October 24, 2024 • 33 mins
Can a new loan program breathe life into a sluggish real estate market? Discover how innovative financing strategies, including a groundbreaking option to roll agents' commissions into mortgages, are capturing buyers' attention despite high interest rates. Celebrate alongside Trish Williams as she marks her 46th birthday, and gain insight into the evolving trends that are shaping the Las Vegas real estate scene. With sales hitting a 14-year low, we're exploring the challenges and potential recovery strategies as election season approaches.
Uncover the dark side of the real estate market with a critical look at the rise in rental and home scams. From unauthorized listings to shocking impersonations, scammers are becoming alarmingly sophisticated. Learn how to protect yourself by verifying property listings through trusted sources and engaging directly with established management offices. We discuss an unsettling case of a tenant masquerading as a homeowner, underscoring the importance of vigilance and professional guidance in today's market.
Navigate the complexities of appraisal disputes and new construction home buying with expert advice. As market conditions fluctuate, understanding the appraisal process becomes crucial, especially with the unique considerations of FHA and VA loans. We address listener questions on appraisal and inspection fees, shedding light on the bank's role in ensuring property values align with loan amounts. With a focus on the strategic role of a skilled real estate agent, this episode equips listeners with essential knowledge for negotiating new construction contracts and navigating the ever-changing real estate landscape.
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 (00:17):
Hey, las Vegas.
Welcome back here to VegasRealty.
Check your Local Las Vegas RealEstate News Show.
I'm Trish Williams and and I'mTiana Carroll.
Welcome back, yes, thank you.
And well, this week we havesome highs and lows, including a
birthday.
Including a birthday.
Speaker 2 (00:34):
Happy birthday, Trish .
Thank you, I appreciate thatDay late and a dollar short, but
we don't film on your birthday,so here we go, that's all right
.
Speaker 1 (00:41):
Here I am, here's 46.
Speaker 2 (00:42):
That's okay, 46 is a great age.
I loved 46.
Speaker 1 (00:49):
Yeah, well, here I am .
Speaker 2 (00:51):
Here I am.
You look fabulous, you have asuccessful business, your family
is happy and healthy.
I think you're doing great.
I couldn't ask for more.
Speaker 1 (00:59):
No, you are very blessed.
I am very grateful and thankyou.
Yes, so highs and lows for theweek.
This week, rates have hit theirhighest point since July.
Yep.
Speaker 2 (01:10):
They just were like hey, we like it up here in the
atmosphere of the sevens and belike, oh, we were hoping you
would drop down to the fives.
Speaker 1 (01:20):
Why are you going higher?
Yeah, so so much for the Feddecrease.
Speaker 2 (01:26):
huh, Well, you know what, Two weeks out of election,
did you really expect anythingdifferent?
Of course there's bound to besome pitfalls.
Speaker 1 (01:33):
We're going to see.
We're going to see some changesin that they will come back
down I feel very certain forthat and once this election
passes, housing will get back tonormal, because right now, if
you have your house on themarket, you're kind of stressed.
Speaker 2 (01:47):
Yeah, and you're hating it because the days on
market are accumulating.
There's so many homes that arelike I'm just sitting, I'm just
sitting, I'm like 35 days isn'treally just sitting.
Speaker 1 (01:58):
Well, there's almost, yeah.
There's just very littleactivity going on right now, but
it's normal.
It's nothing to panic about.
We see this every electionseason, though statistics have
shown that this one has hit thehardest as far as slowdown.
Speaker 2 (02:17):
There's so many factors going into where we sit
in this moment in time.
Speaker 1 (02:21):
Yeah, there's a lot, and NAR statistics came out for
September and they said that weactually hit a 15 year low in or
, I'm sorry, a 14 year low insales, so definitely filling it
this season.
Speaker 2 (02:38):
Yeah Well, it's been a lot right.
We're still sort of recoveringafter the pandemic when they
brought the economy to a haltwith those rate hikes, and then
we have obviously the electionthat's going on.
We had all of the NAR lawsuits,which is all over the news and
(03:01):
people even though, I have tosay, most of the people that I
talk to don't really realizewhat the suit was about, what
the settlement entailed orwhatever.
But it gets people fearful ofreal estate and so there's so
many contributing factors towhat's going on.
I will say to your comment thehighs and the lows.
Yeah, we had the highs of theinterest rates.
(03:23):
I don't know what your lows?
Speaker 1 (03:24):
are the sales?
Oh, the low sales.
Nar said that we had a 14-yearlow.
The sales are.
We're at a 14-year low in sales.
Yeah.
Speaker 2 (03:37):
So I agree with all that highs and lows.
Weird, can't believe we gothere now as primarily a buyer's
agent.
I am shocked at how many peopleare coming out of the woodworks
and at least talking to lendersright now.
Yeah, a few lenders are justlike okay, I got to call you
back.
I'm so busy, I got anotherapplication and this and that,
(03:58):
and it's just right now, youknow, going from one to two
active buyers.
Now, all of a sudden, I've gotfive prequal letters standing in
front of me and I'm like, oh hi, where did those come from?
Speaker 1 (04:11):
So we have people gearing up and getting ready so
that is, and that's why I thinkyou know, and that's why I'm
telling everybody just just justhold off, don't, don't stress
right now.
It's going to be fine, it isgoing to be fine.
Also, on the NAR lawsuitsettlement, whatever news a new
loan program has recently cameout that is allowing buyers to
(04:36):
wrap that buyer's agentcommission into their loan.
Speaker 2 (04:40):
So in situations, where how do you feel about?
Speaker 1 (04:43):
that.
Speaker 2 (04:45):
I don't know.
You're not the one making thepayment, so it doesn't matter.
But interest on 30 years forrealtor fees seems like buying
an appliance package from a newbuild to me.
Speaker 1 (04:55):
Yeah, true, and it just depends.
It's something that if theseller is not willing to cover
the cost, if the buyer wants thehouse, or if the seller even
agrees to cover half the costand the buyer has the other half
and they don't have the cash.
I mean, let's just be frank,some buyers don't have the cash
up front.
Speaker 2 (05:11):
Lots of buyers don't have the cash up front.
I'm going to tell you thatright now.
Speaker 1 (05:15):
Yeah, so wrapping that or wrapping a portion of
that into a 30-year loan is avery minimal difference on their
payment, so it does give themoptions to work through that
scenario.
Speaker 2 (05:25):
Yep, yep, yep, yep.
I like how you said thatminimal on their payment.
Speaker 1 (05:29):
It is very minimal.
Speaker 2 (05:30):
It is very minimal, it is very minimal on the
payment.
It is very minimal.
Speaker 1 (05:34):
Yes.
So just definitely givesoptions where I see I foresee
not happening right now, becauseright now, um on all the offers
that I've been been putting in,all the offers we've been
getting um, sellers haven't hadmuch pushback to paying buyer's
agent commission.
Speaker 2 (05:53):
It's knock on wood.
I haven't had any pushback.
Speaker 1 (05:55):
Yeah, it's still um, it's still been, you know,
acceptable and in considerationand everything, because we're
not in a really strong marketRight.
Once we get into a strongmarket I do in those entry-level
homes, those first-timehomebuyers I do think that's
going to become an obstacle.
Speaker 2 (06:12):
And when that becomes an obstacle.
Speaker 1 (06:14):
At least now we have a resource to help them.
So I do.
I think it's positive.
Not every buyer is going toutilize it or use this program,
but at least there's somethingout there with an option yeah,
and that's the thing.
Speaker 2 (06:28):
As we move forward.
Uh, things are a little on theunknown, but we are going to
move forward in a way that isgoing to eventually make sure
that business runs as smoothlyas possible.
Just like va they couldn't payfor buyers agents.
