Duncan Duo 4-7-24

Episode Transcript

(00:00):
Happy Sunday, Tampa Bay. We'rewith you for another week here on the

(00:03):
Duncan Duo Real Estate Show. Likewe are every Sunday at ten o'clock here
on WFLA News. I'm Andrew Duncan, flying solo in the studio today to
give you all the insight and intelabout everything going on with the Tampa Bay
real estate market. When we aren'ton air, make sure to follow us
on all of our socials. Weare at the Dunkin Duo, Twitter,

(00:24):
Instagram, YouTube, TikTok, Facebook, not hard to find, and we're
constantly putting out relevant real estate informationabout what is going on in Tampa Bay
and beyond. Sometimes but most ofour focus on our show and on our
social channels is about what is goingon in Tampa Bay and again at the

(00:45):
Dunkin Duo when we aren't on air, I want to remind everybody today is
our client Appreciation event, So areminder for those that have RSVP'd and a
last minute shot for anyone that's alast minute planner that wants to go out
today to Emily Arena. From twoto six pm we have our annual appreciation
party. Real Estate agents are invitedas well as anybody that has. You

(01:08):
know, look, if you're listeningto the show, you're invited. Anyone
that's you know, bought or solda home with our real estate team.
Our real estate team will be therein full force today. Free food,
ice skating on the AMII Arena.Ice will have some cool giveaways. Very
kid friendly event so you know,there's no alcohol because the skating on the
ice, but so kid friendly.Caricature artists, a lot of fun,

(01:32):
entertainment, DJ photo boosts, andso much more. Again from two to
six pm today at Emily Arena,you can RSVP Duncan Duo party dot com.
You do have to have a ticket, so you need to go to
our event bright link and it isduncanduo party dot com Again. Duncanduoparty dot
com posted this on my Facebook thisweek. Probably one of my most favorite

(01:56):
properties that I have ever put onthe market put on the market this week
at twenty fourteen Pioneer Drive in Lakeland, and I want to explain why this
two million dollar property is one ofmy favorites. Now. I live in
the you know, the South Tampaarea, really close to my office,
and I have an incredible house.I'm very happy there, but there's a
part of me growing up in Indiana. It's still kind of tied to the

(02:20):
country. And the property we listedon Pioneer Drives about eight thousand square feet,
it's on nine acres. It's gota ten plus car garage, it
has a guesthouse and a guest apartment, all really nicely done, you know,
very high end construction, very private, an incredible pool with a waterfall
and water feature. The interior ofthe home is again impeccable, high end

(02:46):
finishes, incredible kitchen, chef's delightin this kitchen, and anyway, it's
one of the most my most favoriteproperties. I could totally see myself living
there in a few years. I'mnot ready for it yet, so that's
why it's on the market, orelse I would have bought it. But
twenty four Pioneer Drive and Lakeland listedfor two million dollars. Again, just
an incredible property, and as aas a guys guy, there's a man

(03:07):
cave, you know, a pool, nine acres, there's a barn,
and then in addition to that,there's a two thousand plus square foot garage
with higher ceilings so you could dolifts in there. All kinds of toys
and just again this is a propertythat add a zero to it in other
parts of the country is what itwould cost and still an hour from Tampa.

(03:27):
So you can find more information aboutthat at the dunkin Duo dot com.
You can also google twenty fourteen PioneerDrive or go to YouTube and watch
our video again just by searching fortwenty fourteen Pioneer Drive in Lakeland again on
one of my favorite properties that I'veever listed. I want to also talk
about anyone listening that is thinking abouta real estate career, whether you're thinking

(03:49):
about joining my team, you wantto set up a consultation to learn about
LPT Realty, if you're an agentthat wants to run their own business,
we have all the information you needto join the duo dot com. You
can set an appointment with me,you can apply for one of our open
positions. You can register for ourCareer Night, or register for our LPT

(04:10):
real Estate Agent Rally. You cando all of that and so much more
Joinedduo dot com. So if you'renot getting what you need where you are
in the shifting market, you're notseeing the number of leads. You don't
have a database to call. Youdon't have coaching and training, We have
all of that for you at jointhduodot com and so much more again for
anyone thinking about a real estate career, thinking about a change again at joineddeduo

