Episode Transcript
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Speaker 2 (00:07):
Hello everyone and welcome to a new episode of Suit
Up With Bias.
My name is Angelo and I'll bethe host for today, and today I
have my co-host, chris Chris.
Chris, I haven't seen you sincelast year the first podcast has
been.
It's been that long the firstpodcast.
Can you remember what what wewere even talking about in that
first podcast has been?
It's been that long the firstpodcast.
Can you remember what what wewere even talking about in that
(00:28):
first podcast?
I don't remember at all.
Speaker 1 (00:31):
Most likely, it was probably introducing ourselves
and our team and all of thatright.
Speaker 2 (00:35):
Yeah, yeah, when we did it.
Speaker 1 (00:38):
I don't remember.
Speaker 2 (00:39):
Yeah, it was in our other place right there.
Speaker 1 (00:42):
Yeah.
Speaker 2 (00:42):
I remember that we had the TV on the top as well.
Speaker 1 (00:45):
Yeah, and then the couch.
Speaker 2 (00:47):
Yeah, we're talking about it Like it was so long ago
.
It was like not even that longago that we were there.
Speaker 1 (00:53):
Oh, to me it was very long.
Speaker 2 (00:55):
Yeah, To be honest with you, my perception of time
wonky after COVID.
I'm sure it's the same with you.
Speaker 1 (01:01):
Yeah, these, sure it's the same with you.
Speaker 2 (01:06):
yeah, these years especially these five years.
It flew like it was less thantwo months.
Yeah, it was crazy.
I know that you were in, Ithink, high school when covet
yeah, so I was in 12th grade.
Speaker 1 (01:14):
it was around march, yeah, around this time and cover
hit and we didn't really thinkthis, uh, my high school year
done, it was only two weeks.
Once those two weeks passed, Igraduated home, basically
through Zoom, through Zoom.
Speaker 2 (01:33):
How was that?
You just logged in and said, oh, I'm here, yeah.
Speaker 1 (01:38):
I logged in.
They didn't want me to show myface, but at that time no
barbershop was open, open,everything was closed.
So I was.
I looked like a caveman.
Speaker 2 (01:48):
I looked pretty bad.
Oh no, did you have the buzzcut?
Speaker 1 (01:53):
no, all right no, I didn't my heart.
My hair was pretty long yeah um.
You could see in I uh alex igpost in 2020 how I look like
yeah I was young look at that,you're still young.
Speaker 2 (02:06):
You're like, yeah, I'm 22, yeah, I'm 22 yeah, look
at that, you're young, I'malmost dead.
Oh my god, I'm about to be 30,on the 21st of may wow, yeah
almost there, almost to my 30s.
You know I'm gonna be what thepeople call an un unc.
Is that the appropriate term?
(02:26):
Yeah, unc.
Yeah, that that means anyone intheir 30s or above or around
there, I really don't know.
Because I remember hearing inone of the live streams um,
because I get recommendedsometimes live streams here and
there through either ig orwhatever, and my newsfeed is all
over the place.
Sometimes I see, like I saw,like this viral guy, kai Snet.
Speaker 1 (02:48):
Oh Kai.
Speaker 2 (02:49):
Yeah, and he was with Kyrie Irving and that's how I
got recommended it, becauseKyrie Irving was there and I
love basketball and they werecalling him Unk and he was like,
dude, I'm only like 30something and I'd say, yeah,
that's an unk and I'm like, okay, I guess unks are 30 plus.
I'm about to be an unk.
Yeah, oh, my goodness.
(03:10):
But yeah, that must've been acrazy time.
You just did like the Zoomthing and, wow, was there any
technical issues that you guyswere experiencing?
Speaker 1 (03:20):
Not really, so around COVID time we didn't have Zoom
classes at all.
At that time they didn't knowwhat to do because it was the
first time this ever happened,so they basically just sent us
homework or tasks to do.
And we have a due date to do it.
I'm the person that always dothe last.
Speaker 2 (03:40):
I get you Last second .
Just like you, I did the samething.
I used to wait for Last second.
Just like you, I did the samething.
I used to wait for the lastsecond.
I used to play video games allthe time and then I was like, oh
man, I got to get to myhomework now, let me do it.
I would finish it pretty fast,but it's just like it gets to
you when you're doing yourhomework at the last minute,
(04:02):
because sometimes it stressesyou out.
Speaker 1 (04:09):
You're like, oh, oh, I can't do this now.
Yeah, at that time I wasplaying a lot of video games.
Yeah, so like five, six in themorning, seven, wow, what were
you playing?
Called diddy.
Speaker 2 (04:15):
I was mostly playing gta, gta, surprisingly gta I
feel like a lot of people lovegta and they're always having
memes about it nowadays.
Speaker 1 (04:22):
Yeah, I was playing GTA for six, seven hours, wow,
or Call of Duty, but like I wasplaying zombies, that's the most
popular one I've heard.
Speaker 2 (04:34):
But yeah, that was an interesting time.
I think the biggest thing rightwith that was that the streets
were empty.
Speaker 1 (04:41):
Yeah, at that time I never went out in the streets,
maybe just to take my dog for awalk, but besides that I never
went out in COVID, maybe a yearafter COVID happened and I was
starting to go out.
Speaker 2 (04:57):
No, I catch you.
Speaker 1 (04:58):
Since COVID, everything is, you know, going
fast the days.
Speaker 2 (05:03):
Yeah, look, we're in march right now.
It's crazy, time flies so fast.
Yeah, just going back to covetagain, just an experience that I
had was my mom.
She has a vendor's license andso we had to go to manhattan, uh
, by wall street, and I rememberit was during covid, and we
literally were the only onesthere.
We've never seen it like that.
(05:24):
We literally walked in, we werethe only ones in the room.
We were like, is this even open?
And they were like, yeah, go tothe booth.
And we were like, oh, okay,we're here to renew the license.
Okay, bum, bum, bum, we're good.
And we were like, whoa, that'scrazy.
Did you take a picture in myhand?
No, I didn't take a picture,but I should have, right and a
(05:46):
video.
Speaker 1 (05:48):
Oh my gosh, yeah, you're never gonna see that.
Speaker 2 (05:50):
I couldn't believe especially in my head.
No, no one see today that neversleeps exactly, and at that
moment it was dead.
It felt like it just felt sounreal, like no one was walking.
No, was like maybe you'd seeone or two people like in the
distance, but when we went inthere, the only person we saw
(06:11):
was the security guard, and thenthe booth keepers or clerks and
whatnot, and it was just like,wow, I've been here a couple of
times to help her, but neverlike this, never like it's just
empty.
No one's here.
That was such a crazy thing.
In the comments, leave yourCOVID stories.
Yeah, I definitely want to hearthat.
(06:31):
Yeah, like, what were you sosurprised about?
Especially if you live in NewYork, right, because just seeing
that it's something out of likea movie, like an apocalyptic
movie, where something crazyhappened and there's no one on
the streets.
Speaker 1 (06:46):
Yeah, oh my goodness, I think we're never going to
see that again.
Speaker 2 (06:50):
No, we never know.
Speaker 1 (06:51):
But honestly, it was the first time experience that
there's literally no one outside.
Speaker 2 (06:56):
No one outside and so many different things had to
happen.
Like that's why the whole Zoomthing became popular, all of
those things.
It's kind of good because weadvanced.
You know, like people adoptedtechnology so much faster than
they would have if they didn'tgo through the COVID experience.
