Duncan Duo 4-28-24

Episode Transcript

(00:00):
Happy Sunday, Tampa Bay. We'rewith you for another week here on the
Duncan Duo real Estate Show on WFLANews to talk about the Tampa Bay real
estate market. When we aren't onair, make sure to follow us on
all of our socials. We areat the Duncan Duo Twitter, Instagram,
YouTube, TikTok, and Facebook,always putting out relevant real estate information about
the market, new listings, thingsthat are happening, interest rates, everything

(00:23):
that you want to know about realestate and Tampa Bay and hit up Duncan
Duo dot com for your free homevalue estimate or an instant cash offer.
I'm joined by a special guest today. I have Michael Baird with the Baird
Group at LPT Realty in Colorado.Michael, happy to have you on.
It's funny. We've known each othera while, and you know, when

(00:45):
you came over to LPT Realty,obviously I was super happy because we've known
each other and we've done some othermasterminding and networking and stuff. And a
lot of our audience are real estateagents and they've probably heard the reasons why
I came over to LPT Realty.But I wanted to just talk to you
for a few minutes about what LPTlooked like to you, you know,

(01:06):
a caliber of your team in Colorado. What was it that brought you and
what is it that you're excited aboutwith LPT in the future. Yeah.
Yeah, Well, first, Andrew, thanks for having me on, man.
Yeah, we have known each otherfor years now, and it's cool
that we're able to partner through LPTand actually kind of work together now.
Yeah, it's a pretty cool thing, man, So I love it.
Yeah. You know, we wewere a family owned independent brokerage for about

(01:29):
a decade and recruited by all theother brokerages, right, you know,
you've seen it all that you know, brokerage you used to be with,
all the other ones, all beenrecruited by those, and we just we're
actually in Scottsdale in a Mastermind lastyear and you and some other people started
talking about LPT and it just madesense, man. So yeah, it's

(01:51):
been great for us. It's helpedreally kind of you know, really fast
track what we're doing already. Youknow what we'll do. We'll do over
one hundred million this year here inDenver. Really solid team and just all
the technology and tools that LPT provideshas been has been awesome for us man,
so we couldn't be happier. Yeah, And it's interesting because those were

(02:12):
all reasons that mattered to me.And I'm actually we're recording this. I'm
in New York and you're in Denver. I'm in New York this week at
a real estate convention with our founder, Robert Palmer. And it was interesting
because we were out to dinner lastnight and one of the things that he
said to me was was probably oneof the things I've enjoyed the most,
and it's proximity is power, andlike so when you are when you're coming

(02:34):
on with someone that brings you in, and you're part of a sponsorship group
and you join a brokerage, you'rejoining the brokerage where you're also joining that
group of entrepreneurs that are all likelooking out for each other and helping each
other win. And that's been oneof the cool things for me is that,
you know, when we run ourbusinesses in our markets, you know,
we have our agents that work forus and our leaders that work for
us, but they don't necessarily thinklike we do. So they don't they

(02:57):
don't necessarily they think more like asalesperson, whereas we think like an entrepreneur,
business owner. So it's kind ofcool to collaborate with people that are
in a similar boat in different partsof the country, share ideas and brainstorm,
and when you're part of that thatproximity, you kind of gain that
power of all the people and youget to learn from those people that have
done, you know, really greatthings, because obviously in our group,
we've got everyone from you know,twenty million dollars, ten million dollars,

(03:21):
one hundred two hundred three hundred,five hundred million dollar teams and you all
have run into the same problems.We all get to learn from each other.
So to me, the thing aboutLPT that also opened my mind is
that there really is something for everyonein the model. It's not just about
big teams. There's individual agents thatcan thrive in it. There's a financial
model that's you know, they callhybrid share. There's a financial model that

(03:44):
allows really a lot of flexibility,allows really anyone that's a real estate agent
to win from the model. Yeah. Absolutely, And the way I put
it is, there's not as manypeople that are as weird as you and
I, Right, Yeah, ina good way. Oh yeah, no,
right, yeah, for sure.We have different thought processes, we
think about business different and it's coolto be able to be around people like
you. And we were in thenational LPT conference in Saint Pete last month,

(04:09):
two months ago, and just beingaround all you guys, hearing your
ideas on business, you know,talking to each other about that is just
it's a cool network. Right.With us being family owned brokerage, we
had us and us, you know, and we had some masterminds every once
in a while, but literally,on a daily basis, I'm text and
Andrew, I'm texting other team leadersand people across the country involved with LPT,

