - "Up there. On the counter. Looks like a hammer."
Ice - "You must be mistaken."
Buyer - "No. Right there. The hammer."
Ice - Pause. "It's not a hammer. Its' a maul."
Buyer - "Interesting. Does it come with the house?"
Ice - Very long pause. "No."

Annnnd scene.

Good luck with the sale!

[mattig]

Investors are changing guidelines, removing programs and generally fucking up the market like I have never seen before. I saw one investor say how they were going to pay for all the appraisals of loans in the pipeline they could no longer fund. In 36 years, I have never seen anything like this mess we are in. Got my first ever EPO today Matt.

You're doing well then. A lot of guys got hit with EPOs from UWM after 6 months because they retroactively upped their window to 12 months.

And yeah, things are bad in a new and different way vs 2008. Scary part is the justification for the badness (forbearance tidal wave) isn't even here yet.

[mattig]

Discount pricing in the secondary market is the norm industry wide right now on just about any product outside of straight agency loans.

FD speaks truth. Servicing valuations are taking loans that would have earned the lender 3-4% and instead costing them 1-2% in many FHA/VA scenarios, assuming the lender hasn't pulled out completely.

Farther off the beaten path you go, the crazier it gets. Saw 50 points of fees on a hairy FHA quote. 150k cost to do a 300k loan . Not like it's going to move forward, but it speaks to the pucker.

[rideit]

I said this a dozen pages back, but you better have straight up cash if you think you are going to dumpster dive this time around.

[Deebased]

If Blackrock, who's advising the Fed, comes through and buys all the defaulting product before the normies have a chance to buy homes to live in, well... fuck, that's probably going to happen.

Sure as shit that's going to happen but at least Neu47 didn't have to pay rent for a few months.

What a selfless gentleman.

[MakersTeleMark]

Scene - Ice taking potential buyer though house on zoom.

Buyer - "What's that?"
Ice - "What's what?"
Buyer - "Up there. On the counter. Looks like a hammer."
Ice - "You must be mistaken."
Buyer - "No. Right there. The hammer."
Ice - Pause. "It's not a hammer. Its' a maul."
Buyer - "Interesting. Does it come with the house?"
Ice - Very long pause. "No."

Annnnd scene.

Good luck with the sale!

And then.. the master walk in closet.

"Is it denim wallpaper?, or ... what fabric is that?"

Master bath:

"Daddy, does he wipe his butt in jeans?" Ask him."

[Skidog]

https://www.marketwatch.com/story/he...old-2020-04-02

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[skifishbum]

So we put this house on the market again late-February. Dow was like 29,000, coronavirus seemed far away. Things changed, obviously. But we left it on the market, figured the exposure can't hurt anything but certainly didn't expect anything at all as far as interest until all this has simmered down, if then.

But a party of interest has emerged. Selling a house in the throes of a pandemic is...different. At first they asked for a tour/viewing/whatever the correct term is, and we declined. Too crazy to have strangers in the house. Plus, we have 5 people here, everybody's working on stuff, the weather has been pretty shitty and everything's closed so we can't even wait in a coffee shop or whatever, so we said No Thanks.

But they persisted. The other day, through the realtor, they asked if they could walk around outside. I had to go out for a bit and they came while I was gone, but a couple with 4 children came and walked around outside. Apparently everyone here was too petrified of them, or the virus, or something, to even just open a door and wave and call out a greeting, which seemed odd to me and had to be weird for our visitors.

I kinda figured that would be the end of it, but still they persist. We got a request that we allow their realtor into the house to do a facetime tour. The agent would wear gloves and a mask and not touch anythng in the house. Still that was too much for some of the people here, and we declined yet again.

Yet they refuse to be deterred. So now on Saturday my daughter and I will be conducting a facetime tour for them. My daughter's gonna run the camera, they'll say where to go and what to look at, and I'll be there to answer any questions. Should be weird but who knows what will happen.

As our agent said, he's spent his entire career trying to get as many people into houses as possible, but now he's trying to figure out how to keep them out. We'll see what happens. I'm not holding my breath. But I would so take the money and run.

good luck im rubbin Buddhas belly for both you to sell and for the contract my pro dirt pimp mag lumpys got going for me/us works out and
#hudgeflyfishermanllcworldheadquaters happens
https://classifieds.ksl.com/listing/59302818
if it dont it wont be the first silver lining in the chinese rat flu cloud that glimmered in hope and disappeared into another downpour nor will it probably be the last

[Toadman]

Seeing houses go from pending to back on the market in my town.

It will be interesting to watch the number of houses on the market start to reduce prices or delisted.

[mcsquared]

I bet come June or July a shit ton of houses come on the market. You can't even meet with a realtor, get pictures taken, do much of the preliminary work now anyways.