Now there's ways for them topay buyer's agents.
Now it's going to be availableon loans for everybody.
(06:51):
So it's just how the industryis going to adjust.
But people are still going tobuy and sell homes.
Speaker 1 (06:54):
Yes, absolutely, and wise people are still going to
use realtors when they buy andsell homes.
Yes they are.
We do provide a value to theconsumer, yeah.
Speaker 2 (07:06):
We do provide a value to the consumer.
We also have a ton of knowledgeto help them navigate
transactions, because each oneis different.
And it's a nice safety netbecause there's a lot of
disgusting scams and people outthere.
If I'm being honest, I ranacross the one the other day.
That was a little shocking tome, that people were waiting for
(07:27):
people to pass away and whenthey were in probate it kind of
goes like down the line when yougo into probate, right, it's
like spouse, kids, parents andsiblings, like this order of how
it would get the next in linebut the last one is, or any
reasonable person.
So people were going andsigning themselves up to be one
(07:51):
of the officers or the executorof that probate and getting
properties.
That's insane.
Speaker 1 (08:04):
Yeah, there's a lot of dishonest people out there in
the world, Unfortunately, I Ihow do you even get to that
point?
Speaker 2 (08:12):
You're like, Hmm, well, if they don't have anybody
, it'll eventually get to me.
Yeah, it's um, it's sad.
It's sad Never met the peoplenever knew the family, never,
anything.
I'm swooping in to get theproperty because they're like
well, better go to me instead ofthe state.
Yeah, yeah.
Speaker 1 (08:28):
So that's unfortunate , but yeah, there's definitely.
We are in an environment and atime where scams are very high.
On that note I don't know if Ibrought this up in a previous
episode, but we had had adiscussion with a title company
and property scams are reallyincreasing and it's where people
(08:51):
are going in and sellingproperties that they don't own.
It's happening more on vacantland, so title companies have
increased their securitymeasures on even when they open
an escrow for vacant land.
I've seen that.
I'm doing unless I know theperson personally.
You know like sold them land orknow you know know them like
(09:12):
personally?
Um, I'm doing searches, I'mhaving the title company, search
the vacant land and send anotice to the seller prior to
listing.
Yes, um, just to make sure thatthat seller is the person that
I'm talking to, that is sellingthe land, Because I even had a
case a few months ago andluckily I didn't move forward
(09:35):
with it because I just got.
You know, I just I had too manyred flags come up and I was
like yeah, I was like somethingjust doesn't seem right about
this.
And then I had them send me anID, sent me the most perfect
picture of an ID I ever seen.
It was like you know, I'm likethat's not a picture of an ID,
that's like a digitally madecopy.
It doesn't even look right SomeAI gorgeousness, yeah.
(09:58):
But so that you know, thatdefinitely raised a red flag and
there was a lot of things aboutit that I was like this just
doesn't seem right and I reachedout to the title company.
They sent a letter to the ownerthat was on file direct letter
and the owner responded, calledthem actually as soon as he got
the letter and said no, I'm notselling.
What's going on?
Said well, someone's trying tosell your land and it's not you.
(10:22):
So this is increasing.
There is a service with thecounty recorder.
It's a free service.
You can go on and opt in to getalerts on anything that is
being recorded on your property.
The downfall of this is itdoesn't catch it in the first
stages.
However, it does do immediatelyat the time of recording.
(10:47):
So there's been an instancerecently where a title company
someone the seller had had thisnotification service and it
recorded and they instantly gota notification that this new
deed or whatever recorded ontheir property and they called
and they're like hello.
I didn't do anything.
That's not me, and the titlecompany had not dispersed funds
(11:11):
yet.
Speaker 2 (11:12):
So they were able to save the transaction because
they usually, you know, dispersefunds the following day.
Speaker 1 (11:18):
So, um, yes, it, it, it is like, you know, it's, it's
.
I wish it was more proactive,like as soon as someone opened
escrow there'd be a notificationBefore there was even an escrow
number issued.
Yeah, but it does provide you aresource.
I mean because you don't wantto find out.
Something was reported on yourproperty months or years later.
(11:39):
So it's free.
It's with the Clark CountyRecorder's Office.
You can go on easy link.
I mean it takes two minutes.
I did it, I had all my kids doit, so it is something that is
available.
Yeah, and it's a great resource.
Speaker 2 (11:52):
There's also a rental scam.
Now, I don't do a lot ofrentals, so I don't really stay
apprised on what's going on overthere, but there are people who
are listing homes for rent thataren't the management company
or the owner and they'recollecting a few thousand
dollars in deposits from people.
(12:13):
Disgusting, quit stealing frompeople.
Speaker 1 (12:15):
That's been going on for quite a while and some of
them are they're on Zillow, even, or whatever, and they have a
they look legit as hell.
Well, and I've seen some thathave a property management
company which is a legitimateproperty management company, but
they're not with that property,because some people will just
look up the property managementcompany and say, oh, this is a
(12:37):
legitimate company.
So I do tell people like withthat, please go to the brick and
mortar building and meet thepeople, make sure that it's
there, it exists, and it is themthat it's there, it exists, and
it is them.
Um, but also um.
I always look um through the uh,you know, when people are
asking me or say something, youknow in the rental world, which
(12:58):
I get those calls, you knowsometimes, and and they'll just
say like I um, you know I'minterested in this property,
what do you think of it?
Or whatever, and I I look up onon the MLS and I'm like it's
not on the MLS and frankly, thatcould be anything.
If it's not, you know, if it'snot there, I only trust the
resources that are availablethrough the MLS because those
are verified and those arelicensed agents.
Speaker 2 (13:20):
Right, that's the real deal.
Speaker 1 (13:21):
Yeah, and I heard of a rental scam recently.
That was bizarre.
I guess a renter scam.
So a guy was renting a housefrom the owner for years and the
owner was having mail sent tothe house.
Still, I don't know, neverupdated a mailing address or
(13:44):
whatever.
Speaker 2 (13:44):
Okay.
Well, mail is kind of a trickything, right.
I get weird mail from peoplewho had the house that I live in
10, 15 years ago.
I got mail the other day froman ex that's never, ever been at
the house.
I didn't even own the housewhen I was with him, so I don't
know why he's getting mail at myhouse.
Speaker 1 (14:02):
Yeah, well, they had this tenant for years.
Tenant goes and gets an ID madein the owner's name and sold
the house.
It, you know, did the signingthe notary.
I mean everything, oh yeah.
Speaker 2 (14:19):
These people are terrible but clever.
Speaker 1 (14:21):
So yeah, and he had, you know, he had all the, you
know, basically all the records.
He just wasn't that person.
So yeah, horrible, so gosh,there's so many scammers out
there.
Be careful, always be careful.
Speaker 2 (14:34):
Be careful, use a professional yeah.
Speaker 1 (14:37):
Well, I mean, in that case, I don't know, it was
actually the notary that told meabout this, because he said
that he had to go to court nowbecause he's the one that did
the signing, um, but he's likehe had an ID right.
So, um, and, and I guess the IDwas actually, uh, it was, it
was a real ID.
He just had enoughdocumentation and got in enough
(15:02):
information to be able to do areplacement ID with, uh, his
picture saying he was thisperson.
I don't know.
Speaker 2 (15:09):
Dang it, scammers beware.
Speaker 1 (15:11):
Yeah, it was not good , yeah, so there we go.
Speaker 2 (15:17):
Let's get into numbers.
Yeah, I was going to say here,we are halfway through the show
and we haven't even started ityet.
Okay, so each week we alwaysstart out with numbers.
It's a great way to gauge whatis going on in the real estate
market.
And so, single family homesthis week, how many we got?