Yeah, cause like a lot of theold timers, they kind of I'm
(07:20):
saying all timers, but now I'mall kind of but you know, a lot
of the people that weren't techsavvy had to adapt and get
themselves to be a little bitmore tech savvy to use Zoom and
all of that.
And it was crazy.
I think the podcast like Idon't think we talked about it
when you were there, but Ialways like to talk about, like
the Yankees and the Knicks a lot.
I know that you love theYankees.
(07:41):
Oh man, I'm a Yankees fan.
Speaker 1 (07:44):
This year is starting very rough.
Yeah, the season hasn't evenstarted just yet and we already
have a list of injured players.
Yeah, Especially with Stanton.
Stanton is injured.
Cole injured for the whole year.
And now we're looking foroptions now for another starting
pitcher, Because right now itlooks shaky.
(08:07):
I don't know, Yankees, you gotto step up.
You're saying that you have nomoney and basically back in the
days we were like money talks.
Speaker 2 (08:16):
Yeah, loaded.
Speaker 1 (08:17):
We was loaded, and now, look what's happening.
Speaker 2 (08:20):
I mean you then signed Juan Soto, and where does
that money go?
Speaker 1 (08:25):
We did sign like four or five players with that money
, but it's not enough.
Still.
We still don't know who's goingto be our third base fan.
Speaker 2 (08:33):
You were hoping to get that kid from Japan, right?
Speaker 1 (08:36):
Oh, you're talking about Sasaki.
Yeah, sasaki.
Yeah, I wish he came to theYankees.
But they choose LA.
What do you think about LA?
They're the top dogs.
There's nothing else to say tothem.
Oh man, la, they're the topdogs and there's nothing else to
say to them.
Oh man, yeah, look how muchplays they have.
And it's all defer.
There's no, I wish the yankeesdo that.
Speaker 2 (08:56):
Deferred payments yeah, that's if the players
accept that right becausethey're not going to see that
money until like way later downthe line, like way, way down the
line I just want to know what.
Speaker 1 (09:06):
What is the dodge is going to do once at that time,
the deferred money they have toknow.
What is the Dodgers going to doonce at that time?
Speaker 2 (09:10):
to defer money.
They have to pay Once you getinto the middle section, when
the big payments are starting tocome in.
Who are they?
Speaker 1 (09:15):
going to sign at that time, because you look at the
payroll, it's pretty high, yeah,very high, especially.
Speaker 2 (09:22):
Ohtani, you know how many houses they'll be able to
to buy.
You might be helping them maybewho knows?
Yeah, juan soto, or any of thepeople in new york looking for a
home, we can help you with that.
Yeah, I don't think soto isdefer at all.
Oh no, no, that's right,they're not deferred.
But I'm just saying, like thesebig contracts and stuff, yeah
(09:44):
yeah, I remember talking aboutpeople like that superst,
superstars like that inbasketball.
I know that Alex saw MitchellRobinson at one of the gyms that
he goes to.
Speaker 1 (09:55):
Yeah, he sent us a picture in the group chat.
Yeah, we were both shocked.
Speaker 2 (09:59):
Yeah, we were like that's not Mitchell Robinson,
there's no way.
Speaker 1 (10:04):
But that was Mitchell Robinson.
He was getting ready for theplayoffs.
Speaker 2 (10:05):
Yeah, he was recovering from an injury.
I think, yes, yeah, but then hegot injured again In the
playoffs.
I don't remember?
I think so.
Speaker 1 (10:15):
But yeah.
Speaker 2 (10:15):
Knicks looking good, even though I think you said
that they might be losing to thetop teams.
Speaker 1 (10:20):
Yeah.
So with the Knicks they arelosing to KC, boston and
Cleveland Gotcha.
They have not won one game atall they have lost, I think,
eight games with those threeteams.
Yeah, so they got to step up.
In the playoffs you got to facegood, good teams, not trash
teams.
Speaker 2 (10:40):
Yeah, and I know that you know Thibodeau works his
players to the ground with thoseminutes that he puts up.
Know, I know those players hatehim as a coach probably don't
hate him, but they don't likethe amount of minutes that
they're being played, likesometimes, yeah, it's just too
much.
Some players love the fact thatthey get to start but not start
the whole game yeah, that's toomuch, 48 minutes.
Speaker 1 (11:04):
What if you have a back-to-back days?
Oh, yeah, forget about it.
Speaker 2 (11:09):
Yeah, I don't even know how you get to your car.
Your legs are probably going tobe blown out you definitely
maybe need a wheelchair, youknow no, yeah, but talking about
our real estate, because I knowthat we we haven't talked about
it just yet, but, um, what hasbeen happening on your end of
real estate, like, how have yourdeals been going?
Speaker 1 (11:29):
So it's going well, yeah, the market is tough.
Yeah, everything is sellingvery high.
Oh, even, even interest rate isgoing up and down right now,
but there's still people buying,right.
Speaker 2 (11:40):
Yeah.
Speaker 1 (11:41):
Especially in Yonkers .
Every, every house is sellingover 50 to 80,000 racks.
Speaker 2 (11:47):
Really.
Speaker 1 (11:47):
Yes.
Speaker 2 (11:48):
Yeah, and that's been my experience as well.
Have you submitted any offersabove that, like 50, 80?
Speaker 1 (11:54):
So we have submitted higher offers than the action
price Right, even not gettingaccepted, over like 50, 70,000.
That's crazy.
Speaker 2 (12:03):
And they're not being accepted still.
Speaker 1 (12:05):
No, that's insane.
Speaker 2 (12:08):
The market right now is extremely high.
What do you think is not havingthem accepted?
Is it because you think it'sbecause your offer is not all
cash?
Maybe not the highest downpayment?
Speaker 1 (12:19):
So in this market, cash is king.
Yeah, right, cash will be anyoffers because it's guaranteed.
Any closing Right.
Also, it could be down paymentthe higher down payment you're
putting Right.
Also, it could be down payment.
The higher down payment you'reputting, the stronger your term
is, and also other factors ofterms regarding what to offer.
Speaker 2 (12:38):
Yeah, like the contingencies.
Speaker 1 (12:40):
Yes, with appraiser or inspection.
Speaker 2 (12:43):
Yeah, no, I get you.
Like you said, cash is king.
I think that's a commonsentiment among.
Like any time, cash willusually beat a financing offer
if it's like close by.
Speaker 1 (12:56):
Yeah, if it's close to the offer.
If it's global, then no, you'renot going to get accepted.
Speaker 2 (13:01):
But if it's close by.
The thing about cash is thatyou close so fast with cash, you
don't need a bank.
So that whole process of tryingto fulfill the requirements and
all of that stuff you throwthat aside and say, no, I'm
buying it all cash.
Speaker 1 (13:15):
All cash.
Speaker 2 (13:16):
Yeah, and sometimes when you're buying it all cash
and you're good at the pricethat you want, you don't even
put appraisal contingency.
You just go like, no, why do Ineed appraisal, I'll buy it at
that.
Speaker 1 (13:26):
The way it is.
Speaker 2 (13:27):
Yeah, because I have the cash.
I can just buy it straight uplike that, and that's so
appealing because then you don'thave to order an appraisal.
It saves you money too.
Yeah, because you don't have todo the appraisal, you don't
have to do all that, and if youhave cash, then you're good to
go and you don't have to worryabout interest rates.
Speaker 1 (13:44):
I don't, it's just title fees.
Speaker 2 (13:46):
Exactly.
