November 4, 2023 • 53 mins
Imagine for a moment that you're facing foreclosure and can't see any way out. Enter Takoya Beals, a seasoned realtor and a part of the Cash CPO team, known for their exceptional offers in Columbia, South Carolina. Takoya shares her insights on how she assists individuals in similar situations, providing them with an alternative solution to maximize their equity. We also have a heartening conversation with Randy, a brave cancer survivor, who shares his recent experiences.
The enticing benefits of Cash CPOs for home sellers are brought to the fore in our conversation with Takoya. How does getting your money in just 12 days sound? Or what about the potential to receive up to 120% more than what you would get with a traditional listing? With Cash CPO, these aren't just promises, they're reality! Takoya explains how Cash CPO provides a guaranteed sale, eradicating the need for homeowners to worry about contingent offers from buyers.
Our conversation then navigates to the importance of real estate inspections and how Cash CPO can alleviate the anxieties associated with this. We unravel the importance of the inspection report, the unfortunate stigma that can arise when a listing falls through, and how Cash CPO can revolutionize this process. Takoya's expertise shines through as she highlights the advantages of this program, particularly for those finding themselves in foreclosure. Learn about how Cash CPO can empower you to make an offer, even if you don't have the funds to fix up a home. It's a conversation you can't afford to miss - join us.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is the plain English real estate show with
your host, rowena Patton, a showthat focuses on the real estate
market in terms you can easilyunderstand.
Call Rowena now.
The number is 240 99621-800-570-9962.
Now here's the English girl inthe mountains, the agent that I
(00:20):
would trust, rowena Patton.
Good morning and welcome to theshow.
Speaker 2 (00:29):
Oh, sorry, and yeah, it's been one of those weeks.
Oh, just come on over to themic.
I said that in a Nashville way.
Then I'll come over to the mic.
Get on the mic this morning.
And well, good morning toeverybody.
I hope you're having a greatSaturday.
I want to give a special shoutout for Randy, who went through
(00:53):
surgery this week.
We found out all of three weeksago that he had a cancer
diagnosis and it's been awhirlwind, which is why I've not
been on and on and not been onand on, and they got him in very
quickly and it's been a week ofhospital beds and, oh my gosh,
you're a survivor as well, randy.
I know what you're all goingthrough and I pray for the good
(01:13):
news that you're looking for.
Speaker 3 (01:15):
I know.
Speaker 2 (01:16):
Yeah, I think it's all good news.
It's not fun to go through.
Speaker 3 (01:20):
No, it's not.
Speaker 2 (01:21):
And he's never had surgery.
It's amazing.
Speaker 1 (01:24):
I had never had surgery either, until a melanoma
diagnosis.
Speaker 2 (01:29):
Gosh, it's amazing.
And so many people go throughit.
And I'm saying to him listen,everybody who's had surgery,
who's laying there in bed, getsdepressed.
It's normal, right, of course,he's really fed up within two or
three days, like, oh, thisshould be over already.
Why is it happening?
Like it's normal, it's reallynormal.
But he's doing great, he'smending really well, he's a
(01:50):
Marine, he's all over it.
So he's going to be feelingmuch better very soon and I'm
very excited today because wehave to call you on the line.
Good morning, darling.
How are you?
Speaker 3 (02:03):
Good morning, I'm doing great.
Thanks for having me here.
Speaker 2 (02:06):
Of course.
Well, give us a littleintroduction to you, say where
you're from and what you do, andall that good stuff.
Speaker 3 (02:13):
Yes, yes, my name is Takoya Beals and I'm a realtor
on Manly Home Team here inColumbia, south Carolina, and I
am so excited, like I said, tobe here, so thanks for having me
here.
Speaker 2 (02:25):
Well, we're excited to have you oh my gosh and you
are one of our rock stars in thecash CPO program and you've
been working on the foreclosureCPO team.
And tell us about the firstperson that you helped there?
I know you've been talking to anumber of people and got a
number of contracts going on ontheir behalf to help them out of
(02:45):
their home.
What kind of conversation areyou having with people who have
missed payments or just tired ofcarrying the house, basically,
and want to start again?
And I know a lot of people whoare in that situation, just
don't want to think about it,you know, yes, yes, yes, that's,
that's true.
Speaker 3 (03:05):
So, yes, there are different kinds of cash CPO's,
so expires pre foreclosures.
However, as you know, I lovepre foreclosures, I love to help
people.
You know I do, I love to helppeople and obviously, you know I
love to work.
So it works.
You know it works for me.
So I'll say this I do have aclient, I'll just use them.
(03:28):
For example, my second one.
Actually they were facingforeclosure, actually on the
auction list and so what theywere close and what I did.
Speaker 2 (03:39):
Can you explain the process of people who don't know
the process to call?
Can you explain what happens soyou miss your first payment?
Then what happens?
Can you go through the processa little bit?
Speaker 3 (03:51):
I will say this you can miss your first payment, a
couple of payments.
Well, what happens is your sentletters, just you know,
detailing that you're, you knowyou're in default.
Sometimes people miss it.
You know, things happen, lifehappens.
However, once that happens,you'll probably receive a court
date and on top of that, you'llsee hundreds of calls from
(04:14):
realtors and other people,because it is public record.
Speaker 2 (04:19):
Yeah, do you think that's true that?
So many realtors call people ofmiss payments.
Speaker 3 (04:25):
Say it again I'm so sorry.
Speaker 2 (04:27):
You think that's true , that so many realtors call
people who have missed payments?
Speaker 3 (04:31):
I will say I won't say real, I will say this.
It's public record.
So obviously you have investors.
You have all kind of peoplecalling you.
However, yes, however, yes.
When I usually call, I kind ofstick out.
I really stick out because,number one, I'm not just saying,
hey, let me fill your home, hey, this is this.
I'm saying, hey, what do youreally want to do?
(04:52):
I'm actually genuinelyconcerned about what they want
to do and then I'm actuallyhonest about hey, this is the
process of this and this is howthis could end up.
However, you know, I haveanother option for you here and
it's a way for them to reachtheir maximum equity, to get
that out of their home.
Speaker 2 (05:08):
Okay, so I think the primary group of people who are
calling people who are late onpayments are probably investors.
Do you know what kind ofpercentage on there?
So let's say a home is 400,000.
What kind of percentage do youthink those investors are
offering on average?
Speaker 3 (05:28):
For a $400,000 home.
Honestly, investors you know,please, I would say 50% and 70%
of the home's value.
Yeah and yeah.
Speaker 2 (05:36):
Normally 50 or 60.
So they're offering $200 or612,182,000, $140,000.
So when you go into that samehome at $400,000, what will you
be offering through the cash CPOteam or the foreclosure CPO
team?
Speaker 3 (05:58):
Honestly, the full market value of the home.
Speaker 2 (06:02):
So you'll be making an offer at $400,000.
Yes, so what's the catch?
Because everybody's asking that.
What's the catch?
There's the famous, actually,fred Bin, who came on some
months ago, who you know.
I literally said that to him.
(06:22):
What's the catch, fred?
And everybody can hear it atrealestatenewsradiocom.
Go to all cashcpocom.
Actually, he's the last one onthere.
It's probably easier to find onthere.
It's podcasts.
Now, of course, all of ourshows are podcasts.
Afterwards, 12 years of realestate news radio shows are all
podcasts.
You can hear me with Fredsaying what is the catch?
(06:44):
Come on, this can't be truebecause there's nothing like it
out there in the country.
Techoya is one of the exclusiveagents on Charles Mann's team
in Columbia, south Carolina,doing this along with 33 other
teams.
That's about 2,000 agents allover the country now, including
California, florida, texas,alaska, all over the place, and
(07:06):
Techoya is our rock staractually in Columbia, south
Carolina.
You go girl, it's amazing.
Thank you, thank you, butwhat's the catch?
So the investors are coming in.
You've probably got six callsfrom investors offering you
$200,000 or $240,000 for yourhouse.
Now why are they buying it at$200,000 or $240,000?
(07:26):
What's the investor going to dowith the house?
Speaker 3 (07:30):
Listen, there's no catch.
It's hard to believe, butthere's no catch.
The only quote-unquote catch isthe fact that you will
definitely be happy at the endof the day and you will be able,
like I said, to reap thebenefits of this great program.
Speaker 2 (07:46):
Techoya, let's step back, let's step back just a
little bit here.
So let's talk about investors.
You mentioned that the primarygroup of people calling the
people you're calling areinvestors and they're going to
buy that $400,000 house between$200,000 and $240,000.
Then what are they going to dowith it?
You work with investors.
You help investors buy homes.
What are they going to do?
(08:06):
So they buy the house at$200,000.
What is the investor going todo now?
Speaker 3 (08:12):
Honestly resale the home.
Resale the home.
They'll go inside, maybe do alittle work here and there and
they'll resale the home for highvalue.
Speaker 2 (08:18):
Okay so they're going to flip it At the price point
at which they should have.
Speaker 3 (08:21):
You're going to flip it and they're going to resale
the home at the price point atwhich you should have sold it at
.
Speaker 2 (08:27):
Right, so what are they going to do when they flip
it?
Speaker 3 (08:32):
They're going to do this flip it.
They're going to resell it atthe price point in which you
could have sold yours at.
Speaker 2 (08:37):
Right.
Speaker 3 (08:38):
I would say with this program.
This program is really reallygreat, because not only do we
sorry we not only do thisprogram allow for us to purchase
a home at full market value,but it also allows us to go and
thought, to flip it, to dothings to the home in which you
may not have been able to afford, and then resell the home, and
(09:01):
then you get to wait for anextra you know, an extra payout
at the end of the day.
So it's really great.
It allows you to move forward,to settle into a new home or
whatnot.
It eliminates all thecontingencies, leans, debts, and
this gives you a fresh startwhile the team is going in and
renovating, and then againyou're waiting on another you
(09:24):
know payout if that, so yeah.
Speaker 2 (09:28):
So you mentioned there.
You know things have to be doneto a home to help increase the
value yes, help it win thebeauty contest.
You know there are other homesout there.
Of course.
There's more and more coming onthe market now and it's can you
.
So there's two steps here.
One is can you've all got ahoney-do list?
You know, or wish we could putnew countertops in, or we should
(09:51):
add a bathroom to make it worthmore, or we should finish the
bonus room so we get more squarefootage.
The problem is that almost everymarket in the country crested a
year ago, which means we'rebumping along the top and a lot
of markets were declining alittle bit already.
That's going to happen forthree to five years.
You don't have time to fixanything.
Or, you know, check off thosethings that have been on your
(10:13):
honey-do list for 10 years.
And if you do and you've gotthe motivation, the time and the
money, that's great, and it'snot just about affordability.
You may be able to afford tomake these changes.
But do you have the know-how?
You know Taqoya can come in asan agent.
She knows what sells inColumbia, south Carolina.
She knows what sells there.
(10:34):
She's selling homes all thetime.
They're the top team inColumbia, south Carolina.
So she can come into your homeand you might think, oh, I need
white cabinets, and Taqoya cansay, well, actually we're going
back to natural wood now, somaybe we could put a little
stain on and maybe put somemodern hardware on there.
Or you know, whatever it isthat you're thinking of doing to
Taqoya is on the map.
(10:56):
Not only that, our fundingpartners will send in designers
to take a look at your house.
We can also put virtual stagingin there.
So you may not have the know-howand I'm not being rude here but
you know, leave it to theexperts.
If you're an interior designer,that's fantastic.
So, and also, you may not havethe time.
So it's money and time, energy.
(11:17):
Do you really want to do thator do you want to use somebody
else's money to do it?
And two thirds of our sellersget more than with the
traditional sale, which ispretty insane.
You know the average sellersget between 90 and 120 percent
of what they would get with atraditional listing.
But what do you get with atraditional listing that you
(11:38):
don't get with a foreclosure CPOor a cash CPO, any kind of CPO
where we're buying it and youget your money in 12 days.
What's the difference in atraditional listing to Coia?
What is it that people don'tlike about a traditional listing
that we can take away?