(04:31):
dot com. So always talking aboutthe real estate market, and I mentioned,
you know, the spring market isupon us. A lot of people
are predicting that interest rates are goingto drop in the second half of the
year. And what happens when interestrates drop to the real estate market is
that demand increases. Our real estatecoach recently talked to our team this week

(04:55):
and said that some of the predictedinterest rates could create an ad an additional
ten million buyers to the home buyerpool in the second half of the year
that are unable to buy right nowbecause of interest rates. So the affordability
has obviously been an Obstacle's prices haverisen in Tampa, but some relief from
monthly payments could be on the way. And if that happens, a lot

(05:17):
of people are predicting to see abit more appreciation and value rise in the
second half of the year. Acouple of years ago, we were seeing
twenty seven to thirty percent annual appreciationin some of our core neighborhoods, and
that has dropped down to the fourand five percent range. But many local
real estate professionals and economists are predictingthat if interest rates do drop, we'll

(05:38):
see an uptick and appreciation and valueswill rise, meaning that if you wait
until rates rise, you're going tomiss out. So if you have the
ability to buy now, we're encouragingpeople to look at doing it now before
the rate drops, because what's goingto end up happening if you can afford
it and if you can qualify.Most lenders out there, including our preferred
lenders that work with us at ourcompany and Fairway Mortgage and American Home Mortgage

(06:04):
Services Incorporated, both of our preferredlenders, do have the ability to do
a free refinance within a period oftime, and this is to keep people
from sitting on the sideline. Soif you are someone that can qualify to
buy now and you're saying, oh, I'm gonna wait till rates drop,
the price increase is going to offsetyour payment and cause you more of a

(06:27):
net worth loss than buying and incurringthe higher rates for six months or so
before the rates drop so a lotof people again smart money right now is
buying now with the expectation in thesecond half of the year we'll see prices
rise with a rate drop again inan election year, a lot of economic
things. The Fed has come outand said and predicted these things. And

(06:48):
again if that does bump interest ratesdown on mortgages, it will cause surgeon
buyers. We'll have a stronger secondhalf of this year than we did last
year, much stronger, and we'llsee prices right and increase the appreciation from
the five percent that was predicted.It's going to bump up and go higher,
meaning that an average price home inTampa Bay could go from four point

(07:09):
fifty to you know, as highas five hundred thousand dollars or more depending
on the impact. So certainly thatincrease in price could offset whatever gain you
think you're going to get by alower mortgage rate. So again the idea
is by now afford it and thenand then get a lower rate later when

(07:31):
rates soften, like most people expectthat they will. So the smart people
are looking to do that right now, and anyone out there that can qualify
now, there are plenty of people, as I said, earlier. There
are millions of consumers that can't qualifyor can't qualify for the quality of house
they want, so they're sitting onthe sideline simply because when rates drop,

(07:51):
it will open it up for them. But it will only open it up
for a brief time because if pricesrise again, the drop in interest rate
will be offset by the raised andprice that we'll see. So our supply
and demand carb is still very healthy. In Tampa. We're still hovering around
three to four months of inventory inmost neighborhoods, up from a couple of
years ago where we saw one monthof inventory, but not certainly anywhere near

(08:13):
a buyer's markets. Still very mucha seller's market, just a little bit
more balanced. We are still seeingbidding wars. It is happening. Is
it as common as it was acouple of years ago. No, But
we had a two point eight milliondollar condo just recently get a bidding war.
We had a couple of four andfive hundred thousand dollars houses get bidding
wars, So it is still happening. Is it as common as it was

(08:37):
a few years ago? No,But inventory is still relatively light in some
neighborhoods, and there is still strongdemand, and the demand isn't just from
regular consumers moving here. We've neverhad a time where there have been more
institutional investors buying real estate in TampaBay. So sometimes the demand isn't you
know, Joe Davis that's moving fromsome other parts of the country. Sometimes

