Feb 4, 2017|
House Plans by Countybank Mortgage
Automatically Generated Transcript (may not be 100% accurate)
All welcome house plans glad you could be released today. We had Keith Clark in the house from the buyer's broker and Chris Trevor here from Carrie manicured it's your questions about buying selling. Anything to do with the real estate and we are only some calls today. We are more and we're down one man right here or it's based on a I swear I also causes and can you believe that. It's baseball season in February held Esther and we talked about him Palestinian man sunlight though he's always he may be eleven now. But he's in he's in baseball and he's a professional by a ball player app. For the north with a little that's right as I rich and JD you're out there and tryouts today and you know marking them are good people can kitchen college. And of course the weather cooperated with the coldest day of the week. You know seventy always been today it don't count down the exact count down the days from January 12 marks one. Always feel like. Does a week's or this tough weeks of weather for me yes. And on March Warner knows contingent staff and now my style in March but at the street you know descent my dad tells a story that when he was in high school. That in Anderson,. South Carolina then and I can't remember what year who has been on the gifts may be some somewhere in the late fifties or early sixties. That it's no mood every single Wednesday in March no way yeah. And JD's dad who was an Anderson it is time tells the same store I think historically the big snow usually get is everything third third and march in a every year here we can set third or fourth week oh with a third or fourth week of February that first week of march. And those are not find because you've already like you say you've already kicked in a camp change gears and spring measured in name gets known here and but we do have a open lines today so we are looking assertion questioned calls comments 866414. 7553. We'd love to talk to this morning and that's toll free 866440. 7553. And of course we do you have the text line open which we always loved guterres questions is 71307. That 71307. You've got a question about buying selling anything to do that was taken his show Keith about we would dubbed. We've been talking for it seems like five years now about inventory inventory you know that was that. 8007002. And three down at church and and the fact you know so you know when we talk about him mandatory united two to the listener what we're talking about our. Homes that are listed on the market for sale my corset and include everything the coast at Turner's four cell bar owners out there and we're talking about specifically the green bowl MLS and so. I tell everybody what that needs to make a sometimes you can have a house and Anderson is listed in New England list but you as an agent you you join that. Board right. Well I'm a member of the western upstate MLS I guess. And we have access to Spartanburg MLS and in the greater Greenville association of realtors are to where the grain will MLS. A covers most of during the campaign. The that Anderson. Anderson canny mark Kimble leads into the other hand really overlaps. In in the during a market in the Patterson hill area share east league generally considered part of the growing the market although many times you'll see him Pickens he'll see those. I. That delay right as are in typically in the western upstate so you know who were members of that particular MLS can list their properties if they do listings inside of the MLS city MLS is not like it can only you're anything like that it no it's kind of a geographic area but it bleeds over to a lot of areas yeah well the geographic Carrey is a function of the members. There yes I said the members determine. The geographical area and everybody that's a member of the multiple is listing service. He has a duty and day to cooperate with all the other members and so it makes them. Marketing of real estate a very very very efficient and apparently it's. Only you know if you're gonna sell your house that's probably the best way to get it marketed to you because. As I understand it places like REALTOR.com. That's where they get their data from. And so if you're searching mayor or if you gave to the U. On a Berkshire Hathaway CIA or another agent siding you start looking in they're gonna do that's where and all that data is common from. It's from that MO lessons so you want people Collison talk about doing a force so by owner would say won't. Just understand the challenges. Carl's you know 99% of the people who start to look and Oman veterinarian inside than in the list gives you huge pain in what you're talking about a web sites to keep the direct and a defeat from the multiple listing service sent. That's a whole body of knowledge of where that data comes from right weather comes directly from the MLS or. Or did the web site uses bots to scraped data from other web site asset as a hot buttons and different conversation but. That's ultimately what we track as realtors he has his thing MLS yeah what's listed. Cell layer so we get back from this break our first break in the day we don't talk a little bit about inventory and what that low inventory has calls customers and clients to the as it relates to construction in the course were always here to take your calls questions and comments. Give us dish out an 8664478553. Or hit us on the text on 71307. Oh welcome back to us and houseplants Chris robbers and county bank mortgage in the house Keith Clark. From the buyers burger talk a little real estate here does take your calls questions and comments. You can reaches an 8664147553. Or course if you prefer to remain anonymous you can always tennis on the text on 71307. We do our first