(04:30):
and it's making all of our businessesbetter one hundred percent. And I
think the thing that it reminded meof and this is probably one of my
own, this is something I'll ownas a mistake the last few years.
Sometimes when you get to a certainlevel, and this is part of the
joy of me having people in ourgroup that haven't produced as much, right,
our egos unfortunately getting the way andlike so when you're at a certain

(04:54):
level, you're like, oh,this guy only does that much, So
I'm only going to listen to theguys doing more, and what you find
is there's so much more to learnfrom people about things that either you used
to know and used to do inyour business but you forgot to do,
like you stopped doing them or yougot out of the habit, right.
So so to me, like there'ssome of the people in our group that
maybe haven't been in the industry aslong as I have, but they have

(05:15):
more fresh perspectives, new ideas,or they're growing at it. Maybe they
aren't at my production level, butthey're growing at this fast clips you.
Really it's cool because you have theability, even as a super high top
producer, to learn if you justkeep an open mind. Absolutely, And
so I tell people all the time. So our buddy Bill Pipes, right,
I coach for his organization G three. So I have coaching and he

(05:36):
coaches my team. Yeah, hecoaches my real estate team. Yeah exactly.
Yeah. So I have coaching clientsthat sell five homes a year,
you know, they're just getting startedout that we're trying to scale their business.
And then I coach teams as well, and I will tell you that
I learned something from everybody I coach, of course, So it's like I
feel kind of bad. It's like, hey, I'm coaching you, but
I'm learning too. Right. Maybeyou mentioned that fresh perspective, and I

(05:57):
think that's something that is missing andreal estate. Real estate gets closed off,
it gets kind of secretive, right, And that's one cool thing about
our group and everybody I try toassociate with, is there's none of that,
right, Like we're open, we'resharing. I think something else that
I found is in some of thebig box companies. And again this is
part of the excitement of a new, fast growing company with an entrepreneur that's

(06:20):
already been successful, that already hasresources to help it grow. But one
of the things that that I've noticedand I made them a similar adjustment in
my own business and kind of pivotmy own business because I feel like post
COVID and pre COVID, like aroundCOVID, we stopped doing some of the
things that we used to be doto be successful. And I think even

(06:42):
some of the big box brokeer justgot away from some of the networking and
collaboration. They just got out ofthe habit of doing it because you know,
it really did kind of you know, it stripped away some of that,
right, and now I feel like, you know, the smart companies,
the ones that are growing, havere initial sheated that and gotten that
momentum that the other companies lost oncollaboration because they weren't. They just kind

(07:04):
of lost the idea of having fun. We lost the idea of community.
People weren't doing events. And andlook you can look, we're we're on
a team's right now, we're videoingright now. And you know, so
it's not like you can't learn thatway, but it only takes you so
far. Yeah, And I thinkwhat did COVID COVID do to us?
It made us way too reliant ontechnology, you know, for sure for

(07:26):
better, you know, for bettersometimes, but for worse a lot of
times. And one cool thing,Robert Palmer, you know, owner founder
of LPT, I think has donehas helped us go back as much technology
as we have. He's also helpedus rely on those belly to belly conversations,
print pieces, mailers, all ofthose things that are quote unquote old
fashion that are really working well forus and a lot of us in our

(07:47):
circles. It's funny. So Ihave a good buddy of mine, Wade
Swichel, who owns and operates twocollege brothers moving in Tampa. It's our
preferred moving company. And he posteda couple of weeks ago and it kind
of goes a line with what Robertsaid and what you're saying now, and
it was something along the lines of, look, the expectation now is everybody
has a cool website and you know, stuff on their website and online marketing

(08:09):
and pay per click and SEO andsocial media. He's like, but the
ones that are gonna thrive in anew economy are the ones that are going
to grind and do the gritty stuff. And so he started a campaign where
he goes, he's the owner ofan enormous moving company, and he door
knocks every night, due door knocksevery night. What kind of examples he
set in for his company? Andso Ryan Young, who you and I

(08:31):
both know through owning the Young Teamin Cleveland and then owning Fellow, which
is a seller legion software company,he started the idea of leading the way
about, you know, making outboundcalls for his agency. Hear, because
so many of us were great salespeoplebefore we were great leaders, and we
got away from doing it, youknow, But it's that gritty grind stuff