Speaker 3 (11:55):
Honestly, traditional listings.
Well, I will say this Cash CPOis awesome, because you did not
mention this, however, but thehomes that we list are you list
honestly sell 11 percent fasterthan the average on the market.
Yes, so they're awesome thingsyou get and on top of that, like
I said, you don't wait as longfor your home to sell.
(12:16):
Your home is just on the marketfor traditional listings, it's
just there.
You have traffic that comesthrough, you have showings, cash
.
Cpo is awesome because youdon't have to deal with that.
Speaker 1 (12:28):
You don't have to deal with doing showings.
Speaker 3 (12:32):
It can just be a quiet, a nice and quiet
transaction.
It doesn't have to be put onthe forefront on the market
initially, it doesn't have toendure all that.
So it definitely takes thepressure off of you to sell at
the seller and we take it onbecause that's our job and we
(12:52):
love to do that.
Speaker 2 (12:53):
Exactly, exactly, oh my gosh.
So what happens with a so ahouse when you put it on the
market tradition?
We all do traditional listingsas well, which is many of our
sellers now choose to do a cashCPO or any of our other CPOs
that are out there.
So what is it you get with atraditional listing that you
don't get with a cash CPO?
What about the showings, forexample?
Speaker 3 (13:15):
I can't.
Yeah, just showings.
Yeah, you get showings ontraditional listings.
When you're living in a homeand I know a lot of times people
feel comfortable with dealingwith the traffic and all that
stuff I will definitely say thatyou get a little more.
I don't want to say bite back,but a little more resistance in
(13:37):
a way, when you're dealing witha more traditional listing.
I cannot say that you'll getI'll say this You'll get more
benefits, in my opinion, goingwith a cash CPO than a
traditional listing.
It definitely depends on thesituation and the dynamics of
things.
However, I just think again, itmay work best for other people.
(14:02):
It just depends on yoursituation and what you're
willing to endure and deal with.
But cash CPO, like I said, itdefinitely just takes everything
off of you and we take it on,so you don't have to worry about
anything that you deal with atall.
Speaker 2 (14:17):
So when we're talking about a traditional listing and
we're talking about a certifiedpre-owned cash listing where
you get money in 12 days, thedifference is that you don't
have showing.
So the listings that you dohave, where people have showings
, how do your sellers feel aboutshowings?
Speaker 3 (14:36):
It just depends.
Obviously, if they're living inthe home they have to do one
hour in advance.
Like I said, it could be a lotof pressure.
It could just cause a littledifficulty trying to schedule
showings when someone isresiding in the home.
But like cash CPO, thateliminates that because it
(15:00):
allows you again to go to closeit actually within 15 days.
Who wouldn't want to close thatearly?
That's that soon To close soon.
Go ahead and relocate and becomfortable in a new home while
your home your home that youjust sold is going through
transitions and then being shownand you don't have to deal with
(15:22):
that.
Speaker 2 (15:27):
So how guaranteed are you, with a traditional listing
, that your home is going tosell?
Speaker 3 (15:34):
You know what Roe?
The numbers do fluctuate.
I will say this Honestly.
I'm going to say this becauseI'm very confident in my team.
I will say that most homes wesell, all our homes, our whole
Manly Home team, and I'm veryconfident in saying that we have
a great track record.
But I'm going to say this Inthe overall, I will say that 80%
(16:00):
, 80%, 90%, it just depends onyour home.
The market depends on themarket.
Your home, the location, allthose factors do matter.
However, with CAST CPO, we doour research and again, we
market it differently, we tailorit to that specific area.
Speaker 2 (16:20):
Absolutely.
Speaker 3 (16:22):
Absolutely.
Speaker 2 (16:25):
So yeah, it's just a very different process.
However, the only difference isyou don't have to have showings
on your home.
You don't have people coming inand out of your home.
If you have pets, you don'thave to take your pets out.
If you have kiddos at home, youdon't have to deal with the
kiddos.
Do people ever cancel theirshowings?
Speaker 3 (16:49):
Yeah, actually, yes, they have.
Actually, that's crazy becauseI had a client in which was
interested in a home thatactually was owner-occupied and
because, yeah, the time didn'tmatch theirs, they had to cancel
and they were unable topurchase that home.
They're like you know what.
(17:09):
We just don't want it anylonger.
It makes things a littledifficult sometimes.
Yes, yeah.
Speaker 2 (17:18):
So what's the downside of doing a CAST CPO?
Let's talk about that.
I'm sorry, say it one more time.
What's the downside of doing aCAST CPO in your humble opinion?
Speaker 3 (17:34):
In my humble opinion, I don't see a downside.
I really had to think aboutthat.
I don't see a downside.
To be honest, it's different,it's not traditional.
I don't see a downside and I'mnot saying it because I'm a part
of it.
I think CAST CPO honestly is asmart move.
It's a great movement and I'mhappy to be a part of it.
(17:55):
Obviously, there are pros andcons to everything.
However, when I run into a con,I'll be more than happy to tell
you.
Speaker 2 (18:03):
Well, we're thrilled to have you as part of it.
Okay, your mom comes to you andwants to sell her house.
How do you give her these twooptions?
Speaker 3 (18:15):
What I do is I present her with a printout,
actually, and what I tell her islike hey, listen, mom, these
are your two options.
This is non-traditional.
My mother actually has been inreal estate for well.
My second mom, my stepmom,she's been in real estate for
over two years I'm sorry, 15years.
(18:35):
So she's definitely very she'sinto the market, she's very
experienced.
But even she thought it was agreat movement is very different
, very different.
So I didn't really have toexplain things to her, but I
will definitely say this waspresented to her hey, this doing
traditional, traditionally,you're not guaranteed to sell
(18:58):
your home, but with cash CPO,you're guaranteed to sell your
home.
And then, yeah, and this iswhat's shown that with
traditional and this is what'sshown that with cash CPO, and
I'll let her choose, mm-hmm.
Speaker 2 (19:13):
So, and the thing is nobody really let's be honest
when you're selling your house,nobody really knows what you're
going to net.
So when we sit down with aseller and we do what's called a
net sheet, and all that is ishere's the costs, here's the
real estate costs, here's theattorney costs or the title cost
, depending on what the statewere in.
Here's your sales tax.
(19:34):
You know there's gonna be taxwhatever place you're in, right,
um, here's, you know, we'll putsome money in there, because
often when you have theinspection, it's a, it's a 50
point inspection and there'll bea number of things that the
buyers asked to be fixed.
Um, because you probablyhaven't done a pre-inspection.
If you, if you're any of ourlistings, then you'll have the
(19:54):
inspection already, so you don'thave to go through that.
So put some money in there forthat as well.
So, so that is the net amount.
However, until your house isactually sold, we don't know
what the net amount is and, asthe you know the, basically the
whole country.
Now, there's very few exceptionsto this.
The only one I can find is um,anchorage in Alaska, fairbanks
(20:15):
in Alaska Same same way, butAnchorage in Alaska still
rocking and rolling.
Everywhere else, we crestedabout the third quarter of last
year.
A year ago we crested 7 to 11years is the cycle.
Good old Clemence Jougler isthe guy who came up with it in
1860.
Nothing has changed since,which means it's going to be
(20:38):
three and a half to five and ahalf years, statistically, until
we're down at the bottom right.
So if you're thinking aboutselling, get out now, unless you
want to keep your home for 10years, 11 years.
No worries if you want to stayin your home.
You've got a great interestrate.
Stay in your home.
But don't think about, oh,we'll wait until the election,
(20:59):
maybe things will change ormaybe the interest rates will
come down, because you arealmost guaranteed at this point
that your house is going to beworthless.
I can give you stats on housesanywhere in the country that
will show you that is the case.
Um, just give us a call 828333,44, 83.
Rowena pattern here, all starpowerhouse broken by exp gives a
(21:22):
call and we've got peoplestanding by 24, 7.
Just say value of my home,please.
Um, so, or you can go to cashgpocom and request your full
market value cash offer there.
We'll also give you a value onyour house.
But these are not your rinkydink cash offers.
That, uh, when I want to sayrinky dink, it's a just a whole
(21:42):
other business model.
By ugly houses.
You may get 60% if you're luckyon the value of your home.
Most realtors, most realtorseven in this program, did their
own cash offers and when I askthem how much they give, yeah,
um, it goes anywhere from 50 to.
I think 70% is the highestwe've found.
With ours.
You get 70 cash upfront within12 days and then we fix
(22:06):
everything.
You don't have to spend yourmoney, you don't spend your
energy, do anything.
You can make a non-contingentoffer on your next home and move
on.
Or you can stay in the housefor 90 days If you want to.
No worries like you can stillstay in the house, but now you
can make a non-contingent offerbecause you've got that 70%.
(22:27):
It will probably allow you tobuy a house.
If you've tried to make acontingent offer, I I will buy
your house when my house sells.
Good luck with that.
99% of the time it is not goingto work.
I wouldn't advise any of mysellers to take that deal, would
you to Koya?
Speaker 3 (22:44):
No.
Yes she's laughing, I mean it'sthat silly.
Speaker 2 (22:48):
It's that silly and yet we get them every day.
Right, we get them every day,those contingent offers.
So, and if you're a for sale byowner out there, listen, don't
take the contingent offers.
Well, we'll buy your house.
We want to lock it up for usand I understand why you want to
do that.
You don't want to have nowhereto go.
The cash CPO program and we makeoffers to fizzbows every day,
(23:08):
for sale by owners every day.
We can do it for you too.
It's a full market value cashoffer.
We go in, we clean it up.
Just getting all the furnitureand the stuff and the
chock-schis and all that stuffout alone Adds value.
It's what we call a showing go.
People can go and see itwhenever they want to.
You know Eight in the morningtill eight at night, depending
on your showing times, where,wherever you are in the country,
(23:30):
it's usually eight to late.
Of course, people, you knowthat will shrink a little bit as
it's getting a bit chillierhere in most parts of the
country.
So, um, you know that time willshrink, but it makes it much
easier and you can either moveout or stay in the house If you
want to.
Meanwhile the things get fixedthat are on the inspection
report.
It's just like a cpo car.
(23:51):
Cpo cars exist for a reason.
They exist because people willpay 6% more for the car, 6% more
For a cpo car, a $20,000 car.
They've been doing it for 30years.
By the way, 156 pointinspection black book value.
They offer a dealershipwarranty.
Why do we buy those cars?
(24:12):
Because we want peace of mind.
We trust them.
Why the heck are we putting a200 500 million dollar home on
the market that has not beencertified?
It makes no sense to me.
And now that's why we're soexcited about this and keep
talking about it.
Now we can use somebody else'smoney to do it.
Do they make money?
Of course they take a 4.9% fee,but the chances are, when we've
(24:36):
cleaned it up a little bit andfixed everything, your home is
going to be the shiniest,loveliest listing on the market.
They'll have a nice fresh coatof paint, no dings, no dog smell
, no baby smell, no smoke smell,no, I don't know fat on the
ceiling.
The the kitchen won't smellanymore.
Not the kitchen smell.
I get it, but you know, we alllive in our homes.
(24:57):
It's normal.
Our home smells of doggiesbecause we have Two big doggies
and a little dog and anybody gota Daxon out there?
Daxons are known for leavinglittle gifts in the house.
This is my second one, and Ithought it was me in my training
, but apparently I'm not theonly one.
(25:19):
So, hey, don't ever buy a housebecause it's had little gifts
in it?
No, of course not.
But you know, when you're notin it, we do a deep clean in the
house.
We clean the carpets, we changethe carpets Um, I'm doing one
now.
So my examples are, and we'llcome on to your next example in
a minute to Koya so, um,actually, let's finish your
example first.
Let's finish your example.
(25:39):
So you've got this couple, and Ijust wanted to make sure that
everybody knew that this is forall kinds of people.
You could have a million dollarhouse that doesn't need
anything at all, or it can besomebody like to Koya's clients
right now Who'd missed a payment, or well, they.
You normally have to miss atleast three payments to go to
auction.