caller of the day we're gonna go over to Johnny Greenwood good morning John. Bars serve. Rejection Beckett got all have a demolished or no wonder your answer all great don't have backed him. I'm getting too doesn't it well Obama past. All for forgiveness so all closure yes. I would basically jump out a little bit about there about this year only our actions our listeners. Tell us most at least we know 7000 dollars. Only what orders. What they considered it earned income. Or about how she's been so honored by you know it. Yes and so. Often times. What you refer to as a short sale or deed in lieu of foreclosure. What was happening is debt forgiveness and says. If you moved 200000 dollars on my house and had to sell it. 490000. In the bank agreed to be four give that 101000 dollars in debt then. The IRS was viewing that as earned income home because their there was debt relief. And say to you are correct I don't remember the year but 2012 sounds about right that there was. I don't think it was an executive order I think it was actually LL. Congressional and they weren't doing it every year is being renewed every year or re done every year. It's a great question I have not heard a single thing here and and you know why because the the short sales have gone down so much. Or once we started out terminator short sir Charles city and then drop audio went on in Pakistan always savage gaudy medal. And we wished only result they kitten hasn't tablets here. Ronnie I have years later you know little interest built up every coach. We ended the winner orderly say dole or the deed in lieu occur. Circular turnarounds. No number I'm not part of our actual law I by 20121. That actually all oh. OK well then but you're finally getting something and I know what we're Ngo and that's that they send you a notice in the mail or what did what. You know what I normally popular tax years circuit and our tractors plus tellem that we know. 101000 more are royalties one out of sight. Got gee you are absolutely need to get a CPA involved. Now I do you have somebody who files her taxes forty. You know order in the process now there are some kind of ownership we can't get them comparable or better yet managed to walk faster go back to 2012. And come out or they retired we lol yes well one. Wait what we call some. You look at one category don't video camera or and it. Yes that's that's absolutely. A challenge I have. I've experienced things like that we've had client server in the years that you've experienced that kind of stuff and it is. It is a challenge in 2017. To recreate Kettering creative analogy what happened here in 2012. But I I have armed. I can tell you that I've had. A lot of people that I know is that I have had quite a bit of success. We is. Talking to the IRS and working through the situation now it moves somewhat slowly. But but we're passing situations were people turn now. To be successful. And I've found that while they can be very unreasonable I've also found that there are a very reasonable. In the certain in certain circumstances incentive. You know getting a CPA or getting a tax lawyer over 7000 dollars attacks where your may not be the way to get over it might be. But you know the last time I had a problem. And it was absolutely in this interpretation on their part. I used my CPA I gave them the right to talk on my behalf so that they can all tell. Pacts call without you know if it was a mortgage evident myself in Italy and textile. Let them talk and surely enough they worked it all out that went away and and I was very pleased with the with the way Cayman. Yam what Chris is saying is that it it to take. It's worthwhile for you to get this can be very frustrating to traffic recreate your circumstance or could it on paper for 2012. But it's frustrating is it might be generally speaking that they are as an overall. Generally speaking he's reasonable. They will be enabled typically. I'll work with he. On finding it from many different aspects but Chris is also hurt when nieces and wheels turned slowly you know I guess being patient. Are there and and the other thing is I think what your street two is they they generally will not. Just addressed one line on your taxes you know if you warning if you are talk about that lie and they wanna talking about all the other lines. And that's why they are re create the whole plane just to make sure they didn't miss any thing in. And and certainly that can be challenging that we you're talking about seven or 8000 dollars probably work the true and it may bleed over into future years say he did as all the other than Nellie got us on a day even though it's a small are not of the day you could probably work through it. In terms of the monetary. He she. You don't want it to. Two it to be on the radar going forward do you wanna despite private first 2012 and and it won't surface in the future. Exactly. Or met you this question. But there from cultures so. How shall resolve basically lower credit act don't shtick Dietrich towels home. There's went down law not know what what bit that we all is that considered Terry. Yes the value of the house as well as the are you talking about your other debt are just a debt that was on the house. Not let it go and don't look all cloture yeah I want to play or stroke all that bit you on their year olds do we consider battered. May third. In considered yeah. And so what they're looking for is they wanna know what liens were on the property at that point in time. To make sure that they're considering all the debt that was forgiven and the reason for that would be. Let's say that you had a situation where you you had a first mortgage in you had a second mortgage. Well right if you had to go through short sale. And you had to. Short sale based on the balance on the first mortgage that