Latest / Bought Borrowed and Sold / We had to go extra innings on the Name the payment game

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We had to go extra innings on the Name the payment game · Bought Borrowed and Sold

• 0:00
  Speaker 1: All right, welcome to Bobbart and Soul. Thank you so
• 0:02
  Speaker 1: much for joining us and hanging out in the studio.
• 0:06
  Speaker 1: We've got from Cross Country Mortgage Brad Smith. What's coming on, Brad?
• 0:10
  Speaker 1: How are you?
• 0:11
  Speaker 2: Man? I am fantastic. How about you doing good?
• 0:14
  Speaker 1: Doing good? We were this week We've been working on
• 0:20
  Speaker 1: We've got a mutual client that's working on like they
• 0:24
  Speaker 1: are wanting to buy a house, but not put their
• 0:28
  Speaker 1: house on the market. And so you know, in our
• 0:31
  Speaker 1: next segment, I do want to talk about that a
• 0:33
  Speaker 1: little bit and how we're kind of working through that
• 0:35
  Speaker 1: process and and because that's one of the things that
• 0:38
  Speaker 1: is a lot of folks just do not know how
• 0:42
  Speaker 1: to get to that point, yep. So I do want
• 0:46
  Speaker 1: to chat about that for sure that later on. But
• 0:51
  Speaker 1: tell you what, I don't know about your world. But
• 0:54
  Speaker 1: we've been busy over here on our side of things.
• 0:56
  Speaker 1: And and while it's not like the market that I
• 1:01
  Speaker 1: thought it was going to be coming into this spring,
• 1:03
  Speaker 1: we're still busy. As I'll get out, I think, oh yeah,
• 1:06
  Speaker 1: I was like preparing, you know, multiple homes to go
• 1:09
  Speaker 1: to market this week. We're preparing for stuff to go
• 1:12
  Speaker 1: to market next week and trying to do deals, put
• 1:15
  Speaker 1: together some things, and April was a good mont. Yeah,
• 1:20
  Speaker 1: Maize looking good. So you know, it's it's busy in
• 1:25
  Speaker 1: our world.
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  Speaker 2: It is busy. It is busy, and phones are still
• 1:28
  Speaker 2: ringing and folks are still buying houses, you know. Goodness,
• 1:32
  Speaker 2: Thank goodness. Rates ticked up a little bit this past week,
• 1:34
  Speaker 2: so with more blockages of the straight of her news.
• 1:39
  Speaker 2: But uh so, we're kind of figuring through all that.
• 1:41
  Speaker 2: But uh so so, but it seems like people are
• 1:44
  Speaker 2: still motivated to get something done and make things happening,
• 1:47
  Speaker 2: you know. And heck, they're still lower when they were
• 1:49
  Speaker 2: you know, a year ago. That's right, that's right. It's
• 1:52
  Speaker 2: just not where we were hoping we were going to
• 1:54
  Speaker 2: be to get that little extra surge we maybe have anticipated.
• 1:58
  Speaker 2: So but it's all good.
• 1:59
  Speaker 1: Yeah, all right, well cool, Well, we've got we got
• 2:03
  Speaker 1: a bunch going on. So I think what we'll do is,
• 2:06
  Speaker 1: let's go ahead and talk about our open houses, our
• 2:08
  Speaker 1: new listings. Let's play our game and Brad tell us
• 2:13
  Speaker 1: the rules of the game.
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  Speaker 2: Yeah, all right, So Gussy's gonna go through some of
• 2:17
  Speaker 2: the open houses or new listings they've got and kind
• 2:19
  Speaker 2: of go through some of the key details of the property.
• 2:21
  Speaker 2: At the end, he's going to give us the most
• 2:22
  Speaker 2: important piece, and that is the purchase price of the home,
• 2:25
  Speaker 2: at which point I will give a potential down payment
• 2:27
  Speaker 2: that a borrow or may may or may not make
• 2:29
  Speaker 2: on the house. And then Gusty and John Mounts will
• 2:32
  Speaker 2: guess the thirty or fixed principal interest monthly payment.
• 2:35
  Speaker 1: That's right.
• 2:36
  Speaker 2: So that's all.
• 2:36
  Speaker 1: That's what we got, all right, We're ready. Our first
• 2:41
  Speaker 1: new listing of the week is located in the Grand
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  Speaker 1: Neighborhood in Oxmore Valley. It's thirty nine fifty six Sydney Drive.
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  Speaker 1: This was built in twoy twenty four by Tower Homes.
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  Speaker 1: Three bedrooms, two baths, fourteen and sixty three square feet,
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  Speaker 1: two car garage. It's got a covered porch, it's got
• 3:01
  Speaker 1: courtz countertops. Really just a beautiful home, all main level living.