So what happens is the bankkeeps reminding you and then
(26:03):
they put you into, um, aforeclosure auction and someone
tries to buy your home, and thenyou go into what's called an
upset bid period.
So did, did you put the offerin in the upset bid period?
Speaker 3 (26:14):
to Koya Actually you know, yes, okay, yeah, say they.
I will say For, for the optionwas actually About two weeks out
, maybe.
Speaker 2 (26:28):
Okay.
Speaker 3 (26:29):
I don't think it.
It was really.
It was really close, it wasreally really close.
However, because of this cashoffer, because of this program,
um this, this couple, um theygot to keep them and their
children in the home a littlelonger Um yeah, how many
children do they have?
They have three um Two girls inthe home and they, like I said,
(26:57):
they are wonderful people um inin an unfortunate Situation are
they little ones, so how oldare they?
No, actually, no, they're notlittle ones.
Um, they are teenagers, okay,um, and they are straight age
students.
They're great kids and you know,it's just like I said, it's an
unfortunate situation.
So, um, I felt, um greatHonestly, that I could go in and
(27:19):
say, hey look, this is what Ican do for you.
Um, and this is what she'll net, and this is you know, they
were even willing to take, youknow, $10,000 at the maximum,
sell it for less than 70 percentor 60 percent of the value,
just to be okay.
And I was like wow you knowthat's just here's what I have
for you, so wow that must be so.
Speaker 2 (27:40):
So did something happen in their circumstances to
cause this, or Did one of themget sick or lose a job, or Uh,
yeah, um yeah, sickness and jobactually both.
Speaker 3 (27:53):
On both ends sickness .
Yeah, yeah, I say they hit witha double whammy.
Um, however, you know, everyone, like I said, everyone's um, um
, situation is different, um,but I will say this due to the
fact of them going with this, wewere actually able to, um To,
you know, get an extension ontheir on the auction, say we
(28:15):
were able to.
You know, if things had taken alot well longer to close, it
did not, but it allowed us toget an extension so that they
could have a little a safety,you know.
A reassurance that they'rethey're in their home a little
longer.
Speaker 2 (28:29):
Um, so yeah, it's so they are going to sell it.
So is their credit damaged, orjust a little bit, or will they
be able?
Speaker 3 (28:37):
to buy something else or Well with anyone in that
situation.
Most of the time I do advisethat you go ahead.
Take the proceeds, go rent for ayear or two, Take it, you know
pay it up for a year or two andthen go ahead and um read, you
know, um, um, build up, um, getready to purchase it, like I
said, in another year or two.
Um, you're too later.
A lot of people are afraid theydon't want to lose their homes.
(29:00):
I'll, I've worked hard for thisand I, I want this and I don't
want to leave it.
You know what.
Everything happens for a reasonand at least you can access
your equity and go and start andstart over.
Start fresh For some.
You know, and just you know,live be okay.
First is trying to fight forthis and then, and maybe most
likely, listen and then havingthis on your credit, not being
(29:22):
able to purchase for years tocome and not having any equity,
or You're just losing all themoney in your home.
Speaker 2 (29:27):
Well, let's explain that to people.
So when you have, when, whenyou do go into foreclosure, you
you're basically most likely notgoing to get any equity at all
and they take your house andyour credit's going to be
damaged for a very long timeyears.
They say seven years.
It's usually a bit shorter thanthat.
Now, however, this way, acouple of late payments are
(29:49):
going to put dings on you, nodoubt.
But when that mortgage is paidoff and you know, when you get
yourself back up to scratchProbably even a year your
credit's going to be repaired towhere it's not going to be a
problem getting a mortgage andthere are programs if you're a
veteran or Um, you know, if youhaven't bought a house in a
(30:10):
couple of years, then you can beclassified as a first time
homebuyer.
There's all kinds of programsout there for you when you could
possibly get a mortgage, butprobably Do they have another
job now.
Or is that all sorted out ofthe health care issues?
Speaker 3 (30:24):
Is it a chronic health care issue or Honestly,
I'm going to be honest, I didn'tgo too deeply into that in the
health issues.
I didn't go too deeply intothat.
I didn't want to pride.
If they want to share, go aheadand share with me.
But I will say this the worksituation no, there still is
(30:45):
still touch and go.
However, due to the fact thatthey could say, hey, I'm going
to pay this up for a year or two, it allowed them to find
another home.
Speaker 1 (30:54):
That's great.
Speaker 2 (30:55):
So that's a great thing, that's fantastic yeah.
Speaker 3 (31:01):
And just to note this , being that you already fallen
on this, your credit does take ahit.
So again to reinstate you candefinitely need at least a 580
or above here in South Carolinain most places to qualify for a
loan, and so again, use thatyear to just build it back up.
Speaker 2 (31:21):
Absolutely and put a little bit of money aside and
not have that.
Oh my gosh, the fear of havingteenagers and how much teenagers
cost these days, oh my gosh.
Speaker 3 (31:31):
You know a family in us.
I have three young ones.
Speaker 2 (31:34):
Oh my gosh, so very nervous.
How much pressure does that puton you to call you?
Speaker 3 (31:41):
Honestly, I have three young ones, I have three
little boys, so that soundsreally easy.
No, it's what it sounds easy, mygosh.
But just imagine being in thatsituation with older kids, any
kind of kids.
Honestly and I get it you don'twant to take them from their
(32:03):
home, but at least you candefinitely say, hey look, we
have money to have another home.
At least it's sure that they'llhave a room to call their own.
Really big on that.
You want your kids to feelloved, comfortable.
You want to provide for them.
Well, this is a great way to doso.
Speaker 2 (32:19):
It's so interesting though.
You know, when people getthemselves in or, through no
fault of their own, sometimesget into situations, they're
embarrassed because of whattheir kids will think.
They don't want to appear weakin front of their kids.
What would you say to that?
Speaker 3 (32:37):
Honestly, there's no need to be embarrassed,
especially if you are.
I mean, I get it.
I get it.
You don't want to disappointyour children.
You worked so hard for this andyou don't want to look at you
differently.
However, most children wouldwant that for them.
If they knew they would wantthe best for you too.
You know, again, this couldactually be a situation or a
(33:02):
program, this program honestly,I'll be honest with my last
clients this situation or thisprogram allowed them to not
disclose this to their children.
Hey, kids remove it and not tellthem what they're going through
yeah.
It actually it puts the yeah,it puts, like I said, it takes
the pressure off them and thenobviously, hey, kids remove it.
(33:22):
And it puts all the pressure onus, on me.
You know I take it all on likewe got this, come on.
But again, it allows them tomove and not disclose it to
their children.
And I'm not saying you shouldhide things to your children,
however they.
Just they want to shelter theirchildren from that.
They were able to do so.
Speaker 2 (33:38):
And they don't.
You know they don't want kidsat school going.
Eh, your mom and dad lost theirhouse because they couldn't
afford it, Because kids are youknow even that?
Speaker 3 (33:48):
yeah, and kids are going through transitions
constantly and you just don'twant to distract them.
They have school, they'retrying to figure themselves out,
so you don't want to throwsomething else out there, you
know, to take their theirattention away from what they
already need to focus on.
Speaker 2 (34:01):
Yeah, so yeah.
Well, it's a wonderful gift youwere able to give to them.
That's amazing.
Again, I do want to stress thisworks for people who have $2
million houses, or $400,000houses actually $6 million
houses $350 to $6 million we canhandle.
And if you've got a $350,000house, why not look at this?
(34:24):
It doesn't matter if you'remissing a payment, you can be.
You know you can be completelypaid off and have no mortgage at
all.
Your house can be perfectlymaintained.
They buy flip houses all thetime that have been flipped.
It's just a way to get yourmoney fast, which actually is a
good transition into your nextclient, coyah.
So the next person you'rehelping is an investor, correct?
Speaker 3 (34:48):
Yes, yes, yes, yes, it is actually yeah.
So he's an investor.
He needs the money to actuallyto go ahead and start his next
project, his next, you know, hisnext investment.
He was at a standstill, alittle distressed.
He said I need to do this and Idon't have time to deal with
this, but I need money now.
Obviously he didn't want to runhis credit, it just it was a
(35:11):
situation.
So I said okay, listen, I canhelp you.
He asked how can you help me?
Well, this is what I have foryou.
And so what we did what we did.
He had a tenant and there'sWill at that point, they stayed
for about 30 days and after theclosing and then they vacated,
(35:32):
but it allowed him to go aheadand start his new project, his
new investment, and we actuallywent in actually I won't say
monitor, but definitely withhands on a little bit during
this process and went inside andremodeled the home and actually
it's going to be released soon,but for this one it's going to
be listed soon.
So I'm really excited for himand it does.
(35:55):
It helps investors.
Like a lot of times people gowith subject to and they have to
go inside and do these thingsand upgrades on their own.
Speaker 2 (36:03):
However, with this talk about what subject to means
, because a lot of people outthere listening people listening
all around the country talkabout what subject to means.
So a buyer thinks about buyinga home and then well, well, well
, subject to.
Speaker 3 (36:20):
Actually it is basically it's like a private
money line.
So basically an investor comesin and they'll actually help
with the mortgage right, take itover, make those payments, but
then they'll take this money andthey'll go inside and flip the
home and they're not able topocket any money or any proceeds
(36:41):
.
And you're not able to pocketany proceeds or anything until
again they sell the home, sellthe home.
So, with that being said, yeah,this program allows the
investor or the client or theseller to actually, hey, get the
money, get the proceeds, mostof the proceeds, up front so
they go inside and remodel, andthen again they get to wait for
(37:03):
another payout.
I think that's awesome.
Speaker 2 (37:06):
I think it's awesome too, and I'm not just saying
this because we just startedthis program, because we didn't.
We started Certified Pre-OwnedHomes back in 2007 and I've been
preaching it for all of thattime.
In fact, randy, our producerhere, used it for his mother's
home in a different area.
We had agents all over thecountry asking sellers to pay
(37:26):
for the inspection, pay for theappraisal, offer a home warranty
, because it's just a better wayto sell a house.
I've always thought it's theevolution of real estate,
because why wouldn't you prepareyour home properly for sale?
Now it may be that you don'thave money to fix anything or
fix anything up.
That's not a problem either,because with Certified Pre-Owned
(37:47):
, forget cash CPO.
With Certified Pre-Owned, youneed the money for the
inspection is the only thing.
So that's going to be $400,$500 and that will give you a
list of things that are issueswith the home.
You don't have to fix anything,you disclose it and sellers say
, oh my gosh, if we disclose allthat, then people won't want to
buy a house.
That's not true at all.
(38:07):
Actually, it puts a trustfactor in it and you have to
trust me.
I've sold over 3,500 homes.
I've been doing this since 2007.
The vast majority of homes thatI have are Certified Pre-Owned.
What we do is when a buyer hasreally interested and they put
an offer in, we say, hey, wewant you to look at the
inspection before we go undercontract.
(38:29):
Because if we go under contractand then they do the inspection
, what happens to Coy?
You've done lots of deals.
What happens in that periodwith an old-fashioned real
estate sale?
Your buyers are under contractand then a couple of weeks later
they have the inspection.
What happens next?
Do people sleep the nightbefore?
Speaker 3 (38:53):
Actually, what happens, to be honest is, to
just jump to the point, the dealcan obviously fall through.
It could fall throughWhatever's found.
Now there's a point you canactually do repair agenda.
We have to wait for it to beapproved and both parties have
to agree.
Speaker 2 (39:13):
You mean the buyers ask for repairs.
Speaker 3 (39:15):
When you say repair agenda, you mean the buyer asks
for repairs to be done or theyask for money.
Yes, they ask for money or forrepairs to be done, and a lot of
people aren't in the positionto do those repairs before or
actually selling the home.
With that being said, a lot ofdeals can and will fall through
due to that fact, due to thatfact alone, right there 33% of
(39:39):
that.
Speaker 2 (39:41):
Most agents don't tell you that.
We're here telling you that nowWith an old-fashioned sale 33%
of them, 32.9, almost 33% ofthem fall out because people get
scared To Coy.
