November 7, 2024 • 37 mins
Can mastering recent real estate trends in Las Vegas lead to smart investment decisions? In our latest episode recorded live from our brand-new studio, we explore the vibrant Las Vegas real estate scene, highlighting a surge in single-family home listings and sales. We unravel the ripple effect of political events on the stock market and mortgage rates, offering insights into how these dynamics are shaping the housing market landscape. As we anticipate potential shifts from the Federal Reserve's upcoming decisions, tune in to uncover what these changes might mean for buyers and sellers alike.
We delve into the nitty-gritty of securing your home equity by filing a homestead in Las Vegas. Protecting your primary residence against certain creditors has never been more straightforward, and we guide you through the simple yet powerful process of filing for homestead protection. By demystifying the procedure, costs, and benefits, we empower you to safeguard up to $605,000 in equity without falling for misleading offers. This essential know-how is a must for homeowners looking to protect their assets effectively.
Our conversation takes a turn into the complexities of real estate transactions, covering everything from navigating buyer's brokerage fees to expert strategies in negotiating agent commissions. Recent changes in commission rules have altered the landscape for buyers, and we break it down into digestible insights. Learn how to handle home inspections and needed repairs, and discover the vital role of title companies and specialized contractors in ensuring seamless property sales. This episode is packed with actionable advice and updates that both buyers and sellers will find invaluable.
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:13):
Hey, live from Las Vegas.
Look at the new studio.
Speaker 2 (00:16):
Yes, we are back here with our new studio.
Welcome back to Vegas Realty.
Check local Las Vegas realestate news.
I'm Trish Williams and I'mTiana.
Speaker 1 (00:25):
Carroll.
Welcome back you guys.
Thanks for being here.
Speaker 2 (00:28):
Yeah, if you're watching us live, you'll see a
little bit of changes we'reworking on, so I hope you like
it.
Speaker 1 (00:34):
We got that, yeah, so if you're part of it, make sure
you like, share and subscribeand join our tribes.
That way, if there's anychanges going on, you know about
it.
Not only that, you will beupdated every week on everything
real estate news, including thenumbers that we start out with
each and every week.
Speaker 2 (00:49):
Yes, so what are our market numbers looking like
today?
This week makes me happy.
It does, it does you know theelection season is behind us now
.
People are ready to just movealong.
So we are moving along witheverything, and our numbers are
already showing it.
Speaker 1 (01:04):
Our numbers are already showing it, even before.
Everything is up up up, whichis very nice, except for we've
had some decreases in our pricedecrease, but we'll go over that
.
So today's single family homes55, 76.
55, 76.
So that's up like 78 homes fromlast week.
Speaker 2 (01:23):
Yes, and you know another thing I was talking to
somebody recently a couple ofdifferent people, I think that
even sellers were doing a littlebit of pullback on getting
their home listed till aftereverything passed, and now
they're like, okay, I'll goahead and list, now, let's uh,
let's get it done.
Speaker 1 (01:38):
So they're picking up a little bit and um so even in
our solds.
I love this number because wehave 468 sold this week.
We're looking better.
We are looking better and that,ironically enough, is a plus 78
as well.
So both in our single familyresidence and our sold have gone
(01:58):
up those extra 78, which isawesome.
Speaker 2 (02:01):
So if you're going to be gambling in Vegas today, 78,
remember that number and wewant to cut.
Yeah, you're welcome.
Yes, thank you, yeah, so so,yeah, that's a 78 is our magic
number for the day.
Speaker 1 (02:17):
Yeah, and then and we have some under contracts have
gone up, yes, we've gone.
Speaker 2 (02:23):
We have 522 go under contract this week and do you
know what those were last week?
I think they were in the 300s,right?
No?
Speaker 1 (02:29):
no, under contract.
Last week was 508, okay, sold.
Sold was 300, 390, okay, allright so just a little bit more.
So that's good, yeah, good yeahplus 14 extra under contract,
which is nice.
And then the price decreasesfell, because they are at 433
this week and last week theywere at 457.
Speaker 2 (02:48):
Yeah, so so yeah, I'm looking good and I know it has
been only a day, but it feelslike a week, because yesterday
morning my phone was blowing upand I was just like wow, it was
seriously, for like the lastseven days before that it was
just like silence.
All I was getting is the spam,likely, and the political calls
(03:10):
and like all that stuff, likethere was not much going on.
And then yesterday it was likeboom, boom, this, this.
Everybody's like let's go,let's do it.
Speaker 1 (03:18):
So it's definitely a change.
It is definitely a change andwe're glad to have it.
Good to be out of electionseason.
No more political ads, yes, ordoor knockers Well, I love that
they're out there advocating forpeople to use their right to
vote.
So good job, guys.
All the volunteers.
Speaker 2 (03:36):
you annoyed everybody , but you did your job so good
job and the scam likely callshave already decreased.
There's still the auto warranty.
I feel like they're never goingto go away, but we're not
getting so many like I'm runninga poll.
So, yes, we are all relievedthat that is gone.
(03:57):
Let's get into our listenerquestions.
I feel like we're diving intothem a lot earlier than we
usually do.
Speaker 1 (04:04):
Yeah, we usually talk about.
The only real news is politicaland we probably shouldn't get
into that.
Speaker 2 (04:10):
Yeah, lots of stuff happening politically right now.
Speaker 1 (04:13):
We're probably just not going to do that.
We'll stick to real estate.
I will say that yesterday themarkets closed in stock.
It was like they won theSuperbowl.
I was surprised they didn't popbottles.
It went up so high buteverybody was thinking that was
going to affect the interestrate.
But that's just people sellingoff bonds.
Speaker 2 (04:30):
Yeah, so it did affect the interest rate, so
rates did spike.
Speaker 1 (04:33):
Yeah, I was going to say they go up.
Speaker 2 (04:34):
Yeah, because people are selling off bonds and
putting them in the stock market, because the stock market's
performing very well right now.
Speaker 1 (04:41):
Right.
Speaker 2 (04:41):
So that when you pull those bonds out of, when you
pull your money out of bonds andyou put them in stocks, that
definitely the bond rate willaffect the mortgage rates, which
made the mortgage rates spike.
But we're going to see someleveling out there and I believe
it's today.
What, what is it?
Jerome Powell?
Speaker 1 (04:59):
What is his name?
Speaker 2 (04:59):
Okay, jerome Powell, the Fed dude.
Speaker 1 (05:02):
The Fed dude, that's his official title the Fed dude.
Speaker 2 (05:05):
I think they're meeting today.
If not, it's early this week orsometime this week.
They're meeting, so we'reexpecting an announcement from
them.
Some people are saying that weshould have a quarter decrease
in the Fed rate, or that's whatthey're anticipating from this
meeting, and we will see.
The last decrease didn't affectmortgages, so we're going to
(05:27):
see how everything plays out, sowe'll be watching.
Speaker 1 (05:30):
We will be watching.
I think everybody will bewatching closely.
I'm always so surprised at howmany people are actually
watching that closely all thetime, because when there's
little changes, people you don'tthink that are going to come
out of the woodwork will comeout of the woodwork and be like,
hey, I saw this happen, maybe Ishould.
Speaker 2 (05:46):
Yeah, and in the meantime, builders are still
offering incentives.
Speaker 1 (05:51):
Incentives yeah, are you kidding?
They're offering like 4%contributions.
We've had backyards, we've hadall sorts of window treatments,
I mean, but that goes forsellers too, like right now, in
this moment.
We've had full contributions toclosing, happening a lot, both
on the resale side and the newhome construction, and people
(06:15):
are out there wheeling anddealing and making things happen
.
Speaker 2 (06:18):
Yeah, yeah, we got a new build contract yesterday
with a rate buy down at 3.99.
So FHA was what they were doingthat buy down on.
If you want more informationabout it, give me a call.
But it's happening.
We got a contract sealed anddelivered yesterday on that with
a builder.
So that is good, good, that isawesome.
(06:41):
But the downfall of that is,guys, this is going to change as
buyer activity picks up.
We're seeing signs that buyeractivity is starting to pick up.
Those are going to go away.
So small window.
It won't be there forever.
Speaker 1 (06:57):
It won't be there forever and, like I said,
sellers are willing to wheel anddeal.
So if you've been wanting toget a home but maybe you don't
have that down payment oranything, now is a good time to
grab closing costs and thingsfrom sellers because it is
working out for buyers right nowAbsolutely, absolutely, unless
you're using a down paymentassistance.
(07:18):
And then those interest ratesare crazy right now 7.75.
I locked one in this week.
Speaker 2 (07:24):
But you know what I had someone else use that I
spoke about a couple of weeksago on the show that affordable
home mortgage Guys look intothat.
It is such a phenomenal program.
I had someone else that justgot a pre-approval yesterday for
it and this is the same program.
Your income does not.
(07:45):
Um does not determinate the,the program eligibility.
It has to be primary residencebut it's based off of the census
map and the amount of there hasto be um.