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  Speaker 1: And we're asking three seventy nine nine, three seventy nine nine,
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  Speaker 1: and uh yeah, go see Walker Yant this afternoon from
• 3:15
  Speaker 1: two to four.
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  Speaker 2: Three seventy nine nine. We're gonna put five percent down,
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  Speaker 2: five percent down to start.
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  Speaker 3: Okay, let's see.
• 3:35
  Speaker 1: I'm gonna go with MMM twenty four hundred.
• 3:44
  Speaker 2: Twenty four hundred for gusty.
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  Speaker 4: I feel like it's a little lower, so I'm gonna
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  Speaker 4: say twenty two hundred.
• 3:51
  Speaker 2: The actual payment was twenty two sixty nine John round one.
• 3:59
  Speaker 2: Here we go off to a roaring.
• 4:03
  Speaker 1: Start, all right. Also open this afternoon from one to
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  Speaker 1: three in mccaulla in the Million Dollar Lakes neighborhood. Get
• 4:12
  Speaker 1: your little waterfront home at to zero eight eight zero
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  Speaker 1: share and drive in McCalla. Five bedrooms, four and a
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  Speaker 1: half baths. It's got thirty two hundred and ninety eight
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  Speaker 1: square feet on the main levels, another sixteen hundred and
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  Speaker 1: ninety nine finished in the basement. Home was built in
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  Speaker 1: nineteen ninety two. It's got one hundred yards of waterfront
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  Speaker 1: on Ski Lake over there in McCalla.
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  Speaker 2: Nice.
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  Speaker 1: Seven hundred and twenty five thousand dollars. Nice and go
• 4:43
  Speaker 1: see Ashley Stags on our team.
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  Speaker 2: All right, seven twenty five ten percent down.
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  Speaker 1: I said hundred yards, one hundred feet of one hundred
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  Speaker 1: feet of from the water front. I got yards and
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  Speaker 1: feet come on hoar front.
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  Speaker 2: Yeah, on a million dollars. What was the million dollars?
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  Speaker 2: Part of that million.
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  Speaker 1: Dollars Million Dollar Lakes, one hundred feet of waterfront. Go ahead.
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  Speaker 2: It's like the million dollar band.
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  Speaker 1: Seven twenty five. Would you say how many? How much down?
• 5:09
  Speaker 2: Uh ten percent?
• 5:13
  Speaker 5: UH gonna say forty four hundred, forty four hundred.
• 5:20
  Speaker 1: For John, I'm gonna go with forty two hundred, And
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  Speaker 1: it was forty one oh two.
• 5:30
  Speaker 2: So Gusty gets round two. We were tied up one
• 5:34
  Speaker 2: to one.
• 5:34
  Speaker 1: M all right. Our next new listing is in is
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  Speaker 1: gonna be open from two to four. This is in
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  Speaker 1: the Pension Slash Clay area and the wind Gap neighborhood.
• 5:50
  Speaker 1: This home was built in nineteen ninety four. Four bedrooms,
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  Speaker 1: two and a half fasts, two thousand, three hundred and
• 5:55
  Speaker 1: seventy two square feet. This one has recent updates of
• 5:59
  Speaker 1: in two hear your paint, UH stainless appliances. We UH
• 6:05
  Speaker 1: removed a couple of trees, created a more open backyard.
• 6:09
  Speaker 1: We did some pressure washing. We got this one ready
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  Speaker 1: to go three nineteen nine, three nineteen nine, seventy eight
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  Speaker 1: fifteen Lynn Forest Drive. It's in pension, but it's in
• 6:21
  Speaker 1: the Clay Chalkville School district. All right, three nineteen nine.
• 6:26
  Speaker 2: Three nineteen nine. We're gonna put twenty percent down, twenty
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  Speaker 2: percent down back to Gusty.
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  Speaker 1: Oh kid dokey hm m m m m m mmmmmm.
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  Speaker 1: Fifteen fitty nine.
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  Speaker 2: Fifteen nine.
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  Speaker 4: That's a very specific number.
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  Speaker 1: Just randomly in there, randomly throwing something out.
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  Speaker 5: I'm gonna say, uh, you know, the number fifteen ten
• 7:01
  Speaker 5: worked out for me last week.
• 7:02
  Speaker 4: I'm gonna try that again.
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  Speaker 2: Fifteen ten man sixteen oh nine.
• 7:08
  Speaker 4: I should tried the number again.
• 7:09
  Speaker 2: Should not try the number again? All right, Gusty gets
• 7:12
  Speaker 2: round three, so it's two to one Gusty, Okay, all right?