Do you have people coming infrom New York and North Carolina
and Texas and California?
Where are they coming from inyour market?
Speaker 3 (40:03):
Yes, actually up north New York, I will
definitely say California aswell, but mostly up north.
They like the warm weather downhere.
To me it's cold.
They're like you're crazy, I'mlike where's my coat?
A lot of northerners areactually moving down here.
They enjoy the weather.
(40:24):
Yes, same here, because we'retemperate and you get the call
of summer.
Speaker 2 (40:28):
I hear you Think about those buyers coming in.
It's probably 70% of yourbuyers are probably coming in
from somewhere else becauseyou've got great pricing as well
city.
So those buyers that are comingin are not familiar very often
with Columbia or South Carolina,so they're going to be more
nervous than somebody that'sused to Columbia or South
(40:52):
Carolina.
So, when they get thatinspection report, they're even
more likely to go.
Oh, people here don't maintainthe houses because they haven't
bought a house for a long time.
In many cases it would be thesame in New York or Texas or
California.
It's always the same way.
There's always going to bethose 30, 40, 50 items on the
inspection report.
I defy anyone to tell meanything else.
(41:14):
I haven't ever seen one withless than 22 items on an
inspection report.
Most of them have 40 or 50.
Some of them are nitpicky, butit's still scares people because
, like honey I thought you know,you get all excited when you
first find the house Finallywe've got one.
It goes in the contract.
Everybody's so excited.
You're looking at the, you know.
You're going to visit theschools that you're putting the
(41:36):
kids in.
You're going to look at horses,you go in to breeders because
now you can get a dog.
Everyone's excited.
And then the sellers are doingthe same thing.
They're packing up, they'repacking up their boxes, they're,
you know, getting everythingready to go.
And then comes the inspectionreport.
But, randy, come on, we needsome sound effects.
(42:00):
There we go.
Speaker 3 (42:02):
Well, good job.
Well, listen, that's theinterruption.
I will say this, though I doencourage all my clients to even
get inspection reports,inspections done, even on a new
build, and because anything youknow, you can find the smallest
thing.
Anything can be wrong, andthat's why I think again, this
(42:23):
program is awesome, becauseguess what it's done for you,
you know, and it's been ahead oftime you have to do anything.
Speaker 2 (42:29):
I mean, it's not like you don't end up paying for it.
Of course you do, but you payfor it at the end, and not only
of that remember, two thirds ofour sellers get more money two
thirds than with an oldfashioned real estate sale.
But they get them.
They get a big cash advanceright away.
You don't get that with atraditional set.
Even if you sell it in a week,you've still got six weeks
(42:52):
waiting for your money, right?
So that's still seven weeks andthat would be a very fast sale.
Right now we're going into thewinter.
The market's crested, as wementioned.
We're seeing lots of expiredlistings.
That means they didn't sell.
We see lots of listings withprice reductions and you may be
thinking about selling yourhouse.
Or you may be selling yourhouse right now and saying, well
, we don't need to sell, so it'snot a problem for us.
(43:14):
Yes, that's the case, but thereare people out there, so I had
one yesterday.
Is it a couple who have alreadymoved out of their house?
They're selling the house.
I said this is prime for cash,cpo.
They've already bought anotherhouse.
They're not renting.
They're actually in SouthCarolina, not in your area.
So to send them to you, they'vealready bought the other house.
They've got this house sittingthere.
(43:34):
They can pull 70% of the equityout in 12 days.
We can go in, do a deep clean,you know, make sure everything's
spickety span, get it sold andthen they get the second check
and they'll probably get morethan they would with a
traditional listing.
With people traipsing in andout of a vacant house.
Who wants that Urg?
You know snow or rain on theground marking up the floors.
(43:57):
You've got to keep cleaning itand maintaining it.
You've got to keep the heat on.
You don't have to do thatanymore.
You don't have to pay theinsurance anymore.
You're done.
But you still remain in controlof what's being done to your
house.
You still remain in control.
I mean, it's just a remarkableprogram.
Let's come back to yourinvestor for a second.
When we were first in coaching,because we do some pretty
(44:17):
in-depth training, don't we toKoya on this?
We have the Elevate program.
We have a non-boarding program.
We do pretty in-depth trainingon this because we want to work
with agents all around thecountry.
To Koya wants to work withagents all around the country
that know how to help people.
At a higher level, we have moretools in our toolkit.
(44:38):
We can help people at a higherlevel and we're out there trying
to help you and talk you out ofselling your house.
If you've got a great interestrate and that house is going to
work for you for 10 years, thathouse will be worth more in 10
years, most likely, and you'llkeep your great interest rate.
However, if it's got fivebedrooms and there's one or two
of you, that might not be thecase, because it's huge and
(44:58):
you're heating all of that andpaying insurances and taxes and
everything else on all of that.
So you know, it's like being ahouse doctor, basically for lots
of different scenarios.
The investor client you'retalking about is that one that
when we were first in coachingyou said I've got this investor,
so I don't think it'll beworthwhile for him because it's
(45:19):
all clean, it's all done andit's just ready to go.
Is that the same investor?
Speaker 3 (45:27):
Actually no, so it's another investor and that's
another investor.
Actually, I'm surprised.
I was definitely going to speakto you about him.
Yeah, no, so so no, I haven'tmet the person actually invested
that's interested in theprogram even though it's yeah,
(45:50):
but I will say this though thisinvestor, the one you're talking
about, he actually, and it didlook as though it didn't need
any work initially.
However, again, once you gointo inspections, that's when
all they're saying you findthings oh yeah, and that's what
happened, so it went intocontract.
Speaker 2 (46:08):
Am I right?
Yes, okay, so it went intocontract.
Yes, are you found things inthe inspections?
Did the buyers continue withthe contract?
Speaker 3 (46:18):
Actually.
Well, so he did the CPO programobviously.
So yes, Good Okay.
Yes.
Speaker 2 (46:26):
Oh, he's the one that did cash CPO.
Speaker 3 (46:29):
Yes.
Speaker 2 (46:30):
Yes, yes.
Speaker 3 (46:30):
Yes, yes, yes, I got you Obviously.
Yes, yeah, you're talking aboutdifferent.
Yeah, I have.
It's okay, we talk about a lotof things, but, yes, the other
one, I guess, which we'retalking about, who's deal failed
through?
No, they did not.
They did not go through withthe contract.
(46:51):
But, yeah, that's a shame.
He's an investor.
He went through, yeah, he wentthrough the cash CPO program.
They obviously it did gothrough and things where again
upgraded.
So there was it could have sold, sure, but now it could be sold
at a higher price point, yes,at the maximum price point,
(47:12):
because, again, because of thisprogram, we went in and just
transformed the home.
Speaker 2 (47:17):
So you did.
How many things did you find onthe inspection report with the
cash CPO?
Speaker 3 (47:23):
investor Probably 30, 40.
About 30, yeah, 30 or 40 to behonest, that's normal.
That's normal it could be thesmall things.
Yeah, of course it could besmall things, it's just it
scares people.
It makes a big difference in ahome.
It does scare people and theselittle things turn to big things
, so it's really important yeah.
Speaker 2 (47:42):
It scares a third.
What would you say?
So there's people out theregoing, so what?
It scares a third of the buyersoff.
I'm not reducing the price ofmy house.
I'm not doing this, I'm notdoing that.
First of all, we're not askingyou to reduce the price of your
house.
And the second thing is when abuyer decides not to go for you
just heard it.
She's got two investors.
One investor has it listed andit fell through an inspection.
(48:05):
The other investor went cashCPO.
It never falls through.
This is a guaranteed sale.
Our investor partner hasn't.
The cash CPO team have not solda house since 2017 with our
Fending Partner 2017.
They bought a thousand lastyear.
This is a guaranteed sale.
So Chacoia has two investorclients One listed without this
(48:27):
program.
It fell through because of theinspection report.
The other one had probably asimilar inspection report.
They found stuff, even thoughthe person is a builder and able
to remodel and everything else,and you know, knows everything
about building.
We did find stuff.
However, they're stillcontinuing to purchase it and
they will put all of that rightto talk to.
Chacoia will list it and itwill fly off the shelf.
(48:49):
Am I correct?
Speaker 3 (48:52):
Yeah, correct.
Speaker 2 (48:54):
And he'll make more money or she'll make more money.
So here's the problem with theother investor which we're not
talking about.
It's this thing calledstigmatism.
So when you have a listing thatfalls out which it does in
old-fashioned real estate athird of the time a third of the
time, guys it falls out Alittle over a third actually.
That's what we call astigmatized listing.
(49:17):
So it drops out on Zillow, itdrops out on thousands and
thousands of Realtor websites.
It drops out on Realtorcom.
Have you been in that situationas a listing agent to Chacoia?
What happens?
Speaker 3 (49:32):
Do you get?
Speaker 2 (49:32):
calls.
So have you been in thesituation whereby it's your
listing and the contract fallsout and then you put it back on
the market?
Do you get calls from buyerswho look you up on whatever and
say what's wrong with that?
Speaker 3 (49:53):
house.
Yeah, exactly what happens.
Honestly, we do try to put onthere no fault to seller, no
fault of the seller, or if it'snot the fault of the seller, if
it's due to a buyer finance orsomething like that.
Speaker 2 (50:07):
Do people believe that.
Speaker 3 (50:08):
If it's due to repairs, well, we shouldn't put
out lies, but if it's because ofthe inspection report or
something like that, which isbasically the fault of the
seller because it's at home, alot of times, especially with my
team, try to make the reportavailable in case, whenever one
(50:31):
my client cannot afford to fixthe home and provide concessions
or definitely provide a list ofthe things that was already
repaired.
So it does cause some kind ofstigmatism.
It does cause them to looktwice and say, hey, I don't know
about this, even though theseitems were already repaired.
(50:52):
It does sometimes make thingsdifficult.
Speaker 2 (50:55):
It reduces the price of your home.
It also means it's been on themarket four to six weeks longer
than it needed to be.
So now you've got days onmarket and people go.
Why is it been on the marketfor so long?
That's because it fell out.
Why did it fall out?
What's wrong with it?
It reduces the value of yourhome.
So here's the thing and I can.
People don't believe that whenyou share that inspection report
(51:16):
, even when, when nothing hasbeen done, guys, you don't have
to spend any money fixinganything, I promise you it
doesn't matter if it's cash, cpoor certified pre-owned.
We do certified pre-owned everyday.
I did 52 listings last year andonly two of them chose not to
do CPO and I can tell you thehorror stories.
One lost 100,000.
The other one took six monthslonger to sell and dropped out
(51:37):
three times because they didn'tcertify pre-own it.
When you do that inspection,yes, it's an investment of 500
bucks.
I would actually I never tellpeople to put things on credit
cards.
I would put that on a creditcard.
Here's why we can use thatinspection report.
This is hard to believe, butyou have to look into how people
work.
When your buyers come in with anoffer.
(51:58):
What we do and I've been doingthis since 2007.
I didn't just start thisyesterday when your buyers come
in with an offer, we give themthe inspection report.
We notate anything you havefixed, maybe nitpicky little
things, cork behind the bathroomsink or something like that.
Or you know a door sticking orI don't know a new light bulb in
, because they couldn't test thelight bulb fixture because the
(52:19):
light bulb was out.
Yes, that's a true story.
Many times so it could be youfix nothing because maybe you're
elderly and you don't have anymoney and you're about to go
into assisted living.
Whatever the case, it doesn'tmatter.
There's no judgment on ourparts at all.
We give that inspection reportto the buyer's agent and they're
not under contract yet and wesay please take a look at this,
(52:42):
because the price of the hometook all these things into
account and should you decidenot to go ahead, that's not a
problem with us at all.
Sellers get really scared bythat.
How many sellers in myexperience because I do this
every time to call you whatpercentage of buyers do you
think would say, well, okay, no,we'll move on to the next one.
How many do you think thatwould be Give a, give, a
(53:03):
guesstimate.
How many?
How many do you think it wouldbe?
You know what, randy?
How many people?