It has to be under 50% or overI'm sorry, over 50% minorities
or it has to be like under 50%median income, whatever with the
zip code.
(08:05):
But Vegas is a melting pot.
Right Exactly Everywhere, likealmost every area, fits the
criteria.
So it's not, you know, it'sreally not that limited to areas
.
It's so surprising how much ofthe city qualifies for this.
And no MIP and no MIP.
It is no MIP and lower thanstandard interest rates.
(08:26):
So right now, as of yesterday,rates were if you lock in a and
it's a conventional loan, somaybe it's PMI, mip I get those
mixed up all the time but it isa conventional loan.
But if you locked in yesterdayon a conventional loan you would
have been in the mid sevens,and this approval that my buyer
(08:47):
got yesterday was at 6.2.
So yeah, no.
Speaker 1 (08:52):
MIP, PMI, whatever that is.
Speaker 2 (08:55):
So that program is phenomenal.
I rarely ever hear about it.
It was a surprise to me when Ifirst heard about it and you
were super excited about it.
Speaker 1 (09:04):
Well, was a surprise to me when I first heard about
it and you were super excitedabout it.
I was excited.
Well, still very excited.
Speaker 2 (09:07):
Yeah, I was excited and was like I'll believe it
when I see it.
And, wow, I seen it.
We closed a deal on it.
We just got someone elsepre-approved on it.
That is a phenomenal program.
You guys definitely should belooking into that.
If you're looking to buy Yep,definitely do that, yeah.
So let's get into thesequestions.
Speaker 1 (09:23):
Pamela All right, pamela, let's see.
Pamela says I've heard that inLas Vegas they allow you to file
a homestead on your property.
What does this do and how do Ido it?
Speaker 2 (09:33):
Yeah, this is such a surprisingly easy process.
Speaker 1 (09:37):
Surprisingly easy, super protective of your
property.
It doesn't protect everything,but it is definitely worth doing
for your primary residence.
Yes, for sure.
So you are gracious enough todo it for all of your owner
occupants as a closing gift.
Yeah, you already just takecare of it for them.
Speaker 2 (09:57):
Well, no.
So I don't file the homesteadfor them.
What I do is I'm filling outthe homestead form.
What I found that people havethe hardest time figuring out is
the legal description of thehome and sometimes even the
parcel or APN number.
They're like I don't know whatto do there.
So all I do is I fill in thelegal description and the parcel
(10:18):
number and then I give them theform and tell them complete the
rest.
I'm not answering any questionsfor you or anything like that.
So all they have to do iscomplete this form and then take
it to a notary, get itnotarized and then take it down
to the county and record it.
Speaker 1 (10:32):
So let's talk about for those who don't know what
the actual homestead is.
It is protective of yourproperty.
It doesn't protect againsteverything, but it will protect
some creditors from coming afteryou.
It won't protect againsteverything, but it will protect
some creditors from coming afteryou.
It won't protect against yourmortgage, lender, taxes, hoa,
anything that has to do with theactual property.
(10:52):
But if you're talking aboutpersonal loans, medical bills,
credit cards, things like that,it'll protect you up to $605,000
on your personal property.
Speaker 2 (11:02):
Yeah, which it protects your equity from them
coming after that equity.
Now there are cases and thereare scenarios where, like in a
judgment, so it's it's toprotect against judgments, but
it's not, it's not foolproof.
There are ways to push throughit.
You know, if the um, lawyers,attorneys, whatever's coming
after you are aggressive enough,right, but it is.
(11:23):
But it does build you a barrier.
It's a nice safety net.
Yeah, it does.
It's a nice safety net, a nicebarrier.
From what I've heard, it'snearly impossible for medical
bills to pursue further in thosejudgments when there's a
homestead in place.
But of course the circumstancescan change.
We all know stuff has to beplayed out in court and the
(11:44):
decisions are made there.
But it does provide you abarrier, which is very good.
And the cost of it it's what?
Is it $45 or $47 to?
Speaker 1 (11:56):
record, is it even that much?
I think it's like $35, $40.
It's pretty inexpensive, veryinexpensive to record.
Speaker 2 (12:03):
You can send it in by mail with a check.
You could drop it offpersonally at the recorder's
office.
Pay your.
All you pay is your recordingfee and then whatever fee it
costs you to have it notarized,which is usually like $10
because it's one signature andthere's a notary right at the
assessor's office.
Speaker 1 (12:20):
Okay, so I've had people just go in there, fill
out the paperwork, have itnotarized, have it filed that
same day, and then, wham bam,you're done.
You are now homesteaded.
Speaker 2 (12:30):
Yeah, and the beauty of it, it's not a recurring cost
, you don't have to renew it,it's there Once it's on the
property, it is there.
You're allowed only a homesteadon your primary residence.
Yeah, does have to be the homethat you are occupying as your
primary residence.
There is a certification onthere where you certify that
(12:52):
that is true and that's thereason for it to be notarized,
because you're making anofficial certification.
So don't try this on somethingthat's not your primary
residence, because that isbreaking the law.
Yeah, let's not break the law.
You guys, yeah, do not breakthe law.
And then um the yeah, once it'son there, it's done.
If you then sell that propertyand get another primary
(13:15):
residence, there's a spot on theform to abandon the previous
homestead and put the homesteadthen on the new home.
All done in one form.
So simple.
There is zero reason whyeverybody should not be doing it
.
Speaker 1 (13:32):
Right All of the sort of red tape and bureaucracy
that happens in the government.
It's nice that this is juststreamlined easy there to
protect you, protect your, up to$605,000.
So definitely it's worth the$40.
Speaker 2 (13:48):
Right.
And then one reason why I dothat just fill out the parcel
and the legal description isbecause I had had in the past so
many homeowners that buy theirhome.
They send me these letters.
You get all these letters.
They look like they're officialfrom the county.
They buy their home.
They send me these letters.
You know, you get all theseletters.
They look like they're officialfrom the county, their
advertisements and they say payus this much money and I think
(14:09):
it's like 50 to a hundreddollars or whatever to fill out
your homestead form for you andliterally they just put in the
legal description.
Speaker 1 (14:16):
Right, the parcel number is really the big one,
they are not answering thequestions.
Speaker 2 (14:20):
They can't answer the questions for you.
So it's like, yeah, pay us todo this.
And then they send it to youand then they're like pay me
another hundred dollars and I'llfile it for you or pay that.
So yeah, there's no reason topay for those services.
Speaker 1 (14:34):
Yeah, you can download that form right on the
website.
You can get it in person rightthere at the assessor's office.
There's no reason for you tohave to pay for that.
But you're right At therecorder's office.
You do buy a house.
Then you're going to get allsorts of mail that looks
official.
I have so many people callingme going.
I just got this.
What is this?
(14:55):
What is that?
What is that?
And I'm like that's justsomebody looking to make money
off of you.
Disregard that.
Speaker 2 (15:00):
I tell people, send me pictures of the envelopes and
I'll probably tell you to throwthem away.
Speaker 1 (15:05):
You're like that's what we're going to use for
kindling this cold winter.
Speaker 2 (15:08):
Yes, like it's.
It most of it's nonsense andthey um the deed there.
There's.
There's some service that sendsyou.
You own a home, you have tohave a deed, you have to have a
copy of your deed and $200.
We'll get you a copy.
You know how they're gettingyou that copy for $200 is
they're downloading it offpublic record because it's on
(15:29):
the recorder's office.
And you can get that too, andit's very easy to access and if
you're using us for real estate.
We can get that for you in oneemail, one call.
They send us a copy of it atclosing.
You probably got a copy ofyours in your closing package.
You just don't know.
It's there and, yes, don'twaste your money.
(15:49):
Don't waste your money.
Speaker 1 (15:51):
But I got to appreciate the hustle right.
They're out there trying tomake all sorts of money off the
real estate.
Once you've been through it,they're like, hey, we could
homestead your house, we can getyou a deed.
Do you need an extendedwarranty?
Speaker 2 (16:02):
Yeah, use that $200 towards something for your house
and not towards that waste ofmoney and enjoy your new house.
Speaker 1 (16:12):
Congratulations on buying.
Yes, absolutely All right.
So let's move on to our nextquestion.
I hope we answered everythingabout Homestead.
If not, you can reach out to uson our link tree and that's at
realtycheckvegas, so you canreach out to us there and we'll
answer any questions for you aswell.
Now we have another questionthat came to us from Christina
and she said I heard thatthere's our new rules and that I
have to pay for every housethat you show me.
(16:34):
Is that correct?
I love how much misinformationis out there.
When I hear questions, I'm likethis was in the news all summer
long and still the generalpublic has very little clue what
it actually means.
And even a lot of agentsthrough all of the work that
different brokerages have donethe LVR, the division, just the
(16:57):
National Association of Realtorstrying to educate realtors on
what the actual suit was about,what the outcome is going to be
and how we move forward.
It's still sort of a gray,cloudy area, don't you think?