Speaker 1 (15:34):
5,442.
So still a high number, a goodnumber, I don't mind the number.
Speaker 2 (15:41):
I wish the other numbers reflected better, though
, even though sold was 368,.
That's getting better.
Yeah, 578 decrease right aroundthe same area.
Speaker 1 (15:52):
Yeah, and then 536 under contract that fell from
last week.
So those are.
You know there's not a wholelot happening right now.
Speaker 2 (16:02):
Right.
Well, actually they oh, october17th they were, the under
contracts were only 493.
So it rose.
Speaker 1 (16:11):
Oh, it did raise, it did raise.
Speaker 2 (16:12):
Yep To 563.
And the price decreasesdecreased themselves too.
Okay, because that's good Yep,yep, yep, yep.
Speaker 1 (16:19):
Yep, because I was remembering a 600 number, so
that must have been a couple ofweeks ago.
Speaker 2 (16:24):
Yes, yes, yes, yes yeah.
The price decreases were $6.29last week and then this week
they are $5.78.
Okay, so there's dropping alittle maybe.
Speaker 1 (16:39):
A little bit.
Speaker 2 (16:40):
Yep, yeah, yeah, a little bit I think people are
getting, especially if they'vegot an agent saying, hey, it's
just the condition that we're in, they're going to spend a
little more days on market, andwe went over it at the beginning
of them oh, you were gone, youwere on vacation, you're just
having the best October.
You're like vacation birthday.
But Mia was here and we hadtalked about that and how the
(17:02):
days on market had changed, thatit was now in the low 61% or
something.
That was the zero to 30 days,and we're usually in the like 67
, 68% in that zero to 30s.
So a little bit of slow, butthat's okay because they're
still moving.
Speaker 1 (17:19):
Yeah.
Yeah, we're seeing a slowdown.
It is nationwide, but it isjust powered by it being
election season, so it's fine,yeah.
Speaker 2 (17:28):
I'm very optimistic that this isn't the permanent
condition of our market at all.
Speaker 1 (17:34):
Oh yeah, no, I have no doubt that this is a
temporary scenario that we're in, so let's get into our listener
questions.
Speaker 2 (17:44):
Okay, first one is from our guy Ernesto.
He paid for an appraisal and ahome inspection but the seller
won't drop the price to theappraised value and he wants to
know if he can get refunded.
So this happens when youpurchase a house.
The bank wants an appraisal.
They want to know that thehouse is worth what they're
(18:05):
going to give you the money for,and no bank is going to give
you more money than the house isappraised for.
Period into conversation.
Speaker 1 (18:11):
Yes, correct.
And again, sellers have noobligation to drop the price to
any price that is not thecontract price.
So even though the appraisalmight say that that's the price,
that doesn't obligate theseller to go along with that.
So unfortunately there are somesellers out there that say, no,
(18:34):
I don't agree with theappraisal.
They might not agree with theappraisal in general.
There's options.
You can dispute an appraisal,but you really have to have some
solid, concrete evidence thatit is incorrect.
Speaker 2 (18:50):
Receipts for new windows or AC or something.
Speaker 1 (18:53):
Well, even yeah even then you get a?
Um, just a percentage of valuefor those those things, and
sometimes you know an appraisermay have missed comps, but it
has to be something that isreally a strong comp.
You know very much the same tosay that this supersedes
whatever you picked, right Um.
So there's a.
There's definitely ways of's,definitely ways of opening a
(19:15):
dispute.
If so, you talk to your agentand your lender and they can do
that, but a lot of times thosego nowhere, so don't put too
much hope in that aspect of it.
So there are, we don't?
We rarely ever see it.
Speaker 2 (19:38):
Never, never, never, never.
Speaker 1 (19:40):
Well, I've seen it in like small, certain
circumstances that are unique,where there'll be something like
that where the seller agreesthat you know if this happens
and it's usually cases wherethey know that it's an iffy
outcome, right, but very rarelydoes that ever happen where you
(20:00):
can get refunded.
Now, one like caveat I guessfrom that is that if you are
doing like an FHA appraisal or aVA um and it sticks with the
property for a certain amount ofmonths, yep you got uh, let's
see.
Speaker 2 (20:18):
Uh, fha is 120 days and VA is six months, or is it
the opposite way?
Let me see.
Speaker 1 (20:27):
Um.
I believe FHA is 120 or 160.
Speaker 2 (20:31):
Yeah, fha appraisals will stick for the property for
120 days and VA will go aheadand be there for six months.
Speaker 1 (20:38):
Yes.
So if that next buyer is thesame loan type and that same
appraisal is used, that wouldmean that the buyer had either
agreed to pay the difference tothe seller or maybe the seller
just came down to reality andchanged their mind and this next
buyer that they're in contractis using that same appraisal.
It goes, it's logged into asystem and that system that it's
(21:02):
logged in it will deem that thesame appraisal be used on the
property.
And that doesn't mean the newbuyer doesn't have to pay for an
appraisal.
They still have to pay for thatappraisal because they're going
to be using that appraisal thatthe previous buyer paid for.
And in that case the previousbuyer does get reimbursed for
(21:23):
the appraisal.
But very rare that that happens.
Often, when sellers will say itwas an FHA they had an FHA
appraisal and the next buyercomes in, they'll say we're not
considering FHA because theyknow that that appraisal is
going to stick with the propertyand they're already not okay
with that appraisal value.
Speaker 2 (21:42):
Yeah.
So just basically summed upyour home inspection and your
appraisal are specific toproperties.
They're usually out-of-pocketexpenses.
There's nothing saying that youcan get reimbursed for those.
Those are your own edification.
The inspection has done the work.
They've given you theinformation, so then you can
(22:02):
then make an educated guess.
Same thing with the appraisal.
The bank has said hey, it's notworth that, we're not going to
give you that.
The fact that they do stickaround for the 120 days or the
160 days gives your agent theopportunity to negotiate with
them and say hey, listen, if youdon't take our deal, you're
going to have to deal with thisagain if you're accepting VA or
(22:23):
FHA, if not, you're going to beshrinking your buyer pool and
there's no guarantee that thenext buyer will get a higher
appraisal and that you'll beable to get that money.
The only thing is the sellermight be hanging on to this
wishlist that somebody is goingto pay them cash over appraised
value, and in some markets thathappened.
If we go back to 21, 22,.
(22:43):
There was so many cash overappraised value when people were
coming in from other, moreexpensive markets.
They sold their home.
Have a ton of cash, throw itinto this home.
It sort of gave a not realisticview of the market because
prices were raising because ofthat.
But that's very risky.
(23:04):
In gambling for a seller it isusually better to come to terms
and negotiate through thecontract that you're in than
then have to start from scratch.
Speaker 1 (23:15):
Yeah, and I have seen instances where sellers say, no
, I don't agree with thatappraisal, we'll move on, we're
not going to accept that loantype anymore.
We go into contract again, geta different appraisal and the
other appraisal comes in evenlower Right.
So you never can guaranteewhat's going to happen with that
appraisal.
Because it does take intoconsideration also the
(23:38):
environment of the market.
In a strong market theappraisals are going to be a
little bit higher, and whenmarkets weaken, like we're
seeing right now, the appraisalstend to come in a little bit
lower because they do takemarket conditions into
consideration.
Speaker 2 (23:55):
Exactly, Exactly.
Sorry, Ernesto.
Sorry that you paid for theinformation and it was given to
you and it wasn't theinformation you wanted.
There are ways to kind ofnavigate around that.
If you have a good agent,they're definitely going to help
you through that.
But that comes back to the oldeuphemism a bird in the hand is
worth two in the bush.
Speaker 1 (24:16):
Yes, absolutely, Absolutely.