often times the entire second mortgage. Either. Took nothing or they converted the loan. Into a non secured loan and you continue to make the payments on it and they're trying to filter through that. To figure out exactly what this was forgiven. If if you got a mortgage and all they did is released the leans so that you can sail the property. That's not debt forgiveness and and but if they said well. You know you unless 25000 dollars on a second and we'll take twelve to settle it within the other twelve. You know the other thirteen would be debt forgiveness so they're trying to figure out what the total debt forgiveness was so that they know exactly what your position was. And then got older and and then that'll determine. How they handle it and I'm surprised that you know when he passed that rule that your and that box because. If it is true that the lenders. Continued descent now I guess it would be a 1098 former what their would be for the debt forgiveness. But the way that debt forgiveness was handled on the tax returns. In a short so situation. Is is because of that Obama law or the the law congress passed. Art you did not have to pay you and I was thinking 2012 was in the best of Lincoln's. I'm kind of surprised that it's coming up now I don't. But definitely I would I would give you something he is only true if CPAs right star pitcher. Boy what government standards like a bit concerned because it's. It was a bet it's so much Wyatt later essentially here. Better. Yes so your filing joint nine now and say who brought its. It was owned her son now mr. Fallon join their second year. Your refund out too and that's that's one that's away one of the benefits of the IRS. They they can't hurt you I hope other people may not be able to yes service can't yes and one thing that you would wanna chat with your CPA is okay what happens. Even the news the effective tax rate is higher what happens if we filed. Individual. Because just because you're married you'll have to file together and I don't know arm this is a question for the home. Is if I file separately can I get a refund or because were married you don't suck it out anyway I would think that that would. They would only be able to take it at Hearst. Well not so much worried about the responded I am port. Bring right now. Are you down a little bit yeah sure oh sure and. And often times a lot of people don't realize this often times they will settle. You know depending on how much of it is penalties and fees and and as you may or early in the column interest you know trying to get that main principle back. And settling now is something that they will entertain and I will say this if you can't get that done. Com and even if you do get that done often times they will be willing to set you up on a reasonable payment plan. At a reasonable rates are you don't have to pay at all as a law. And then it will quit taken about a year I need your refunds and so. You know they tend to be very flexible as long lesion as long as you don't lie to him as long as you say I won't do this and you do it. Are they tend to be easy to get along with the end and where they're not easy being alone is if you. If you don't do what you say you don't porn that you misrepresent what yeah I think that's exactly right and so. CPA would be the way to gather. And I think you'll find that if you can get them the information they wanna look at that though they'll more than likely. Be willing to do some kind of settlement we because they want the money now to the position you know that time value of money. Give me 5000 a day instead of 7000 later. Well like extraordinary. About it we can you get on the combat have been much it'd be worried. You know already. Oh absolutely. Well. Well by helicopter appreciate it and appreciate it you. All had great question thank you John have a good weekend. Future of our program. Yeah that's that is an interest they had kind of forgotten about that I have over the years. I've had to come up several times and in most cases. The way they're short sales would come back that happened. During the during the downturn would be exactly what does John was talking about where you get. IAA 1098 or whatever it's called for the debt forgiveness and you're like well well I didn't know about by. And then the other thing that's happened. Is a company. May agree. To the take a short sale and then turn around and seen June bill for the difference. He Nina Chris we were taught we talked about this during the downturn muscles during that period was this this this paper if you wield this. Bad paper in in a lot of ways would end up in the hands and bulk purchases us attorneys who would delay at a later date come back shall try to collect that absolute where they bought it pennies on the dollar chair ending could settle for fifty cent on the dollar and. And make it still might and that's exactly that's exactly right in the course in some situations. The companies collecting it would enter into a a sharing agreement with the collector says it. You know they might not buy the dead and all but then they agreed this year hail whatever you can leg was split 5050 and says it's a huge win but. We we talked about that way back in the end any time. You do a modification on along cause they still occur or if you agree to take a short so. Or unity I can tell you. The devil is in the day it is all right because you wanna make sure that you understand a couple of things one how is it gonna report on your credit. What because they will determine that they're reporting. Number two you are they really are going and are they releasing the lean and you're still responsible for the bad. Or they really wipe in the that I now. And you need that and writing I mean because it's important that there's a big difference and doing a short