Speaker 2 (17:11):
Yes, I had the other day the buyers I got on contract
yesterday.
As a matter of fact, they werein another state, purchased a
lot of real estate in the pastand it was their kid that I was
helping to purchase now and Ijust had a long conversation
with them because we sent thebuyer's brokerage again.
(17:31):
He said I've never seenanything like this before.
I bought so much real estate,never seen this.
And I'm like, well, it's alwaysbeen around, it's been here.
Speaker 1 (17:40):
This is nothing new.
There's always been a BBA.
Speaker 2 (17:42):
Yeah, but I spent quite a long time on the phone
with him explaining, um, justgoing through regulation,
explaining how everything is,how it works, how it plays out,
and, um, you know, luckily atthe end of the phone call he did
.
You know, it does help whenpeople have trust.
You know, like, so he did trust, take my advice and and
(18:04):
whatever we got in contract,everything played out fine for
them.
Um, and you know, we we went incontract on a new build
builders covering the agent'sside of the transaction, the
buyer's brokerage fee, and itwas no problem.
And even after, when we go intocontract, he calls me
immediately, the dad.
He's like, hey, so do I have topay that fee?
(18:25):
And I was like, well, nope, thebuilder's offering to pay it
and it's right there.
I showed him where it was inthe contract and he's like oh,
all right.
Speaker 1 (18:34):
All of that stress and nervousness for nothing.
So, if you're out there in audioland and you're listening to
what we're saying and you'restill going, hello, you haven't
told us what the regulations areor what they mean.
Let's get into that right now.
So traditionally, when you takea listing to sell a home, there
would be conversations that youwould have and we're still
(18:55):
having those conversations, butthey used to be in the listing
agreement contract that thatseller is willing to contribute
to the commission that thebuyer's agent will get for
bringing a viable buyer to thattransaction.
Speaker 2 (19:09):
Correct and it used to be displayed on the MLS,
Right, so there was no questionabout it.
That you know, when you'regoing out shopping with a buyer
and you have a buyer's brokerageagreement with them, say just,
for instance, say it was I'mgoing to say apples, because
people get all crazy when wetalk percentages I'm going to
say apples, so say it was threeapples, right.
Say you say I want three applesto represent you.
(19:32):
You know, just in a scenariothis is just a scenario Say I
want three apples to representyou or whatever, and then the on
the MLS it said two apples.
Then you know the agent has aconversation with the buyer.
Sometimes that conversation islike, oh, they're paying two
apples, Now you have to payanother apple.
Or sometimes they're just like,ah, they're paying two Apples.
I know we said this.
Sometimes there'll be changesand not always, but there's just
(19:56):
different circumstances.
So those are all conversationsUsed to be there.
It used to be displayed.
You would know what you'regoing into before you even made
the offer.
Right, it was just upfront, yes, so now they're more
transparency act removed to thetransparency.
Speaker 1 (20:16):
In order for better transparency.
We're going to take all thetransparency away and it's just
going to be something that younegotiate after you decide what
house you're going to offer on.
Now it is in the residentialpurchase agreement, which is how
we make offers here in theValley, so now there's a spot
for the buyer then toproactively say hey, I'm going
(20:39):
to need a contribution, I wantyou to pay this towards my
buyer's agent, and it was alwaysnegotiable before.
It is still negotiable now onhow it works out.
But I think they just wanted tomake sure that the buyers are
aware like, hey, there's a tonof money going to this buyer
brokerage and it was typicallypaid by the seller For some
(21:02):
reason.
If the seller isn't willing topay for it for you, you'll have
to pay for it for yourself.
Just making the buyers a littlemore aware that they could be
liable if their agent isn'tstrong enough to negotiate that
with the sell side.
Speaker 2 (21:17):
With the sell side.
Yeah, and then one caveat tothat, because it's always
negotiable.
It's always negotiable.
Once you enter into that salescontract and it's fully agreed
upon by all parties, thecommissions no longer get
negotiated.
They don't get negotiated atthe repairs request or they
don't get negotiated anywhereafter that.
There's a statement or a linein there that once that's fully
(21:39):
executed off the table Done.
Speaker 1 (21:41):
Yeah, done, it's a done deal.
Then you already know how thatmoney is going to be dispersed,
where it's coming from, andthat's it.
I think that sellers have beenvery conditioned over decades to
understand that this is the waythat it's going to work, that
everything's negotiable.
People are going to come andask for them and some people are
(22:02):
playing ball.
Some people are coming backwith just two apples instead of
three apples or what have you.
But it's all a negotiationprocess, process and it's all
worth it.
But I always love it because ifyou're an agent and you're out
there negotiating for your owncommissions and stuff, you have
that skillset.
Then you're going to be skilledat negotiating all the terms in
(22:22):
the contract for your buyer.
Speaker 2 (22:25):
Absolutely.
And back to your question,though, christina, you have to
understand that every agent hastheir own practices of how they
operate and do business.
So I have heard of some agentsout there that are now
transitioning into like anhourly rate or a, and it seems
(22:46):
so bizarre to me because hourlyrate, I'm telling you, you guys
have no idea how much hours weput into a transaction.
I would not sign that contract.
Speaker 1 (22:56):
but that's on you, you decide.
Going for the pay me at theclose of escrow with my
commission is probably going towork out better for you.
You did not want to be in anhourly rate.
Speaker 2 (23:07):
Yeah, I'm sure, and I have heard of people that are
now doing or transitioning intoa per-home contract and it's
like an a la carte service feestructure Again, pretty bizarre
to me.
Speaker 1 (23:26):
Well, I think the changes in the transparency act
are now opening the doors forthose scammers who send the let
me homestead your house, let meget you a deed Now.
It's a way for people to belike oh, I'm going to charge you
on a per basis, I'm going to dothis, I'm going to do that.
It's more a la carte.
That has me a little concernedon the type of representation
(23:49):
that you could be getting here.
It is here's the facts.
Each agent, each business isrun its own way and is
completely different.
There are some fantastic,amazing, wonderful agents out
there, and then there's somecrap.
Speaker 2 (24:01):
Yeah, and they have the ability and they are allowed
to structure their business andoperate it however they want.
So if that's their structure,and I guess my biggest advice
would be just check around andpreview your options.
Speaker 1 (24:15):
Yeah, because it's not going to be across the board
.
Everything in real estate mighthave some sort of structure to
it, but each agent, eachbusiness, each deal is going to
be its own life force.
So just make sure that you'reasking the right questions,
asking are there any fees upfront for showing the property?
Are we doing the commissions?
(24:36):
But all this should be talkedabout during your buyer
brokerage agreement, when youhave your consultation with your
agent.
And, if it's not, make sureyou're prepared when you go in
there and you know what.
You're asking your agentbecause you don't want to be
surprised.
You want to know that they'regoing to negotiate for you.
You're going to want to knowthat they are there to service
you to the best of their abilityand, in part, they're servicing
(24:57):
themselves as well.
You guys become a team.
If it doesn't close, they don'tget paid.
So they want to get you to thefinish line as much as you want
to get to the finish line.
Speaker 2 (25:07):
Absolutely.
Yeah, ask questions.
Do interviews know what you'regetting into?
Yeah, ask questions.
Do interviews know what you'regetting into?
Yeah, just clarify what's goingon.
Yeah, and then we got a fewminutes to go into Albert's
questions.
Speaker 1 (25:17):
Ooh, look at us.
Speaker 2 (25:17):
Yeah, so, albert, I'm in contract to buy a house.
Home inspection showed the roofwas damaged.
After getting quotes fromroofers, it is apparent that the
roof needs to be completelyreplaced.
What happens if the sellerrefuses?
Speaker 1 (25:35):
Oh see, this is all negotiation.
These are the conversationsthat your agent is having and
working in the background tohelp you out, and I know that
everybody laughs and say we justopened doors or whatever.
But the reality is thingshappen foundations, roofs, acs
and they need to be addressedduring this process.
(25:55):
So you could freak out andcancel contract.
But it's really not necessary,because there's ways of getting
that roof taken care of.
That would benefit both theseller, because the seller is
going to have to deal with it.
Whoever he sells it to, it'salways going to show up on an
inspection report.
So dealing with that from theseller end is something that's
going to have to be done.
(26:16):
And then if you're lucky enoughto be the buyer already in
contract with that seller, thenyou have a foot up and you have
those negotiation skills.
In some places that real estateruns a lot slower than Vegas.
They will have those repairsdone prior to the close of
escrow.
But in a fast moving marketlike this, there's things that
(26:37):
you can do, and you had asituation almost identical to
this.
Do you want to speak on that?
Speaker 2 (26:42):
This was Albert's question.
This was the situation.
Speaker 1 (26:46):
This is a real thing, this really happened.
Speaker 2 (26:47):
This was a client, it just took us a few weeks to get
to the question because we hada lot, but yeah, so in this
situation, the seller.
So, word of advice, if you'redoing a certain type of
financing, you're limited to theamount of credit that you're
allowed to take from the seller.