(09:01):
the demand is from you know,blankety blank LLC or so and so hedge
fund that is just acquiring real estatein our market because they expect that our
market to outperform other markets across thecountry. So they're turning them into either
rentals and holding them to resell orrenovating them. So there is a lot
of institutional cash money out there buyingreal estate. So you're not just competing

(09:24):
with people moving into Tampa anymore.You're also competing with these large funds that
have billions of dollars that are buyingreal estate in droves, especially in our
market because they see it as youknow, such a healthy market. So
again you're listening to the Duncan DuoReal Estate show here on WFLA. When
we aren't on air, follow usat the Duncan Duo Twitter, Instagram,

(09:48):
YouTube, TikTok Facebook, and somuch more. I mentioned earlier. Our
appreciation party for both real estate agentsas well as all of our past clients
and listeners is today from two tosix pm. You still have a chance
to RSVP and get a ticket,but you need to go to Duncan Duo
Party right now, Duncando Party dotcom. Right now again Duncanduo Party dot

(10:11):
com. If you want to comeout to Emily Arenas today, have a
chance to win some lightning signed merchandise. Skate on the amily arena, ice
with your kids and family, getsome free swag. I think we've got
some lightning hats that we're going togive out to the first the first visitors
or the first guests. So againDuncan Duo Party dot com. Come out,
enjoy a day on us. Andif you're thinking about selling your home.

(10:35):
One thing I've talked about on theshow quite a bit is in addition
to our team assisting clients with theprocess of selling their home through an agent,
we also provide cash offers to clients. So we buy a lot of
real estate. So there are plentyof customers that come to us and say,
hey, this whole needs a lotof work, and I know it's
not going to be able to sellin the traditional market, or I need
money fast, or I need tosell it and have someone that will allow

(10:58):
me to stay in it for alittle while. Or I inherited this home,
or I've got this home under contractand my home was under contract that
fell apart. I need someone tostep in. All of those situations are
a perfect situation for somebody that canstep in with a cash offer, and
that is something we do. Wemake offers every single day of the week.

(11:18):
Have millions of dollars to invest inlocal real estate. And if you
want that, just go to dunkinDuo dot com. You can get a
home value estimate on there as well. But there's a little button. Once
you go through the prompt of enteringyour address, you have the ability to
request a cash offer, and againyou can do that again. You can
get an instant cash offer, sellyour house, avoid the hassle, move

(11:39):
on, and it doesn't matter howmuch work it needs. There are a
lot of investors out there there andhedge funds to buy homes that you know,
just need minimal work. But we'rewilling to buy stuff that needs massive
renovations. You know, We've boughteverything from a seven hundred thousand dollars house
recently to one hundred and fifty thousanddollars house and everything in between. For

(12:00):
back here, we're talking about thereal estate market and Andrew Duncan Duncan do.
We're going to continue this conversation aftera quick break here on w FLA
and always talking about Tampa real estateon our page. Also reminding real estate
agents of the opportunity they have toeither join our team or join LPT real
Tea can learn so much more aboutthat at jointhduo dot com. And if
you are a real estate agent andyou want some tips about how to become

(12:24):
a better real estate agent, Ilaunched a movement called the Duover Movement,
kind of a fun spin on youknow, my team name, the Duncan
Duo, with the idea that Iwas going to release these video series to
help you avoid some of the commonmistakes I've made, and I recorded,
you know, a ton of videosand we're putting them up on the page
of your real estate agent looking forhelp or advice for free. We're doing

(12:46):
that at duovermovement dot com. Sothe best time to sell a home in
twenty twenty four is coming soon.A new analysis online basically said that the
week of April fourteenth is the perickmix of market conditions for home sellers for
a lot of reasons. So betweenApril fourteenth and twentieth, according to them,

(13:07):
is the best time to sell homenow. Look keep in mind they've
blend a lot of national data tocome up with this, So there are
parts of the country where this maynot make sense, but in Tampa Bay
it definitely does align properly because rightnow is the best time to put it
on the market, simply because weknow interest rates are going to drop.
By the time you find your buyerit's ready to close, interest rates may

(13:28):
be softened, and then of courseyour ability to buy improves as interest rates
softened. So the spring market isthe rush. The summer are a lot
of the closings, but the majorityof the housing inventory is getting a lot
more eyes during this upcoming week.So this study said that in twenty twenty
four, homes that were listed duringthis period sold for ten point four percent

(13:52):
higher than the start of the year. It's a seasonal trend and national meeting
listing price is higher and substantially higherthan the start of the year. I
keep in mind, naturally they talkabout seasonality, we don't have seasonality in
the same token in the same waythat other parts of the country do.