So some of those buyers wouldget scared off by the inspection
report and they'd move on.
What percent?
Yeah?
we're wrapping up to Coyer, I'ma set.
Speaker 3 (53:16):
It's zero Maybe over all that time, absolutely, who's
afraid to do it?
Speaker 2 (53:22):
Yeah, absolute zero.
Nobody has ever said no.
I know it's hard to believe,but people trust you because you
put it right To Coyer Beals.
You're amazing.
Thank you for being on todayColumbia, south Carolina and
we'll see you next week on theradio Get.
Speaker 1 (53:34):
Rowena and post your questions at radioashvillecom or
call her at 828-210-1648.
This is the plain English real estate show with
your host, rowena Patton, a showthat focuses on the real estate
market in terms you can easilyunderstand.
Call Rowena now.
The number is 240 99621-800-570-9962.
Now here's the English girl inthe mountains, the agent that I
(00:20):
would trust, rowena Patton.
Good morning and welcome to theshow.
Speaker 2 (00:29):
Oh, sorry, and yeah, it's been one of those weeks.
Oh, just come on over to themic.
I said that in a Nashville way.
Then I'll come over to the mic.
Get on the mic this morning.
And well, good morning toeverybody.
I hope you're having a greatSaturday.
I want to give a special shoutout for Randy, who went through
(00:53):
surgery this week.
We found out all of three weeksago that he had a cancer
diagnosis and it's been awhirlwind, which is why I've not
been on and on and not been onand on, and they got him in very
quickly and it's been a week ofhospital beds and, oh my gosh,
you're a survivor as well, randy.
I know what you're all goingthrough and I pray for the good
(01:13):
news that you're looking for.
Speaker 3 (01:15):
I know.
Speaker 2 (01:16):
Yeah, I think it's all good news.
It's not fun to go through.
Speaker 3 (01:20):
No, it's not.
Speaker 2 (01:21):
And he's never had surgery.
It's amazing.
Speaker 1 (01:24):
I had never had surgery either, until a melanoma
diagnosis.
Speaker 2 (01:29):
Gosh, it's amazing.
And so many people go throughit.
And I'm saying to him listen,everybody who's had surgery,
who's laying there in bed, getsdepressed.
It's normal, right, of course,he's really fed up within two or
three days, like, oh, thisshould be over already.
Why is it happening?
Like it's normal, it's reallynormal.
But he's doing great, he'smending really well, he's a
(01:50):
Marine, he's all over it.
So he's going to be feelingmuch better very soon and I'm
very excited today because wehave to call you on the line.
Good morning, darling.
How are you?
Speaker 3 (02:03):
Good morning, I'm doing great.
Thanks for having me here.
Speaker 2 (02:06):
Of course.
Well, give us a littleintroduction to you, say where
you're from and what you do, andall that good stuff.
Speaker 3 (02:13):
Yes, yes, my name is Takoya Beals and I'm a realtor
on Manly Home Team here inColumbia, south Carolina, and I
am so excited, like I said, tobe here, so thanks for having me
here.
Speaker 2 (02:25):
Well, we're excited to have you oh my gosh and you
are one of our rock stars in thecash CPO program and you've
been working on the foreclosureCPO team.
And tell us about the firstperson that you helped there?
I know you've been talking to anumber of people and got a
number of contracts going on ontheir behalf to help them out of
(02:45):
their home.
What kind of conversation areyou having with people who have
missed payments or just tired ofcarrying the house, basically,
and want to start again?
And I know a lot of people whoare in that situation, just
don't want to think about it,you know, yes, yes, yes, that's,
that's true.
Speaker 3 (03:05):
So, yes, there are different kinds of cash CPO's,
so expires pre foreclosures.
However, as you know, I lovepre foreclosures, I love to help
people.
You know I do, I love to helppeople and obviously, you know I
love to work.
So it works.
You know it works for me.
So I'll say this I do have aclient, I'll just use them.
(03:28):
For example, my second one.
Actually they were facingforeclosure, actually on the
auction list and so what theywere close and what I did.
Speaker 2 (03:39):
Can you explain the process of people who don't know
the process to call?
Can you explain what happens soyou miss your first payment?
Then what happens?
Can you go through the processa little bit?
Speaker 3 (03:51):
I will say this you can miss your first payment, a
couple of payments.
Well, what happens is your sentletters, just you know,
detailing that you're, you knowyou're in default.
Sometimes people miss it.
You know, things happen, lifehappens.
However, once that happens,you'll probably receive a court
date and on top of that, you'llsee hundreds of calls from
(04:14):
realtors and other people,because it is public record.
Speaker 2 (04:19):
Yeah, do you think that's true that?
So many realtors call people ofmiss payments.
Speaker 3 (04:25):
Say it again I'm so sorry.
Speaker 2 (04:27):
You think that's true , that so many realtors call
people who have missed payments?
Speaker 3 (04:31):
I will say I won't say real, I will say this.
It's public record.
So obviously you have investors.
You have all kind of peoplecalling you.
However, yes, however, yes.
When I usually call, I kind ofstick out.
I really stick out because,number one, I'm not just saying,
hey, let me fill your home, hey, this is this.
I'm saying, hey, what do youreally want to do?
(04:52):
I'm actually genuinelyconcerned about what they want
to do and then I'm actuallyhonest about hey, this is the
process of this and this is howthis could end up.
However, you know, I haveanother option for you here and
it's a way for them to reachtheir maximum equity, to get
that out of their home.
Speaker 2 (05:08):
Okay, so I think the primary group of people who are
calling people who are late onpayments are probably investors.
Do you know what kind ofpercentage on there?
So let's say a home is 400,000.
What kind of percentage do youthink those investors are
offering on average?
Speaker 3 (05:28):
For a $400,000 home.
Honestly, investors you know,please, I would say 50% and 70%
of the home's value.
Yeah and yeah.
Speaker 2 (05:36):
Normally 50 or 60.
So they're offering $200 or612,182,000, $140,000.
So when you go into that samehome at $400,000, what will you
be offering through the cash CPOteam or the foreclosure CPO
team?
Speaker 3 (05:58):
Honestly, the full market value of the home.
Speaker 2 (06:02):
So you'll be making an offer at $400,000.
Yes, so what's the catch?
Because everybody's asking that.
What's the catch?
There's the famous, actually,fred Bin, who came on some
months ago, who you know.
I literally said that to him.
(06:22):
What's the catch, fred?
And everybody can hear it atrealestatenewsradiocom.
Go to all cashcpocom.
Actually, he's the last one onthere.
It's probably easier to find onthere.
It's podcasts.
Now, of course, all of ourshows are podcasts.
Afterwards, 12 years of realestate news radio shows are all
podcasts.
You can hear me with Fredsaying what is the catch?
(06:44):
Come on, this can't be truebecause there's nothing like it
out there in the country.
Techoya is one of the exclusiveagents on Charles Mann's team
in Columbia, south Carolina,doing this along with 33 other
teams.
That's about 2,000 agents allover the country now, including
California, florida, texas,alaska, all over the place, and
(07:06):
Techoya is our rock staractually in Columbia, south
Carolina.
You go girl, it's amazing.
Thank you, thank you, butwhat's the catch?
So the investors are coming in.
You've probably got six callsfrom investors offering you
$200,000 or $240,000 for yourhouse.
Now why are they buying it at$200,000 or $240,000?
(07:26):
What's the investor going to dowith the house?
Speaker 3 (07:30):
Listen, there's no catch.
It's hard to believe, butthere's no catch.
The only quote-unquote catch isthe fact that you will
definitely be happy at the endof the day and you will be able,
like I said, to reap thebenefits of this great program.
Speaker 2 (07:46):
Techoya, let's step back, let's step back just a
little bit here.
So let's talk about investors.
You mentioned that the primarygroup of people calling the
people you're calling areinvestors and they're going to
buy that $400,000 house between$200,000 and $240,000.
Then what are they going to dowith it?
You work with investors.
You help investors buy homes.
What are they going to do?
(08:06):
So they buy the house at$200,000.
What is the investor going todo now?
Speaker 3 (08:12):
Honestly resale the home.
Resale the home.
They'll go inside, maybe do alittle work here and there and
they'll resale the home for highvalue.
Speaker 2 (08:18):
Okay so they're going to flip it At the price point
at which they should have.
Speaker 3 (08:21):
You're going to flip it and they're going to resale
the home at the price point atwhich you should have sold it at
.
Speaker 2 (08:27):
Right, so what are they going to do when they flip
it?
Speaker 3 (08:32):
They're going to do this flip it.
They're going to resell it atthe price point in which you
could have sold yours at.
Speaker 2 (08:37):
Right.
Speaker 3 (08:38):
I would say with this program.
This program is really reallygreat, because not only do we
sorry we not only do thisprogram allow for us to purchase
a home at full market value,but it also allows us to go and
thought, to flip it, to dothings to the home in which you
may not have been able to afford, and then resell the home, and
(09:01):
then you get to wait for anextra you know, an extra payout
at the end of the day.
So it's really great.
It allows you to move forward,to settle into a new home or
whatnot.
It eliminates all thecontingencies, leans, debts, and
this gives you a fresh startwhile the team is going in and
renovating, and then againyou're waiting on another you
(09:24):
know payout if that, so yeah.
Speaker 2 (09:28):
So you mentioned there.
You know things have to be doneto a home to help increase the
value yes, help it win thebeauty contest.
You know there are other homesout there.
Of course.
There's more and more coming onthe market now and it's can you
.
So there's two steps here.
One is can you've all got ahoney-do list?
You know, or wish we could putnew countertops in, or we should
(09:51):
add a bathroom to make it worthmore, or we should finish the
bonus room so we get more squarefootage.
The problem is that almost everymarket in the country crested a
year ago, which means we'rebumping along the top and a lot
of markets were declining alittle bit already.
That's going to happen forthree to five years.
You don't have time to fixanything.
Or, you know, check off thosethings that have been on your
(10:13):
honey-do list for 10 years.
And if you do and you've gotthe motivation, the time and the
money, that's great, and it'snot just about affordability.
You may be able to afford tomake these changes.
But do you have the know-how?
You know Taqoya can come in asan agent.
She knows what sells inColumbia, south Carolina.
She knows what sells there.
(10:34):
She's selling homes all thetime.
They're the top team inColumbia, south Carolina.
So she can come into your homeand you might think, oh, I need
white cabinets, and Taqoya cansay, well, actually we're going
back to natural wood now, somaybe we could put a little
stain on and maybe put somemodern hardware on there.
Or you know, whatever it isthat you're thinking of doing to
Taqoya is on the map.
(10:56):
Not only that, our fundingpartners will send in designers
to take a look at your house.
We can also put virtual stagingin there.
So you may not have the know-howand I'm not being rude here but
you know, leave it to theexperts.
If you're an interior designer,that's fantastic.
So, and also, you may not havethe time.
So it's money and time, energy.
(11:17):
Do you really want to do thator do you want to use somebody
else's money to do it?
And two thirds of our sellersget more than with the
traditional sale, which ispretty insane.
You know the average sellersget between 90 and 120 percent
of what they would get with atraditional listing.
But what do you get with atraditional listing that you
(11:38):
don't get with a foreclosure CPOor a cash CPO, any kind of CPO
where we're buying it and youget your money in 12 days.
What's the difference in atraditional listing to Coia?
What is it that people don'tlike about a traditional listing
that we can take away?
Speaker 3 (11:55):
Honestly, traditional listings.
Well, I will say this Cash CPOis awesome, because you did not
mention this, however, but thehomes that we list are you list
honestly sell 11 percent fasterthan the average on the market.
Yes, so they're awesome thingsyou get and on top of that, like
I said, you don't wait as longfor your home to sell.
(12:16):
Your home is just on the marketfor traditional listings, it's
just there.
You have traffic that comesthrough, you have showings, cash
.
Cpo is awesome because youdon't have to deal with that.
Speaker 1 (12:28):
You don't have to deal with doing showings.
Speaker 3 (12:32):
It can just be a quiet, a nice and quiet
transaction.