So the seller in this casewe're looking at I don't know
(27:10):
$27,000 for the roof.
Speaker 1 (27:11):
Yeah, it's like almost $30,000.
Speaker 2 (27:12):
Yeah, and the seller was already contributing the max
contribution to the buyer'sclosing costs, which was great
for the buyers Becauseeverything's negotiable,
Everything's negotiable, so theywere always so.
If they would have and theseller proposed this, they were
like, yeah, how about you justtake my credit?
You know, and I was like ha haha, I know better, that was good
, you could have got me there,but no, so no, because if they
(27:37):
would have taken that $27,000credit to closing costs and
they're already getting maxclosing costs their loan program
would forbid them from takingthat additional credit Then it
just automatically goes back tothe seller and then that buyer
is SOL.
Yeah, and you're done.
It's done, and by that timethat you figure that out, you're
(27:58):
past due diligence and it's nolonger an item to be negotiated,
because you already agreed ontaking that credit even though
you didn't know that it wouldnot be able to be obtained, so
you didn't fall into the pitfallof.
Speaker 1 (28:11):
I'm going to throw so much money here, but you're
only going to be able to get themax amount for your loan and
I'm going to get all of my moneyback.
So what did you do?
Speaker 2 (28:19):
Most title companies will allow you or allow the
seller to do a separate holdback.
They call it a holdback towardsnecessary repairs to a
contractor and those you know.
In that case the roof job was acouple you know going to be a
couple months out.
We didn't obviously want toextend the escrow for that long.
(28:40):
The buyers needed to get in thehome Right and the roof wasn't
destroyed.
It was definitely needed to bereplaced.
Speaker 1 (28:47):
It needs a new roof, but it didn't need to be
replaced today.
It needed to be replaced to belivable within the next few
months.
Speaker 2 (28:54):
Right.
So they allowed for the sellerto do a holdback or basically
allocate some of his closingfunds to pay the contractor
directly.
Contractor did the estimate, wehad everything lined up, the
invoice sent to title everything.
Title paid out the roofingcontractor.
Roofing contractor started thejob.
(29:16):
It was that simple, that easy.
And this situation, it was notan appraisal condition, because
appraisal conditions even thoughthe roof did need to be
replaced, the appraiser willcall a condition if whatever it
is makes the house not livable.
So the roof needing to bereplaced but not being open or
(29:41):
destroyed to some degree doesnot make the house not livable.
So it wasn't an appraisalcondition that was conditioned
upon us closing.
So if it's an appraisalcondition was conditioned upon
us closing.
So if it's an appraisalcondition, that's a different
situation, because that means itneeds to be done prior to
closing Yep.
Speaker 1 (29:59):
Yeah, if it's appraisal condition, they're not
going to give you the money forthe house unless those things
are fixed.
Speaker 2 (30:04):
Yeah, so, um, so, definitely depends on your
scenario, but there's optionsand and you know that that
really really that helped theseller out a lot too, because
the roof replacement wasn'tInevitable.
Speaker 1 (30:15):
Yeah, it had to happen period.
Speaker 2 (30:17):
We had four estimates , and the estimates came from
the seller too, because theseller was like I don't even
know if I trust your Contractors, I'm gonna send out my
contractor.
And his contractor said roofneeds to be replaced.
Speaker 1 (30:28):
Yeah, like it was, yeah when it.
When it's, when it's a themechanics or the functioning of
the home and stuff, everybody'sgoing to call it out.
It's not like you're like oh, Idon't want to deal with buyer A
, I'm just going to go over hereto buyer B and they'll buy this
house.
No, if there's something thatneeds to be fixed with the house
, it should be dealt with period.
Speaker 2 (30:48):
Yeah, and the seller didn't have the funds to front
out $27,000 up front prior toselling the house because the
funds for that came out of theclosing funds.
So that scenario helped theseller also get to that finish
line.
So there's options and we haveanswers.
Speaker 1 (31:10):
Yeah, and that's the whole thing right, because I'm
sure that when Albert firstheard about this roof, it had to
be very scary.
And here's the thing In somesituations I would be like just
walk away, forget it.
If the seller's not playingball, this is too much or
whatever.
In this particular situation itwas like the quote unquote
(31:33):
worst case scenario for the besthouse in the best area that he
wanted, and it was so.
Instead of walking away,getting the seller to hold back
from their proceeds, have thatpaid directly through escrow to
the contractor?
New roof worked out well foreverybody.
Speaker 2 (31:51):
Yeah, and also they were tied and committed to the
house.
And also that they were, theywere tied and committed to the
house.
You know, and sometimes that'sthe scenario Like you really
want this house, this is thehouse for you.
Walking away, it doesn't, youknow, it doesn't feel right.
Yeah, it isn't always what thebuyer wants.
So, you know, we try to work toget um to to get the best
outcome possible.
And another note that I thinkis very important to just throw
(32:15):
in there too all the homeinspectors said was there's a
lot of damaged roof tiles,because that's the limit of
where they can go.
Speaker 1 (32:24):
They're not roofers, they're not roofing contractors
and they're not electricians andthey're not plumbers.
They're just basically peopleknowledgeable about construction
of the house and going oh, sothat could be an issue, or oh,
that's outlets, not grounded, orwhatever.
Speaker 2 (32:40):
Yeah, and maybe you know, people all the time will
say to a home inspector well,there's a lot of loose tiles.
What does that cost to replacethe broken tiles?
Usually you know in the couplethousand dollars or whatever you
know, but it's like they don'tknow because they're not a
contractor or a professional todiagnose the roof.
So in that case we had tostretch out that due diligence.
(33:01):
We sent an addendum, weextended the due diligence and
we had to get estimates andanalysis from actual roofing
contractors.
So remember that too.
Some people expect the homeinspector is going to be the
contractor of everything, right?
Speaker 1 (33:16):
And they're not.
They end all of the information.
Yeah, they can only give youinformation on what is apparent,
what is visible, right, Ialways say it's a good jumping
off point.
We're going to get a snapshotof the condition of the property
that we're looking at now.
Once we have a snapshot of it,if there's things we want to
address, like if they found aleak in the pool equipment, then
we bring out a pool specialist.
(33:38):
If there's AC issues, we bringout the HVAC system pros, like
the people who are dedicated,and all of that stuff also is in
our residential purchaseagreement on who's paying for
what and what sort of services,inspections and stuff that the
um buyers wanting to have and,you know, willing to have.
Speaker 2 (34:01):
Yeah, so yeah.
So a home inspection is justkind of the front line, you know
, getting things started thatquick snapshot to see kind of
the basic condition of theproperty at the time of purchase
.
But if anything is of concernto you, that's where you
therefore hire a professional togive a diagnosis of what
exactly is the time of purchase.
But if anything is of concernto you, that's where you
therefore hire a professional togive a diagnosis of what
exactly is happening there.
Speaker 1 (34:20):
Right, and that's even why in the RPA, when it
says are we doing like a septicinspection or a well inspection
or any of the vast array ofinspections that we have, I
always throw in there thateverything is going to be done.
I don't do anything that iswaived or non-applicable or
anything I'm like.
If it comes up, we want theopportunity to be able to
(34:40):
inspect it.
Speaker 2 (34:41):
Yeah, yeah, well, the home inspection too.
The home inspection does, ifthere is, if anything comes up,
and there's also like wordingfor there.
If you just choose the homeinspection and anything arises
or comes up, that triggers thenext certification.
So it is kind of automatic.
So there's options there.
Speaker 1 (34:58):
But I love that about our contract Our buyers are
really, really protected in theValley.
There's so many places for themto be protected, whether it's
with the CIC package or the duediligence or the loan
contingency or the appraisalcontingency, or even in the
inspections Yep absolutely so.
Speaker 2 (35:16):
if people want to get some more information on
anything that we talked abouttoday or anything on real estate
in general, how do they reachout to you If you just have?
Speaker 1 (35:22):
questions.
Give me a call, shoot me a text.
I'm Tiana, I'm 702-379-9948.
And Trish, they get ahold ofyou at 702-308-2878.
Speaker 2 (35:32):
702-308-2878.
Make sure that you like share,subscribe, follow us at
RealtyCheck Vegas.
And we actually do listen toour listener feedback, because a
few months ago, one of ourlisteners said hey, how about
you guys think about changingthe background up a little bit?
(35:52):
Well, hey, look at us, we havea new studio.
We're in a new bit.
Well, hey, look at us, we are-.
Look at, we have a new studioroom.
Yeah, we're in a new studio.
Speaker 1 (35:58):
We got some changes in place.
Wait, can the engineer pull outand show the camera and
everything?
It's so awesome.
Speaker 2 (36:03):
So here we are.
Hello, yeah, we're listening toyou.
So keep on sending in thatfeedback.
Send us your listener questions.
We are paying attention, we'relistening.
Sometimes I don't respondimmediately or whatever, but
we're listening, we are payingattention.