And then our next question is Igot a new construction contract
.
I told them I want to use myrealtor, but they said it's too
late.
What can I do?
Speaker 2 (24:32):
I love that you thought of bringing your realtor
in after the fact, but therealtor needs to be there from
the jump.
Speaker 1 (24:40):
Yes, yes, you can hire an agent at your own
expense if you want someone toadvise you and help through the
contract.
There are certain terms, andsometimes I mean the builder's
not going to have anycommunication with them.
It'd be strictly for advisorypurposes.
Yep, a new constructionscenario and you don't have
(25:04):
agent representation.
The salesperson at the officeis often providing you
representation, as well as theseller, but the unfortunate
scenario of that is the sellerpays their bills.
Speaker 2 (25:19):
Right.
They work for the builder.
They're not there to representyou.
They want to get you into acontract and get you into a home
because that benefits them.
But the underlying factor isthey work for the builder, they
represent the builder.
They get paid by the builder,so that's who they're going to
service.
Speaker 1 (25:36):
Yeah, and often depending on markets, depending
on market conditions, there's alot of times where the builders
will offer real estate agentcompensation when you purchase
from them.
There's times that they won't.
It really depends on the market, the scenario and sometimes
just the project.
There's some builders thatoffer that say we'll pay the
(25:59):
agents on certain projects andon other projects they say we
won't.
So that's always something.
Projects and on other projectsthey say we won't.
So that's always something.
But a lot of builders, the ruleis the first time that you
visit the community you have tohave your agent with you To
register you, to register you.
If you do not, then you arebasically waiving that right to
(26:22):
have a real estate agent andsome builders are so picky that
it's registered per community,not per builder.
Speaker 2 (26:30):
So if I'm going to say, for instance, a KB home,
every KB home that my client islooking in, I go and register
them.
Because just because I registerat one KB community doesn't
mean that they're mine under theKB umbrella, I have to do it at
each.
Doesn't mean that they're mineunder the KB umbrella, I have to
do it at each individualcommunity.
Speaker 1 (26:50):
Yeah, so we always advise our clients that if new
construction is in consideration, I mean we have a talk about
that in the beginning, butsometimes things change.
Speaker 2 (26:59):
And buyers.
They get excited.
They see a flag new communityhome starting from, and boom,
they're in the parking lotchecking it out from, and boom
they're in the parking lotchecking it out.
Next thing you know they're ina contract and now they're
unrepresented.
Speaker 1 (27:10):
Yeah, and so often I just tell buyers if that's at
all in a consideration.
Or you drive by a community andyou see that flag and you say,
hey, I want to check this out,give me a call, we'll get you
scheduled, we'll go in there.
Just do that Like instant.
Speaker 2 (27:25):
I just walked in and now this is all happening
because it's so fun and soexciting and shoppers love to
shop and when they see thatthey're like, oh, I'm going to
go check this out, this might bethe one.
But then you're doing yourselfa disservice because now you're
an unrepresented party and witha builder who sells hundreds and
hundreds of homes a year andyou may not have bought hundreds
(27:46):
and hundreds of homes.
So you don't know what to lookfor, what the pitfalls are, you
don't know in that contract,just having an agent around to
advise you on things like thesection where the interest rate
can change and things like that.
You're not locked in until thispoint and there's certain
things that you should be awareof and having representation,
Like we've said, the entire showis super important.
Speaker 1 (28:08):
Yeah, definitely, and there's a lot of times that I
think the biggest advice I cangive people on new construction
is when you're walking in thatmodel home, finding out what
actually comes with the homethat you're purchasing, because
often they are very different.
It actually comes with the homethat you're purchasing, because
often they are very differentand there's a lot of model homes
(28:29):
.
A lot of builders do theirmodel homes in ways that aren't
even available for options.
Speaker 2 (28:34):
Right, we had one that we sold them and they said
it was going to be the same kindof flooring or whatever.
Speaker 1 (28:41):
The same floor.
Speaker 2 (28:42):
The same floor, the same floor, but the floor they
didn't use that manufacturer forthe houses that they were
putting together.
So the floor and the model thatthey thought they were getting
was different and that was awhole.
Speaker 1 (28:51):
Yeah, and it was quite different.
Speaker 2 (28:52):
I was pretty bent out of shape about that, because it
wasn't, because it wasn't justthe color was a few shades off.
It was the size of the tile andthe.
Speaker 1 (29:02):
So it was, um, it was an all out misrepresentation.
So, um, yeah, you gotta be verycareful.
Um, I, I'm not saying thatthey're all dishonest.
I feel like that salesperson inparticular was pretty dishonest
, um, but uh, that it was thatare in the contract or whatever.
It's just extra things toverify.
(29:30):
But yeah, I mean sometimes, asfar as the, there's some design
features that they add into ahome that are certain accent
walls, certain things like that,you can't even purchase those
if you wanted to.
There's, you know, justdifferent things they do to
those model homes to make themlook amazing.
(29:51):
And there's been times wherepeople will walk through the
model home and say like I lovethis home, I want this home, and
they say, oh well, we have oneready and standing that you
could look at.
That's almost finished.
And then they go in there andthey're like this isn't like
anything.
Speaker 2 (30:04):
Right Like oh, this isn't what I was wanting at all.
Speaker 1 (30:08):
Yeah, and then you suddenly have a fizzle down.
It's like except here, and thenall the way like I don't know,
you know so they can be quitedifferent.
So I do think it's great toactually ask for those standing
homes, or ask for a home that'sfinished or almost finished to
look at, if they have oneavailable, because that really
does give you a really good ideaof what you're getting versus
(30:30):
what the model homes look like.
Speaker 2 (30:31):
Yeah Well, standing stock for new build in general
is my favorite because I lovebeing able to see the property,
see what lot it's on, see whatthe views are.
Usually the builder is tryingto off them quick because now
they're done, they're justsitting there stale.
They want to get to selling andbuilding new ones.
You can usually get some prettygood incentives.
It takes a lot of guesswork outof stuff because all of the
(30:53):
fixtures, finishes have alreadybeen picked.
Usually they're in there,they're done.
I love it.
Speaker 1 (30:59):
Yeah, and the onstanding inventory you have.
Often they'll offer, like thoserate buy-down options, bigger
contribution to closing costs,things like that.
So they usually have a lot moreincentives on standing homes
than they do on existing or, I'msorry, building homes, the ones
that they build from ground upand those ones you customize.
(31:21):
You go to a design center andpick out things and in the long
run it is more expensive.
Speaker 2 (31:25):
Yeah, not to sound like a broken record, but if
you're using a real estateprofessional, they usually get
emails every day from builderson what their standing stock is
and stuff.
So we have that inventory inour email boxes, as well as
having a new build home resourceright in our MLS.
That helps us find the rightnew build community for you.
Speaker 1 (31:46):
Yeah, absolutely.
And text messages they'resending text messages these days
too.
They're trying to hit us fromevery angle.
Lots of deals going on rightnow with new construction.
Speaker 2 (31:55):
So many deals, so many deals, so many deals and
that's one of the things aboutreal estate especially in a
market like ours that's prettydang hot is that in every market
there are some deals to befound.
There's ways to get in.
If you've got the money and thewant and desire, then we can
usually make it happen.
Knock on wood, I haven't hadreally people come to me and say
(32:18):
I want to buy and they're in aposition to buy that don't buy.
Speaker 1 (32:22):
Yeah, yeah, people will always eventually buy.
But, yeah, there's a lot ofgreat deals.
We've been seeing some reallygood prices on listings lately,
some great incentives.
People are they're realizingthey got to get the house more
show ready.
So we've seen a lot of greathomes on the market now and if
anybody wants to get someinformation about any of these
(32:44):
homes, how do they reach you?