sale or end and then same wheel forgive the 25000. Or will release the lane for exposure to completely different conversations in legally they would read completely different. And you know we have a couple of attorneys we were in in town that will review those documents and make sure you don't get hooked because believe it or not. Sometimes it'll say they're gonna forgive it and the still try to collect laugh. I had that happen to a client they they short sold. Had about 50000. Dollars that that was still left. They had in writing that it was forgiven. And three years later chase tried to collect those key thing yes came back and say no and of course we just produce the body you know here's the and please don't ever call me again. And it still took six or eight weeks to get them to believe their own document that was prepared their own attorney a yeah and that so. Interest staying question there. And so if you got a question about buying selling anything to do in the real estate. Give us a shout this morning at 8664407553. That's 866. 4478553. We're gonna head into the bottom of the hour break get a little news. And of course you can always Shuster texting 71307. The text line is open that seven. One and 307. Women talk a little real estate this morning Chris Robertson county bank mortgage Keith Clark from the buyer's broker. We'd love to take your questions calls and comments we're having a discussion about the Yemen Torre out there and the impact that it's having on the market. We get back from the bottom of the hour break will continue that conversation. And here's the news will be right back. Oh welcome back we list and house plans Chris robbers from Johnny Maine Maureen genachowski Clark. From the buyers record here to eat your questions comments about buying selling anything to do with the real estate. 86644. To 7553. And if you wanna Texas the takes on his opens 713. Seven issues to text they were. Got a little bit of a reprieve and rates last week coming not a lot that they trickle down a little bit but it. The rates are still solid. And the market is still high and so. We're talking a little earlier about the inventory Keith. And I don't know we're probably what four or five months and in Torre in the green room. For lingering the F forestry in Charleston and so for the listener what that means is if you take the total number of listings. On average in the MO less. About about a total or I guess not only transactions number transactions. That tells you how much inventories there. And and say who generally when you're at a six month inventory you kind of equally room between the buyer and the seller. And as you go lower own inventory. And lower months of inventory it moves into a seller's market in the U go hire who's into a buyer's market. But one of the other things we touched on this a little bit last week is when you're in a situation like we are now. And now people haven't and having to be patient. Often times they they hit the eject button decide to bail. But that's true in and now or compromise it depends Pena have a couple of different choices bad. The man of the conversation is what effect is the shortage of Raymond Torre had on the number of transactions in the overall market conditions and in last year's same to be there was a about a huge sense of urgency because interest rates were at historical place right this year I think we're gonna see a little more patience on the by our side. May been maybe not compromise quite as much to just be a little more patient. AG said the builders are the builders are wide open right yeah and will continue to base and the longer this short this that the longer the shortage continues. The word that the buyer did she's two and a little bit and said they do expected to take a little longer they expect to have a little more patience. And and I think they do once they have that expectation. Then it's okay not compromise and just wait till the next one comes along and we're starting to see astle anti into the market if you spec houses this week Chris. Right yes among patio homes that you know that 790 and he's 615 to 800000 dollar. How hard I have 600000 pentium thank senator at. The baby boomers get all the money I tell ya what path a path you don't know it but that is basher I think we know and of course we got about this to you the millennial ultimately will be a bigger. Bayer great group the in the in the baby boomers everywhere which will be very interesting but you know I think when you're when you're making that decision key to when you're talking to a client. And they're beginning to transition or they come to you as a hey we're gonna construct. That that's a whole different process. For you and of course it's a whole different process for us and so I thought we would just talk a little bit about that today. Because there's a there's different sets of factors that he got a. Think about that tried and and it depends on what your building you know if you're building at the median price would a production Miller. That's a different circumstance if you're building a custom home and hanging in the market that's a completely different approach but could you got. A different set of decisions to make so a little bit different objectives may be in the production Marky you're tranda. Protect your asset may be on the very kind of the marking you're looking more back and looking more. About the customization. And personalization. In warning exactly. What it is that they have dreamed about haven't furlong camp chairs in not so much. Map preserving my capital sure I had I had one that was very interest things we've been alone concerts I've seen this happen. But it was a construction started about eight months again with a a not a semi custom builder I guess production builder. But but on