(14:13):
So for us, we might lookat it and say April fourteenth to the
twentieth is the best, but allthese other weeks are pretty comparable too,
the rest of the spring and summer. The reason why this statistic is kind
of misleading a little bit, andwhy it is still relevant to Tampa,
but just not as drastic of adifference. We have parts of the country

(14:35):
that are cold up until about then, so people aren't out looking at homes.
So this is when it starts towarm up. So the temperature every
year falls throughout most of the northernpart of the country and people are out
looking at homes and ready to buy, and that's when your house needs to
be out there. That isn't reallyrelevant in Tampa. Now, that doesn't
mean that April fourteenth isn't the besttime of year, because it's still It

(15:00):
probably is for us, but it'snot such a big disparity between April fourteenth
and either May or June or February, because we just don't have the climate
seasonality that the rest of the countryhas. So when you see these articles.
Anytime there's a real estate article thattalks about national news, it can
be misleading because you may read itand say, oh, wow, this

(15:22):
applies. But blending data from acrossthe country to come up with a statistic
or a particular week of when theright time to sell your home is is
a little bit misleading. For TampaBay because we are an outlier. We
don't have those climate obstacles, andour moves don't handle that way. We
have a large military base, sothere's a lot of moves driving that.

(15:43):
But ultimately, April fourteenth is anincredible time to put your home on the
market for a variety of reasons.But seasonality isn't as important here as it
is in other areas. The whileit may be the best time, it's
not like a ten percent better timethan the next week or the week after
that. So don't think if youdon't get your house so on a market
by April fourteenth that you missed it. It just isn't the case. So,

(16:03):
but now is a really good timeto put your home on the market.
In Tampa Bay. We're seeing anuptick and the number of clients reaching
out to us to put their homeon the market. You know, we're
getting more online views. So themarket is starting to turn. And I
think there are a lot of peoplethat are aware that intrastrates are softening,
and they're aware of that, sothey're starting the process of looking, they're

(16:26):
starting the process of selling their home, and they're getting ready for the surge
of the real estate market. Soso again the you know the time right
now to sell your home, it'sdefinitely the right time. And I think
buyers realistically need to look at theoverall plan of home ownership. People say,

(16:48):
oh, we're stuck in that ingistratefor thirty years. Well yeah,
if interest rates don't improve over athirty year period. And I'm just curious
if anyone out there can explain tome a thirty year period over history and
this country where interest rates have stayedthe same or only gone up for thirty
years just doesn't happen. So thereality is is you're agreeing to that interest

(17:08):
rate until interestrates get better. Theprice, however, you're agreeing to forever.
So if prices are going to risewhen interestrates drop, why wait if
you can't afford it again, thereare people that can't afford to buy.
We know that, we know thatthe market is going to bring more of
those people forward. When interest ratesdrop, we're going to increase and see

(17:29):
a surge of buyers. But ifyou have the ability to afford, waiting
may not make sense because you'll gainin value and rates drop and then have
the ability to get your interest ratedropped while having also while having also gained
some equity that you won't gain ifyou wait until then, which again is
a major component of what a lotof people are. Smart people are doing

(17:52):
right now, and a lot ofreal estate agents are encouraging. So again,
when we aren't on air, hitus up the dunk can do on
all of our social channels. Ifyou want an instant cash offer for your
house, go to dunkin duo dotcom. We'll send you an instant cash
offer. We will help you navigatethrough the process of whether you want to
sell your home traditionally through the retailpath, or whether you want cash,
or whether there is a fund outthere that will pay more than we will.