That's like a godsend, becauseyou're buying all cash, no
matter what the market is.
You're all good, you're good.
Speaker 1 (13:55):
Yeah.
So, how is your fires looking?
Speaker 2 (13:58):
My fires are looking probably the same as yours,
right, very competitive.
I've been trying to help aclient out recently because
they're selling their propertyand it's getting close to their
closing date, okay, and so weneed to be able to find them
something.
We've been searching all aroundsubmitting offers.
However, their condition is alittle bit unique in the sense
(14:21):
that they're looking for co-ops,and you know how co-ops are.
Speaker 1 (14:25):
Oh man, co-ops can be a tough transaction.
Speaker 2 (14:27):
Yeah, can you explain to the audience why?
Speaker 1 (14:30):
Yeah.
So the reason requirements isvery strict, especially their
debt to income.
This credit score bankstatements.
That was asked what else they'dbe asking for?
Co-ops.
Speaker 2 (14:42):
Sometimes they're asking for like six months in
savings for like the monthlymaintenance and all of that,
because when you're, when youget approved by co-ops, the most
important thing that they'relooking for is that you're
financially sound because you'regonna have to pay the hoa fee.
They don't want you being lateon your hoa fee and then they
have to pay it out of pocket onthe maintenance and all of that
(15:03):
yeah, even, even if you'repaying cash yeah you still got
to listen to what the boards aresaying with the requirements.
Speaker 1 (15:12):
So, even with cash, they still care about their
credit score, their income.
Speaker 2 (15:17):
A lot of people don't understand that.
They go like look, I wantsomething affordable, I have the
cash, I'm going to go for aco-op and that should be it.
It doesn't work like that.
It does not work like that.
I wish it worked like thatright.
Speaker 1 (15:29):
Unless the board allows it or another option, but
most cases they don't.
How would the board allow it?
The only way to purchase aco-op in cash with no
requirements is a sponsored unit, sponsored unit.
So with sponsored units, it'susually very rare to have a
sponsored unit, rare to have asponsor unit.
(15:52):
And if they do have a sponsorunit.
Just know it's a it's a littleover a market value.
Yeah, just because there's morepeople could afford exactly,
especially with theirrequirements and the requests
because we're sponsoring unitsthey don't require at all right
like requirements.
Speaker 2 (16:05):
It's almost like a condo sale.
You just basically go, yeah,like straight and purchasing it,
and that's what we actually had.
You just basically go, yeah,like straight and purchasing it,
and that's what we actually hadto do with this one.
Like we were looking atproperties, but sometimes, you
know, credit score came outmixed and so we were having
trouble in some of them okay sowe gave them the option like,
hey, we know there are beautifuloptions out there, but they do
(16:26):
require board approval.
And it's looking at, the creditscores are getting mixed signals
here and they have a creditscore requirement and all that.
Everything else checked out.
But in order to make lifeeasier, we just recommended them
a sponsored unit and when wefound one on that day we
scheduled the showing we went tosee it the client fell in love
(16:47):
with it.
We told them we're gonna, we'regonna do everything possible to
get this today, today, and I kidyou not, we told the um the
agent, give us the application.
Oh, another thing they hadn'taccepted offer already, but we
told them like we were coming inwith all cash.
So, like you know, yeah, we weretrying to squeeze ourselves and
trying to make it happen, nomatter what, because that's what
(17:09):
we do.
Yeah, we trying to squeezeourselves in, trying to make it
happen, no matter what, becausethat's what we do.
Yeah, we try to squeezeourselves in, try to do
everything possible for ourclients.
We went in there same dayshowing, saw interest, called
the agent to let them know thatwe're submitting an offer right
then and there Give us anythingthat they needed for documents,
could you not?
They had, like their ownapplication.
It was weird because, eventhough it's a sponsored unit,
(17:31):
they required you to submit anapplication for their own
company, which is kind of weird.
But we said you know what?
We just want to give us theapplication that you have on
hand for the sponsored unit,which was a little bit weird.
The client that I had he's notthe most tech savvy person, so
we had to submit the offer there.
I went to his house.
We searched for all thedocuments that they needed,
scanned every single one, madesure, looked at it twice and so
(17:58):
forth, made sure that everythingwas there, completed the
application all on the same time, submitted that After
submitting it, immediatelycalled the agent until he picked
up and told him hey, wesubmitted everything.
Did you receive it?
And he said, yes, I received it.
I said, okay, do we have anaccepted offer?
And he said let me get back toyou.
He didn't respond for a coupleof days no, not days for a
couple minutes and stuff.
We got back to him in like anhour or so and we told him hey,
(18:20):
do we have an accepted offer?
We kept going at it becausewe're aggressive.
And right then, and there wefollowed up with him
aggressively and he said you'regoing to accept an offer, happy.
But then in there we were like,okay, we got to get those
(18:41):
contracts ready.
Next day we got the contractsready, sign them.
Speaker 1 (18:46):
And now they're at the pending stage yeah.
Just know that a co-op and acondo they're not the same,
they're not the same.
Co-op, you have shares.
Now with condo, you haveownerships.
Speaker 2 (18:57):
Correct In co-ops, just think about like the stock
market you have shares of thecompany, so that's kind of like
the difference there.
Speaker 1 (19:05):
Similar to it.
Speaker 2 (19:06):
Yeah, but yeah, condos, it's a more
straightforward process but theycost more.
Now, if you go with a sponsoredunit on a co-op, it's almost
like a condo but for a littlebit less of a price, correct?
But yeah, that's basically whathappened in that one and yeah,
that's how you got to make ithappen.
Sometimes your agent will tellyou yo, in New York, nothing is
(19:29):
accepted until you signcontracts.
Until you sign contracts,someone can come in.
Anything can happen.
Yeah, because that's what wedid to another person.
There was an accepted offer onthat home, whoever that person
was that didn't sign contracts,yet we beat them to it and we
yeah, they're pretty upset yeah,it's first come, first serve if
(19:50):
your client is not actingaggressively.
I know you act incrediblyaggressively.
Sometimes agents get mad at you, but it is what it is.
You have to do what you have todo with your clients
aggressively, I know you, youact incredibly aggressively.
Speaker 1 (19:56):
Sometimes agents get mad at you, but it is what it is
you have to do, what you haveto do with your clients yeah
right, and the number one thingwe always do is be very
aggressive a little bit tooaggressive sometimes a little
too aggressive yeah, we have tokeep that in in check sometimes
because we don't want to burnall her no with the agent?
No, not at all yeah.
Speaker 2 (20:17):
And sometimes it'll be the opposite the other agents
will be aggressive with us.
Speaker 1 (20:21):
Yeah, and then yeah, you're a fan of that.
We love that, yeah.
Speaker 2 (20:26):
We love that to a certain extent.
Sometimes it gets crazy, but weknow where they're coming from
and we respect that.
We respect that other agentsare aggressive.
But if you're being aggressiveand then we pick up a thing that
we need your attention from, weexpect you guys to be on the
same page as well, to respond tous as well, because it's a give
and take.
I think in that sense that'swhat happened in that one.
(20:48):
It just goes to show you if youwant to get something in this
market, you have to be soaggressive and you cannot be
putting offers that are justlike oh, let's hope it gets
accepted.
Speaker 1 (20:58):
No, you got to put in competitive offers that, if you
like that home you gotta go forit yeah, you gotta go for it
full throttle like you knowwhere you are comfortable
submitting yeah, we don't wantto push your limits right,
that's the number one, numberone thing we always do live.