the higher end of the market in net fry hundred and that 300 price points are median is where 185. Two were above that we're counting in that step first second time home buyer. Or to professional on an island of Aruba kind of thing. And this comes this deal went own a little longer than normal because client was being. Super particular end in didn't believe in a punch list and says. It got somewhat extended that the and set to it it was it was kind of a long drawn out process but interestingly enough. When we got today in had to have a house appraised. The the deal price. Was 295. And by the time that the appraisal. The final appraisal came Meehan and so we're talking eight it was either eight or nine months later. The appraisal was it 331. And I mean she's a 35000 on 300 about 10% yet and you end it there were comps. That that. Could be used or that were listed and I don't. There or at the 245. Into fifty so windows sale it would push it up. Even more and so I found that very and you don't see that very often where somebody you know buys it. In this particular case crude and 95% loan and really near 82 cents on the dollar own appraisal my own. And says you know you may you may wanna start looking at restructuring. I got what comes to my mind is at a client during net 2000 flap I believe. Move up from Florida and they were in a lottery. Situation with a production Bill Bradley moved here. Radio station at that time there's this radio station but they were coming up from. From Florida in and in those days you you. Richard number in odd but drew a number at about a bucket and write it determined. You've got to build the first house in the neighborhood a proper diet and by the time the house was finished. They had made a 100000. Dollars why now am. Instead they sold it nevermind in to it seldom hear or read that relocated here chair and said they had an additional 130 actual hundred grand that the game was in the Florida area and happier now and it's not do we ever get and the situations where we have that going donor uneven and hundreds dramatic difference now we we're very consistent through the late nannies and and in a mid two thousands where you would see. 456%. Peña only. An appreciation in our market when it's one of the things it. May be kept us from being hurt my element. Oh to be a little more stable right you didn't have that and you know often when I travel and people ask about it they say you have heard about Greenville. And and that is the question you know what is the real estate market like they're innocent you know good in stating not slow instead Mets are good and steady. And you know that's kind of what you won't you don't you don't need these 304050%. Increase is because it. They lead to 607080%. Extra base hits you know it's not really what you're looking for you don't want a bubble and they're that's exactly right so when you're when you're looking and deciding to it to deal Keith and I know each price point has its challenge. But let's let's assume that you're you're buying in that production builder space you know from from the median to say 400. What are some of the things the have to consider that are different. Then. If you if you're gonna do you know if you're just gonna pick a lot and build what's different than going out and in just building you know by and how. Yeah he's well when you talk about but we're all trying to do of course is to. Two purchase the most house we can't form nine the I would describe him one more increasing it would be disciplined. So when you're building a production home in a neighborhood at the median price or up to that payment to us and a three drifting GAAP 400 maybe. You wanna be disciplined and can Harry go about it because. The the calls to to upgrade the house let's say he spent 50000 you may not get that fifty back. Frank. I'm you'll get you'll get those adjustments for that quality right on the appraisal where is in a production neighborhood. You may or may not get that in particularly in this resale market. Again our I would imagine one of the things you have to be careful about they're too is if you. If you overreach on those upgrades. Pin you can and hurt yourself on the on the resale because she just like you say gee Michael get money back track and try to get to be very disciplined and both inside as. You know all of it in as you've got six miseries and everybody else has got follower you can track you can price has a rallies today absolutely. Well listen we're gonna head into our last break in the show we'd love to hear from you if you got a question about buying selling. Anything to do in real estate talk a little construction today 866. 44278553. Will be right back. Poll welcome back to us in the house plans got about thirteen minutes left in the show. You've got a question about buying selling anything to do there real estate gives a shall. 8664147553. John from green would open the show with a great question about short sales. And then of course if you wanna hit is only text on 71307. That seven not Warren 307. Talking a little construction today in and primarily focused panel not so you're dealing with a production builder. And you know you're in that that median price point up to 350 say you're. You're looking at 185. To 350 and there's some challenges involved in your one of the things that we didn't think about TP. He is often times they'll have a model side in the neighborhood while PM. And they would have an agent or somebody that represents them they're and I think the key for the listener to understand is. That's exactly who they represent not that that's a bad thing that they are representing. The the builder to builder and shareholders' interest that's that's their job. And says it is okay to take your agent or to find an agent and take him we deem and