(18:14):
That happens sometimes as well, wherethe product is something that we can
bring you another cash offer from someoneelse, not us, so again,
if you want a cash offer,dunkin Duo dot com and sign up there
to get your cash offer. We'llbe back continuing this conversation after a quick
break here on WFLA News. Sowe're back here on the Duncan Duo Show
talking about the Tampa Bay real estatemarket. And I want to talk about

(18:37):
taxes really quickly because there's a lotof discussion and I hear rumbling sometimes from
local people that prices are rising somuch, my taxes are so high,
my property taxes are so high.And there was a study done recently to
basically break down states. And whileyour taxes on your property may be high
because the value has gone up,I want to compare Florida to other parts

(19:02):
of the country because this helps youunderstand why so many people are moving here.
While you may think your taxes arehigh, when you compare them to
what is going on in other states, the story is pretty clear why people
keep flocking to Tampa Bay, whypeople keep moving here. So which date
really has the lowest taxes? Thisstudy was done recently by Walhub that broke

(19:23):
down the average overall state tax burdenin each of the fifty states, showing
where residents can expect to spend thesmallest share of their income on taxes.
It should be no surprise that theNortheast dominates the taxes the tax situation the

(19:44):
high tax states. However, NewHampshire is an outlier. It is the
state with the lowest overall state taxburden. Property taxes in New Hampshire among
the highest, income tax and salestax are among the lowest, bringing the
total tax burden below nearby Massachusetts andbelow all states in the US except Alaska.
So so again, if you lookat the climate of those areas,

(20:07):
you know, again Alaska low lowtax burden, but it's really freaking cold,
so a lot of people don't wantto live there, right. So
similarly, Massachusetts and New Hampshire haveparts of the year they're very, very
cold. So when you look atthe other states without income tax that make
the list of the ten states withthe lowest overall tax burden, you have

(20:29):
Wyoming, Florida, Tennessee, SouthDakota, and Nevada. Delaware is kind
of a surprise, but Texas rankeda middling number thirty seven with an average
state tax burden, simply because someof the other taxes they have. Florida
has benefited dramatically from our tourism tax. So while you may feel like,
oh, my property tax are high, you don't pay any state or local

(20:51):
municipality taxes outside of sales tax.And you know in some of those increased
tourism areas. So the reality iswhen you look at your income that goes
towards actual tax Florida is one ofthe best best states in the country.
And it's why we continue to getpopulation growth. It's why our real estate
market continues to do well. Andwhether you like it or not, it's
it's why we have more people movinghere. It's why our roads are more

(21:15):
populated. It's why it takes alittle longer to get to places because you
know, through the last few years, people have looked at the deal that
they're getting in California and York inother parts of the Northeast, and they
save themselves. Hey, this isn'ta really good deal. I'm paying all
this extra money and what am Igetting for it? And I've got to
deal with snow all these you know, all these times of the year.
So Tampa continues to get a strongpopulation growth, as does the rest of

(21:41):
Florida. So New York State onceagain ranked number one in the nation for
state taxes, with an average burdenof twelve percent, followed by Hawaii at
eleven point eight, Vermont at elevenpoint one, Maine at ten point seven,
and California at ten point four.New York and Hawaii are among the
most expensive states in the US interms of home price and also carry the

(22:02):
highest total tax burden. If youlook at the tax burden of New York
compared to Florida, it is double, literally double. The percentage of Florida
hovers around the six percent I thinkrange in terms of total tax burden,
and New York is at twelve.So someone earning one hundred thousand dollars spends

(22:22):
six thousand dollars more a year intaxes five hundred dollars a month more towards
taxes to live in that state,and they look at it and say,
am I getting the value from thisextra money? Do I have some sort
of perker benefit? Or do Ireally like living here so much more that
I'm willing to pay the you know, the money out of what I earn.
Now again, people could say,oh, well, their income might

(22:45):
drop in Florida or you know allthese things, but a lot of those
myths have been debunked with people beingable to work remotely now and so much
of the country proving the concept duringCOVID that they could work from home and
still be productive. So again moreand more people, entrepreneurs, business owners
moving here. It does stereotype alittle between red and blue states, but