(08:52):
that you add that to all theother things that you're gonna do, and
it's certainly going to keep you moresuccessful. Yeah, one hundred percent.
I think we forget where we camefrom too often, and even where real
estate came from right back in theday, print and letters, and so
we've we our agents have this.We're writing letters, handwritten letters to homeowners.
Yes, and send flowers, benice, show empathy. Yeah yeah,

(09:18):
and so those things that are oldfashioned that take time, nobody's willing
to do right now. And it'sweird. You know, we joined LPT,
this brokerage with so much technology,so much opportunity, and it's helped
us get back to our roots.It's really weird. I was thinking about
this the other day. It's like, this awesome advanced brokerage has helped us
get back to our roots and sofashome through technology and through the basics.

(09:39):
Yeah. Yeah, it's it's it'shelping you do both. So yeah,
it's it's super powerful. And Ilove the growth trajectory. I mean,
I'm here in New York and I'mtalking to teams all over the country at
an event in New York about LPTand you know, they they're they're getting
a chance to meet Robert and meand kind of learn a little bit more
and kind of, you know,more or less kick the tires a little
bit on the model to understand it. And and like I said, I

(10:03):
really do think it's a model thatwhen you compare it to some of the
others out there, there is anoption forever. Whether it's an agent that
wants to do one or two deals, there's no monthly fees, you only
pay a few, you're you're onlypaying a few do deals, you know,
and or whether it's somebody with ateam like ours, where you could
monetize some other things and very quickly, you know, make more than one

(10:24):
hundred percent of your commission, youknow, right through through some of the
opportunities. And and secondly, Ithink, you know, kind of in
the middle there there's the opportunity tojoin great teams, to get leads from
LPT to use their tools. Soit really does have something for everyone.
And I think if you look atsome of the other national companies, there's
a flaw somewhere within that trajectory ofan agent, whether it's a brand new

(10:48):
agent, a mid level agent,somebody operating a high team, a listing
agent on a team somewhere in thatin that company, there's there's a flaw
where one of those people is beingunderserved. And I think LPT saw and
none of those people are underserved.Now the value, the monetary value that
they get far out weighs the costabsolutely. And here here's a story I

(11:09):
tell on that. Right, Like, we had an agent come into our
office to buy some signs we wereselling on like Facebook, Marketplace or something.
She was at one of the bigbrokerages. She was looking to switch
to a cloud brokerage. And oursales manager is like, hey, have
you heard of LPT And she hadn'theard LPT. Told her about the lower
cap option, right and she signedup the next day. It just makes

(11:30):
total sense. So what's really coolis that when we talk to people I
do, when you do, itmakes sense because there is an option for
that flat fee agent that just wantsyou know, a small cap and a
great brokerage. They're people wants towork their database, wants to do some
deals, but you know, doesn'twant to have the expense and doesn't want
to pay monthly fees, doesn't wantto have all that all that overhead,

(11:52):
and uh, it's a perfect optionthat I've helped so many people in Tampa.
So many agents I've known over theyears that are just like at there.
You know, they do a deala month and they look at the
end of the year and they're paying, you know, twenty thousand into this
brokerage, and they don't want towork on a team. They want to
run their own business. And youknow, they go from that to five
thousand, you know, and theyput extra money in their pockets. So

(12:13):
it's definitely a model there for that. So what I want to talk next,
We're gonna jump to a commercial break, and after the break, Michael,
we're getting into talking about what's goingon in Denver's real estate market to
compare it to Tampa. So beback after a quick break here on the
Duncan Duo Show. So back hereon the Duncan Duo Show, talking about
the Tampa Bay real estate market,joined by Michael Baird with the Baird Group
at LPT Realty in Denver, Colorado. And Michael, I've had a lot

(12:35):
of our LPT team leaders on theshow talking about like differences in our market,
and I kind of wanted to compareand contrast. We we actually do
get some moves back and forth betweenDenver and Tampa. There's some military moves
that happen, and I think we'reboth like on the complete opposite sides of
the spectrum. We've got like thereally hot sweat r you know what off

(12:56):
every day in Tampa, and they'rereally cold freezer you know, went off
in Denver. So people don't wantthe extreme. They go sometimes go from
one extreme to another. So wedefinitely have some moves back and forth.
So I wanted to kind of comparea little bit. What is the average
price point in Denver right now?What do you guys see it? For
average prices in Denver? We're justover seven hundred thousand now, so it's