• 7:17
  Speaker 1: Uh. Next new listing of the Week twenty eight oh
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  Speaker 1: one Cliburne Street. This is in Hueytown. It's in the
• 7:23
  Speaker 1: Pineview Gardens neighborhood, built in nineteen sixty eight. It's three bedrooms,
• 7:27
  Speaker 1: one and a half pass, twelve hundred and eighty nine
• 7:30
  Speaker 1: square feet. We are asking one fifty nine seven, one
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  Speaker 1: fifty nine seven.
• 7:37
  Speaker 2: One fifty nine seven, putting ten percent down, ten percent
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  Speaker 2: down back to John.
• 7:47
  Speaker 5: I feel like that's probably gonna be somewhere in the
• 7:48
  Speaker 5: range of let's say, nine hundred.
• 7:53
  Speaker 2: Dollars nine hundred for John.
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  Speaker 1: I'm gonna go with that. I think nine hundred is
• 8:09
  Speaker 1: pretty close. Mmmm. You said ten percent down.
• 8:16
  Speaker 2: I did woo n nine to twenty did not quite
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  Speaker 2: prices right you because it was nine oh.
• 8:28
  Speaker 1: Five around or I knew it was close.
• 8:34
  Speaker 4: I closed mash today.
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  Speaker 2: Even though I do normally pull for John, I was
• 8:39
  Speaker 2: kind of hoping you did nine oh one, just because
• 8:41
  Speaker 2: it was right there. Right, all right, good deal.
• 8:44
  Speaker 1: All right next to you listening to what I'm telling you,
• 8:46
  Speaker 1: busy week, this dizzy all right. This is in the
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  Speaker 1: Meadow Lake neighborhood of Bessemer fifty two twelve Meadow Lakes Circle.
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  Speaker 1: This was built in twenty ten, fourteen and eighty two
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  Speaker 1: square feet, three bedrooms. Too bad. That's two hundred and
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  Speaker 1: forty five thousand dollars. Uh. This one has been recently renovated.
• 9:06
  Speaker 1: It is moved and ready. It's got new flooring, new paint,
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  Speaker 1: and that's ready to rock and roll. This listing is
• 9:13
  Speaker 1: courtesy of Kyle Bedgods. So, Kyle, congratulations on your new listing.
• 9:18
  Speaker 2: And what was the purchase price? Two forty five forty five? Uh,
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  Speaker 2: two forty five? Putting five percent down, five percent down,
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  Speaker 2: We're back to gusty mm hmmm, thirteen hund do thirteen hundo.
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  Speaker 4: I'm gonna say fourteen forty.
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  Speaker 2: It was actually fourteen sixty three. Oh my gosh, Sean
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  Speaker 2: Mounts gets round five and is now up three to
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  Speaker 2: two with the one property to go Lord.
• 10:02
  Speaker 1: So if it's either gonna.
• 10:04
  Speaker 2: Be a toide breaker, Lord John wins outright, all right.
• 10:08
  Speaker 1: Our next new listing of the week is in Alabaster
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  Speaker 1: in the Navajo Hills neighborhood. Built in nineteen eighty five,
• 10:14
  Speaker 1: four bedrooms, two and a half bass, two thousand, one
• 10:17
  Speaker 1: hundred and sixty eight square feet. It's also got twelve
• 10:20
  Speaker 1: hundred and eighty five square feet of unfinished basement, two
• 10:23
  Speaker 1: car garage. Fourteen fifty four. Falling Rock Circle is priced
• 10:28
  Speaker 1: at three hundred and fifty thousand dollars. Three hundred and
• 10:32
  Speaker 1: fifty thousand dollars.
• 10:34
  Speaker 2: Eat about tree fifty, putting ten percent down, putting ten
• 10:38
  Speaker 2: percent down.
• 10:39
  Speaker 1: Ten percent a ten.
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  Speaker 4: So I'm thinking eighteen hundred.
• 10:49
  Speaker 2: Eighteen hundred for John. Ten percent down, ten percent down.
• 11:12
  Speaker 4: On this white picket fence house, on this dirt. And
• 11:14
  Speaker 4: what did John say?
• 11:16
  Speaker 2: He said, eighteen hundred, eighteen fifty, eighteen fifty, It was
• 11:22
  Speaker 2: actually nineteen eighty. So Gusty gets round six. It is
• 11:27
  Speaker 2: three to three and the tiebreaker is in play.
• 11:31
  Speaker 1: Uh oh, all right, you'll you let me share one
• 11:34
  Speaker 1: of my coming soons.