Speaker 1 (36:21):
So we want to hear from you.
I want to just say, when shesays she doesn't respond
immediately, I've never knownyou not to respond within two
hours on anything, whether it'san email, a text or a phone call
.
So you do better than theaverage bear.
Okay, you do just fine.
Speaker 2 (36:36):
We're paying attention, yeah.
Speaker 1 (36:41):
But if you're shy and you don't want to actually make
a phone call and contact us,you can always send those
listener questions into therealtycheckvegas.
That's where you can find ourlink tree.
Find us on social.
Speaker 2 (36:48):
We're available to you, yep, and thanks guys for
listening and we'll see you nextweek.
Have a great week.
See you next time.
Bye.
Hey, live from Las Vegas.
Look at the new studio.
Speaker 2 (00:16):
Yes, we are back here with our new studio.
Welcome back to Vegas Realty.
Check local Las Vegas realestate news.
I'm Trish Williams and I'mTiana.
Speaker 1 (00:25):
Carroll.
Welcome back you guys.
Thanks for being here.
Speaker 2 (00:28):
Yeah, if you're watching us live, you'll see a
little bit of changes we'reworking on, so I hope you like
it.
Speaker 1 (00:34):
We got that, yeah, so if you're part of it, make sure
you like, share and subscribeand join our tribes.
That way, if there's anychanges going on, you know about
it.
Not only that, you will beupdated every week on everything
real estate news, including thenumbers that we start out with
each and every week.
Speaker 2 (00:49):
Yes, so what are our market numbers looking like
today?
This week makes me happy.
It does, it does you know theelection season is behind us now
.
People are ready to just movealong.
So we are moving along witheverything, and our numbers are
already showing it.
Speaker 1 (01:04):
Our numbers are already showing it, even before.
Everything is up up up, whichis very nice, except for we've
had some decreases in our pricedecrease, but we'll go over that
.
So today's single family homes55, 76.
55, 76.
So that's up like 78 homes fromlast week.
Speaker 2 (01:23):
Yes, and you know another thing I was talking to
somebody recently a couple ofdifferent people, I think that
even sellers were doing a littlebit of pullback on getting
their home listed till aftereverything passed, and now
they're like, okay, I'll goahead and list, now, let's uh,
let's get it done.
Speaker 1 (01:38):
So they're picking up a little bit and um so even in
our solds.
I love this number because wehave 468 sold this week.
We're looking better.
We are looking better and that,ironically enough, is a plus 78
as well.
So both in our single familyresidence and our sold have gone
(01:58):
up those extra 78, which isawesome.
Speaker 2 (02:01):
So if you're going to be gambling in Vegas today, 78,
remember that number and wewant to cut.
Yeah, you're welcome.
Yes, thank you, yeah, so so,yeah, that's a 78 is our magic
number for the day.
Speaker 1 (02:17):
Yeah, and then and we have some under contracts have
gone up, yes, we've gone.
Speaker 2 (02:23):
We have 522 go under contract this week and do you
know what those were last week?
I think they were in the 300s,right?
No?
Speaker 1 (02:29):
no, under contract.
Last week was 508, okay, sold.
Sold was 300, 390, okay, allright so just a little bit more.
So that's good, yeah, good yeahplus 14 extra under contract,
which is nice.
And then the price decreasesfell, because they are at 433
this week and last week theywere at 457.
Speaker 2 (02:48):
Yeah, so so yeah, I'm looking good and I know it has
been only a day, but it feelslike a week, because yesterday
morning my phone was blowing upand I was just like wow, it was
seriously, for like the lastseven days before that it was
just like silence.
All I was getting is the spam,likely, and the political calls
(03:10):
and like all that stuff, likethere was not much going on.
And then yesterday it was likeboom, boom, this, this.
Everybody's like let's go,let's do it.
Speaker 1 (03:18):
So it's definitely a change.
It is definitely a change andwe're glad to have it.
Good to be out of electionseason.
No more political ads, yes, ordoor knockers Well, I love that
they're out there advocating forpeople to use their right to
vote.
So good job, guys.
All the volunteers.
Speaker 2 (03:36):
you annoyed everybody , but you did your job so good
job and the scam likely callshave already decreased.
There's still the auto warranty.
I feel like they're never goingto go away, but we're not
getting so many like I'm runninga poll.
So, yes, we are all relievedthat that is gone.
(03:57):
Let's get into our listenerquestions.
I feel like we're diving intothem a lot earlier than we
usually do.
Speaker 1 (04:04):
Yeah, we usually talk about.
The only real news is politicaland we probably shouldn't get
into that.
Speaker 2 (04:10):
Yeah, lots of stuff happening politically right now.
Speaker 1 (04:13):
We're probably just not going to do that.
We'll stick to real estate.
I will say that yesterday themarkets closed in stock.
It was like they won theSuperbowl.
I was surprised they didn't popbottles.
It went up so high buteverybody was thinking that was
going to affect the interestrate.
But that's just people sellingoff bonds.
Speaker 2 (04:30):
Yeah, so it did affect the interest rate, so
rates did spike.
Speaker 1 (04:33):
Yeah, I was going to say they go up.
Speaker 2 (04:34):
Yeah, because people are selling off bonds and
putting them in the stock market, because the stock market's
performing very well right now.
Speaker 1 (04:41):
Right.
Speaker 2 (04:41):
So that when you pull those bonds out of, when you
pull your money out of bonds andyou put them in stocks, that
definitely the bond rate willaffect the mortgage rates, which
made the mortgage rates spike.
But we're going to see someleveling out there and I believe
it's today.
What, what is it?
Jerome Powell?
Speaker 1 (04:59):
What is his name?
Speaker 2 (04:59):
Okay, jerome Powell, the Fed dude.
Speaker 1 (05:02):
The Fed dude, that's his official title the Fed dude.
Speaker 2 (05:05):
I think they're meeting today.
If not, it's early this week orsometime this week.
They're meeting, so we'reexpecting an announcement from
them.
Some people are saying that weshould have a quarter decrease
in the Fed rate, or that's whatthey're anticipating from this
meeting, and we will see.
The last decrease didn't affectmortgages, so we're going to
(05:27):
see how everything plays out, sowe'll be watching.
Speaker 1 (05:30):
We will be watching.
I think everybody will bewatching closely.
I'm always so surprised at howmany people are actually
watching that closely all thetime, because when there's
little changes, people you don'tthink that are going to come
out of the woodwork will comeout of the woodwork and be like,
hey, I saw this happen, maybe Ishould.
Speaker 2 (05:46):
Yeah, and in the meantime, builders are still
offering incentives.
Speaker 1 (05:51):
Incentives yeah, are you kidding?
They're offering like 4%contributions.
We've had backyards, we've hadall sorts of window treatments,
I mean, but that goes forsellers too, like right now, in
this moment.
We've had full contributions toclosing, happening a lot, both
on the resale side and the newhome construction, and people
(06:15):
are out there wheeling anddealing and making things happen
.
Speaker 2 (06:18):
Yeah, yeah, we got a new build contract yesterday
with a rate buy down at 3.99.
So FHA was what they were doingthat buy down on.
If you want more informationabout it, give me a call.
But it's happening.
We got a contract sealed anddelivered yesterday on that with
a builder.
So that is good, good, that isawesome.
(06:41):
But the downfall of that is,guys, this is going to change as
buyer activity picks up.
We're seeing signs that buyeractivity is starting to pick up.
Those are going to go away.
So small window.
It won't be there forever.
Speaker 1 (06:57):
It won't be there forever and, like I said,
sellers are willing to wheel anddeal.
So if you've been wanting toget a home but maybe you don't
have that down payment oranything, now is a good time to
grab closing costs and thingsfrom sellers because it is
working out for buyers right nowAbsolutely, absolutely, unless
you're using a down paymentassistance.
(07:18):
And then those interest ratesare crazy right now 7.75.
I locked one in this week.
Speaker 2 (07:24):
But you know what I had someone else use that I
spoke about a couple of weeksago on the show that affordable
home mortgage Guys look intothat.
It is such a phenomenal program.
I had someone else that justgot a pre-approval yesterday for
it and this is the same program.
Your income does not.
(07:45):
Um does not determinate the,the program eligibility.
It has to be primary residencebut it's based off of the census
map and the amount of there hasto be um.
It has to be under 50% or overI'm sorry, over 50% minorities
or it has to be like under 50%median income, whatever with the
zip code.
(08:05):
But Vegas is a melting pot.
Right Exactly Everywhere, likealmost every area, fits the
criteria.
So it's not, you know, it'sreally not that limited to areas
.
It's so surprising how much ofthe city qualifies for this.
And no MIP and no MIP.
It is no MIP and lower thanstandard interest rates.
(08:26):
So right now, as of yesterday,rates were if you lock in a and
it's a conventional loan, somaybe it's PMI, mip I get those
mixed up all the time but it isa conventional loan.