(13:18):
gone up a ton, you know, a couple hundred thousands since COVID.
Yep, it's crazy. And whatit's really done is priced a lot of
people out of living in Denver.A lot of people are going more more
farther out, which I'm sure youguys are seeing a little bit of is
the same thing, yep. Yeah, And so like ours is, Tampa's
around five around five hundred, andthen you can still get affordable nice opportunities

(13:41):
in the suburbs and the threes,you know, for single family homes,
even new construction in the threes,are are options out there. So but
but you're right, prices have obviouslyrisen. I think I remember when I
started, the lowest price point yearI ever had, the average cell price
was like one hundred and eighteen thousand. It was this is a long time
ago, right, And I rememberone year my average cell price because we

(14:03):
did a lot of short sales,was ninety thousand. So I was I
joked that I was selling wheel estateyour agent, yourself. Yeah, yeah,
yeah. So well, anyway,so what about you know, what
about inventory? What is inventory likein Denver? What are saturation rates looking
like? Yeah? So inventory isback up kind of to pre COVID levels,

(14:24):
right, we had COVID obviously kindof knock everybody off. We got
a couple months of inventory, whichyou know, back in twenty twenty two
when things were crazy, we hadabout half a month of inventory. Yeah,
some of the things were selling,you know. I tell the story.
I was helping some friends and theymade an offer. They offered three
hundred thousand overlist price, waived alltheir contingencies, and they were the fourth

(14:46):
best offer, So why that thatobviously drove prices up a ton. We're
back kind of to twenty nineteen ratesof selling, you know, levels of
inventory. So it's actually pretty healthy. It seems like, yeah, things
are sitting for a while, butit's really healthy. Yeah, it's a
seller it's still a seller's market,but just not the starving sellers market that

(15:07):
we had back then. What aboutand ours is similar our so a little.
I think we're hovering around three monthsof inventory in Greater Tampa. Some
neighborhoods less, some neighborhoods, yeah, more, but hovering around three.
And then you mentioned what has happenedwith prices? Have price has risen,
that they softened, that they kindof flatlined? What is happening with home
values in Denver? Prices have continuedto rise a little bit. You know,

(15:31):
I'll give you a good example.I listed at home last year at
six point fifty, ended up takingoff the market. Timing wasn't right.
We're now relisting at six seventy five, right, so you know, we've
gone up a little bit, butnot a toime since based on the neighborhood,
but not a ton. I wouldsay a couple percent this year.
Yeah, and ours is I thinkours is going to perform a little better
than that. Most people are sayingwe're going to be around a five to

(15:54):
seven percent appreciation this year. We'vewe've bucked the trend, but you know,
I kind of outperformed in normal alittle bit. With population growth.
We're still getting a lot of peoplemoving from We're getting a lot of California
and New York moves. Truthfully,that's really you know, driving a lot
of our stuff because you know,again comparably, and it's a lot of

(16:15):
political moves, you know. Imean, there's no question there's people that
are moving for for those reasons,but it's also a financial move. They
don't want to pay state income taxanymore. And you know, our values,
even though they've risen, are stillvery affordable compared to other parts of
the country. Like I you know, we had a we had a bidding
war on a two million dollar house, uh you know, nine thousand square

(16:36):
feet, two guesthouses, ten acres, incredible property, and you know,
it's a twenty million dollar, thirtymillion dollar house in La you know,
and and so there's people that lookat that and say, man, I
just I'm moving there, you know, so you know there's definite We're still
get that in a lot of markets. I mean, that's tough to find
in my market ballet obviously you can'tget that. And so you go to

(16:57):
Florida, they're still off your politics, your land, your better price,
real estate, no state income tax. It makes a lot of sense.
Yeah, yeah, for sure.And so what do you think is going
to happen the rest of the yearwith Denver's Denver's real estate market, you
know, so I think inventory continuesto be a challenger. There's still not
enough, there's more, but Ithink that's going to keep prices. Like

(17:18):
you said, what we're seeing forthe full year probably about five to seven
percent increase. What I'm telling sellersright now, and what I'm coaching my
agents on is we can't list housesat whatever price the seller wants, which
is what you could do a coupleof years ago. Yeah, because many
years ago a house is worth eighthundred thousand, the seller wants to list
it at nine. Okay, great, we're still going to sell it now.