It doesn't have to be put onthe forefront on the market
initially, it doesn't have toendure all that.
So it definitely takes thepressure off of you to sell at
the seller and we take it onbecause that's our job and we
(12:52):
love to do that.
Speaker 2 (12:53):
Exactly, exactly, oh my gosh.
So what happens with a so ahouse when you put it on the
market tradition?
We all do traditional listingsas well, which is many of our
sellers now choose to do a cashCPO or any of our other CPOs
that are out there.
So what is it you get with atraditional listing that you
don't get with a cash CPO?
What about the showings, forexample?
Speaker 3 (13:15):
I can't.
Yeah, just showings.
Yeah, you get showings ontraditional listings.
When you're living in a homeand I know a lot of times people
feel comfortable with dealingwith the traffic and all that
stuff I will definitely say thatyou get a little more.
I don't want to say bite back,but a little more resistance in
(13:37):
a way, when you're dealing witha more traditional listing.
I cannot say that you'll getI'll say this You'll get more
benefits, in my opinion, goingwith a cash CPO than a
traditional listing.
It definitely depends on thesituation and the dynamics of
things.
However, I just think again, itmay work best for other people.
(14:02):
It just depends on yoursituation and what you're
willing to endure and deal with.
But cash CPO, like I said, itdefinitely just takes everything
off of you and we take it on,so you don't have to worry about
anything that you deal with atall.
Speaker 2 (14:17):
So when we're talking about a traditional listing and
we're talking about a certifiedpre-owned cash listing where
you get money in 12 days, thedifference is that you don't
have showing.
So the listings that you dohave, where people have showings
, how do your sellers feel aboutshowings?
Speaker 3 (14:36):
It just depends.
Obviously, if they're living inthe home they have to do one
hour in advance.
Like I said, it could be a lotof pressure.
It could just cause a littledifficulty trying to schedule
showings when someone isresiding in the home.
But like cash CPO, thateliminates that because it
(15:00):
allows you again to go to closeit actually within 15 days.
Who wouldn't want to close thatearly?
That's that soon To close soon.
Go ahead and relocate and becomfortable in a new home while
your home your home that youjust sold is going through
transitions and then being shownand you don't have to deal with
(15:22):
that.
Speaker 2 (15:27):
So how guaranteed are you, with a traditional listing
, that your home is going tosell?
Speaker 3 (15:34):
You know what Roe?
The numbers do fluctuate.
I will say this Honestly.
I'm going to say this becauseI'm very confident in my team.
I will say that most homes wesell, all our homes, our whole
Manly Home team, and I'm veryconfident in saying that we have
a great track record.
But I'm going to say this Inthe overall, I will say that 80%
(16:00):
, 80%, 90%, it just depends onyour home.
The market depends on themarket.
Your home, the location, allthose factors do matter.
However, with CAST CPO, we doour research and again, we
market it differently, we tailorit to that specific area.
Speaker 2 (16:20):
Absolutely.
Speaker 3 (16:22):
Absolutely.
Speaker 2 (16:25):
So yeah, it's just a very different process.
However, the only difference isyou don't have to have showings
on your home.
You don't have people coming inand out of your home.
If you have pets, you don'thave to take your pets out.
If you have kiddos at home, youdon't have to deal with the
kiddos.
Do people ever cancel theirshowings?
Speaker 3 (16:49):
Yeah, actually, yes, they have.
Actually, that's crazy becauseI had a client in which was
interested in a home thatactually was owner-occupied and
because, yeah, the time didn'tmatch theirs, they had to cancel
and they were unable topurchase that home.
They're like you know what.
(17:09):
We just don't want it anylonger.
It makes things a littledifficult sometimes.
Yes, yeah.
Speaker 2 (17:18):
So what's the downside of doing a CAST CPO?
Let's talk about that.
I'm sorry, say it one more time.
What's the downside of doing aCAST CPO in your humble opinion?
Speaker 3 (17:34):
In my humble opinion, I don't see a downside.
I really had to think aboutthat.
I don't see a downside.
To be honest, it's different,it's not traditional.
I don't see a downside and I'mnot saying it because I'm a part
of it.
I think CAST CPO honestly is asmart move.
It's a great movement and I'mhappy to be a part of it.
(17:55):
Obviously, there are pros andcons to everything.
However, when I run into a con,I'll be more than happy to tell
you.
Speaker 2 (18:03):
Well, we're thrilled to have you as part of it.
Okay, your mom comes to you andwants to sell her house.
How do you give her these twooptions?
Speaker 3 (18:15):
What I do is I present her with a printout,
actually, and what I tell her islike hey, listen, mom, these
are your two options.
This is non-traditional.
My mother actually has been inreal estate for well.
My second mom, my stepmom,she's been in real estate for
over two years I'm sorry, 15years.
(18:35):
So she's definitely very she'sinto the market, she's very
experienced.
But even she thought it was agreat movement is very different
, very different.
So I didn't really have toexplain things to her, but I
will definitely say this waspresented to her hey, this doing
traditional, traditionally,you're not guaranteed to sell
(18:58):
your home, but with cash CPO,you're guaranteed to sell your
home.
And then, yeah, and this iswhat's shown that with
traditional and this is what'sshown that with cash CPO, and
I'll let her choose, mm-hmm.
Speaker 2 (19:13):
So, and the thing is nobody really let's be honest
when you're selling your house,nobody really knows what you're
going to net.
So when we sit down with aseller and we do what's called a
net sheet, and all that is ishere's the costs, here's the
real estate costs, here's theattorney costs or the title cost
, depending on what the statewere in.
Here's your sales tax.
(19:34):
You know there's gonna be taxwhatever place you're in, right,
um, here's, you know, we'll putsome money in there, because
often when you have theinspection, it's a, it's a 50
point inspection and there'll bea number of things that the
buyers asked to be fixed.
Um, because you probablyhaven't done a pre-inspection.
If you, if you're any of ourlistings, then you'll have the
(19:54):
inspection already, so you don'thave to go through that.
So put some money in there forthat as well.
So, so that is the net amount.
However, until your house isactually sold, we don't know
what the net amount is and, asthe you know the, basically the
whole country.
Now, there's very few exceptionsto this.
The only one I can find is um,anchorage in Alaska, fairbanks
(20:15):
in Alaska Same same way, butAnchorage in Alaska still
rocking and rolling.
Everywhere else, we crestedabout the third quarter of last
year.
A year ago we crested 7 to 11years is the cycle.
Good old Clemence Jougler isthe guy who came up with it in
1860.
Nothing has changed since,which means it's going to be
(20:38):
three and a half to five and ahalf years, statistically, until
we're down at the bottom right.
So if you're thinking aboutselling, get out now, unless you
want to keep your home for 10years, 11 years.
No worries if you want to stayin your home.
You've got a great interestrate.
Stay in your home.
But don't think about, oh,we'll wait until the election,
(20:59):
maybe things will change ormaybe the interest rates will
come down, because you arealmost guaranteed at this point
that your house is going to beworthless.
I can give you stats on housesanywhere in the country that
will show you that is the case.
Um, just give us a call 828333,44, 83.
Rowena pattern here, all starpowerhouse broken by exp gives a
(21:22):
call and we've got peoplestanding by 24, 7.
Just say value of my home,please.
Um, so, or you can go to cashgpocom and request your full
market value cash offer there.
We'll also give you a value onyour house.
But these are not your rinkydink cash offers.
That, uh, when I want to sayrinky dink, it's a just a whole
(21:42):
other business model.
By ugly houses.
You may get 60% if you're luckyon the value of your home.
Most realtors, most realtorseven in this program, did their
own cash offers and when I askthem how much they give, yeah,
um, it goes anywhere from 50 to.
I think 70% is the highestwe've found.
With ours.
You get 70 cash upfront within12 days and then we fix
(22:06):
everything.
You don't have to spend yourmoney, you don't spend your
energy, do anything.
You can make a non-contingentoffer on your next home and move
on.
Or you can stay in the housefor 90 days If you want to.
No worries like you can stillstay in the house, but now you
can make a non-contingent offerbecause you've got that 70%.
(22:27):
It will probably allow you tobuy a house.
If you've tried to make acontingent offer, I I will buy
your house when my house sells.
Good luck with that.
99% of the time it is not goingto work.
I wouldn't advise any of mysellers to take that deal, would
you to Koya?
Speaker 3 (22:44):
No.
Yes she's laughing, I mean it'sthat silly.
Speaker 2 (22:48):
It's that silly and yet we get them every day.
Right, we get them every day,those contingent offers.
So, and if you're a for sale byowner out there, listen, don't
take the contingent offers.
Well, we'll buy your house.
We want to lock it up for usand I understand why you want to
do that.
You don't want to have nowhereto go.
The cash CPO program and we makeoffers to fizzbows every day,
(23:08):
for sale by owners every day.
We can do it for you too.
It's a full market value cashoffer.
We go in, we clean it up.
Just getting all the furnitureand the stuff and the
chock-schis and all that stuffout alone Adds value.
It's what we call a showing go.
People can go and see itwhenever they want to.
You know Eight in the morningtill eight at night, depending
on your showing times, where,wherever you are in the country,
(23:30):
it's usually eight to late.
Of course, people, you knowthat will shrink a little bit as
it's getting a bit chillierhere in most parts of the
country.
So, um, you know that time willshrink, but it makes it much
easier and you can either moveout or stay in the house If you
want to.
Meanwhile the things get fixedthat are on the inspection
report.
It's just like a cpo car.
(23:51):
Cpo cars exist for a reason.
They exist because people willpay 6% more for the car, 6% more
For a cpo car, a $20,000 car.
They've been doing it for 30years.
By the way, 156 pointinspection black book value.
They offer a dealershipwarranty.
Why do we buy those cars?
(24:12):
Because we want peace of mind.
We trust them.
Why the heck are we putting a200 500 million dollar home on
the market that has not beencertified?
It makes no sense to me.
And now that's why we're soexcited about this and keep
talking about it.
Now we can use somebody else'smoney to do it.
Do they make money?
Of course they take a 4.9% fee,but the chances are, when we've
(24:36):
cleaned it up a little bit andfixed everything, your home is
going to be the shiniest,loveliest listing on the market.
They'll have a nice fresh coatof paint, no dings, no dog smell
, no baby smell, no smoke smell,no, I don't know fat on the
ceiling.
The the kitchen won't smellanymore.
Not the kitchen smell.
I get it, but you know, we alllive in our homes.
(24:57):
It's normal.
Our home smells of doggiesbecause we have Two big doggies
and a little dog and anybody gota Daxon out there?
Daxons are known for leavinglittle gifts in the house.
This is my second one, and Ithought it was me in my training
, but apparently I'm not theonly one.
(25:19):
So, hey, don't ever buy a housebecause it's had little gifts
in it?
No, of course not.
But you know, when you're notin it, we do a deep clean in the
house.
We clean the carpets, we changethe carpets Um, I'm doing one
now.
So my examples are, and we'llcome on to your next example in
a minute to Koya so, um,actually, let's finish your
example first.
Let's finish your example.
(25:39):
So you've got this couple, and Ijust wanted to make sure that
everybody knew that this is forall kinds of people.
You could have a million dollarhouse that doesn't need
anything at all, or it can besomebody like to Koya's clients
right now Who'd missed a payment, or well, they.
You normally have to miss atleast three payments to go to
auction.
So what happens is the bankkeeps reminding you and then
(26:03):
they put you into, um, aforeclosure auction and someone
tries to buy your home, and thenyou go into what's called an
upset bid period.
So did, did you put the offerin in the upset bid period?
Speaker 3 (26:14):
to Koya Actually you know, yes, okay, yeah, say they.
I will say For, for the optionwas actually About two weeks out
, maybe.
Speaker 2 (26:28):
Okay.
Speaker 3 (26:29):
I don't think it.
It was really.
It was really close, it wasreally really close.
However, because of this cashoffer, because of this program,
um this, this couple, um theygot to keep them and their
children in the home a littlelonger Um yeah, how many
children do they have?