(23:07):
Republican leaning states typically have a lowertax burden on average, But the new
report does not list tax rate,which vary by income bracket, but rather
average tax burden. But New Yorkand California famously seen as high tax jurisdictions,
but they have other strong growth factors. But Texas has wooed a lot

(23:29):
of California companies and it continues togrow despite not being quite as good of
a tax state as others like Florida, for example. It is closer in
proximity, so you see Texas andArizona bringing a lot of California. But
I you know, I I've toldthis many times on a show. My
office is really close to mcdeal AirForce Space. I live really close to

(23:51):
mcdeal Air Force Space. Shout outto the mcdeal AirFest. The air show
this week was was amazing. Icall it the sound of free them.
Getting to watch all that this pastweek was was amazing. But in all
the years that I've lived here,I rarely would see a California license plate
except for a military person. Youknow, a military person that's getting PCSD

(24:14):
from California to Florida and they keeptheir California plate. However, the last
couple of years, I have seenmore California plates here in Florida than I
have ever seen. And again,some of the California you know, migration
out of the state is coming here, a lot's going to Texas and Arizona.
But we're seeing more California moves thatare not real estate than we've ever

(24:36):
seen. And it really does boildown to, you know, three factors.
One taxes, okay, no questionabout it, taxes and affordability.
Two politics, There are people insome states that are moving here because they
like the politics. And then third, a lot of the COVID response people
that wanted to move because they wereafraid of another COVID and they didn't want
to live in a state that wasgoing to tell them they couldn't leave their

(24:59):
house or go go out to eator go to a restaurant, So those
are really the main drivers for populationgrowth. It's really never been more polarizing
politically to where people are literally upand moving from areas of the country based
on how polarizing the politics are,how different the politics are in that given
area. So again you're listening tothe Duncan Douo Real Estate Show. Hopefully
that information was helpful for you tounderstand why we are seeing population growth and

(25:22):
where are your taxes that you mightcomplain about now align with other parts of
the country. The grass is certainlynot always greener on the other side at
the Dunkin Duo when we aren't onair to follow all of our socials to
keep you updated on everything that's goingon in Tampa Bay real estate. Duncan
Duo Party dot Com. Last call, it's in a few hours. It
is today from two to six.We're gonna have skating on the Amili Arena

(25:47):
ice. We're gonna have signed memorabiliaand ticket giveaways, a lot of really
cool things. It is a communityevent and again you can RSVP at Duncan
Duo Party dot Com. Again,that is Duncan Duo Party dot Com.
So I want to move next totalking about and I mentioned this before,

(26:08):
this idea that interest rates are goingto drop in the second half of the
year and they're going to Okay,most people are predicting it. The feed
is predicting it historically, and electionyears they go down, we're expecting it
to happen. When that happens,prices are going to rise. But I
was talking to a customer this weekthat had a foreclosure a few years ago.

(26:30):
It is not as common today forforeclosures. There just aren't as many
of them out there. But thereare people that have gone through economic crises
or they have a foreclosure from theirpast and they want to know how can
I qualify for a mortgage again afterforeclosure. So if you've been through a
foreclosure, you've gone through one ofthe worst real estate ordeals there is.

(26:51):
But the experience doesn't mean that youcan't become a homeowner again. In fact,
it's much easier to qualify after fora mortgage after a major credit event
than you may think, But itdepends on the circumstances of your foreclosure.
So if you want to get itback out there, here's some tips to
still qualify for a mortgage if you'vehad a foreclosure. So when it comes

(27:11):
to the waiting period, typically everymortgage program is a little bit different.
For some the conventional mortgage program,for example, it may be seven years,
okay. For government backed mortgages,it's going to be shorter than that.
For government back mortgages, there's alittle bit more flexibility, but again,

(27:33):
can you go through the steps.There are waivers where they will allow
you to very quickly qualify for home. A military move, for example,
is one that if you had aforeclosure and you because of a move from
the military. You can also applyfor aid in situations where you had a
medical type emergency or some sort offamily emergency that caused a home to go

(27:57):
to foreclosure. Those are reasons thatyou can get a waiver. But the
waiting period is two years for fhaVA government back mortgages, so you can
qualify within two years. However,that doesn't mean you're automatically qualified. It
doesn't mean that oh, I waitedmy seven years, now I can go
get a mortgage. You still haveto go through the steps to qualify.