Speaker 2 (32:45):
They can always call or text me.
I'm 702-379-9948.
Speaker 1 (32:50):
I know you're always available to take phone calls
and texts as well, so yes, youcan call me 702-308-2878 or text
me on the same number, and ifyou guys are watching our show,
please check out our link treeat RealtyCheck Vegas.
You have links to how toconnect with us all over.
Speaker 2 (33:07):
Yep, yeah, make sure you like, share, subscribe,
become part of our community.
We like having you and thanksfor being here.
Speaker 1 (33:14):
Yep, we'll see you next week.
Vegas.
Bye Vegas, have a great week,thank you.
Hey, las Vegas.
Welcome back here to VegasRealty.
Check your Local Las Vegas RealEstate News Show.
I'm Trish Williams and and I'mTiana Carroll.
Welcome back, yes, thank you.
And well, this week we havesome highs and lows, including a
birthday.
Including a birthday.
Speaker 2 (00:34):
Happy birthday, Trish .
Thank you, I appreciate thatDay late and a dollar short, but
we don't film on your birthday,so here we go, that's all right
.
Speaker 1 (00:41):
Here I am, here's 46.
Speaker 2 (00:42):
That's okay, 46 is a great age.
I loved 46.
Speaker 1 (00:49):
Yeah, well, here I am .
Speaker 2 (00:51):
Here I am.
You look fabulous, you have asuccessful business, your family
is happy and healthy.
I think you're doing great.
I couldn't ask for more.
Speaker 1 (00:59):
No, you are very blessed.
I am very grateful and thankyou.
Yes, so highs and lows for theweek.
This week, rates have hit theirhighest point since July.
Yep.
Speaker 2 (01:10):
They just were like hey, we like it up here in the
atmosphere of the sevens and belike, oh, we were hoping you
would drop down to the fives.
Speaker 1 (01:20):
Why are you going higher?
Yeah, so so much for the Feddecrease.
Speaker 2 (01:26):
huh, Well, you know what, Two weeks out of election,
did you really expect anythingdifferent?
Of course there's bound to besome pitfalls.
Speaker 1 (01:33):
We're going to see.
We're going to see some changesin that they will come back
down I feel very certain forthat and once this election
passes, housing will get back tonormal, because right now, if
you have your house on themarket, you're kind of stressed.
Speaker 2 (01:47):
Yeah, and you're hating it because the days on
market are accumulating.
There's so many homes that arelike I'm just sitting, I'm just
sitting, I'm like 35 days isn'treally just sitting.
Speaker 1 (01:58):
Well, there's almost, yeah.
There's just very littleactivity going on right now, but
it's normal.
It's nothing to panic about.
We see this every electionseason, though statistics have
shown that this one has hit thehardest as far as slowdown.
Speaker 2 (02:17):
There's so many factors going into where we sit
in this moment in time.
Speaker 1 (02:21):
Yeah, there's a lot, and NAR statistics came out for
September and they said that weactually hit a 15 year low in or
, I'm sorry, a 14 year low insales, so definitely filling it
this season.
Speaker 2 (02:38):
Yeah Well, it's been a lot right.
We're still sort of recoveringafter the pandemic when they
brought the economy to a haltwith those rate hikes, and then
we have obviously the electionthat's going on.
We had all of the NAR lawsuits,which is all over the news and
(03:01):
people even though, I have tosay, most of the people that I
talk to don't really realizewhat the suit was about, what
the settlement entailed orwhatever.
But it gets people fearful ofreal estate and so there's so
many contributing factors towhat's going on.
I will say to your comment thehighs and the lows.
Yeah, we had the highs of theinterest rates.
(03:23):
I don't know what your lows?
Speaker 1 (03:24):
are the sales?
Oh, the low sales.
Nar said that we had a 14-yearlow.
The sales are.
We're at a 14-year low in sales.
Yeah.
Speaker 2 (03:37):
So I agree with all that highs and lows.
Weird, can't believe we gothere now as primarily a buyer's
agent.
I am shocked at how many peopleare coming out of the woodworks
and at least talking to lendersright now.
Yeah, a few lenders are justlike okay, I got to call you
back.
I'm so busy, I got anotherapplication and this and that,
(03:58):
and it's just right now, youknow, going from one to two
active buyers.
Now, all of a sudden, I've gotfive prequal letters standing in
front of me and I'm like, oh hi, where did those come from?
Speaker 1 (04:11):
So we have people gearing up and getting ready so
that is, and that's why I thinkyou know, and that's why I'm
telling everybody just just justhold off, don't, don't stress
right now.
It's going to be fine, it isgoing to be fine.
Also, on the NAR lawsuitsettlement, whatever news a new
loan program has recently cameout that is allowing buyers to
(04:36):
wrap that buyer's agentcommission into their loan.
Speaker 2 (04:40):
So in situations, where how do you feel about?
Speaker 1 (04:43):
that.
Speaker 2 (04:45):
I don't know.
You're not the one making thepayment, so it doesn't matter.
But interest on 30 years forrealtor fees seems like buying
an appliance package from a newbuild to me.
Speaker 1 (04:55):
Yeah, true, and it just depends.
It's something that if theseller is not willing to cover
the cost, if the buyer wants thehouse, or if the seller even
agrees to cover half the costand the buyer has the other half
and they don't have the cash.
I mean, let's just be frank,some buyers don't have the cash
up front.
Speaker 2 (05:11):
Lots of buyers don't have the cash up front.
I'm going to tell you thatright now.
Speaker 1 (05:15):
Yeah, so wrapping that or wrapping a portion of
that into a 30-year loan is avery minimal difference on their
payment, so it does give themoptions to work through that
scenario.
Speaker 2 (05:25):
Yep, yep, yep, yep.
I like how you said thatminimal on their payment.
Speaker 1 (05:29):
It is very minimal.
Speaker 2 (05:30):
It is very minimal, it is very minimal on the
payment.
It is very minimal.
Speaker 1 (05:34):
Yes.
So just definitely givesoptions where I see I foresee
not happening right now, becauseright now, um on all the offers
that I've been been putting in,all the offers we've been
getting um, sellers haven't hadmuch pushback to paying buyer's
agent commission.
Speaker 2 (05:53):
It's knock on wood.
I haven't had any pushback.
Speaker 1 (05:55):
Yeah, it's still um, it's still been, you know,
acceptable and in considerationand everything, because we're
not in a really strong marketRight.
Once we get into a strongmarket I do in those entry-level
homes, those first-timehomebuyers I do think that's
going to become an obstacle.
Speaker 2 (06:12):
And when that becomes an obstacle.
Speaker 1 (06:14):
At least now we have a resource to help them.
So I do.
I think it's positive.
Not every buyer is going toutilize it or use this program,
but at least there's somethingout there with an option yeah,
and that's the thing.
Speaker 2 (06:28):
As we move forward.
Uh, things are a little on theunknown, but we are going to
move forward in a way that isgoing to eventually make sure
that business runs as smoothlyas possible.
Just like va they couldn't payfor buyers agents.
Now there's ways for them topay buyer's agents.
Now it's going to be availableon loans for everybody.
(06:51):
So it's just how the industryis going to adjust.
But people are still going tobuy and sell homes.
Speaker 1 (06:54):
Yes, absolutely, and wise people are still going to
use realtors when they buy andsell homes.
Yes they are.
We do provide a value to theconsumer, yeah.
Speaker 2 (07:06):
We do provide a value to the consumer.
We also have a ton of knowledgeto help them navigate
transactions, because each oneis different.
And it's a nice safety netbecause there's a lot of
disgusting scams and people outthere.
If I'm being honest, I ranacross the one the other day.