You love the house and you callfor it and you're comfortable
with it.
We should submit it.
(21:19):
You're not comfortable with it?
We will not push your limit, wejust submit what you're
comfortable with.
But in this market definitelywe got to go very strong with
offers.
We see offers do get accepted.
Speaker 2 (21:34):
Exactly yeah, you have to the offer.
Do a good accepting Exactlyyeah, you have to.
And even though you submitsometimes a very high offer, we
always protect clients, likeappraisal contingencies.
Speaker 1 (21:44):
On inspection as well .
Speaker 2 (21:45):
Yeah, inspections, there's ways to kind of make
sure that you're always going toget protected.
Your agent should always goover those with you because
sometimes, like you're trying towin against other competitors
in the market and sometimes youhave to go crazy over asking, in
your case, to a reasonreasonable amount yeah you have
to put contingencies in thereand you have to make sure that
(22:08):
the that you guys are aware ofhow we're approaching the
situation, because you want toget your foot in the door right
yeah and that's where you submitthese crazy over asking
sometimes even unrealisticprices.
But that's why you put thosecontingencies appraisal,
inspection, to make sure.
Hey, if anything comes up, wecan probably negotiate some.
(22:28):
Maybe it might not be that much, or maybe it will, who knows
until you get in there.
But you just want to have yourfoot in the door.
Speaker 1 (22:35):
Yeah, and just know like every home is not perfect.
Speaker 2 (22:39):
Yeah.
Speaker 1 (22:39):
Always going to be like one or two issues.
Speaker 2 (22:41):
Yeah, you're going to have to compromise.
Speaker 1 (22:43):
Yeah, what's wrong with the home?
Right, yeah, and from there wedo negotiate credit.
Or the second option is to makethe sellers to fix the issues,
but that should be the lastoption.
We always recommend our clientsjust because sometimes the
(23:04):
sellers will go on a cheap route.
Yes, it will backfire.
We didn't have a lot ofexperience bad experience about
it, and when we did have thistype of experience, we had to
ask or negotiate more credityeah, and it costs the seller
even more and it costs more time.
Speaker 2 (23:19):
And the thing is that you only have so much time in a
deal because sometimes you lockin a rate and you're under
pressure to close on a certaindate.
The seller hasn't fixed theproblem, and now, if you don't
close by a certain date and youhave your rate locked in for
your mortgage this is like forfinancing Then what ends up
happening is that you're goingto be at the mercy of the rate
(23:42):
lock expiring and you're goingto have to pay extra every day
that goes by after the rateexpires.
Speaker 1 (23:48):
If that's the best rate.
If it's not, then it's best tolet it expire and renew the new
rate, but that's mostly on themortgage side.
Speaker 2 (23:55):
Yeah, on the new break, but that's mostly on the
mortgage side, yeah, on themortgage side, but it's like
little things to kind of keep inmind as well.
So yeah, like you said, chris,a lot of the time we've learned
that if the seller is fixing it,they just want to get it over
with.
They're not going to pay fullattention, they're just going to
try to patch it up as cheaplyas possible.
Speaker 1 (24:12):
Oh man, you've had some stories, a lot of bad
experience with that yeah,especially when it's investors.
Speaker 2 (24:19):
Oh my god, yeah, when you see a new house on the
market that's like fullyrenovated and stuff, you
probably think there's aninvestor involved in here yes,
most cases it is right, andthat's where an inspector really
comes in handy, because they'regoing to show you, like what's
what actually happened in thathome, if it's actually like
fully renovated, everything isup to par, or there's like they
(24:42):
did some cheap stuff.
Speaker 1 (24:43):
Cheap stuff Coming corners.
They like to hide a lot ofthings, yeah.
Speaker 2 (24:47):
Like maybe the pipes are not the best, like they're
hiding every little thing, yeah.
Speaker 1 (24:52):
Rusty, or maybe there's a leak.
Speaker 2 (24:55):
Exactly what has thing yeah, rusty or maybe
there's a leak exactly what hasbeen like the most common issue
that you've seen with investorhomes, like people who have like
flipped homes and stuff.
Speaker 1 (25:02):
Uh, sometimes they do like the flooring cheaply like
it's not even oh, it's not.
Level, it's not yeah what else,uh, sometimes they leave the
old boiler the way it is.
Uh, yeah, it's not a good thing.
Or the roof?
Speaker 2 (25:17):
the roof as well it could be oh yeah, I've almost
never seen an investor repairthe roof like they buy it and
they leave that thing as this isyeah, or around the home, the
siding or the foundation.
Speaker 1 (25:29):
They just leave it like that.
Yeah, I'm not.
Uh, sometimes I'm not a fanlooking at a fake shoppers
because they like to hide a lotof things they do.
Speaker 2 (25:39):
That's why it's best to always do an inspection
absolutely the best homes arethe ones that they look good and
people were living there andthey're just selling it because
they take care of the home theylive there.
Yeah, like family-owned homesand flood homes where you see no
one.
It all looks so brand new.
It's just like sometimesthey're hiding things.
(26:01):
The investors.
Sometimes they don't yeah,sometimes it's a good investor.
Speaker 1 (26:05):
It's a good investor.
Speaker 2 (26:05):
And they did all of their things and they're selling
it at a good premium and stuff.
Speaker 1 (26:09):
That happens.
Yeah, just in case you know.
Always do an inspection, neverwaive that.
Speaker 2 (26:17):
Yeah, I would say like 70 percent.
At the time when it's a flip,there's probably going to be a
few things that might be yeah,out here and there from there we
do negotiate for credit.
Speaker 1 (26:28):
Most of the cases they're going to be open to it.
They will understand that wehave proof exactly.
Speaker 2 (26:34):
And uh, sometimes we've seen some investors uh,
what do you call it?
I priced them correctly notsorry price overprice them and
sometimes like they might notknow that, um, it's a single
family or multi-family.
Yeah, we've seen cases likethat.
You recently submitted an offerwhere they thought it was like
(26:56):
a two family and it was actuallya single family and then the
investor was kind of like, youknow, trying to steer it towards
like a two family, like kind ofdeceptively a little bit.
Speaker 1 (27:06):
Yeah, yeah, that's why you gotta do your homework
as well, with title andeverything yeah, definitely hire
an attorney and we'lldefinitely reveal the full title
, because if they don't readcorrectly, and once you close a
home and God forbid, there'sopen permits or yeah.
Speaker 2 (27:24):
That's what happened with one of our listings.
The owner bought the propertywith someone else a couple of
years ago.
Speaker 1 (27:31):
Yeah, and they never disclosed this at all to our
client.
Now we are closing the permits.
Speaker 2 (27:36):
We're helping them, we're assisting them.
Speaker 1 (27:39):
But we're not a fan of you know, especially an
attorney not reviewing it withthem.
They're supposed to check thefull title report and see if
it's clear.
Speaker 2 (27:49):
Yeah, and in this case it wasn't.
But yeah, that's some of ourstories there.
Do you have anything that youwant to say to the audience?
Speaker 1 (27:57):
no, no not today maybe some other time, another
day, another day.
Speaker 2 (28:01):
Yeah, I mean if you want to buy or sell your homes,
chris one of the best?
Yeah, absolutely.
But yeah, we're running out oftime here, so we're gonna leave
it there, guys, and if you haveany comments or questions for us
, please leave them in thecomments below and we'll see you
next time.