(28:18):
Here are some things you can doto lay it a new mortgage by showing
that the forecloser result of a significantfinancial hardship from what you have recovered.
Okay, providing documentation of the hardshipyou claim proof of paid medical bills.
The you know, certainly bad financialchoices are not considered major health problems,

(28:41):
but you'll need to provide an explanationletter. You know. It could be
something like a business failure, thepassing of a business partner. Just keep
in mind there's no one size fitsall the lenders dealing with this situation.
The FAHA, for instance, isparticular about what it constitutes a financial hardship.
Serious illness death of a wage earnermay be acceptable, whereas divorce may

(29:02):
not be. So you might haveyou might have been able to work through
a divorce, but not through anillness or death. How do rebuild your
credit for potential borrow? A majorcomponent of landing a new mortgagees demonstrating you
have bounced back so debouch your creditscore. Lenders typically like to see a
score of at least five to eighty, paying your bills on time, having
credit, paying off credit, makingall good financial moves. Keeping paperwork on

(29:27):
file is certainly helpful a non primelender. There are lenders out there that
will loan you money at a higherinteresst rate typically or maybe a higher down
payment that when you've had a foreclosureor short sale in your background, a
mortgage advisor is always the right placeto go. A lot of times,
you know, we get CPAs thatget those mortgage questions from consumers, and

(29:49):
the guidelines for loan products change allthe time. So if you're asking someone
that is not a mortgage lender aftera foreclosure how to qualify for a mortgage,
you were asking the wrong person.You need to talk to a mortgage
professional to help you qualify and helpyou understand your specific situation because there's no
one size fits all. We haveseen people have a foreclosure and qualify for

(30:10):
a new mortgage six months later.Okay, We've seen people have a foreclosure
and seven years later still can't qualify. You need someone to look at your
credit, your financial situation, understandthe hardship that causes the foreclosure, and
then help guide you towards the pathof putting a package together that the lender
can look at and say, Okay, I'm willing to take the risk on
this person even though they had aforeclosure. So every situation is different.

(30:32):
Is it possible, yes, butit will really depend on your financial situation,
what you've done, what you've notdone, what your credit looks like,
what your income looks like, andthe property you're buying as well as
a down payment. It's not alwaysjust about the borrower. Sometimes mortgages can
get declined because of the property,the condition of the property, the age
of the roof, the age ofthe electric, how safe that property appears

(30:57):
to a mortgage leunder. So hopefullythat helps if you're in one of those
tough situations, if you want toavoid foreclosure and you still have equity but
you're behind, get an instant cashoffer a dunkin duo dot com. We've
helped a lot of people avoid foreclosurewith an instant cash offer, and again
you can do that at dunkin duodot com. Read back after a quick
break, wrapping up the show withour last segment. Again after a quick

(31:18):
break here on WFLA News. Sowe're back here on the Duncan Duo Show
talking about the Tampa Bay real estatemarket and through my real estate career,
I've had the opportunity to work withcelebrities and athletes alike in their home buying
and home selling journey. And it'sinteresting. There was an article this week
so that says buy like an Alister steal these home buying secrets from celebrities.

(31:40):
And it's interesting because I read throughthe list and every single one on
the list we've had some exposure towhere we have dealt with a situation like
that with a celebrity. So Iwant to go through these and maybe I'll
relate some personal experiences with working withcelebrities. Most of the time we signed
non disclosure agreements to where we can'treally disclose a lot of the clients that
we work with, whether it's awhether it's a professional athlete, or whether

(32:04):
it's a celebrity that we've worked with. There are a lot of times where
we're not able to disclose names.So I won't necessarily explain names. But
I know everyone loves the celebrity gossipstuff, the TMZ, the you know,
we've had some experience with that.So one of the first tips.
A lot of a listers will notactually go look at the home first.
They'll send a trusted confidant, aspouse, an agent, a buddy,