That was a little shocking tome, that people were waiting for
(07:27):
people to pass away and whenthey were in probate it kind of
goes like down the line when yougo into probate, right, it's
like spouse, kids, parents andsiblings, like this order of how
it would get the next in linebut the last one is, or any
reasonable person.
So people were going andsigning themselves up to be one
(07:51):
of the officers or the executorof that probate and getting
properties.
That's insane.
Speaker 1 (08:04):
Yeah, there's a lot of dishonest people out there in
the world, Unfortunately, I Ihow do you even get to that
point?
Speaker 2 (08:12):
You're like, Hmm, well, if they don't have anybody
, it'll eventually get to me.
Yeah, it's um, it's sad.
It's sad Never met the peoplenever knew the family, never,
anything.
I'm swooping in to get theproperty because they're like
well, better go to me instead ofthe state.
Yeah, yeah.
Speaker 1 (08:28):
So that's unfortunate , but yeah, there's definitely.
We are in an environment and atime where scams are very high.
On that note I don't know if Ibrought this up in a previous
episode, but we had had adiscussion with a title company
and property scams are reallyincreasing and it's where people
(08:51):
are going in and sellingproperties that they don't own.
It's happening more on vacantland, so title companies have
increased their securitymeasures on even when they open
an escrow for vacant land.
I've seen that.
I'm doing unless I know theperson personally.
You know like sold them land orknow you know know them like
(09:12):
personally?
Um, I'm doing searches, I'mhaving the title company, search
the vacant land and send anotice to the seller prior to
listing.
Yes, um, just to make sure thatthat seller is the person that
I'm talking to, that is sellingthe land, Because I even had a
case a few months ago andluckily I didn't move forward
(09:35):
with it because I just got.
You know, I just I had too manyred flags come up and I was
like yeah, I was like somethingjust doesn't seem right about
this.
And then I had them send me anID, sent me the most perfect
picture of an ID I ever seen.
It was like you know, I'm likethat's not a picture of an ID,
that's like a digitally madecopy.
It doesn't even look right SomeAI gorgeousness, yeah.
(09:58):
But so that you know, thatdefinitely raised a red flag and
there was a lot of things aboutit that I was like this just
doesn't seem right and I reachedout to the title company.
They sent a letter to the ownerthat was on file direct letter
and the owner responded, calledthem actually as soon as he got
the letter and said no, I'm notselling.
What's going on?
Said well, someone's trying tosell your land and it's not you.
(10:22):
So this is increasing.
There is a service with thecounty recorder.
It's a free service.
You can go on and opt in to getalerts on anything that is
being recorded on your property.
The downfall of this is itdoesn't catch it in the first
stages.
However, it does do immediatelyat the time of recording.
(10:47):
So there's been an instancerecently where a title company
someone the seller had had thisnotification service and it
recorded and they instantly gota notification that this new
deed or whatever recorded ontheir property and they called
and they're like hello.
I didn't do anything.
That's not me, and the titlecompany had not dispersed funds
(11:11):
yet.
Speaker 2 (11:12):
So they were able to save the transaction because
they usually, you know, dispersefunds the following day.
Speaker 1 (11:18):
So, um, yes, it, it, it is like, you know, it's, it's
.
I wish it was more proactive,like as soon as someone opened
escrow there'd be a notificationBefore there was even an escrow
number issued.
Yeah, but it does provide you aresource.
I mean because you don't wantto find out.
Something was reported on yourproperty months or years later.
(11:39):
So it's free.
It's with the Clark CountyRecorder's Office.
You can go on easy link.
I mean it takes two minutes.
I did it, I had all my kids doit, so it is something that is
available.
Yeah, and it's a great resource.
Speaker 2 (11:52):
There's also a rental scam.
Now, I don't do a lot ofrentals, so I don't really stay
apprised on what's going on overthere, but there are people who
are listing homes for rent thataren't the management company
or the owner and they'recollecting a few thousand
dollars in deposits from people.
(12:13):
Disgusting, quit stealing frompeople.
Speaker 1 (12:15):
That's been going on for quite a while and some of
them are they're on Zillow, even, or whatever, and they have a
they look legit as hell.
Well, and I've seen some thathave a property management
company which is a legitimateproperty management company, but
they're not with that property,because some people will just
look up the property managementcompany and say, oh, this is a
(12:37):
legitimate company.
So I do tell people like withthat, please go to the brick and
mortar building and meet thepeople, make sure that it's
there, it exists, and it is themthat it's there, it exists, and
it is them.
Um, but also um.
I always look um through the uh,you know, when people are
asking me or say something, youknow in the rental world, which
(12:58):
I get those calls, you knowsometimes, and and they'll just
say like I um, you know I'minterested in this property,
what do you think of it?
Or whatever, and I I look up onon the MLS and I'm like it's
not on the MLS and frankly, thatcould be anything.
If it's not, you know, if it'snot there, I only trust the
resources that are availablethrough the MLS because those
are verified and those arelicensed agents.
Speaker 2 (13:20):
Right, that's the real deal.
Speaker 1 (13:21):
Yeah, and I heard of a rental scam recently.
That was bizarre.
I guess a renter scam.
So a guy was renting a housefrom the owner for years and the
owner was having mail sent tothe house.
Still, I don't know, neverupdated a mailing address or
(13:44):
whatever.
Speaker 2 (13:44):
Okay.
Well, mail is kind of a trickything, right.
I get weird mail from peoplewho had the house that I live in
10, 15 years ago.
I got mail the other day froman ex that's never, ever been at
the house.
I didn't even own the housewhen I was with him, so I don't
know why he's getting mail at myhouse.
Speaker 1 (14:02):
Yeah, well, they had this tenant for years.
Tenant goes and gets an ID madein the owner's name and sold
the house.
It, you know, did the signingthe notary.
I mean everything, oh yeah.
Speaker 2 (14:19):
These people are terrible but clever.
Speaker 1 (14:21):
So yeah, and he had, you know, he had all the, you
know, basically all the records.
He just wasn't that person.
So yeah, horrible, so gosh,there's so many scammers out
there.
Be careful, always be careful.
Speaker 2 (14:34):
Be careful, use a professional yeah.
Speaker 1 (14:37):
Well, I mean, in that case, I don't know, it was
actually the notary that told meabout this, because he said
that he had to go to court nowbecause he's the one that did
the signing, um, but he's likehe had an ID right.
So, um, and, and I guess the IDwas actually, uh, it was, it
was a real ID.
He just had enoughdocumentation and got in enough
(15:02):
information to be able to do areplacement ID with, uh, his
picture saying he was thisperson.
I don't know.
Speaker 2 (15:09):
Dang it, scammers beware.
Speaker 1 (15:11):
Yeah, it was not good , yeah, so there we go.
Speaker 2 (15:17):
Let's get into numbers.
Yeah, I was going to say here,we are halfway through the show
and we haven't even started ityet.
Okay, so each week we alwaysstart out with numbers.
It's a great way to gauge whatis going on in the real estate
market.
And so, single family homesthis week, how many we got?
Speaker 1 (15:34):
5,442.
So still a high number, a goodnumber, I don't mind the number.
Speaker 2 (15:41):
I wish the other numbers reflected better, though
, even though sold was 368,.
That's getting better.
Yeah, 578 decrease right aroundthe same area.
Speaker 1 (15:52):
Yeah, and then 536 under contract that fell from
last week.
So those are.
You know there's not a wholelot happening right now.
Speaker 2 (16:02):
Right.
Well, actually they oh, october17th they were, the under
contracts were only 493.
So it rose.
Speaker 1 (16:11):
Oh, it did raise, it did raise.
Speaker 2 (16:12):
Yep To 563.