Bye, guys, bye, bye guys.
Hello everyone and welcome to a new episode of Suit
Up With Bias.
My name is Angelo and I'll bethe host for today, and today I
have my co-host, chris Chris.
Chris, I haven't seen you sincelast year the first podcast has
been.
It's been that long the firstpodcast.
Can you remember what what wewere even talking about in that
first podcast has been?
It's been that long the firstpodcast.
Can you remember what what wewere even talking about in that
(00:28):
first podcast?
I don't remember at all.
Speaker 1 (00:31):
Most likely, it was probably introducing ourselves
and our team and all of thatright.
Speaker 2 (00:35):
Yeah, yeah, when we did it.
Speaker 1 (00:38):
I don't remember.
Speaker 2 (00:39):
Yeah, it was in our other place right there.
Speaker 1 (00:42):
Yeah.
Speaker 2 (00:42):
I remember that we had the TV on the top as well.
Speaker 1 (00:45):
Yeah, and then the couch.
Speaker 2 (00:47):
Yeah, we're talking about it Like it was so long ago
.
It was like not even that longago that we were there.
Speaker 1 (00:53):
Oh, to me it was very long.
Speaker 2 (00:55):
Yeah, To be honest with you, my perception of time
wonky after COVID.
I'm sure it's the same with you.
Speaker 1 (01:01):
Yeah, these, sure it's the same with you.
Speaker 2 (01:06):
yeah, these years especially these five years.
It flew like it was less thantwo months.
Yeah, it was crazy.
I know that you were in, Ithink, high school when covet
yeah, so I was in 12th grade.
Speaker 1 (01:14):
it was around march, yeah, around this time and cover
hit and we didn't really thinkthis, uh, my high school year
done, it was only two weeks.
Once those two weeks passed, Igraduated home, basically
through Zoom, through Zoom.
Speaker 2 (01:33):
How was that?
You just logged in and said, oh, I'm here, yeah.
Speaker 1 (01:38):
I logged in.
They didn't want me to show myface, but at that time no
barbershop was open, open,everything was closed.
So I was.
I looked like a caveman.
Speaker 2 (01:48):
I looked pretty bad.
Oh no, did you have the buzzcut?
Speaker 1 (01:53):
no, all right no, I didn't my heart.
My hair was pretty long yeah um.
You could see in I uh alex igpost in 2020 how I look like
yeah I was young look at that,you're still young.
Speaker 2 (02:06):
You're like, yeah, I'm 22, yeah, I'm 22 yeah, look
at that, you're young, I'malmost dead.
Oh my god, I'm about to be 30,on the 21st of may wow, yeah
almost there, almost to my 30s.
You know I'm gonna be what thepeople call an un unc.
Is that the appropriate term?
(02:26):
Yeah, unc.
Yeah, that that means anyone intheir 30s or above or around
there, I really don't know.
Because I remember hearing inone of the live streams um,
because I get recommendedsometimes live streams here and
there through either ig orwhatever, and my newsfeed is all
over the place.
Sometimes I see, like I saw,like this viral guy, kai Snet.
Speaker 1 (02:48):
Oh Kai.
Speaker 2 (02:49):
Yeah, and he was with Kyrie Irving and that's how I
got recommended it, becauseKyrie Irving was there and I
love basketball and they werecalling him Unk and he was like,
dude, I'm only like 30something and I'd say, yeah,
that's an unk and I'm like, okay, I guess unks are 30 plus.
I'm about to be an unk.
Yeah, oh, my goodness.
(03:10):
But yeah, that must've been acrazy time.
You just did like the Zoomthing and, wow, was there any
technical issues that you guyswere experiencing?
Speaker 1 (03:20):
Not really, so around COVID time we didn't have Zoom
classes at all.
At that time they didn't knowwhat to do because it was the
first time this ever happened,so they basically just sent us
homework or tasks to do.
And we have a due date to do it.
I'm the person that always dothe last.
Speaker 2 (03:40):
I get you Last second .
Just like you, I did the samething.
I used to wait for Last second.
Just like you, I did the samething.
I used to wait for the lastsecond.
I used to play video games allthe time and then I was like, oh
man, I got to get to myhomework now, let me do it.
I would finish it pretty fast,but it's just like it gets to
you when you're doing yourhomework at the last minute,
(04:02):
because sometimes it stressesyou out.
Speaker 1 (04:09):
You're like, oh, oh, I can't do this now.
Yeah, at that time I wasplaying a lot of video games.
Yeah, so like five, six in themorning, seven, wow, what were
you playing?
Called diddy.
Speaker 2 (04:15):
I was mostly playing gta, gta, surprisingly gta I
feel like a lot of people lovegta and they're always having
memes about it nowadays.
Speaker 1 (04:22):
Yeah, I was playing GTA for six, seven hours, wow,
or Call of Duty, but like I wasplaying zombies, that's the most
popular one I've heard.
Speaker 2 (04:34):
But yeah, that was an interesting time.
I think the biggest thing rightwith that was that the streets
were empty.
Speaker 1 (04:41):
Yeah, at that time I never went out in the streets,
maybe just to take my dog for awalk, but besides that I never
went out in COVID, maybe a yearafter COVID happened and I was
starting to go out.
Speaker 2 (04:57):
No, I catch you.
Speaker 1 (04:58):
Since COVID, everything is, you know, going
fast the days.
Speaker 2 (05:03):
Yeah, look, we're in march right now.
It's crazy, time flies so fast.
Yeah, just going back to covetagain, just an experience that I
had was my mom.
She has a vendor's license andso we had to go to manhattan, uh
, by wall street, and I rememberit was during covid, and we
literally were the only onesthere.
We've never seen it like that.
(05:24):
We literally walked in, we werethe only ones in the room.
We were like, is this even open?
And they were like, yeah, go tothe booth.
And we were like, oh, okay,we're here to renew the license.
Okay, bum, bum, bum, we're good.
And we were like, whoa, that'scrazy.
Did you take a picture in myhand?
No, I didn't take a picture,but I should have, right and a
(05:46):
video.
Speaker 1 (05:48):
Oh my gosh, yeah, you're never gonna see that.
Speaker 2 (05:50):
I couldn't believe especially in my head.
No, no one see today that neversleeps exactly, and at that
moment it was dead.
It felt like it just felt sounreal, like no one was walking.
No, was like maybe you'd seeone or two people like in the
distance, but when we went inthere, the only person we saw
(06:11):
was the security guard, and thenthe booth keepers or clerks and
whatnot, and it was just like,wow, I've been here a couple of
times to help her, but neverlike this, never like it's just
empty.
No one's here.
That was such a crazy thing.
In the comments, leave yourCOVID stories.
Yeah, I definitely want to hearthat.
(06:31):
Yeah, like, what were you sosurprised about?
Especially if you live in NewYork, right, because just seeing
that it's something out of likea movie, like an apocalyptic
movie, where something crazyhappened and there's no one on
the streets.
Speaker 1 (06:46):
Yeah, oh my goodness, I think we're never going to
see that again.
Speaker 2 (06:50):
No, we never know.
Speaker 1 (06:51):
But honestly, it was the first time experience that
there's literally no one outside.
Speaker 2 (06:56):
No one outside and so many different things had to
happen.
Like that's why the whole Zoomthing became popular, all of
those things.
It's kind of good because weadvanced.
You know, like people adoptedtechnology so much faster than
they would have if they didn'tgo through the COVID experience.