(17:40):
That's not going to happen, right. We got to be smart,
We got to have those tough conversationsup front and make sure that we're realistic.
That makes sense. And yeah,I think see a lot of similarities
in Tampa's real estate market. Well, Michael, throw out your social handles,
maybe a couple of ways people canreach you if they're interested in real
estate and Denver. And then I'llhave to bounce to a commercial break for
the next segment. Yeah, forsure. Michael Baird realtor on Instagram,

(18:03):
Michael Baird on Facebook. Look meup anytime and again it's Baird b A
I r D B A I rD A band B A I r D.
Yeah, look me up. I'measy to find on there. And
yeah, we're in Denver. Ifyou've got any referrals. Awesome, Thanks
Michael, appreciate you jumping on.I have a great One'll be back after
a quick break here on the DuncanDuo. We're back here on the Duncan
Duo show, talking about the TampaBay real estate market. I'm Andrew Duncan

(18:26):
with the Duncan Duo team at LPTRealty. I just had Michael Baird with
the Baird Group in Denver, Colorado, the Bar Group at LPT Realty on
talking about me I'm actually doing theshow from New York City right now.
I am out in New York doingsome stuff with LPT Realty, recruiting and
talking to team leaders from around thecountry about the opportunity at LPT Realty with

(18:48):
lpt's founder and my buddy, RobertPalmer. So I am excited about all
things LPT. If you're a realestate agent and you've been thinking about a
move, you're unhappy where you're at, just go to Join the Duo dot
com. You can book a directconsultation with me to talk about the model.
You know, what my benefit isand sponsoring you and how you can

(19:10):
look at LPT to help grow yourbusiness and how we can help you do
it. So again, you cando that at joindduo dot com. You
can register for our career night forour real estate team if you're wanting to
join a team. You can alsoregister for our LPT rally or apply for
any one of our open positions againat Join the Duo dot com and at
the Duncan Duo and all of oursocials when we aren't on air again,

(19:30):
that's at the Dunkin Duo. Ishot a video this week where I talked
about our prowess and success with sellingluxury properties. The two recent properties that
we've listed above two million dollars gotbidding wars. Who you hire right now
really does matter, not just froman exposure standpoint and getting eyes on the

(19:51):
property, but from a negotiation andstrategy standpoint. So make sure that you're
working with someone that you're comfortable cando that because the market has changed,
you know, like I talked tobut with Michael in the first segment,
a couple of years ago, prettymuch anything could sell. You could sell
it to whatever price to sell orwanted. The market was on fire and
you know, everything was moving anda real estate agent didn't have to have

(20:12):
the skills or resources or marketing budgetto get a home sold. And that
has changed. It's more challenging today. You need the right exposure, you
need the right strategy, and youneed the right negotiator. You're selling that
maybe the most expensive thing you're evergoing to sell, and sometimes the resume
of the person that you're hiring tosell it is that they're your friend or
your uncle or your brother, andthat's probably not who you'd go to if

(20:36):
you were getting brain surgery or dealingwith a lawsuit, you'd probably look for
the best, and that's what youneed to do now, is look for
the best. Look for the companythat can get the most exposure, that
has the best reputation, and that'swhat I believe we have, and so
we'd love the opportunity to work withyou. And we've had great track record
lately at selling some pretty high endreal estate again bidding wars above a couple

(20:57):
two million dollars. And you cansign up for our programs for home selling,
our home value or instant cash offour luxury program. You can do
all of that and more at Dunkinduodot com. Again, that is Duncan
Duo dot com. So I wantto talk next about you know, the
the and this is this is reallyinteresting because we get this question a lot

(21:19):
about foreclosures, and so I wantto kind of help people understand that keep
waiting for foreclosures why they're probably nevergoing to happen. Again, that doesn't
mean that their real estate market won'thave problems, and it doesn't mean that
there won't be a foreclosure here andthere. However, there are a lot

(21:41):
of real estate gurus and and peopleout there teaching courses about foreclosures or old
videos that people who've seen about foreclosures, and they keep expecting that to come
back and post COVID and post allthe changes to how mortgages work in this
country and how our government interprets andhandles and allows or doesn't allow for foreclosures.