you may find that is very helpful. To have somebody representing you on that side. Through the transaction and we didn't really mention them. But EA and different builders view a different different from a different perspective some some of the production builders would prefer to have an agent involved is because. The client is more educated about your process at the beginning. Other production builders would. Prefer that there not be an agent involved and and that because they make create some turbulence that or. Or list they educate the consumer a little bit more than they should insure you gonna have a little bit more turbulence. For them for the builder. Yeah and of course having your own agent we always recommend that you have your own buyer's agent their their to represent your interest in the transaction. And which generally is a better way to get a job I always prefer real estate transaction as. An agent on the buy side and an agent on the sell side just seems to get illegal blocks made the wrong it would go a tremendous and it just makes the whole process better. Armed. And there's this disbelief out there that you gonna save money by attract an agent catcher and it's actually gonna cost you might just got davis' attorney. But one of the things that they can be a challenge armed. When you do and then one of the things I remember going all the way back is crazy as this sounds to 2005 and six. And our members talking about this all the time is. What about. If you're. In the first ten person. Of the homes that are going to be built in the neighborhood. One thing that your buyer's agent indeed is just explain. There is a little bit of risk in the air verses being in the last 10% of houses that are going to be built and during the benefit would be you would get some preferred pricing. Yes okay so if you're if you build if you purchased the first five homes in the neighborhood and you're gonna get preferred pricing for obvious reasons sure if you're typically in the last five homes in the neighborhood you'll get a little bit of preferred pricing. Not they're not ready to close that Allen closed down and typically hills the last 45 blocks may be cull lots. May or not primary locations because most of the people didn't pay them for veterans that are typically when your car. Coming out right now and and so you need to be aware of all those things for obvious racist resale if you you know. Your famous last words are I'm going to be in this house for ten years short. And and you know that's kind of where I was going with a conversation Keith is is when you are building a house like this one of the things come about as disciplined. And I think what you're really speaking to his. You know make sure. The function of the house is period. And make sure that you don't overspend on things that are not gonna return that mantra when you do good resale so they all raced it she won the chief. Purchase and you are gonna and I trust you're you're a purchase is gonna do it. Make sure that the return on investment value is there says some things or maybe. May give you have return on investment and other things may be. Your personal preferences that Walt and that makes a big difference when you're competing against other homes in the neighborhood and I think that's that's. Very good point so let's say that your going into a neighborhood in this got 300 houses and that. And you're in that first 100 a case was well established things are rolling along the probably had a couple of price increases. And in your getting ready to buy in that neighborhood one of the things that you need to consider. Especially if you know Lou you're only going to be there's three or four years she you know. He is when you get Brady just say oh you're going to be competing against the new product that the builders building at that time that track and and that product pricing will be based on current market conditions track. And you know people say whoa we what does that mean and you know you are both very familiar with a with a really really large neighborhood. In this happened in small neighbor his -- never has that that was over in the the Piedmont powers Ville area. There was probably 400 homes. They were probably fifteen your hundred the end when the downturn don't even think campaign and says and now there are people that had 330 in their house. And a year and a half later when he knew builder. Took over the were built in the same house for 228 attract. And so do you have to understand that there is some guy that was the unusual situation it wasn't usual but you do need to be aware that it can happen. And you need to think about that track and and that resale is where it it really comes in because if you do need to resale. You just need to understand you've only competing against whatever their current product you know we had a production. Builder. That on a specific day at a specific time during the downturn reduced their base pricing. By approximately 20%. Tank while saint I don't know if you remember that met. This production builder because in the drop in sales churned a downturn camp and they had a mentor and they had him in Torre but there but that they had commitments lock commitments in multiple neighborhoods you know and the only way really to continue to sell homes. Was to root across the board reduced the based based pricing and bring that average price of a home damn dramatically chair. Well if I guess what if you ball. Prior to say that there 20% of the value of your home. Went away went away yet and so. Not something to be scared about something to think about and another reason I have an agent involved they can help you through that now one of the other things Keith from a from alone perspective. Term time so you build in that 185. To that 330. Become an