But if you locked in yesterdayon a conventional loan you would
have been in the mid sevens,and this approval that my buyer
(08:47):
got yesterday was at 6.2.
So yeah, no.
Speaker 1 (08:52):
MIP, PMI, whatever that is.
Speaker 2 (08:55):
So that program is phenomenal.
I rarely ever hear about it.
It was a surprise to me when Ifirst heard about it and you
were super excited about it.
Speaker 1 (09:04):
Well, was a surprise to me when I first heard about
it and you were super excitedabout it.
I was excited.
Well, still very excited.
Speaker 2 (09:07):
Yeah, I was excited and was like I'll believe it
when I see it.
And, wow, I seen it.
We closed a deal on it.
We just got someone elsepre-approved on it.
That is a phenomenal program.
You guys definitely should belooking into that.
If you're looking to buy Yep,definitely do that, yeah.
So let's get into thesequestions.
Speaker 1 (09:23):
Pamela All right, pamela, let's see.
Pamela says I've heard that inLas Vegas they allow you to file
a homestead on your property.
What does this do and how do Ido it?
Speaker 2 (09:33):
Yeah, this is such a surprisingly easy process.
Speaker 1 (09:37):
Surprisingly easy, super protective of your
property.
It doesn't protect everything,but it is definitely worth doing
for your primary residence.
Yes, for sure.
So you are gracious enough todo it for all of your owner
occupants as a closing gift.
Yeah, you already just takecare of it for them.
Speaker 2 (09:57):
Well, no.
So I don't file the homesteadfor them.
What I do is I'm filling outthe homestead form.
What I found that people havethe hardest time figuring out is
the legal description of thehome and sometimes even the
parcel or APN number.
They're like I don't know whatto do there.
So all I do is I fill in thelegal description and the parcel
(10:18):
number and then I give them theform and tell them complete the
rest.
I'm not answering any questionsfor you or anything like that.
So all they have to do iscomplete this form and then take
it to a notary, get itnotarized and then take it down
to the county and record it.
Speaker 1 (10:32):
So let's talk about for those who don't know what
the actual homestead is.
It is protective of yourproperty.
It doesn't protect againsteverything, but it will protect
some creditors from coming afteryou.
It won't protect againsteverything, but it will protect
some creditors from coming afteryou.
It won't protect against yourmortgage, lender, taxes, hoa,
anything that has to do with theactual property.
(10:52):
But if you're talking aboutpersonal loans, medical bills,
credit cards, things like that,it'll protect you up to $605,000
on your personal property.
Speaker 2 (11:02):
Yeah, which it protects your equity from them
coming after that equity.
Now there are cases and thereare scenarios where, like in a
judgment, so it's it's toprotect against judgments, but
it's not, it's not foolproof.
There are ways to push throughit.
You know, if the um, lawyers,attorneys, whatever's coming
after you are aggressive enough,right, but it is.
(11:23):
But it does build you a barrier.
It's a nice safety net.
Yeah, it does.
It's a nice safety net, a nicebarrier.
From what I've heard, it'snearly impossible for medical
bills to pursue further in thosejudgments when there's a
homestead in place.
But of course the circumstancescan change.
We all know stuff has to beplayed out in court and the
(11:44):
decisions are made there.
But it does provide you abarrier, which is very good.
And the cost of it it's what?
Is it $45 or $47 to?
Speaker 1 (11:56):
record, is it even that much?
I think it's like $35, $40.
It's pretty inexpensive, veryinexpensive to record.
Speaker 2 (12:03):
You can send it in by mail with a check.
You could drop it offpersonally at the recorder's
office.
Pay your.
All you pay is your recordingfee and then whatever fee it
costs you to have it notarized,which is usually like $10
because it's one signature andthere's a notary right at the
assessor's office.
Speaker 1 (12:20):
Okay, so I've had people just go in there, fill
out the paperwork, have itnotarized, have it filed that
same day, and then, wham bam,you're done.
You are now homesteaded.
Speaker 2 (12:30):
Yeah, and the beauty of it, it's not a recurring cost
, you don't have to renew it,it's there Once it's on the
property, it is there.
You're allowed only a homesteadon your primary residence.
Yeah, does have to be the homethat you are occupying as your
primary residence.
There is a certification onthere where you certify that
(12:52):
that is true and that's thereason for it to be notarized,
because you're making anofficial certification.
So don't try this on somethingthat's not your primary
residence, because that isbreaking the law.
Yeah, let's not break the law.
You guys, yeah, do not breakthe law.
And then um the yeah, once it'son there, it's done.
If you then sell that propertyand get another primary
(13:15):
residence, there's a spot on theform to abandon the previous
homestead and put the homesteadthen on the new home.
All done in one form.
So simple.
There is zero reason whyeverybody should not be doing it
.
Speaker 1 (13:32):
Right All of the sort of red tape and bureaucracy
that happens in the government.
It's nice that this is juststreamlined easy there to
protect you, protect your, up to$605,000.
So definitely it's worth the$40.
Speaker 2 (13:48):
Right.
And then one reason why I dothat just fill out the parcel
and the legal description isbecause I had had in the past so
many homeowners that buy theirhome.
They send me these letters.
You get all these letters.
They look like they're officialfrom the county.
They buy their home.
They send me these letters.
You know, you get all theseletters.
They look like they're officialfrom the county, their
advertisements and they say payus this much money and I think
(14:09):
it's like 50 to a hundreddollars or whatever to fill out
your homestead form for you andliterally they just put in the
legal description.
Speaker 1 (14:16):
Right, the parcel number is really the big one,
they are not answering thequestions.
Speaker 2 (14:20):
They can't answer the questions for you.
So it's like, yeah, pay us todo this.
And then they send it to youand then they're like pay me
another hundred dollars and I'llfile it for you or pay that.
So yeah, there's no reason topay for those services.
Speaker 1 (14:34):
Yeah, you can download that form right on the
website.
You can get it in person rightthere at the assessor's office.
There's no reason for you tohave to pay for that.
But you're right At therecorder's office.
You do buy a house.
Then you're going to get allsorts of mail that looks
official.
I have so many people callingme going.
I just got this.
What is this?
(14:55):
What is that?
What is that?
And I'm like that's justsomebody looking to make money
off of you.
Disregard that.
Speaker 2 (15:00):
I tell people, send me pictures of the envelopes and
I'll probably tell you to throwthem away.
Speaker 1 (15:05):
You're like that's what we're going to use for
kindling this cold winter.
Speaker 2 (15:08):
Yes, like it's.
It most of it's nonsense andthey um the deed there.
There's.
There's some service that sendsyou.
You own a home, you have tohave a deed, you have to have a
copy of your deed and $200.
We'll get you a copy.
You know how they're gettingyou that copy for $200 is
they're downloading it offpublic record because it's on
(15:29):
the recorder's office.
And you can get that too, andit's very easy to access and if
you're using us for real estate.
We can get that for you in oneemail, one call.
They send us a copy of it atclosing.
You probably got a copy ofyours in your closing package.
You just don't know.
It's there and, yes, don'twaste your money.
(15:49):
Don't waste your money.
Speaker 1 (15:51):
But I got to appreciate the hustle right.
They're out there trying tomake all sorts of money off the
real estate.
Once you've been through it,they're like, hey, we could
homestead your house, we can getyou a deed.
Do you need an extendedwarranty?
Speaker 2 (16:02):
Yeah, use that $200 towards something for your house
and not towards that waste ofmoney and enjoy your new house.
Speaker 1 (16:12):
Congratulations on buying.
Yes, absolutely All right.
So let's move on to our nextquestion.
I hope we answered everythingabout Homestead.
If not, you can reach out to uson our link tree and that's at
realtycheckvegas, so you canreach out to us there and we'll
answer any questions for you aswell.
Now we have another questionthat came to us from Christina
and she said I heard thatthere's our new rules and that I
have to pay for every housethat you show me.
(16:34):
Is that correct?
I love how much misinformationis out there.
When I hear questions, I'm likethis was in the news all summer
long and still the generalpublic has very little clue what
it actually means.
And even a lot of agentsthrough all of the work that
different brokerages have donethe LVR, the division, just the
(16:57):
National Association of Realtorstrying to educate realtors on
what the actual suit was about,what the outcome is going to be
and how we move forward.
It's still sort of a gray,cloudy area, don't you think?
Speaker 2 (17:11):
Yes, I had the other day the buyers I got on contract
yesterday.
As a matter of fact, they werein another state, purchased a
lot of real estate in the pastand it was their kid that I was
helping to purchase now and Ijust had a long conversation
with them because we sent thebuyer's brokerage again.
(17:31):
He said I've never seenanything like this before.
I bought so much real estate,never seen this.
And I'm like, well, it's alwaysbeen around, it's been here.
Speaker 1 (17:40):
This is nothing new.
There's always been a BBA.
Speaker 2 (17:42):
Yeah, but I spent quite a long time on the phone
with him explaining, um, justgoing through regulation,
explaining how everything is,how it works, how it plays out,
and, um, you know, luckily atthe end of the phone call he did
.