Yeah, cause like a lot of theold timers, they kind of I'm
(07:20):
saying all timers, but now I'mall kind of but you know, a lot
of the people that weren't techsavvy had to adapt and get
themselves to be a little bitmore tech savvy to use Zoom and
all of that.
And it was crazy.
I think the podcast like Idon't think we talked about it
when you were there, but Ialways like to talk about, like
the Yankees and the Knicks a lot.
I know that you love theYankees.
(07:41):
Oh man, I'm a Yankees fan.
Speaker 1 (07:44):
This year is starting very rough.
Yeah, the season hasn't evenstarted just yet and we already
have a list of injured players.
Yeah, Especially with Stanton.
Stanton is injured.
Cole injured for the whole year.
And now we're looking foroptions now for another starting
pitcher, Because right now itlooks shaky.
(08:07):
I don't know, Yankees, you gotto step up.
You're saying that you have nomoney and basically back in the
days we were like money talks.
Speaker 2 (08:16):
Yeah, loaded.
Speaker 1 (08:17):
We was loaded, and now, look what's happening.
Speaker 2 (08:20):
I mean you then signed Juan Soto, and where does
that money go?
Speaker 1 (08:25):
We did sign like four or five players with that money
, but it's not enough.
Still.
We still don't know who's goingto be our third base fan.
Speaker 2 (08:33):
You were hoping to get that kid from Japan, right?
Speaker 1 (08:36):
Oh, you're talking about Sasaki.
Yeah, sasaki.
Yeah, I wish he came to theYankees.
But they choose LA.
What do you think about LA?
They're the top dogs.
There's nothing else to say tothem.
Oh man, la, they're the topdogs and there's nothing else to
say to them.
Oh man, yeah, look how muchplays they have.
And it's all defer.
There's no, I wish the yankeesdo that.
Speaker 2 (08:56):
Deferred payments yeah, that's if the players
accept that right becausethey're not going to see that
money until like way later downthe line, like way, way down the
line I just want to know what.
Speaker 1 (09:06):
What is the dodge is going to do once at that time,
the deferred money they have toknow.
What is the Dodgers going to doonce at that time?
Speaker 2 (09:10):
to defer money.
They have to pay Once you getinto the middle section, when
the big payments are starting tocome in.
Who are they?
Speaker 1 (09:15):
going to sign at that time, because you look at the
payroll, it's pretty high, yeah,very high, especially.
Speaker 2 (09:22):
Ohtani, you know how many houses they'll be able to
to buy.
You might be helping them maybewho knows?
Yeah, juan soto, or any of thepeople in new york looking for a
home, we can help you with that.
Yeah, I don't think soto isdefer at all.
Oh no, no, that's right,they're not deferred.
But I'm just saying, like thesebig contracts and stuff, yeah
(09:44):
yeah, I remember talking aboutpeople like that superst,
superstars like that inbasketball.
I know that Alex saw MitchellRobinson at one of the gyms that
he goes to.
Speaker 1 (09:55):
Yeah, he sent us a picture in the group chat.
Yeah, we were both shocked.
Speaker 2 (09:59):
Yeah, we were like that's not Mitchell Robinson,
there's no way.
Speaker 1 (10:04):
But that was Mitchell Robinson.
He was getting ready for theplayoffs.
Speaker 2 (10:05):
Yeah, he was recovering from an injury.
I think, yes, yeah, but then hegot injured again In the
playoffs.
I don't remember?
I think so.
Speaker 1 (10:15):
But yeah.
Speaker 2 (10:15):
Knicks looking good, even though I think you said
that they might be losing to thetop teams.
Speaker 1 (10:20):
Yeah.
So with the Knicks they arelosing to KC, boston and
Cleveland Gotcha.
They have not won one game atall they have lost, I think,
eight games with those threeteams.
Yeah, so they got to step up.
In the playoffs you got to facegood, good teams, not trash
teams.
Speaker 2 (10:40):
Yeah, and I know that you know Thibodeau works his
players to the ground with thoseminutes that he puts up.
Know, I know those players hatehim as a coach probably don't
hate him, but they don't likethe amount of minutes that
they're being played, likesometimes, yeah, it's just too
much.
Some players love the fact thatthey get to start but not start
the whole game yeah, that's toomuch, 48 minutes.
Speaker 1 (11:04):
What if you have a back-to-back days?
Oh, yeah, forget about it.
Speaker 2 (11:09):
Yeah, I don't even know how you get to your car.
Your legs are probably going tobe blown out you definitely
maybe need a wheelchair, youknow no, yeah, but talking about
our real estate, because I knowthat we we haven't talked about
it just yet, but, um, what hasbeen happening on your end of
real estate, like, how have yourdeals been going?
Speaker 1 (11:29):
So it's going well, yeah, the market is tough.
Yeah, everything is sellingvery high.
Oh, even, even interest rate isgoing up and down right now,
but there's still people buying,right.
Speaker 2 (11:40):
Yeah.
Speaker 1 (11:41):
Especially in Yonkers .
Every, every house is sellingover 50 to 80,000 racks.
Speaker 2 (11:47):
Really.
Speaker 1 (11:47):
Yes.
Speaker 2 (11:48):
Yeah, and that's been my experience as well.
Have you submitted any offersabove that, like 50, 80?
Speaker 1 (11:54):
So we have submitted higher offers than the action
price Right, even not gettingaccepted, over like 50, 70,000.
That's crazy.
Speaker 2 (12:03):
And they're not being accepted still.
Speaker 1 (12:05):
No, that's insane.
Speaker 2 (12:08):
The market right now is extremely high.
What do you think is not havingthem accepted?
Is it because you think it'sbecause your offer is not all
cash?
Maybe not the highest downpayment?
Speaker 1 (12:19):
So in this market, cash is king.
Yeah, right, cash will be anyoffers because it's guaranteed.
Any closing Right.
Also, it could be down paymentthe higher down payment you're
putting Right.
Also, it could be down payment.
The higher down payment you'reputting, the stronger your term
is, and also other factors ofterms regarding what to offer.
Speaker 2 (12:38):
Yeah, like the contingencies.
Speaker 1 (12:40):
Yes, with appraiser or inspection.
Speaker 2 (12:43):
Yeah, no, I get you.
Like you said, cash is king.
I think that's a commonsentiment among.
Like any time, cash willusually beat a financing offer
if it's like close by.
Speaker 1 (12:56):
Yeah, if it's close to the offer.
If it's global, then no, you'renot going to get accepted.
Speaker 2 (13:01):
But if it's close by.
The thing about cash is thatyou close so fast with cash, you
don't need a bank.
So that whole process of tryingto fulfill the requirements and
all of that stuff you throwthat aside and say, no, I'm
buying it all cash.
Speaker 1 (13:15):
All cash.
Speaker 2 (13:16):
Yeah, and sometimes when you're buying it all cash
and you're good at the pricethat you want, you don't even
put appraisal contingency.
You just go like, no, why do Ineed appraisal, I'll buy it at
that.
Speaker 1 (13:26):
The way it is.
Speaker 2 (13:27):
Yeah, because I have the cash.
I can just buy it straight uplike that, and that's so
appealing because then you don'thave to order an appraisal.
It saves you money too.
Yeah, because you don't have todo the appraisal, you don't
have to do all that, and if youhave cash, then you're good to
go and you don't have to worryabout interest rates.
Speaker 1 (13:44):
I don't, it's just title fees.
Speaker 2 (13:46):
Exactly.