(22:02):
The foreclosure market will never happen likeit did back in the Great Recession.
We will never see rampant foreclosure.And I want to explain a few
reasons why first and foremost. Well, number one, we just don't have
much delinquency on residential mortgage in ourcountry right now. Mostly everyone in their
property is on low mortgage rates.You know, the people that are getting

(22:25):
high mortgage rates haven't been in itlong enough to turn into a foreclosure if
there was an economic crisis, andmost people think ratzel soften back down for
people to refinance that may be strugglinganyway. But the first reason that I
want to talk about is, youknow, the the hedge fund and institutional
buyers, the all of the banksrealized during the Great Recession with the kind

(22:47):
of the domino effect of foreclosures andhow much of a ripple effect it had
on the economy in the real estatemarket. So now they've all partnered up.
Okay, so one institution knows anotherinstitution, hedge fund knows another hedge
fund bank knows another bank, andnow they trade assets. Okay, so
they have let's just say they havesome houses that are delinquent on their mortgage.

(23:07):
What they've learned is similar similar toa lot of other industries. Instead
of taking that bad asset out tothe regular retail market, there are plenty
of institutional hedge fund Wall Street homebuyers that will buy that property. So
what they do is they package upbad assets and they sell them off to
other people, or they trade themoff, so they never actually hit the

(23:32):
retail market for an individual consumer.So I'm sorry to say it, but
the politicians you've elected into office havecreated a system that prevents these foreclosures from
ever hitting the market. So theidea that you're going to see ramp and
foreclosures for regular home buyers and regularinvestors to buy again is just not there.
The institutional people are going to buydirectly from the bank, or the
banks are going to trade with eachother, and they're never going to actually

(23:56):
hit the foreclosure market to suppressed pricesbecause the banks know that when they hit
that, when they bring that foreclosureinto a neighborhood and it sells for less
than the last retail sale, itsets the appraisal mark for the next house
and depresses values. Well, guesswhat that does for the banks. It
causes them problem loaning money to homeownersthat want to get a mortgage that now
can't get a mortgage because that bankforeclosure lowered the appraisal and now they can't

(24:18):
qualify because the appraisal doesn't come inhigh enough. So they've gained the system,
so to speak. So the ideathat we're going to see rampant foreclosures
or that you're going to be ableto buy a foreclosure that's going to hit
the market with an agent is justgoing to be few and far between.
I'm not going to say it won'thappen occasionally, but it's going to be
credit unions and really really rare circumstanceswhere you see, you know, individual

(24:40):
foreclosures hitting the market because the banks, of all, there's enough large real
estate acquisition companies now to just buyand trade from each other or buy directly
from the bank instead of them evertrickling down to a real estate agent.
The second thing I want to talkabout is the idea of forbearance because so
many people in this country have seeingsuch a rampant increase in price. Even

(25:02):
the people that are delinquent have equity. The bank knows that they have equity,
and so instead of going through theprocess and foreclosing on them, banks
continue to extend forbearance, a lotof them to miss the mortgage payment added
to the principle. So the bankshave realized that by allowing this forbearance and
just kind of gobbling up the equityin the property, that they're safer than

(25:26):
if they take the property back,throw it on and try and dump it
for cash. And they also haveinstitutional people that will buy it, so
it never trickles down and gets reportedas an individual sale foreclosure, which then
doesn't drive down prices in the neighborhood. So this this premise. If you
are a consumer and you keep saying, hey, I'm waiting for foreclosures,
and hey, send me the foreclosures, scrap, scrap that plan, forget

(25:48):
it any happening, You're not goingto get it unless you're a billionaire hedge
fund owner, and then you canbuy them directly from the bank. But
again, so foreclosures for barance isthe other thing that's really driving them away.
So if for example, someone isbehind and a bank would normally have
foreclosed on Let's say they bought thehouse in twenty twenty, okay, and
they got a two and a halfpercent industry, and now they've run into

(26:11):
financial problems and they can't make theirmortgage payment and their house is worth four
hundred thousand. Okay, the bankslooks at it and says, well,
we have two hundred thousand inequity inthis property, and if we foreclose on
it, we're gonna What sometimes happens, they'll just sell the loan off to
someone else, okay, and thensell the loan off to someone else,

(26:32):
and then eventually there's some creative dealthat packages it up and gives it to
somebody else. But it just kicksthe can down the road. They'll allow
the homeowner to continue staying in thereas long as there's equity. They just
do a forbearance and they they eatup more of the equity and say,
okay, we're just gonna add thisto what yo. So so forbearance post
COVID has continued there's plenty of peoplegetting them, and it is more or
less, you know, preventing andeliminating a lot of the foreclosure activity in

(26:57):
this country. So for closures,I don't think we'll ever see them in
residential the same way. Again,they they've gamified the system to prevent them
from depressing home values. Now couldhave happened in commercial real estate. Of
course there's foreclosures. Of course,there's loans resetting. Of course, there's
people out there struggling because they werein a five year you know, adjustable

(27:21):
mortgage or balloon and now it's due. And so yes, there's going to
be foreclosures. In commercial the federalgovernment isn't as worried about protecting the qualified
investors or commercial property owners as theyare individual you know, Joe and Sally
voter homeowner. So so ultimately youknow, that's who gets the protection.