You know, it does help whenpeople have trust.
You know, like, so he did trust, take my advice and and
(18:04):
whatever we got in contract,everything played out fine for
them.
Um, and you know, we we went incontract on a new build
builders covering the agent'sside of the transaction, the
buyer's brokerage fee, and itwas no problem.
And even after, when we go intocontract, he calls me
immediately, the dad.
He's like, hey, so do I have topay that fee?
(18:25):
And I was like, well, nope, thebuilder's offering to pay it
and it's right there.
I showed him where it was inthe contract and he's like oh,
all right.
Speaker 1 (18:34):
All of that stress and nervousness for nothing.
So, if you're out there in audioland and you're listening to
what we're saying and you'restill going, hello, you haven't
told us what the regulations areor what they mean.
Let's get into that right now.
So traditionally, when you takea listing to sell a home, there
would be conversations that youwould have and we're still
(18:55):
having those conversations, butthey used to be in the listing
agreement contract that thatseller is willing to contribute
to the commission that thebuyer's agent will get for
bringing a viable buyer to thattransaction.
Speaker 2 (19:09):
Correct and it used to be displayed on the MLS,
Right, so there was no questionabout it.
That you know, when you'regoing out shopping with a buyer
and you have a buyer's brokerageagreement with them, say just,
for instance, say it was I'mgoing to say apples, because
people get all crazy when wetalk percentages I'm going to
say apples, so say it was threeapples, right.
Say you say I want three applesto represent you.
(19:32):
You know, just in a scenariothis is just a scenario Say I
want three apples to representyou or whatever, and then the on
the MLS it said two apples.
Then you know the agent has aconversation with the buyer.
Sometimes that conversation islike, oh, they're paying two
apples, Now you have to payanother apple.
Or sometimes they're just like,ah, they're paying two Apples.
I know we said this.
Sometimes there'll be changesand not always, but there's just
(19:56):
different circumstances.
So those are all conversationsUsed to be there.
It used to be displayed.
You would know what you'regoing into before you even made
the offer.
Right, it was just upfront, yes, so now they're more
transparency act removed to thetransparency.
Speaker 1 (20:16):
In order for better transparency.
We're going to take all thetransparency away and it's just
going to be something that younegotiate after you decide what
house you're going to offer on.
Now it is in the residentialpurchase agreement, which is how
we make offers here in theValley, so now there's a spot
for the buyer then toproactively say hey, I'm going
(20:39):
to need a contribution, I wantyou to pay this towards my
buyer's agent, and it was alwaysnegotiable before.
It is still negotiable now onhow it works out.
But I think they just wanted tomake sure that the buyers are
aware like, hey, there's a tonof money going to this buyer
brokerage and it was typicallypaid by the seller For some
(21:02):
reason.
If the seller isn't willing topay for it for you, you'll have
to pay for it for yourself.
Just making the buyers a littlemore aware that they could be
liable if their agent isn'tstrong enough to negotiate that
with the sell side.
Speaker 2 (21:17):
With the sell side.
Yeah, and then one caveat tothat, because it's always
negotiable.
It's always negotiable.
Once you enter into that salescontract and it's fully agreed
upon by all parties, thecommissions no longer get
negotiated.
They don't get negotiated atthe repairs request or they
don't get negotiated anywhereafter that.
There's a statement or a linein there that once that's fully
(21:39):
executed off the table Done.
Speaker 1 (21:41):
Yeah, done, it's a done deal.
Then you already know how thatmoney is going to be dispersed,
where it's coming from, andthat's it.
I think that sellers have beenvery conditioned over decades to
understand that this is the waythat it's going to work, that
everything's negotiable.
People are going to come andask for them and some people are
(22:02):
playing ball.
Some people are coming backwith just two apples instead of
three apples or what have you.
But it's all a negotiationprocess, process and it's all
worth it.
But I always love it because ifyou're an agent and you're out
there negotiating for your owncommissions and stuff, you have
that skillset.
Then you're going to be skilledat negotiating all the terms in
(22:22):
the contract for your buyer.
Speaker 2 (22:25):
Absolutely.
And back to your question,though, christina, you have to
understand that every agent hastheir own practices of how they
operate and do business.
So I have heard of some agentsout there that are now
transitioning into like anhourly rate or a, and it seems
(22:46):
so bizarre to me because hourlyrate, I'm telling you, you guys
have no idea how much hours weput into a transaction.
I would not sign that contract.
Speaker 1 (22:56):
but that's on you, you decide.
Going for the pay me at theclose of escrow with my
commission is probably going towork out better for you.
You did not want to be in anhourly rate.
Speaker 2 (23:07):
Yeah, I'm sure, and I have heard of people that are
now doing or transitioning intoa per-home contract and it's
like an a la carte service feestructure Again, pretty bizarre
to me.
Speaker 1 (23:26):
Well, I think the changes in the transparency act
are now opening the doors forthose scammers who send the let
me homestead your house, let meget you a deed Now.
It's a way for people to belike oh, I'm going to charge you
on a per basis, I'm going to dothis, I'm going to do that.
It's more a la carte.
That has me a little concernedon the type of representation
(23:49):
that you could be getting here.
It is here's the facts.
Each agent, each business isrun its own way and is
completely different.
There are some fantastic,amazing, wonderful agents out
there, and then there's somecrap.
Speaker 2 (24:01):
Yeah, and they have the ability and they are allowed
to structure their business andoperate it however they want.
So if that's their structure,and I guess my biggest advice
would be just check around andpreview your options.
Speaker 1 (24:15):
Yeah, because it's not going to be across the board
.
Everything in real estate mighthave some sort of structure to
it, but each agent, eachbusiness, each deal is going to
be its own life force.
So just make sure that you'reasking the right questions,
asking are there any fees upfront for showing the property?
Are we doing the commissions?
(24:36):
But all this should be talkedabout during your buyer
brokerage agreement, when youhave your consultation with your
agent.
And, if it's not, make sureyou're prepared when you go in
there and you know what.
You're asking your agentbecause you don't want to be
surprised.
You want to know that they'regoing to negotiate for you.
You're going to want to knowthat they are there to service
you to the best of their abilityand, in part, they're servicing
(24:57):
themselves as well.
You guys become a team.
If it doesn't close, they don'tget paid.
So they want to get you to thefinish line as much as you want
to get to the finish line.
Speaker 2 (25:07):
Absolutely.
Yeah, ask questions.
Do interviews know what you'regetting into?
Yeah, ask questions.
Do interviews know what you'regetting into?
Yeah, just clarify what's goingon.
Yeah, and then we got a fewminutes to go into Albert's
questions.
Speaker 1 (25:17):
Ooh, look at us.
Speaker 2 (25:17):
Yeah, so, albert, I'm in contract to buy a house.
Home inspection showed the roofwas damaged.
After getting quotes fromroofers, it is apparent that the
roof needs to be completelyreplaced.
What happens if the sellerrefuses?
Speaker 1 (25:35):
Oh see, this is all negotiation.
These are the conversationsthat your agent is having and
working in the background tohelp you out, and I know that
everybody laughs and say we justopened doors or whatever.
But the reality is thingshappen foundations, roofs, acs
and they need to be addressedduring this process.
(25:55):
So you could freak out andcancel contract.
But it's really not necessary,because there's ways of getting
that roof taken care of.
That would benefit both theseller, because the seller is
going to have to deal with it.
Whoever he sells it to, it'salways going to show up on an
inspection report.
So dealing with that from theseller end is something that's
going to have to be done.
(26:16):
And then if you're lucky enoughto be the buyer already in
contract with that seller, thenyou have a foot up and you have
those negotiation skills.
In some places that real estateruns a lot slower than Vegas.
They will have those repairsdone prior to the close of
escrow.
But in a fast moving marketlike this, there's things that
(26:37):
you can do, and you had asituation almost identical to
this.
Do you want to speak on that?
Speaker 2 (26:42):
This was Albert's question.
This was the situation.
Speaker 1 (26:46):
This is a real thing, this really happened.
Speaker 2 (26:47):
This was a client, it just took us a few weeks to get
to the question because we hada lot, but yeah, so in this
situation, the seller.
So, word of advice, if you'redoing a certain type of
financing, you're limited to theamount of credit that you're
allowed to take from the seller.
So the seller in this casewe're looking at I don't know
(27:10):
$27,000 for the roof.
Speaker 1 (27:11):
Yeah, it's like almost $30,000.
Speaker 2 (27:12):
Yeah, and the seller was already contributing the max
contribution to the buyer'sclosing costs, which was great
for the buyers Becauseeverything's negotiable,
Everything's negotiable, so theywere always so.
If they would have and theseller proposed this, they were
like, yeah, how about you justtake my credit?
You know, and I was like ha haha, I know better, that was good
, you could have got me there,but no, so no, because if they
(27:37):
would have taken that $27,000credit to closing costs and
they're already getting maxclosing costs their loan program
would forbid them from takingthat additional credit Then it
just automatically goes back tothe seller and then that buyer
is SOL.