That's like a godsend, becauseyou're buying all cash, no
matter what the market is.
You're all good, you're good.
Speaker 1 (13:55):
Yeah.
So, how is your fires looking?
Speaker 2 (13:58):
My fires are looking probably the same as yours,
right, very competitive.
I've been trying to help aclient out recently because
they're selling their propertyand it's getting close to their
closing date, okay, and so weneed to be able to find them
something.
We've been searching all aroundsubmitting offers.
However, their condition is alittle bit unique in the sense
(14:21):
that they're looking for co-ops,and you know how co-ops are.
Speaker 1 (14:25):
Oh man, co-ops can be a tough transaction.
Speaker 2 (14:27):
Yeah, can you explain to the audience why?
Speaker 1 (14:30):
Yeah.
So the reason requirements isvery strict, especially their
debt to income.
This credit score bankstatements.
That was asked what else they'dbe asking for?
Co-ops.
Speaker 2 (14:42):
Sometimes they're asking for like six months in
savings for like the monthlymaintenance and all of that,
because when you're, when youget approved by co-ops, the most
important thing that they'relooking for is that you're
financially sound because you'regonna have to pay the hoa fee.
They don't want you being lateon your hoa fee and then they
have to pay it out of pocket onthe maintenance and all of that
(15:03):
yeah, even, even if you'repaying cash yeah you still got
to listen to what the boards aresaying with the requirements.
Speaker 1 (15:12):
So, even with cash, they still care about their
credit score, their income.
Speaker 2 (15:17):
A lot of people don't understand that.
They go like look, I wantsomething affordable, I have the
cash, I'm going to go for aco-op and that should be it.
It doesn't work like that.
It does not work like that.
I wish it worked like thatright.
Speaker 1 (15:29):
Unless the board allows it or another option, but
most cases they don't.
How would the board allow it?
The only way to purchase aco-op in cash with no
requirements is a sponsored unit, sponsored unit.
So with sponsored units, it'susually very rare to have a
sponsored unit, rare to have asponsor unit.
(15:52):
And if they do have a sponsorunit.
Just know it's a it's a littleover a market value.
Yeah, just because there's morepeople could afford exactly,
especially with theirrequirements and the requests
because we're sponsoring unitsthey don't require at all right
like requirements.
Speaker 2 (16:05):
It's almost like a condo sale.
You just basically go, yeah,like straight and purchasing it,
and that's what we actually had.
You just basically go, yeah,like straight and purchasing it,
and that's what we actually hadto do with this one.
Like we were looking atproperties, but sometimes, you
know, credit score came outmixed and so we were having
trouble in some of them okay sowe gave them the option like,
hey, we know there are beautifuloptions out there, but they do
(16:26):
require board approval.
And it's looking at, the creditscores are getting mixed signals
here and they have a creditscore requirement and all that.
Everything else checked out.
But in order to make lifeeasier, we just recommended them
a sponsored unit and when wefound one on that day we
scheduled the showing we went tosee it the client fell in love
(16:47):
with it.
We told them we're gonna, we'regonna do everything possible to
get this today, today, and I kidyou not, we told the um the
agent, give us the application.
Oh, another thing they hadn'taccepted offer already, but we
told them like we were coming inwith all cash.
So, like you know, yeah, we weretrying to squeeze ourselves and
trying to make it happen, nomatter what, because that's what
(17:09):
we do.
Yeah, we trying to squeezeourselves in, trying to make it
happen, no matter what, becausethat's what we do.
Yeah, we try to squeezeourselves in, try to do
everything possible for ourclients.
We went in there same dayshowing, saw interest, called
the agent to let them know thatwe're submitting an offer right
then and there Give us anythingthat they needed for documents,
could you not?
They had, like their ownapplication.
It was weird because, eventhough it's a sponsored unit,
(17:31):
they required you to submit anapplication for their own
company, which is kind of weird.
But we said you know what?
We just want to give us theapplication that you have on
hand for the sponsored unit,which was a little bit weird.
The client that I had he's notthe most tech savvy person, so
we had to submit the offer there.
I went to his house.
We searched for all thedocuments that they needed,
scanned every single one, madesure, looked at it twice and so
(17:58):
forth, made sure that everythingwas there, completed the
application all on the same time, submitted that After
submitting it, immediatelycalled the agent until he picked
up and told him hey, wesubmitted everything.
Did you receive it?
And he said, yes, I received it.
I said, okay, do we have anaccepted offer?
And he said let me get back toyou.
He didn't respond for a coupleof days no, not days for a
couple minutes and stuff.
We got back to him in like anhour or so and we told him hey,
(18:20):
do we have an accepted offer?
We kept going at it becausewe're aggressive.
And right then, and there wefollowed up with him
aggressively and he said you'regoing to accept an offer, happy.
But then in there we were like,okay, we got to get those
(18:41):
contracts ready.
Next day we got the contractsready, sign them.
Speaker 1 (18:46):
And now they're at the pending stage yeah.
Just know that a co-op and acondo they're not the same,
they're not the same.
Co-op, you have shares.
Now with condo, you haveownerships.
Speaker 2 (18:57):
Correct In co-ops, just think about like the stock
market you have shares of thecompany, so that's kind of like
the difference there.
Speaker 1 (19:05):
Similar to it.
Speaker 2 (19:06):
Yeah, but yeah, condos, it's a more
straightforward process but theycost more.
Now, if you go with a sponsoredunit on a co-op, it's almost
like a condo but for a littlebit less of a price, correct?
But yeah, that's basically whathappened in that one and yeah,
that's how you got to make ithappen.
Sometimes your agent will tellyou yo, in New York, nothing is
(19:29):
accepted until you signcontracts.
Until you sign contracts,someone can come in.
Anything can happen.
Yeah, because that's what wedid to another person.
There was an accepted offer onthat home, whoever that person
was that didn't sign contracts,yet we beat them to it and we
yeah, they're pretty upset yeah,it's first come, first serve if
(19:50):
your client is not actingaggressively.
I know you act incrediblyaggressively.
Sometimes agents get mad at you, but it is what it is.
You have to do what you have todo with your clients
aggressively, I know you, youact incredibly aggressively.
Speaker 1 (19:56):
Sometimes agents get mad at you, but it is what it is
you have to do, what you haveto do with your clients yeah
right, and the number one thingwe always do is be very
aggressive a little bit tooaggressive sometimes a little
too aggressive yeah, we have tokeep that in in check sometimes
because we don't want to burnall her no with the agent?
No, not at all yeah.
Speaker 2 (20:17):
And sometimes it'll be the opposite the other agents
will be aggressive with us.
Speaker 1 (20:21):
Yeah, and then yeah, you're a fan of that.
We love that, yeah.
Speaker 2 (20:26):
We love that to a certain extent.
Sometimes it gets crazy, but weknow where they're coming from
and we respect that.
We respect that other agentsare aggressive.
But if you're being aggressiveand then we pick up a thing that
we need your attention from, weexpect you guys to be on the
same page as well, to respond tous as well, because it's a give
and take.
I think in that sense that'swhat happened in that one.
(20:48):
It just goes to show you if youwant to get something in this
market, you have to be soaggressive and you cannot be
putting offers that are justlike oh, let's hope it gets
accepted.
Speaker 1 (20:58):
No, you got to put in competitive offers that, if you
like that home you gotta go forit yeah, you gotta go for it
full throttle like you knowwhere you are comfortable
submitting yeah, we don't wantto push your limits right,
that's the number one, numberone thing we always do live.