(27:42):
So yeah, foreclosures aren't going tobe a rampant thing. It's not going
to be something you're going to seea lot of. So I want to
talk next about the buying is afirst time home buyer right now, there
are still program out there that willallow you to buy with some downpayment assistance.

(28:03):
And there are programs that will allowyou to buy with little demo no
money down, especially if you're aVA. If you're a veteran, you
can buy a property with no moneydown. But there are some other programs
depending on your income levels that youcan qualify for first time home buyer.
And there are a lot of rumorsabout Hometown Heroes coming back. Not set
in stone yet, but Hometown Heroesis a program in the state of Florida

(28:26):
where the government allows you to getsome downpayment assistance to reduce your out of
pocket costs and get a better interestrate in the state of Florida. It
is a state of Florida only programand there are rumors that it will come
back, but they have not confirmedthat yet. So if you're thinking about

(28:47):
selling your property, we have allthe options for you at Duncan duo dot
com. You can get an instantcash offer from your home and forego the
traditional selling process. You can sellyour home through our luxury program. If
you're selling a high and property,you're going to get one of our best
agents or sometimes me personally to helprepresent your sale and get you the most
exposure through our luxury marketing program orif you just want to know your home

(29:10):
value, We've got a really coolwebsite at dunkin doo dot com. You
can plug in your address. Itgives you a dashboard, a monthly report
to let you know what's going onwith your value. Allows you to stay
in touch with what your neighbors aredoing. It allows you to see who
in your neighborhood is selling what theysold for, And it adds a human
element different than Zillo, where everythingis all algorithm based. If Zilla was

(29:34):
really great at valuing real estate,they would have been really great at buying
and selling homes. And if youdon't know, Zilo offers. The company
that Zilo launched to buy real estatelost billions and billions and billions of dollars
because it flunked math. It didnot do a really good job of buying
homes, so you have to takethose estimates with a grain of salt.

(29:55):
So the human element is something importantto real estate. Computers can't do it
all for us. Our human elementallows us to look at your dashboard,
make adjustments, and help you understandyour value mored So you can do that
again at duncinduo dot com. Andnot just the AI, not just the
tech, but you're gonna have anactual human looking over your value and make
adjustments so you can know what's goingon in your neighborhood. Really. Back,

(30:15):
we're going to continue this conversation.We'll talk more about the Tampa Bay
real estate market after a quick breakhere on the Dunkin Duo Show. So
we're back here on the Duncan DuoShow talking about the Tampa Bay real estate
market. I'm Andrew dunkin the DunkinDuo team at LPT Realty. If you're
real estate agent thinking about a change, join the duo dot com. If
you're a home seller thinking about sellingyour home, hit us up at Dunkin

(30:38):
Duo dot com. And if you'rea gambler, man, I got a
story for you. I always liketo blend a little bit of sports and
real estate into into my show.As the official real estate agents for Lightning,
we're always talking sports and know ourLightning or not where we want them
to be right now, but nonethelessalways talk in sports. And I saw

(30:59):
an article this week and it wasit was really interesting because of the sports
gambling that goes on in our country, right and so the article talked about
can a spouse gamble away your homewithout your permission. So if you if
you pay attention to sports at all, you've seen that show. Hey Otani's
interpreter may apparently stole millions of dollarsfrom his boss to gamble, and then

(31:26):
John tay porter Afford for the Raptorsgot a lifetime ban from the NBA for
betting against his team, which iswild. But nonetheless, there are people
that gamble, not just on websitesbut with bookies and with directly with individual
people. And so one thing thatis protects you if you are married to

(31:48):
someone who has a gambling problem.In terms of selling that home or gambling
that home without a spouse's permission,the the it takes one to im two
to sell. So here's what Imean by that. If you are married
and you live in residential real estatetogether, typically and both people have signed

(32:09):
on the title, it takes bothpeople to sign and agree. So typically
that person cannot deal your real estatewithout you. So they must have your
consent, They must have your signature. Now does that mean they could forge
a signature? You know, that'sa whole other thing. But in terms
of a spouse being able to sellproperty that you own together without you know.