And the price decreasesdecreased themselves too.
Okay, because that's good Yep,yep, yep, yep.
Speaker 1 (16:19):
Yep, because I was remembering a 600 number, so
that must have been a couple ofweeks ago.
Speaker 2 (16:24):
Yes, yes, yes, yes yeah.
The price decreases were $6.29last week and then this week
they are $5.78.
Okay, so there's dropping alittle maybe.
Speaker 1 (16:39):
A little bit.
Speaker 2 (16:40):
Yep, yeah, yeah, a little bit I think people are
getting, especially if they'vegot an agent saying, hey, it's
just the condition that we're in, they're going to spend a
little more days on market, andwe went over it at the beginning
of them oh, you were gone, youwere on vacation, you're just
having the best October.
You're like vacation birthday.
But Mia was here and we hadtalked about that and how the
(17:02):
days on market had changed, thatit was now in the low 61% or
something.
That was the zero to 30 days,and we're usually in the like 67
, 68% in that zero to 30s.
So a little bit of slow, butthat's okay because they're
still moving.
Speaker 1 (17:19):
Yeah.
Yeah, we're seeing a slowdown.
It is nationwide, but it isjust powered by it being
election season, so it's fine,yeah.
Speaker 2 (17:28):
I'm very optimistic that this isn't the permanent
condition of our market at all.
Speaker 1 (17:34):
Oh yeah, no, I have no doubt that this is a
temporary scenario that we're in, so let's get into our listener
questions.
Speaker 2 (17:44):
Okay, first one is from our guy Ernesto.
He paid for an appraisal and ahome inspection but the seller
won't drop the price to theappraised value and he wants to
know if he can get refunded.
So this happens when youpurchase a house.
The bank wants an appraisal.
They want to know that thehouse is worth what they're
(18:05):
going to give you the money for,and no bank is going to give
you more money than the house isappraised for.
Period into conversation.
Speaker 1 (18:11):
Yes, correct.
And again, sellers have noobligation to drop the price to
any price that is not thecontract price.
So even though the appraisalmight say that that's the price,
that doesn't obligate theseller to go along with that.
So unfortunately there are somesellers out there that say, no,
(18:34):
I don't agree with theappraisal.
They might not agree with theappraisal in general.
There's options.
You can dispute an appraisal,but you really have to have some
solid, concrete evidence thatit is incorrect.
Speaker 2 (18:50):
Receipts for new windows or AC or something.
Speaker 1 (18:53):
Well, even yeah even then you get a?
Um, just a percentage of valuefor those those things, and
sometimes you know an appraisermay have missed comps, but it
has to be something that isreally a strong comp.
You know very much the same tosay that this supersedes
whatever you picked, right Um.
So there's a.
There's definitely ways of's,definitely ways of opening a
(19:15):
dispute.
If so, you talk to your agentand your lender and they can do
that, but a lot of times thosego nowhere, so don't put too
much hope in that aspect of it.
So there are, we don't?
We rarely ever see it.
Speaker 2 (19:38):
Never, never, never, never.
Speaker 1 (19:40):
Well, I've seen it in like small, certain
circumstances that are unique,where there'll be something like
that where the seller agreesthat you know if this happens
and it's usually cases wherethey know that it's an iffy
outcome, right, but very rarelydoes that ever happen where you
(20:00):
can get refunded.
Now, one like caveat I guessfrom that is that if you are
doing like an FHA appraisal or aVA um and it sticks with the
property for a certain amount ofmonths, yep you got uh, let's
see.
Speaker 2 (20:18):
Uh, fha is 120 days and VA is six months, or is it
the opposite way?
Let me see.
Speaker 1 (20:27):
Um.
I believe FHA is 120 or 160.
Speaker 2 (20:31):
Yeah, fha appraisals will stick for the property for
120 days and VA will go aheadand be there for six months.
Speaker 1 (20:38):
Yes.
So if that next buyer is thesame loan type and that same
appraisal is used, that wouldmean that the buyer had either
agreed to pay the difference tothe seller or maybe the seller
just came down to reality andchanged their mind and this next
buyer that they're in contractis using that same appraisal.
It goes, it's logged into asystem and that system that it's
(21:02):
logged in it will deem that thesame appraisal be used on the
property.
And that doesn't mean the newbuyer doesn't have to pay for an
appraisal.
They still have to pay for thatappraisal because they're going
to be using that appraisal thatthe previous buyer paid for.
And in that case the previousbuyer does get reimbursed for
(21:23):
the appraisal.
But very rare that that happens.
Often, when sellers will say itwas an FHA they had an FHA
appraisal and the next buyercomes in, they'll say we're not
considering FHA because theyknow that that appraisal is
going to stick with the propertyand they're already not okay
with that appraisal value.
Speaker 2 (21:42):
Yeah.
So just basically summed upyour home inspection and your
appraisal are specific toproperties.
They're usually out-of-pocketexpenses.
There's nothing saying that youcan get reimbursed for those.
Those are your own edification.
The inspection has done the work.
They've given you theinformation, so then you can
(22:02):
then make an educated guess.
Same thing with the appraisal.
The bank has said hey, it's notworth that, we're not going to
give you that.
The fact that they do stickaround for the 120 days or the
160 days gives your agent theopportunity to negotiate with
them and say hey, listen, if youdon't take our deal, you're
going to have to deal with thisagain if you're accepting VA or
(22:23):
FHA, if not, you're going to beshrinking your buyer pool and
there's no guarantee that thenext buyer will get a higher
appraisal and that you'll beable to get that money.
The only thing is the sellermight be hanging on to this
wishlist that somebody is goingto pay them cash over appraised
value, and in some markets thathappened.
If we go back to 21, 22,.
(22:43):
There was so many cash overappraised value when people were
coming in from other, moreexpensive markets.
They sold their home.
Have a ton of cash, throw itinto this home.
It sort of gave a not realisticview of the market because
prices were raising because ofthat.
But that's very risky.
(23:04):
In gambling for a seller it isusually better to come to terms
and negotiate through thecontract that you're in than
then have to start from scratch.
Speaker 1 (23:15):
Yeah, and I have seen instances where sellers say, no
, I don't agree with thatappraisal, we'll move on, we're
not going to accept that loantype anymore.
We go into contract again, geta different appraisal and the
other appraisal comes in evenlower Right.
So you never can guaranteewhat's going to happen with that
appraisal.
Because it does take intoconsideration also the
(23:38):
environment of the market.
In a strong market theappraisals are going to be a
little bit higher, and whenmarkets weaken, like we're
seeing right now, the appraisalstend to come in a little bit
lower because they do takemarket conditions into
consideration.
Speaker 2 (23:55):
Exactly, Exactly.
Sorry, Ernesto.
Sorry that you paid for theinformation and it was given to
you and it wasn't theinformation you wanted.
There are ways to kind ofnavigate around that.
If you have a good agent,they're definitely going to help
you through that.
But that comes back to the oldeuphemism a bird in the hand is
worth two in the bush.
Speaker 1 (24:16):
Yes, absolutely, Absolutely.
And then our next question is Igot a new construction contract
.
I told them I want to use myrealtor, but they said it's too
late.
What can I do?
Speaker 2 (24:32):
I love that you thought of bringing your realtor
in after the fact, but therealtor needs to be there from
the jump.
Speaker 1 (24:40):
Yes, yes, you can hire an agent at your own
expense if you want someone toadvise you and help through the
contract.
There are certain terms, andsometimes I mean the builder's
not going to have anycommunication with them.
It'd be strictly for advisorypurposes.
Yep, a new constructionscenario and you don't have
(25:04):
agent representation.
The salesperson at the officeis often providing you
representation, as well as theseller, but the unfortunate
scenario of that is the sellerpays their bills.