(32:28):
a friend. They'll send someone elseto go look at the home first to
kind of get a vibe before thea lister finds it to be worth their
time. Now, would I recommendthat for regular people? Know, of
course, depending on your income bracketand how busy you are. But a
lot of times the spouse is someonethat does that. One spouse will go,
the other spouse won't, because ifone of the spouses doesn't like it,

(32:50):
any's gonna work. Both gotta likeit for the house to work,
or you're gonna get divorced. Soyou know, make sure that spouses agree.
I've seen that too many times tocount. The second part of that,
though, is that you can bringalong someone for a second set of
eyes. The elite play it cool. They have loads of cash, but
they're not emotionally attached to the buyingprocess. They're not going to walk through

(33:10):
a home and be like, oh, I'm so in love, you know.
They're they're much more calm with theiremotions because they're used to having money
and having opportunities to buy amazing things. So when you do tour a home,
if you want to properly negotiate,you certainly don't want to let everyone
know there that you are are allabout it. Security is number one,
so you know that's something you canlearn from celebrities. Properties that are gated

(33:37):
or have a tree growth to protectthe property, you know, high profile
home buyers. The deal breakers arelocation and the levels of privacy and security
that the property offers, so youknow you can some tips you can take
from celebrities. Again, pay attentionto the security. How safe do you
feel with the property in its location. Celebs have to commute too, so

(33:59):
look cation matters, and it doesn'talways mean the commute via vehicle. There
are plenty of A listers that buyhomes because they're looking to commute via plane
or they're looking to commute via helicopter, so they're commute isn't just always about
commuting in a car, But alot of celebrities don't want to be too

(34:20):
far out from an urban core orplaces where their business may bring them,
and certainly proximity to an airport,so they have to commute as well.
A long must have list can becrippling. So the one thing about A
listers is that they have the abilityto solve problems with money, so similar
to you, you may not havethe ability to solve problems with money.

(34:40):
A lot of a listers are lookingfor a few things, but they don't
expect the interior of a home tobe perfect for them. They don't expect
to find the turnkey perfect home.They expect to find a home that checks
a lot of the boxes just likeyou, but then they're going to personalize
it. The difference is they mayhave a zero or two more in their
renovation budget than you, but they'recertainly not looking to check every box with

(35:01):
a property. Consumers can learn fromthat because far too often we have customers
say I want all of these things, and they're not going to find all
those things for the price. There'sa few of those things that they have
to give in on that they cansolve after closing. So renovations are not
a stumbling block for celebrities. Andtypically they're going to have another home that
they're going to live in until theymove into that one. They can just
simply extend the time in which theylive in that property and keep owning that

(35:23):
before they sell it or rent it, and consequently have the home renovated before
they happen to move in. AndA Listers also don't like to announce a
purchase. I saw a friend notlong ago, post on Facebook the other
day, and it's pretty common knowledgewhere I live, and you know,
I guess I'm just not afraid.It's been known because of videos and in

(35:45):
Florida you can kind of look thatstuff up. But had a friend say,
Hey, I'm not posting my addressanywhere because I want to keep my
home safe. Well, you know, so, just like you know,
any regular average person may not wantto announce to the world where they moved
or that they move so that peoplecan look it up. Celebrities choose not
to for a variety of reasons.One, they don't want to attract extra

(36:06):
attention to the property. They don'twant the tour buses showing up. Those
are all reasons why a listers don'tadvertise and let you know, and they
don't announce their purchase. They keepit quiet. Now a lot of times
it gets discovered and sometimes it getsouted by some sort of public record search.
But celebrities don't necessarily want to letpeople know where they live, and

(36:28):
they move regularly for the purposes ofprotecting their privacy. So hopefully some of
those things, those are all thingsthat we've dealt with in our real estate
career. And you know there arethings that you hear about when you're paying
attention to celebrity real estate and againwhen we aren't on there at the Duncan
Duo. Get your home value estimateat Duncan Duo dot com or get an
instant cash off at Dunkin Duo dotcom and have an awesome rest of your

(36:49):
weekend. Tampa Bay