[liv2ski]

My mom is the Secretary for her HOA. Calls me this morning freaking out because 90% of the owners have not paid their April dues so far and she needs to sell NOW!!!. I asked her to calm down and what was the big deal? She replied, "how am I going to pay for all the maintenance around here"? I asked her what their reserves were and she replied "$2 million for roofs and driveways", to which I replied, "I guess people behind on their dues aren't getting new roofs or driveways". She laughed and said thanks. So much stuff is getting fucked up from this. I would not want to own a condo right now if they have little in reserves.

[Toadman]

Just back from the title company. The guy told us they have about two weeks worth of signings left, in the pipeline, then it's anyone's guess as to what happens thereafter. My guess, is nothing happens. No one buying or selling. Just people fighting not to go into foreclosure.

[liv2ski]

Just back from the title company. The guy told us they have about two weeks worth of signings left, in the pipeline, then it's anyone's guess as to what happens thereafter. My guess, is nothing happens. No one buying or selling. Just people fighting not to go into foreclosure.

I am not following you, as the National title company I use is busier than ever, as they are picking deals from smaller companies not able to operate. There is lots of business in the pipeline, trust me.

[Toadman]

I am not following you, as the National title company I use is busier than ever, as they are picking deals from smaller companies not able to operate. There is lots of business in the pipeline, trust me.

Just reporting what the guy told me.

[wolfelot]

This afternoon the mobile notary came by for us to close on a 30-year no cost + escrow which you pay anyway 3.0% refinance. That rate isn’t around right now. I was at 3.5% before that. Will pay a bit extra to pay it off slightly quicker than the last one and save about $40k.

Did it in the garage with gloves and social distancing.

[Name Redacted]

We were looking into commercial RE for a business a few months ago and the realtor has been keeping us updated on new stuff coming on the market. Unfortunately we found out that one of our favorite restaurants just called it quits and that space will be up for grabs but doesn't fit our needs. Lots more commercial RE hitting the market.

[Benny Profane]

We were looking into commercial RE for a business a few months ago and the realtor has been keeping us updated on new stuff coming on the market. Unfortunately we found out that one of our favorite restaurants just called it quits and that space will be up for grabs but doesn't fit our needs. Lots more commercial RE hitting the market.

That's why Softbank dumped WeWork. And Zoom is worth more than God. At least that Nuemann asshole just lot almost a billion dollars.

[Skidog]

That's why Softbank dumped WeWork. And Zoom is worth more than God. At least that Nuemann asshole just lot almost a billion dollars.

Zoom will be shown to be the biggest scam in recent history. It's meteoric rise is amazing. Security nightmare...personal info nightmare.

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[Benny Profane]

But at least it has a function, and people are using it. Sorry, but, WeWork was peak unicorn scam. That's not getting beat for a long time.

[Toadman]

Zoom will be shown to be the biggest scam in recent history. It's meteoric rise is amazing. Security nightmare...personal info nightmare.

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Our company sent a note out today that we are not to use Zoom due to security concerns.

[jackattack]

Careful what you discuss in private chat in Zoom, if the meeting is being recorded it records all of the chat transcripts.

Not ideal.

[MakersTeleMark]

Careful what you discuss in private chat in Zoom, if the meeting is being recorded it records all of the chat transcripts.

Not ideal.

Our court system is using Webex, so hopefully a bit more secure. Regular public government meetings are all Zoom.

My mom is the Secretary for her HOA. Calls me this morning freaking out because 90% of the owners have not paid their April dues so far and she needs to sell NOW!!!. I asked her to calm down and what was the big deal? She replied, "how am I going to pay for all the maintenance around here"? I asked her what their reserves were and she replied "$2 million for roofs and driveways", to which I replied, "I guess people behind on their dues aren't getting new roofs or driveways". She laughed and said thanks. So much stuff is getting fucked up from this. I would not want to own a condo right now if they have little in reserves.

Was representing a client a few months ago at an annual HOA meeting. While they were going over their budget for the next year comparing it to last year, I literally had to get up laughing so hard when they got to their reserve account. It had a couple hundred dollars in it and wasn't being planned to fund for 2020. I actually had to get up. They asked what's wrong, and I tried to explain it, but it's a HOA board, what do you expect from a bunch of dumbass homoners.

[gravitylover]

^^

Our company sent a note out today that we are not to use Zoom due to security concerns.

My kids college did the same today. No more Zoom, switch to Webex.

[schuss]

That's why Softbank dumped WeWork. And Zoom is worth more than God. At least that Nuemann asshole just lot almost a billion dollars.

Nope, WeWork didn't meet the conditions of the tender offer.
https://www.google.com/amp/s/techcru...rk-shares/amp/