accounting bank to get your loan. How long poem is it gonna take a production builder united to take from from the bare lie to get that house up and ready to moving. And you know during the downturn and Chris are coming out of the downturn analysts say in 2012. And thirteen. Most of production builder scandal that deliver anywhere from a 10200 and winning. Maybe a 130 today but today it. Days and today. Most of them are promising six months so 180 days and so of course one of the things from the perspective about getting your loan generally when you build a house like that the builder. Is gonna Kyrie that construction loan. And they are going to you know that that will be priced into the deal there exposure there. But from a client standpoint one of the things you got to think about is OK what am I gonna do. From a rate perspective you know lock him alone for thirty days. Is a lot less expensive than lock him alone for six months from lock in the long four year. The question is can you do it the answer is yes. But often times. If you don't go for a year you're gonna have to put of 1% level and is now cost associated and it's and it could be refundable or it could be nonrefundable. Most of the time and is refundable as long as you. You perform under that rate plot so if you came along and said how am I now. Then of course she would lose that 1% so you'd you know own a 300 pound note do you get three grand at risk. Or if you say hey I'm gonna go through with that race slot then you get the benefit of getting at 3000 dollar credit when you close. So those are things also that you got to think about and of course quarter of the race gonna do and when you gonna law and a base best case in the area. What we would say. As you feel comfortable if you feel comfortable about the current market conditions. You would want to weigh into your within sixty days of it being finished in closing to really start thinking about locking. But if you're in the situation you respect raced is to not gradually go but to go up quite a bit. You know you may wanna lock in there are some additional expense and that that needs to be considered when you're talking to your loan officer while women in this situation a long time have occurred well we haven't always been kind of but that you know. The market is so high the inventory is so low. And says you know these are the kind of things that come up that you know I think our listeners need to know about because. It does change the dynamics of both your side of the transaction and our. I'm slowly and we are NM browsing interest rate and retirement we don't know next year. I think and that's all that up I put my newsletter last month a document that that today he sent me right which was the Mortgage Bankers Association prediction. Of interest rates in nature and they'd literally quantified it into. A three or four step process or quarterly process where. They anticipated great Spina famine and eight if I remember correctly back end of 2007. Change your and it will be interesting to see what. Well whether that occurs or not and then the question becomes a united do you you need to integrate that into your. Purchase thinking. Yeah absolutely. I think that's an excellent point because. One of the one of the things that we talked about quite a bit is what impact will that path. You know only overall market anywhere he's where does date being pushed back domain and that what that larger point. Does the interest rate hike rising interest rates. Assaults and the domain and exactly is to question here and so of course you always got the relocations those relocations and have no impact because. They don't relocate anyway embody. But then that move up buyer. Or that downsize or we've talked about that on the show quite a bit you know so if you've got to. A fifteen year it did two point 75. That you got from county bank. And now you're getting rating to have to get into a ten year. At four point 75. It might not be too palatable to attract and throughout this whole black guy can't exactly coming. Maybe pay him that that extra utility bill and those extra taxes on that 12100 square feet you don't need might not be such a bad day. And then an interesting year for you I think says an. I don't really you know I'm not so sure that I agree with him on the filed in the eighth. You know at the end this year but I I could certainly see. And 2018. That it moving in that direction. Now remember those are still historical that's right that's what I was Gatorade does say is okay now. It is yeah this whole group of people there like for work and I think a war and he kind of a war went on to the three. You know and and this don't be the same thing when it moves out of the fours into the five you gonna do that I have I. I'm an end you know if you look over the history of since they've been keeping track of it I think somewhere around eight. Is is the traditional. Average correct and and you know when we got into the business in 2001 it was a not thought that was a great deal. And of course you know says that that I am five error and from our our psychology right can drag this exactly right perception is reality. Well listen we do appreciate our listeners out there if you've got a question. Our comment that she'd like to get over to us outside the show you can send us an email and ask. JD it county bank mortgage dot com if you're looking at doing a long way there could be a purchase or refile we do invite you to contact us for free. Second opinion just sent us an email and ask JD county bank. Mortgage dot com would be happy to take a look at it to you which you got good bad or ugly. And not a lot of times people get great deals will let him know that tape. You all have a great week here on this is Chris first and county bank we'll see you next week.