(32:30):
Similarly, if you were if youinherited property and it was two of
you owning it, all three ofyou would need to sign. So to
kind of give you a little understanding, your spouse can't throw a deed into
the pot in Las Vegas and gambleaway your house. Gambling debts are not
legally enforceable in court in most jurisdictions, So even if you did owe a

(32:52):
bookie of money, or your spouseput up your house to try and gamble
more or get ambling debts paid,it's typically not enforceable, but that doesn't
stop some sneaky spouses from trying.So here's what a spouse can't do without
your knowledge and how to protect yourself. So generally, you're going to need

(33:14):
your spouse's consent to sell. Aspouse can buy a home independently, but
if it is the marital property,they're typically both going to be on it.
Whether one spouse can sell marital homewithout the ounther knowing depends on laws
and circumstances of their state, butit comes out of several factors, such
as who's on the deed, ifthe house is considered separate or mayroldal property
and the community property and common lawsthat apply in your state. So let's

(33:37):
say one of the spouses wants togive more money to gamble or pay off
the debt. They may think,oh, let's do a whole equity line
or reverse mortgage. So one spousecannot use a jointly owned house to get
secret cash without the knowledge or consent. Again, like I said, however,
what can happen is that that spousecould forge a signature. They could
put a document in front of somebodyand say hey, sign this, and

(33:59):
the person not know. But typicallyboth spouses are on the deed. Any
lender will acquire both parties to takeout the loan and require that the party
not taking on the liability sign anaffidavit. The other thing, selling a
house without a spouse is permission.Same thing. It's only possible to legally
sell the home if there was apower of attorney, or if there's some
stipulation divorce settlement, or if theproperty was not considered a merit or property

(34:22):
like if it was acquired prior toyou getting married. So we deal with
this a lot. You know,in situations where people are divorcing. Unfortunately,
and super common, and we haveclients that will call us and say,
hey, I want to sell myhouse. I'm getting divorced. Okay,
well let's look it up. Well, it looks like it's not your
house. It's your and your husband'shouse or your and your wife's house.

(34:44):
And so when two people are listedas owning on the deed, you can't
sell. You can't sell house forone person and not let the other person
know. There's no way around it. And not only that, but we
have to communicate with both parties.Probably, if you're a real estate agent
listening to this show, you probablyknow that one of the worst transactions you
can deal with is selling a homefor a couple that is divorcing because they

(35:07):
already don't like each other, theydon't trust each other, and they will
make illogical, emotional decisions to putyou in the middle of it just to
screw with the other one. Butas a real estate agent, we're stuck
in the middle, and we haveto work with both of you and try
to play pacifier, and also can'tdo anything without the consent of both of

(35:28):
you. We've had it happen whereone's spouse says lower the price, the
other spouse says no, and thenwe're stuck, and then the one spouse
gets mad at us for not listeningto him or her. So, in
reality, if you own a marriedhome, it takes both of you to
sell it, and your spouse ifthey have debts or if they have other
problems, it can't really be penetratedto the marital home. Similarly, there
are a lot of financial protections ona marital home, on a home that

(35:52):
you own with someone else, anda homestead property, simply because you didn't
likely incur that debt or that risk. So, for example, if you
have a lot of equity and youknow your husband goes out and gets in
a car crash, and you haveequity together as husband and wife, that
equity isn't likely to get penetrated bya creditor, so there are a lot
of protections on it, both inprotecting the asset but also in protecting both

(36:15):
of the parties from harming the otherone. So hopefully that makes sense for
all of the people out there thatwonder. Sometimes we do get stuck in
the middle of that, and we'vebeen able to navigate it through the years.
So if you are getting a divorcewe can help. We've got great
experience at playing passifier and playing inthe middle and playing part time therapist to
help home sellers in the middle ofa doorce get through it and make the

(36:37):
best financial decisions they can. Sohopefully this has been helpful and we aren't
on air again at the Duncan Duoor Dunkin Duo dot com, at the
Duncan Duo, Twitter, Instagram,YouTube, TikTok, Facebook, We've got
to giveaway going right now for anAndre Vassilevski jersey, so make sure you're
following our social media channels for anopportunity. At that we again will give
away a Vassi jersey on our channelsat the Duncan Duo. Have an awesome

(37:00):
rest of your Sunday, Sunday,Tampa Bay, and thanks for tuning in.