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  Speaker 2: You could, or I could just do the fifteen year
• 11:38
  Speaker 2: am on the last house. Okay, I had it ready.
• 11:42
  Speaker 2: I had it ready just in case. All right, So
• 11:44
  Speaker 2: same property three p fifty putting ten percent down, but
• 11:48
  Speaker 2: we're going to advertise it on a fifteen year, fixed
• 11:51
  Speaker 2: monthly payment for all the morbuss my first and John
• 11:56
  Speaker 2: is h what was it previously? Yeah, on the thirty
• 11:59
  Speaker 2: year it was nineteen eighty.
• 12:03
  Speaker 5: So so we half to half the time. So I'm
• 12:06
  Speaker 5: gonna say that's roughly going to but not quite double
• 12:10
  Speaker 5: the price.
• 12:11
  Speaker 4: So I'm gonna say thirty nine hundred.
• 12:21
  Speaker 1: Why is this stuff so hard?
• 12:23
  Speaker 4: Math?
• 12:24
  Speaker 2: Well, and it's just completely different. It's three thousand dollars
• 12:29
  Speaker 2: three thousand for Gusty, the actual payments two thousand, six
• 12:32
  Speaker 2: hundred and fifteen dollars. So you can get it paid
• 12:34
  Speaker 2: off in half the price for only paying seven hundred
• 12:37
  Speaker 2: dollars a month.
• 12:37
  Speaker 1: That is crazy, Holy smokes tarns something new man. Wow,
• 12:44
  Speaker 1: would you look at that?
• 12:45
  Speaker 2: Would you look at Gusty gets the victory?
• 12:47
  Speaker 1: Yeah? I was starting to sweat it in quite the battle.
• 12:51
  Speaker 1: Oh my gosh. All right, hey, we've got We've got
• 12:54
  Speaker 1: a house in Huey Town that's going to be coming up.
• 12:57
  Speaker 1: We've got one in the Sunny Meadow neighborhood in Oak
• 13:00
  Speaker 1: Mountain fifty two twenty nine Meadow Garden Lane that's going
• 13:03
  Speaker 1: to be coming up next week for four to twenty.
• 13:06
  Speaker 1: We've got one coming up in Graystone Farms, English Turn
• 13:11
  Speaker 1: Neighborhood for four hundred and eighty thousand next week. We've
• 13:16
  Speaker 1: got one coming up in Edgewood Heyo fifteen to nineteen
• 13:20
  Speaker 1: Valley Place for seven hundred and fifty thousand coming up.
• 13:25
  Speaker 1: So we've got we've got a bunch on the horizon,
• 13:27
  Speaker 1: my friend, let's do it. Bunch on the horizon. Hey,
• 13:30
  Speaker 1: we've got some buyer needs. We've got somebody looking in
• 13:34
  Speaker 1: the Trussville, Odinville or pel City area up to five
• 13:38
  Speaker 1: hundred thousand. We've got somebody looking in Leeds Moody or
• 13:41
  Speaker 1: pel City up to one hundred and fifty. We've got
• 13:44
  Speaker 1: somebody looking in town home in Cabba Heights or Vestavia
• 13:47
  Speaker 1: up to three hundred. We've got somebody looking up to
• 13:50
  Speaker 1: six hundred in the Griffin Park or Eagle Point neighborhood.
• 13:53
  Speaker 1: We've got somebody looking in Liberty Park slash Vestavia up
• 13:56
  Speaker 1: to five hundred and sixty. We've got somebody looking in
• 13:59
  Speaker 1: Bluff Part up to five twenty five. And let's just say,
• 14:04
  Speaker 1: if you've got anything up to five hundred Hoover up
• 14:07
  Speaker 1: to eight hundred and ross Bridge and pretty much anything
• 14:11
  Speaker 1: in Edgewood School District, you just give us a calling
• 14:14
  Speaker 1: five four to two, nineteen ninety six, or go to
• 14:17
  Speaker 1: Gustigoulesgroup dot com. Hey, guess what time it is. That's right,
• 14:23
  Speaker 1: it's testimonial time. All right, We've got one review today,
• 14:30
  Speaker 1: one and this is from mister Catan and he said.
• 14:34
  Speaker 1: Gustygoulis Group is an exceptional real estate team known for
• 14:37
  Speaker 1: their professionalism, expertise, and dedication to clients' success. They provide
• 14:43
  Speaker 1: a smooth, well organized experience whether you're buying, selling, or
• 14:47
  Speaker 1: investing in property. The team is responsive, knowledgeable, and committed
• 14:51
  Speaker 1: to clear communication, ensuring clients feel confident and informed throughout
• 14:56
  Speaker 1: the entire process. Their strong market insight and attention to
• 14:59
  Speaker 1: detail make a real difference in achieving great results with
• 15:03
  Speaker 1: their client focused approach and consistent reliability. Gusty Goulis Group
• 15:07
  Speaker 1: delivers a five star real estate experience that is highly recommended.