They have three um Two girls inthe home and they, like I said,
(26:57):
they are wonderful people um inin an unfortunate Situation are
they little ones, so how oldare they?
No, actually, no, they're notlittle ones.
Um, they are teenagers, okay,um, and they are straight age
students.
They're great kids and you know,it's just like I said, it's an
unfortunate situation.
So, um, I felt, um greatHonestly, that I could go in and
(27:19):
say, hey look, this is what Ican do for you.
Um, and this is what she'll net, and this is you know, they
were even willing to take, youknow, $10,000 at the maximum,
sell it for less than 70 percentor 60 percent of the value,
just to be okay.
And I was like wow you knowthat's just here's what I have
for you, so wow that must be so.
Speaker 2 (27:40):
So did something happen in their circumstances to
cause this, or Did one of themget sick or lose a job, or Uh,
yeah, um yeah, sickness and jobactually both.
Speaker 3 (27:53):
On both ends sickness .
Yeah, yeah, I say they hit witha double whammy.
Um, however, you know, everyone, like I said, everyone's um, um
, situation is different, um,but I will say this due to the
fact of them going with this, wewere actually able to, um To,
you know, get an extension ontheir on the auction, say we
(28:15):
were able to.
You know, if things had taken alot well longer to close, it
did not, but it allowed us toget an extension so that they
could have a little a safety,you know.
A reassurance that they'rethey're in their home a little
longer.
Speaker 2 (28:29):
Um, so yeah, it's so they are going to sell it.
So is their credit damaged, orjust a little bit, or will they
be able?
Speaker 3 (28:37):
to buy something else or Well with anyone in that
situation.
Most of the time I do advisethat you go ahead.
Take the proceeds, go rent for ayear or two, Take it, you know
pay it up for a year or two andthen go ahead and um read, you
know, um, um, build up, um, getready to purchase it, like I
said, in another year or two.
Um, you're too later.
A lot of people are afraid theydon't want to lose their homes.
(29:00):
I'll, I've worked hard for thisand I, I want this and I don't
want to leave it.
You know what.
Everything happens for a reasonand at least you can access
your equity and go and start andstart over.
Start fresh For some.
You know, and just you know,live be okay.
First is trying to fight forthis and then, and maybe most
likely, listen and then havingthis on your credit, not being
(29:22):
able to purchase for years tocome and not having any equity,
or You're just losing all themoney in your home.
Speaker 2 (29:27):
Well, let's explain that to people.
So when you have, when, whenyou do go into foreclosure, you
you're basically most likely notgoing to get any equity at all
and they take your house andyour credit's going to be
damaged for a very long timeyears.
They say seven years.
It's usually a bit shorter thanthat.
Now, however, this way, acouple of late payments are
(29:49):
going to put dings on you, nodoubt.
But when that mortgage is paidoff and you know, when you get
yourself back up to scratchProbably even a year your
credit's going to be repaired towhere it's not going to be a
problem getting a mortgage andthere are programs if you're a
veteran or Um, you know, if youhaven't bought a house in a
(30:10):
couple of years, then you can beclassified as a first time
homebuyer.
There's all kinds of programsout there for you when you could
possibly get a mortgage, butprobably Do they have another
job now.
Or is that all sorted out ofthe health care issues?
Speaker 3 (30:24):
Is it a chronic health care issue or Honestly,
I'm going to be honest, I didn'tgo too deeply into that in the
health issues.
I didn't go too deeply intothat.
I didn't want to pride.
If they want to share, go aheadand share with me.
But I will say this the worksituation no, there still is
(30:45):
still touch and go.
However, due to the fact thatthey could say, hey, I'm going
to pay this up for a year or two, it allowed them to find
another home.
Speaker 1 (30:54):
That's great.
Speaker 2 (30:55):
So that's a great thing, that's fantastic yeah.
Speaker 3 (31:01):
And just to note this , being that you already fallen
on this, your credit does take ahit.
So again to reinstate you candefinitely need at least a 580
or above here in South Carolinain most places to qualify for a
loan, and so again, use thatyear to just build it back up.
Speaker 2 (31:21):
Absolutely and put a little bit of money aside and
not have that.
Oh my gosh, the fear of havingteenagers and how much teenagers
cost these days, oh my gosh.
Speaker 3 (31:31):
You know a family in us.
I have three young ones.
Speaker 2 (31:34):
Oh my gosh, so very nervous.
How much pressure does that puton you to call you?
Speaker 3 (31:41):
Honestly, I have three young ones, I have three
little boys, so that soundsreally easy.
No, it's what it sounds easy, mygosh.
But just imagine being in thatsituation with older kids, any
kind of kids.
Honestly and I get it you don'twant to take them from their
(32:03):
home, but at least you candefinitely say, hey look, we
have money to have another home.
At least it's sure that they'llhave a room to call their own.
Really big on that.
You want your kids to feelloved, comfortable.
You want to provide for them.
Well, this is a great way to doso.
Speaker 2 (32:19):
It's so interesting though.
You know, when people getthemselves in or, through no
fault of their own, sometimesget into situations, they're
embarrassed because of whattheir kids will think.
They don't want to appear weakin front of their kids.
What would you say to that?
Speaker 3 (32:37):
Honestly, there's no need to be embarrassed,
especially if you are.
I mean, I get it.
I get it.
You don't want to disappointyour children.
You worked so hard for this andyou don't want to look at you
differently.
However, most children wouldwant that for them.
If they knew they would wantthe best for you too.
You know, again, this couldactually be a situation or a
(33:02):
program, this program honestly,I'll be honest with my last
clients this situation or thisprogram allowed them to not
disclose this to their children.
Hey, kids remove it and not tellthem what they're going through
yeah.
It actually it puts the yeah,it puts, like I said, it takes
the pressure off them and thenobviously, hey, kids remove it.
(33:22):
And it puts all the pressure onus, on me.
You know I take it all on likewe got this, come on.
But again, it allows them tomove and not disclose it to
their children.
And I'm not saying you shouldhide things to your children,
however they.
Just they want to shelter theirchildren from that.
They were able to do so.
Speaker 2 (33:38):
And they don't.
You know they don't want kidsat school going.
Eh, your mom and dad lost theirhouse because they couldn't
afford it, Because kids are youknow even that?
Speaker 3 (33:48):
yeah, and kids are going through transitions
constantly and you just don'twant to distract them.
They have school, they'retrying to figure themselves out,
so you don't want to throwsomething else out there, you
know, to take their theirattention away from what they
already need to focus on.
Speaker 2 (34:01):
Yeah, so yeah.
Well, it's a wonderful gift youwere able to give to them.
That's amazing.
Again, I do want to stress thisworks for people who have $2
million houses, or $400,000houses actually $6 million
houses $350 to $6 million we canhandle.
And if you've got a $350,000house, why not look at this?
(34:24):
It doesn't matter if you'remissing a payment, you can be.
You know you can be completelypaid off and have no mortgage at
all.
Your house can be perfectlymaintained.
They buy flip houses all thetime that have been flipped.
It's just a way to get yourmoney fast, which actually is a
good transition into your nextclient, coyah.
So the next person you'rehelping is an investor, correct?
Speaker 3 (34:48):
Yes, yes, yes, yes, it is actually yeah.
So he's an investor.
He needs the money to actuallyto go ahead and start his next
project, his next, you know, hisnext investment.
He was at a standstill, alittle distressed.
He said I need to do this and Idon't have time to deal with
this, but I need money now.
Obviously he didn't want to runhis credit, it just it was a
(35:11):
situation.
So I said okay, listen, I canhelp you.
He asked how can you help me?
Well, this is what I have foryou.
And so what we did what we did.
He had a tenant and there'sWill at that point, they stayed
for about 30 days and after theclosing and then they vacated,
(35:32):
but it allowed him to go aheadand start his new project, his
new investment, and we actuallywent in actually I won't say
monitor, but definitely withhands on a little bit during
this process and went inside andremodeled the home and actually
it's going to be released soon,but for this one it's going to
be listed soon.
So I'm really excited for himand it does.
(35:55):
It helps investors.
Like a lot of times people gowith subject to and they have to
go inside and do these thingsand upgrades on their own.
Speaker 2 (36:03):
However, with this talk about what subject to means
, because a lot of people outthere listening people listening
all around the country talkabout what subject to means.
So a buyer thinks about buyinga home and then well, well, well
, subject to.
Speaker 3 (36:20):
Actually it is basically it's like a private
money line.
So basically an investor comesin and they'll actually help
with the mortgage right, take itover, make those payments, but
then they'll take this money andthey'll go inside and flip the
home and they're not able topocket any money or any proceeds
(36:41):
.
And you're not able to pocketany proceeds or anything until
again they sell the home, sellthe home.
So, with that being said, yeah,this program allows the
investor or the client or theseller to actually, hey, get the
money, get the proceeds, mostof the proceeds, up front so
they go inside and remodel, andthen again they get to wait for
(37:03):
another payout.
I think that's awesome.
Speaker 2 (37:06):
I think it's awesome too, and I'm not just saying
this because we just startedthis program, because we didn't.
We started Certified Pre-OwnedHomes back in 2007 and I've been
preaching it for all of thattime.
In fact, randy, our producerhere, used it for his mother's
home in a different area.
We had agents all over thecountry asking sellers to pay
(37:26):
for the inspection, pay for theappraisal, offer a home warranty
, because it's just a better wayto sell a house.
I've always thought it's theevolution of real estate,
because why wouldn't you prepareyour home properly for sale?
Now it may be that you don'thave money to fix anything or
fix anything up.
That's not a problem either,because with Certified Pre-Owned
(37:47):
, forget cash CPO.
With Certified Pre-Owned, youneed the money for the
inspection is the only thing.
So that's going to be $400,$500 and that will give you a
list of things that are issueswith the home.
You don't have to fix anything,you disclose it and sellers say
, oh my gosh, if we disclose allthat, then people won't want to
buy a house.
That's not true at all.
(38:07):
Actually, it puts a trustfactor in it and you have to
trust me.
I've sold over 3,500 homes.
I've been doing this since 2007.
The vast majority of homes thatI have are Certified Pre-Owned.
What we do is when a buyer hasreally interested and they put
an offer in, we say, hey, wewant you to look at the
inspection before we go undercontract.
(38:29):
Because if we go under contractand then they do the inspection
, what happens to Coy?
You've done lots of deals.
What happens in that periodwith an old-fashioned real
estate sale?
Your buyers are under contractand then a couple of weeks later
they have the inspection.
What happens next?
Do people sleep the nightbefore?
Speaker 3 (38:53):
Actually, what happens, to be honest is, to
just jump to the point, the dealcan obviously fall through.
It could fall throughWhatever's found.
Now there's a point you canactually do repair agenda.
We have to wait for it to beapproved and both parties have
to agree.
Speaker 2 (39:13):
You mean the buyers ask for repairs.
Speaker 3 (39:15):
When you say repair agenda, you mean the buyer asks
for repairs to be done or theyask for money.
Yes, they ask for money or forrepairs to be done, and a lot of
people aren't in the positionto do those repairs before or
actually selling the home.
With that being said, a lot ofdeals can and will fall through
due to that fact, due to thatfact alone, right there 33% of
(39:39):
that.
Speaker 2 (39:41):
Most agents don't tell you that.
We're here telling you that nowWith an old-fashioned sale 33%
of them, 32.9, almost 33% ofthem fall out because people get
scared To Coy.
Do you have people coming infrom New York and North Carolina
and Texas and California?
Where are they coming from inyour market?
Speaker 3 (40:03):
Yes, actually up north New York, I will
definitely say California aswell, but mostly up north.
They like the warm weather downhere.
To me it's cold.
They're like you're crazy, I'mlike where's my coat?
A lot of northerners areactually moving down here.
They enjoy the weather.
(40:24):
Yes, same here, because we'retemperate and you get the call
of summer.
Speaker 2 (40:28):
I hear you Think about those buyers coming in.
It's probably 70% of yourbuyers are probably coming in
from somewhere else becauseyou've got great pricing as well
city.