Yeah, and you're done.
It's done, and by that timethat you figure that out, you're
(27:58):
past due diligence and it's nolonger an item to be negotiated,
because you already agreed ontaking that credit even though
you didn't know that it wouldnot be able to be obtained, so
you didn't fall into the pitfallof.
Speaker 1 (28:11):
I'm going to throw so much money here, but you're
only going to be able to get themax amount for your loan and
I'm going to get all of my moneyback.
So what did you do?
Speaker 2 (28:19):
Most title companies will allow you or allow the
seller to do a separate holdback.
They call it a holdback towardsnecessary repairs to a
contractor and those you know.
In that case the roof job was acouple you know going to be a
couple months out.
We didn't obviously want toextend the escrow for that long.
(28:40):
The buyers needed to get in thehome Right and the roof wasn't
destroyed.
It was definitely needed to bereplaced.
Speaker 1 (28:47):
It needs a new roof, but it didn't need to be
replaced today.
It needed to be replaced to belivable within the next few
months.
Speaker 2 (28:54):
Right.
So they allowed for the sellerto do a holdback or basically
allocate some of his closingfunds to pay the contractor
directly.
Contractor did the estimate, wehad everything lined up, the
invoice sent to title everything.
Title paid out the roofingcontractor.
Roofing contractor started thejob.
(29:16):
It was that simple, that easy.
And this situation, it was notan appraisal condition, because
appraisal conditions even thoughthe roof did need to be
replaced, the appraiser willcall a condition if whatever it
is makes the house not livable.
So the roof needing to bereplaced but not being open or
(29:41):
destroyed to some degree doesnot make the house not livable.
So it wasn't an appraisalcondition that was conditioned
upon us closing.
So if it's an appraisalcondition was conditioned upon
us closing.
So if it's an appraisalcondition, that's a different
situation, because that means itneeds to be done prior to
closing Yep.
Speaker 1 (29:59):
Yeah, if it's appraisal condition, they're not
going to give you the money forthe house unless those things
are fixed.
Speaker 2 (30:04):
Yeah, so, um, so, definitely depends on your
scenario, but there's optionsand and you know that that
really really that helped theseller out a lot too, because
the roof replacement wasn'tInevitable.
Speaker 1 (30:15):
Yeah, it had to happen period.
Speaker 2 (30:17):
We had four estimates , and the estimates came from
the seller too, because theseller was like I don't even
know if I trust your Contractors, I'm gonna send out my
contractor.
And his contractor said roofneeds to be replaced.
Speaker 1 (30:28):
Yeah, like it was, yeah when it.
When it's, when it's a themechanics or the functioning of
the home and stuff, everybody'sgoing to call it out.
It's not like you're like oh, Idon't want to deal with buyer A
, I'm just going to go over hereto buyer B and they'll buy this
house.
No, if there's something thatneeds to be fixed with the house
, it should be dealt with period.
Speaker 2 (30:48):
Yeah, and the seller didn't have the funds to front
out $27,000 up front prior toselling the house because the
funds for that came out of theclosing funds.
So that scenario helped theseller also get to that finish
line.
So there's options and we haveanswers.
Speaker 1 (31:10):
Yeah, and that's the whole thing right, because I'm
sure that when Albert firstheard about this roof, it had to
be very scary.
And here's the thing In somesituations I would be like just
walk away, forget it.
If the seller's not playingball, this is too much or
whatever.
In this particular situation itwas like the quote unquote
(31:33):
worst case scenario for the besthouse in the best area that he
wanted, and it was so.
Instead of walking away,getting the seller to hold back
from their proceeds, have thatpaid directly through escrow to
the contractor?
New roof worked out well foreverybody.
Speaker 2 (31:51):
Yeah, and also they were tied and committed to the
house.
And also that they were, theywere tied and committed to the
house.
You know, and sometimes that'sthe scenario Like you really
want this house, this is thehouse for you.
Walking away, it doesn't, youknow, it doesn't feel right.
Yeah, it isn't always what thebuyer wants.
So, you know, we try to work toget um to to get the best
outcome possible.
And another note that I thinkis very important to just throw
(32:15):
in there too all the homeinspectors said was there's a
lot of damaged roof tiles,because that's the limit of
where they can go.
Speaker 1 (32:24):
They're not roofers, they're not roofing contractors
and they're not electricians andthey're not plumbers.
They're just basically peopleknowledgeable about construction
of the house and going oh, sothat could be an issue, or oh,
that's outlets, not grounded, orwhatever.
Speaker 2 (32:40):
Yeah, and maybe you know, people all the time will
say to a home inspector well,there's a lot of loose tiles.
What does that cost to replacethe broken tiles?
Usually you know in the couplethousand dollars or whatever you
know, but it's like they don'tknow because they're not a
contractor or a professional todiagnose the roof.
So in that case we had tostretch out that due diligence.
(33:01):
We sent an addendum, weextended the due diligence and
we had to get estimates andanalysis from actual roofing
contractors.
So remember that too.
Some people expect the homeinspector is going to be the
contractor of everything, right?
Speaker 1 (33:16):
And they're not.
They end all of the information.
Yeah, they can only give youinformation on what is apparent,
what is visible, right, Ialways say it's a good jumping
off point.
We're going to get a snapshotof the condition of the property
that we're looking at now.
Once we have a snapshot of it,if there's things we want to
address, like if they found aleak in the pool equipment, then
we bring out a pool specialist.
(33:38):
If there's AC issues, we bringout the HVAC system pros, like
the people who are dedicated,and all of that stuff also is in
our residential purchaseagreement on who's paying for
what and what sort of services,inspections and stuff that the
um buyers wanting to have and,you know, willing to have.
Speaker 2 (34:01):
Yeah, so yeah.
So a home inspection is justkind of the front line, you know
, getting things started thatquick snapshot to see kind of
the basic condition of theproperty at the time of purchase
.
But if anything is of concernto you, that's where you
therefore hire a professional togive a diagnosis of what
exactly is the time of purchase.
But if anything is of concernto you, that's where you
therefore hire a professional togive a diagnosis of what
exactly is happening there.
Speaker 1 (34:20):
Right, and that's even why in the RPA, when it
says are we doing like a septicinspection or a well inspection
or any of the vast array ofinspections that we have, I
always throw in there thateverything is going to be done.
I don't do anything that iswaived or non-applicable or
anything I'm like.
If it comes up, we want theopportunity to be able to
(34:40):
inspect it.
Speaker 2 (34:41):
Yeah, yeah, well, the home inspection too.
The home inspection does, ifthere is, if anything comes up,
and there's also like wordingfor there.
If you just choose the homeinspection and anything arises
or comes up, that triggers thenext certification.
So it is kind of automatic.
So there's options there.
Speaker 1 (34:58):
But I love that about our contract Our buyers are
really, really protected in theValley.
There's so many places for themto be protected, whether it's
with the CIC package or the duediligence or the loan
contingency or the appraisalcontingency, or even in the
inspections Yep absolutely so.
Speaker 2 (35:16):
if people want to get some more information on
anything that we talked abouttoday or anything on real estate
in general, how do they reachout to you If you just have?
Speaker 1 (35:22):
questions.
Give me a call, shoot me a text.
I'm Tiana, I'm 702-379-9948.
And Trish, they get ahold ofyou at 702-308-2878.
Speaker 2 (35:32):
702-308-2878.
Make sure that you like share,subscribe, follow us at
RealtyCheck Vegas.
And we actually do listen toour listener feedback, because a
few months ago, one of ourlisteners said hey, how about
you guys think about changingthe background up a little bit?
(35:52):
Well, hey, look at us, we havea new studio.
We're in a new bit.
Well, hey, look at us, we are-.
Look at, we have a new studioroom.
Yeah, we're in a new studio.
Speaker 1 (35:58):
We got some changes in place.
Wait, can the engineer pull outand show the camera and
everything?
It's so awesome.
Speaker 2 (36:03):
So here we are.
Hello, yeah, we're listening toyou.
So keep on sending in thatfeedback.
Send us your listener questions.
We are paying attention, we'relistening.
Sometimes I don't respondimmediately or whatever, but
we're listening, we are payingattention.
Speaker 1 (36:21):
So we want to hear from you.
I want to just say, when shesays she doesn't respond
immediately, I've never knownyou not to respond within two
hours on anything, whether it'san email, a text or a phone call
.
So you do better than theaverage bear.
Okay, you do just fine.
Speaker 2 (36:36):
We're paying attention, yeah.
Speaker 1 (36:41):
But if you're shy and you don't want to actually make
a phone call and contact us,you can always send those
listener questions into therealtycheckvegas.
That's where you can find ourlink tree.
Find us on social.
Speaker 2 (36:48):
We're available to you, yep, and thanks guys for
listening and we'll see you nextweek.
Have a great week.
See you next time.
Bye.
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