You love the house and you callfor it and you're comfortable
with it.
We should submit it.
(21:19):
You're not comfortable with it?
We will not push your limit, wejust submit what you're
comfortable with.
But in this market definitelywe got to go very strong with
offers.
We see offers do get accepted.
Speaker 2 (21:34):
Exactly yeah, you have to the offer.
Do a good accepting Exactlyyeah, you have to.
And even though you submitsometimes a very high offer, we
always protect clients, likeappraisal contingencies.
Speaker 1 (21:44):
On inspection as well .
Speaker 2 (21:45):
Yeah, inspections, there's ways to kind of make
sure that you're always going toget protected.
Your agent should always goover those with you because
sometimes, like you're trying towin against other competitors
in the market and sometimes youhave to go crazy over asking, in
your case, to a reasonreasonable amount yeah you have
to put contingencies in thereand you have to make sure that
(22:08):
the that you guys are aware ofhow we're approaching the
situation, because you want toget your foot in the door right
yeah and that's where you submitthese crazy over asking
sometimes even unrealisticprices.
But that's why you put thosecontingencies appraisal,
inspection, to make sure.
Hey, if anything comes up, wecan probably negotiate some.
(22:28):
Maybe it might not be that much, or maybe it will, who knows
until you get in there.
But you just want to have yourfoot in the door.
Speaker 1 (22:35):
Yeah, and just know like every home is not perfect.
Speaker 2 (22:39):
Yeah.
Speaker 1 (22:39):
Always going to be like one or two issues.
Speaker 2 (22:41):
Yeah, you're going to have to compromise.
Speaker 1 (22:43):
Yeah, what's wrong with the home?
Right, yeah, and from there wedo negotiate credit.
Or the second option is to makethe sellers to fix the issues,
but that should be the lastoption.
We always recommend our clientsjust because sometimes the
(23:04):
sellers will go on a cheap route.
Yes, it will backfire.
We didn't have a lot ofexperience bad experience about
it, and when we did have thistype of experience, we had to
ask or negotiate more credityeah, and it costs the seller
even more and it costs more time.
Speaker 2 (23:19):
And the thing is that you only have so much time in a
deal because sometimes you lockin a rate and you're under
pressure to close on a certaindate.
The seller hasn't fixed theproblem, and now, if you don't
close by a certain date and youhave your rate locked in for
your mortgage this is like forfinancing Then what ends up
happening is that you're goingto be at the mercy of the rate
(23:42):
lock expiring and you're goingto have to pay extra every day
that goes by after the rateexpires.
Speaker 1 (23:48):
If that's the best rate.
If it's not, then it's best tolet it expire and renew the new
rate, but that's mostly on themortgage side.
Speaker 2 (23:55):
Yeah, on the new break, but that's mostly on the
mortgage side, yeah, on themortgage side, but it's like
little things to kind of keep inmind as well.
So yeah, like you said, chris,a lot of the time we've learned
that if the seller is fixing it,they just want to get it over
with.
They're not going to pay fullattention, they're just going to
try to patch it up as cheaplyas possible.
Speaker 1 (24:12):
Oh man, you've had some stories, a lot of bad
experience with that yeah,especially when it's investors.
Speaker 2 (24:19):
Oh my god, yeah, when you see a new house on the
market that's like fullyrenovated and stuff, you
probably think there's aninvestor involved in here yes,
most cases it is right, andthat's where an inspector really
comes in handy, because they'regoing to show you, like what's
what actually happened in thathome, if it's actually like
fully renovated, everything isup to par, or there's like they
(24:42):
did some cheap stuff.
Speaker 1 (24:43):
Cheap stuff Coming corners.
They like to hide a lot ofthings, yeah.
Speaker 2 (24:47):
Like maybe the pipes are not the best, like they're
hiding every little thing, yeah.
Speaker 1 (24:52):
Rusty, or maybe there's a leak.
Speaker 2 (24:55):
Exactly what has thing yeah, rusty or maybe
there's a leak exactly what hasbeen like the most common issue
that you've seen with investorhomes, like people who have like
flipped homes and stuff.
Speaker 1 (25:02):
Uh, sometimes they do like the flooring cheaply like
it's not even oh, it's not.
Level, it's not yeah what else,uh, sometimes they leave the
old boiler the way it is.
Uh, yeah, it's not a good thing.
Or the roof?
Speaker 2 (25:17):
the roof as well it could be oh yeah, I've almost
never seen an investor repairthe roof like they buy it and
they leave that thing as this isyeah, or around the home, the
siding or the foundation.
Speaker 1 (25:29):
They just leave it like that.
Yeah, I'm not.
Uh, sometimes I'm not a fanlooking at a fake shoppers
because they like to hide a lotof things they do.
Speaker 2 (25:39):
That's why it's best to always do an inspection
absolutely the best homes arethe ones that they look good and
people were living there andthey're just selling it because
they take care of the home theylive there.
Yeah, like family-owned homesand flood homes where you see no
one.
It all looks so brand new.
It's just like sometimesthey're hiding things.
(26:01):
The investors.
Sometimes they don't yeah,sometimes it's a good investor.
Speaker 1 (26:05):
It's a good investor.
Speaker 2 (26:05):
And they did all of their things and they're selling
it at a good premium and stuff.
Speaker 1 (26:09):
That happens.
Yeah, just in case you know.
Always do an inspection, neverwaive that.
Speaker 2 (26:17):
Yeah, I would say like 70 percent.
At the time when it's a flip,there's probably going to be a
few things that might be yeah,out here and there from there we
do negotiate for credit.
Speaker 1 (26:28):
Most of the cases they're going to be open to it.
They will understand that wehave proof exactly.
Speaker 2 (26:34):
And uh, sometimes we've seen some investors uh,
what do you call it?
I priced them correctly notsorry price overprice them and
sometimes like they might notknow that, um, it's a single
family or multi-family.
Yeah, we've seen cases likethat.
You recently submitted an offerwhere they thought it was like
(26:56):
a two family and it was actuallya single family and then the
investor was kind of like, youknow, trying to steer it towards
like a two family, like kind ofdeceptively a little bit.
Speaker 1 (27:06):
Yeah, yeah, that's why you gotta do your homework
as well, with title andeverything yeah, definitely hire
an attorney and we'lldefinitely reveal the full title
, because if they don't readcorrectly, and once you close a
home and God forbid, there'sopen permits or yeah.
Speaker 2 (27:24):
That's what happened with one of our listings.
The owner bought the propertywith someone else a couple of
years ago.
Speaker 1 (27:31):
Yeah, and they never disclosed this at all to our
client.
Now we are closing the permits.
Speaker 2 (27:36):
We're helping them, we're assisting them.
Speaker 1 (27:39):
But we're not a fan of you know, especially an
attorney not reviewing it withthem.
They're supposed to check thefull title report and see if
it's clear.
Speaker 2 (27:49):
Yeah, and in this case it wasn't.
But yeah, that's some of ourstories there.
Do you have anything that youwant to say to the audience?
Speaker 1 (27:57):
no, no not today maybe some other time, another
day, another day.
Speaker 2 (28:01):
Yeah, I mean if you want to buy or sell your homes,
chris one of the best?
Yeah, absolutely.
But yeah, we're running out oftime here, so we're gonna leave
it there, guys, and if you haveany comments or questions for us
, please leave them in thecomments below and we'll see you
next time.
Bye, guys, bye, bye guys.
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