So those buyers that are comingin are not familiar very often
with Columbia or South Carolina,so they're going to be more
nervous than somebody that'sused to Columbia or South
(40:52):
Carolina.
So, when they get thatinspection report, they're even
more likely to go.
Oh, people here don't maintainthe houses because they haven't
bought a house for a long time.
In many cases it would be thesame in New York or Texas or
California.
It's always the same way.
There's always going to bethose 30, 40, 50 items on the
inspection report.
I defy anyone to tell meanything else.
(41:14):
I haven't ever seen one withless than 22 items on an
inspection report.
Most of them have 40 or 50.
Some of them are nitpicky, butit's still scares people because
, like honey I thought you know,you get all excited when you
first find the house Finallywe've got one.
It goes in the contract.
Everybody's so excited.
You're looking at the, you know.
You're going to visit theschools that you're putting the
(41:36):
kids in.
You're going to look at horses,you go in to breeders because
now you can get a dog.
Everyone's excited.
And then the sellers are doingthe same thing.
They're packing up, they'repacking up their boxes, they're,
you know, getting everythingready to go.
And then comes the inspectionreport.
But, randy, come on, we needsome sound effects.
(42:00):
There we go.
Speaker 3 (42:02):
Well, good job.
Well, listen, that's theinterruption.
I will say this, though I doencourage all my clients to even
get inspection reports,inspections done, even on a new
build, and because anything youknow, you can find the smallest
thing.
Anything can be wrong, andthat's why I think again, this
(42:23):
program is awesome, becauseguess what it's done for you,
you know, and it's been ahead oftime you have to do anything.
Speaker 2 (42:29):
I mean, it's not like you don't end up paying for it.
Of course you do, but you payfor it at the end, and not only
of that remember, two thirds ofour sellers get more money two
thirds than with an oldfashioned real estate sale.
But they get them.
They get a big cash advanceright away.
You don't get that with atraditional set.
Even if you sell it in a week,you've still got six weeks
(42:52):
waiting for your money, right?
So that's still seven weeks andthat would be a very fast sale.
Right now we're going into thewinter.
The market's crested, as wementioned.
We're seeing lots of expiredlistings.
That means they didn't sell.
We see lots of listings withprice reductions and you may be
thinking about selling yourhouse.
Or you may be selling yourhouse right now and saying, well
, we don't need to sell, so it'snot a problem for us.
(43:14):
Yes, that's the case, but thereare people out there, so I had
one yesterday.
Is it a couple who have alreadymoved out of their house?
They're selling the house.
I said this is prime for cash,cpo.
They've already bought anotherhouse.
They're not renting.
They're actually in SouthCarolina, not in your area.
So to send them to you, they'vealready bought the other house.
They've got this house sittingthere.
(43:34):
They can pull 70% of the equityout in 12 days.
We can go in, do a deep clean,you know, make sure everything's
spickety span, get it sold andthen they get the second check
and they'll probably get morethan they would with a
traditional listing.
With people traipsing in andout of a vacant house.
Who wants that Urg?
You know snow or rain on theground marking up the floors.
(43:57):
You've got to keep cleaning itand maintaining it.
You've got to keep the heat on.
You don't have to do thatanymore.
You don't have to pay theinsurance anymore.
You're done.
But you still remain in controlof what's being done to your
house.
You still remain in control.
I mean, it's just a remarkableprogram.
Let's come back to yourinvestor for a second.
When we were first in coaching,because we do some pretty
(44:17):
in-depth training, don't we toKoya on this?
We have the Elevate program.
We have a non-boarding program.
We do pretty in-depth trainingon this because we want to work
with agents all around thecountry.
To Koya wants to work withagents all around the country
that know how to help people.
At a higher level, we have moretools in our toolkit.
(44:38):
We can help people at a higherlevel and we're out there trying
to help you and talk you out ofselling your house.
If you've got a great interestrate and that house is going to
work for you for 10 years, thathouse will be worth more in 10
years, most likely, and you'llkeep your great interest rate.
However, if it's got fivebedrooms and there's one or two
of you, that might not be thecase, because it's huge and
(44:58):
you're heating all of that andpaying insurances and taxes and
everything else on all of that.
So you know, it's like being ahouse doctor, basically for lots
of different scenarios.
The investor client you'retalking about is that one that
when we were first in coachingyou said I've got this investor,
so I don't think it'll beworthwhile for him because it's
(45:19):
all clean, it's all done andit's just ready to go.
Is that the same investor?
Speaker 3 (45:27):
Actually no, so it's another investor and that's
another investor.
Actually, I'm surprised.
I was definitely going to speakto you about him.
Yeah, no, so so no, I haven'tmet the person actually invested
that's interested in theprogram even though it's yeah,
(45:50):
but I will say this though thisinvestor, the one you're talking
about, he actually, and it didlook as though it didn't need
any work initially.
However, again, once you gointo inspections, that's when
all they're saying you findthings oh yeah, and that's what
happened, so it went intocontract.
Speaker 2 (46:08):
Am I right?
Yes, okay, so it went intocontract.
Yes, are you found things inthe inspections?
Did the buyers continue withthe contract?
Speaker 3 (46:18):
Actually.
Well, so he did the CPO programobviously.
So yes, Good Okay.
Yes.
Speaker 2 (46:26):
Oh, he's the one that did cash CPO.
Speaker 3 (46:29):
Yes.
Speaker 2 (46:30):
Yes, yes.
Speaker 3 (46:30):
Yes, yes, yes, I got you Obviously.
Yes, yeah, you're talking aboutdifferent.
Yeah, I have.
It's okay, we talk about a lotof things, but, yes, the other
one, I guess, which we'retalking about, who's deal failed
through?
No, they did not.
They did not go through withthe contract.
(46:51):
But, yeah, that's a shame.
He's an investor.
He went through, yeah, he wentthrough the cash CPO program.
They obviously it did gothrough and things where again
upgraded.
So there was it could have sold, sure, but now it could be sold
at a higher price point, yes,at the maximum price point,
(47:12):
because, again, because of thisprogram, we went in and just
transformed the home.
Speaker 2 (47:17):
So you did.
How many things did you find onthe inspection report with the
cash CPO?
Speaker 3 (47:23):
investor Probably 30, 40.
About 30, yeah, 30 or 40 to behonest, that's normal.
That's normal it could be thesmall things.
Yeah, of course it could besmall things, it's just it
scares people.
It makes a big difference in ahome.
It does scare people and theselittle things turn to big things
, so it's really important yeah.
Speaker 2 (47:42):
It scares a third.
What would you say?
So there's people out theregoing, so what?
It scares a third of the buyersoff.
I'm not reducing the price ofmy house.
I'm not doing this, I'm notdoing that.
First of all, we're not askingyou to reduce the price of your
house.
And the second thing is when abuyer decides not to go for you
just heard it.
She's got two investors.
One investor has it listed andit fell through an inspection.
(48:05):
The other investor went cashCPO.
It never falls through.
This is a guaranteed sale.
Our investor partner hasn't.
The cash CPO team have not solda house since 2017 with our
Fending Partner 2017.
They bought a thousand lastyear.
This is a guaranteed sale.
So Chacoia has two investorclients One listed without this
(48:27):
program.
It fell through because of theinspection report.
The other one had probably asimilar inspection report.
They found stuff, even thoughthe person is a builder and able
to remodel and everything else,and you know, knows everything
about building.
We did find stuff.
However, they're stillcontinuing to purchase it and
they will put all of that rightto talk to.
Chacoia will list it and itwill fly off the shelf.
(48:49):
Am I correct?
Speaker 3 (48:52):
Yeah, correct.
Speaker 2 (48:54):
And he'll make more money or she'll make more money.
So here's the problem with theother investor which we're not
talking about.
It's this thing calledstigmatism.
So when you have a listing thatfalls out which it does in
old-fashioned real estate athird of the time a third of the
time, guys it falls out Alittle over a third actually.
That's what we call astigmatized listing.
(49:17):
So it drops out on Zillow, itdrops out on thousands and
thousands of Realtor websites.
It drops out on Realtorcom.
Have you been in that situationas a listing agent to Chacoia?
What happens?
Speaker 3 (49:32):
Do you get?
Speaker 2 (49:32):
calls.
So have you been in thesituation whereby it's your
listing and the contract fallsout and then you put it back on
the market?
Do you get calls from buyerswho look you up on whatever and
say what's wrong with that?
Speaker 3 (49:53):
house.
Yeah, exactly what happens.
Honestly, we do try to put onthere no fault to seller, no
fault of the seller, or if it'snot the fault of the seller, if
it's due to a buyer finance orsomething like that.
Speaker 2 (50:07):
Do people believe that.
Speaker 3 (50:08):
If it's due to repairs, well, we shouldn't put
out lies, but if it's because ofthe inspection report or
something like that, which isbasically the fault of the
seller because it's at home, alot of times, especially with my
team, try to make the reportavailable in case, whenever one
(50:31):
my client cannot afford to fixthe home and provide concessions
or definitely provide a list ofthe things that was already
repaired.
So it does cause some kind ofstigmatism.
It does cause them to looktwice and say, hey, I don't know
about this, even though theseitems were already repaired.
(50:52):
It does sometimes make thingsdifficult.
Speaker 2 (50:55):
It reduces the price of your home.
It also means it's been on themarket four to six weeks longer
than it needed to be.
So now you've got days onmarket and people go.
Why is it been on the marketfor so long?
That's because it fell out.
Why did it fall out?
What's wrong with it?
It reduces the value of yourhome.
So here's the thing and I can.
People don't believe that whenyou share that inspection report
(51:16):
, even when, when nothing hasbeen done, guys, you don't have
to spend any money fixinganything, I promise you it
doesn't matter if it's cash, cpoor certified pre-owned.
We do certified pre-owned everyday.
I did 52 listings last year andonly two of them chose not to
do CPO and I can tell you thehorror stories.
One lost 100,000.
The other one took six monthslonger to sell and dropped out
(51:37):
three times because they didn'tcertify pre-own it.
When you do that inspection,yes, it's an investment of 500
bucks.
I would actually I never tellpeople to put things on credit
cards.
I would put that on a creditcard.
Here's why we can use thatinspection report.
This is hard to believe, butyou have to look into how people
work.
When your buyers come in with anoffer.
(51:58):
What we do and I've been doingthis since 2007.
I didn't just start thisyesterday when your buyers come
in with an offer, we give themthe inspection report.
We notate anything you havefixed, maybe nitpicky little
things, cork behind the bathroomsink or something like that.
Or you know a door sticking orI don't know a new light bulb in
, because they couldn't test thelight bulb fixture because the
(52:19):
light bulb was out.
Yes, that's a true story.
Many times so it could be youfix nothing because maybe you're
elderly and you don't have anymoney and you're about to go
into assisted living.
Whatever the case, it doesn'tmatter.
There's no judgment on ourparts at all.
We give that inspection reportto the buyer's agent and they're
not under contract yet and wesay please take a look at this,
(52:42):
because the price of the hometook all these things into
account and should you decidenot to go ahead, that's not a
problem with us at all.
Sellers get really scared bythat.
How many sellers in myexperience because I do this
every time to call you whatpercentage of buyers do you
think would say, well, okay, no,we'll move on to the next one.
How many do you think thatwould be Give a, give, a
(53:03):
guesstimate.
How many?
How many do you think it wouldbe?
You know what, randy?
How many people?
So some of those buyers wouldget scared off by the inspection
report and they'd move on.
What percent?
Yeah?
we're wrapping up to Coyer, I'ma set.
Speaker 3 (53:16):
It's zero Maybe over all that time, absolutely, who's
afraid to do it?
Speaker 2 (53:22):
Yeah, absolute zero.
Nobody has ever said no.
I know it's hard to believe,but people trust you because you
put it right To Coyer Beals.
You're amazing.
Thank you for being on todayColumbia, south Carolina and
we'll see you next week on theradio Get.
Speaker 1 (53:34):
Rowena and post your questions at radioashvillecom or
call her at 828-210-1648.
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