Speaker 2 (25:19):
Right.
They work for the builder.
They're not there to representyou.
They want to get you into acontract and get you into a home
because that benefits them.
But the underlying factor isthey work for the builder, they
represent the builder.
They get paid by the builder,so that's who they're going to
service.
Speaker 1 (25:36):
Yeah, and often depending on markets, depending
on market conditions, there's alot of times where the builders
will offer real estate agentcompensation when you purchase
from them.
There's times that they won't.
It really depends on the market, the scenario and sometimes
just the project.
There's some builders thatoffer that say we'll pay the
(25:59):
agents on certain projects andon other projects they say we
won't.
So that's always something.
Projects and on other projectsthey say we won't.
So that's always something.
But a lot of builders, the ruleis the first time that you
visit the community you have tohave your agent with you To
register you, to register you.
If you do not, then you arebasically waiving that right to
(26:22):
have a real estate agent andsome builders are so picky that
it's registered per community,not per builder.
Speaker 2 (26:30):
So if I'm going to say, for instance, a KB home,
every KB home that my client islooking in, I go and register
them.
Because just because I registerat one KB community doesn't
mean that they're mine under theKB umbrella, I have to do it at
each.
Doesn't mean that they're mineunder the KB umbrella, I have to
do it at each individualcommunity.
Speaker 1 (26:50):
Yeah, so we always advise our clients that if new
construction is in consideration, I mean we have a talk about
that in the beginning, butsometimes things change.
Speaker 2 (26:59):
And buyers.
They get excited.
They see a flag new communityhome starting from, and boom,
they're in the parking lotchecking it out from, and boom
they're in the parking lotchecking it out.
Next thing you know they're ina contract and now they're
unrepresented.
Speaker 1 (27:10):
Yeah, and so often I just tell buyers if that's at
all in a consideration.
Or you drive by a community andyou see that flag and you say,
hey, I want to check this out,give me a call, we'll get you
scheduled, we'll go in there.
Just do that Like instant.
Speaker 2 (27:25):
I just walked in and now this is all happening
because it's so fun and soexciting and shoppers love to
shop and when they see thatthey're like, oh, I'm going to
go check this out, this might bethe one.
But then you're doing yourselfa disservice because now you're
an unrepresented party and witha builder who sells hundreds and
hundreds of homes a year andyou may not have bought hundreds
(27:46):
and hundreds of homes.
So you don't know what to lookfor, what the pitfalls are, you
don't know in that contract,just having an agent around to
advise you on things like thesection where the interest rate
can change and things like that.
You're not locked in until thispoint and there's certain
things that you should be awareof and having representation,
Like we've said, the entire showis super important.
Speaker 1 (28:08):
Yeah, definitely, and there's a lot of times that I
think the biggest advice I cangive people on new construction
is when you're walking in thatmodel home, finding out what
actually comes with the homethat you're purchasing, because
often they are very different.
It actually comes with the homethat you're purchasing, because
often they are very differentand there's a lot of model homes
(28:29):
.
A lot of builders do theirmodel homes in ways that aren't
even available for options.
Speaker 2 (28:34):
Right, we had one that we sold them and they said
it was going to be the same kindof flooring or whatever.
Speaker 1 (28:41):
The same floor.
Speaker 2 (28:42):
The same floor, the same floor, but the floor they
didn't use that manufacturer forthe houses that they were
putting together.
So the floor and the model thatthey thought they were getting
was different and that was awhole.
Speaker 1 (28:51):
Yeah, and it was quite different.
Speaker 2 (28:52):
I was pretty bent out of shape about that, because it
wasn't, because it wasn't justthe color was a few shades off.
It was the size of the tile andthe.
Speaker 1 (29:02):
So it was, um, it was an all out misrepresentation.
So, um, yeah, you gotta be verycareful.
Um, I, I'm not saying thatthey're all dishonest.
I feel like that salesperson inparticular was pretty dishonest
, um, but uh, that it was thatare in the contract or whatever.
It's just extra things toverify.
(29:30):
But yeah, I mean sometimes, asfar as the, there's some design
features that they add into ahome that are certain accent
walls, certain things like that,you can't even purchase those
if you wanted to.
There's, you know, justdifferent things they do to
those model homes to make themlook amazing.
(29:51):
And there's been times wherepeople will walk through the
model home and say like I lovethis home, I want this home, and
they say, oh well, we have oneready and standing that you
could look at.
That's almost finished.
And then they go in there andthey're like this isn't like
anything.
Speaker 2 (30:04):
Right Like oh, this isn't what I was wanting at all.
Speaker 1 (30:08):
Yeah, and then you suddenly have a fizzle down.
It's like except here, and thenall the way like I don't know,
you know so they can be quitedifferent.
So I do think it's great toactually ask for those standing
homes, or ask for a home that'sfinished or almost finished to
look at, if they have oneavailable, because that really
does give you a really good ideaof what you're getting versus
(30:30):
what the model homes look like.
Speaker 2 (30:31):
Yeah Well, standing stock for new build in general
is my favorite because I lovebeing able to see the property,
see what lot it's on, see whatthe views are.
Usually the builder is tryingto off them quick because now
they're done, they're justsitting there stale.
They want to get to selling andbuilding new ones.
You can usually get some prettygood incentives.
It takes a lot of guesswork outof stuff because all of the
(30:53):
fixtures, finishes have alreadybeen picked.
Usually they're in there,they're done.
I love it.
Speaker 1 (30:59):
Yeah, and the onstanding inventory you have.
Often they'll offer, like thoserate buy-down options, bigger
contribution to closing costs,things like that.
So they usually have a lot moreincentives on standing homes
than they do on existing or, I'msorry, building homes, the ones
that they build from ground upand those ones you customize.
(31:21):
You go to a design center andpick out things and in the long
run it is more expensive.
Speaker 2 (31:25):
Yeah, not to sound like a broken record, but if
you're using a real estateprofessional, they usually get
emails every day from builderson what their standing stock is
and stuff.
So we have that inventory inour email boxes, as well as
having a new build home resourceright in our MLS.
That helps us find the rightnew build community for you.
Speaker 1 (31:46):
Yeah, absolutely.
And text messages they'resending text messages these days
too.
They're trying to hit us fromevery angle.
Lots of deals going on rightnow with new construction.
Speaker 2 (31:55):
So many deals, so many deals, so many deals and
that's one of the things aboutreal estate especially in a
market like ours that's prettydang hot is that in every market
there are some deals to befound.
There's ways to get in.
If you've got the money and thewant and desire, then we can
usually make it happen.
Knock on wood, I haven't hadreally people come to me and say
(32:18):
I want to buy and they're in aposition to buy that don't buy.
Speaker 1 (32:22):
Yeah, yeah, people will always eventually buy.
But, yeah, there's a lot ofgreat deals.
We've been seeing some reallygood prices on listings lately,
some great incentives.
People are they're realizingthey got to get the house more
show ready.
So we've seen a lot of greathomes on the market now and if
anybody wants to get someinformation about any of these
(32:44):
homes, how do they reach you?
Speaker 2 (32:45):
They can always call or text me.
I'm 702-379-9948.
Speaker 1 (32:50):
I know you're always available to take phone calls
and texts as well, so yes, youcan call me 702-308-2878 or text
me on the same number, and ifyou guys are watching our show,
please check out our link treeat RealtyCheck Vegas.
You have links to how toconnect with us all over.
Speaker 2 (33:07):
Yep, yeah, make sure you like, share, subscribe,
become part of our community.
We like having you and thanksfor being here.
Speaker 1 (33:14):
Yep, we'll see you next week.
Vegas.
Bye Vegas, have a great week,thank you.
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