• 15:12
  Speaker 1: So mister Katan, thank you so much for the opportunity
• 15:15
  Speaker 1: to help you find your home.
• 15:17
  Speaker 2: And the Gusty Gouglis Group, congratulations on another five star review.
• 15:23
  Speaker 1: All right, there we go, there we go. Hey, by
• 15:26
  Speaker 1: the way, before we go to break, we've we filmed
• 15:30
  Speaker 1: a video one of our listings this week that's gonna
• 15:33
  Speaker 1: be coming up nice. It's on Kapa Valley Road and
• 15:37
  Speaker 1: you know, on top of it Indian Springs.
• 15:39
  Speaker 3: Huh.
• 15:40
  Speaker 1: They've got these like estates lined up, like these horse
• 15:43
  Speaker 1: farm estates. Yes, and it's really some of the most
• 15:46
  Speaker 1: beautiful land. It's in the Birmingham, the Greater Birmingham area.
• 15:50
  Speaker 1: All Right, so pretty soon we're gonna be talking about
• 15:53
  Speaker 1: We've got this home that was built in nineteen seventy one.
• 15:56
  Speaker 1: I think it's the second owner that's going to be
• 15:58
  Speaker 1: popping up. And it is over five acres and we're
• 16:05
  Speaker 1: still working on pricing of this house, but I'm telling you,
• 16:07
  Speaker 1: it's one of my favorite listenings that we've had going
• 16:11
  Speaker 1: to be coming up throughout the years. So five acres. Really,
• 16:15
  Speaker 1: it's in a state right there on Cabba Valley Road
• 16:17
  Speaker 1: in Indian Springs. So if you were looking for something special,
• 16:21
  Speaker 1: you need to reach out to us because that's gonna
• 16:23
  Speaker 1: be coming up pretty soon. So I wanted to I
• 16:24
  Speaker 1: want to touch base on that before we had a break.
• 16:27
  Speaker 1: So we are going to have to break. We're going
• 16:29
  Speaker 1: to talk about what we're seeing in the market, what
• 16:32
  Speaker 1: we're seeing on interst rates right here on Bob burn
• 16:35
  Speaker 1: and Sold. Y'all stay tuned. Welcoming back to Bob Barn
• 16:41
  Speaker 1: and Sold. And Yeah, there's been a lot going on
• 16:45
  Speaker 1: in the real estate markets, buddy, and so I wanted
• 16:49
  Speaker 1: to talk about that. Got Brad Smith with Cross Country
• 16:52
  Speaker 1: Mortgage in the studio and he has been really keeping
• 16:56
  Speaker 1: an eye on everything going on in the interest rates.
• 16:59
  Speaker 1: And we we also want to have a little bit
• 17:01
  Speaker 1: of time where we want to talk about a certain
• 17:03
  Speaker 1: situation where a lot of times people have the equity
• 17:06
  Speaker 1: in their house, but they don't want to sell their
• 17:09
  Speaker 1: house until they find something. And you know, I mean,
• 17:12
  Speaker 1: living in a house for sale is not the easiest.
• 17:15
  Speaker 1: So give us a little bit of update, what we're
• 17:17
  Speaker 1: seeing on interest rates, all that fun stuff.
• 17:19
  Speaker 2: Yeah, all right, so we'll say this like this week,
• 17:22
  Speaker 2: we kind of settled in at about right at six
• 17:25
  Speaker 2: point five on the on the national average, on the
• 17:27
  Speaker 2: thirty year fix. We'd got, you know, I think I
• 17:29
  Speaker 2: said last week we were closer to probably six point
• 17:31
  Speaker 2: three eight six point four. So it's ticked up a
• 17:33
  Speaker 2: little bit this week. A lot of that is off
• 17:36
  Speaker 2: the news of we're kind of the blockade in the
• 17:39
  Speaker 2: straight of her Mews being kind of still staying active
• 17:42
  Speaker 2: and not really sure what oil prices are going to do.
• 17:45
  Speaker 2: So again, when the barrel of oil stays up and
• 17:48
  Speaker 2: keeps keep it continues to rise, it affects mortgage rates.
• 17:51
  Speaker 2: And so yeah, that's that's what's still hurting us right now.
• 17:56
  Speaker 3: Uh.
• 17:56
  Speaker 2: But you know, you've even but you've got some of
• 17:58
  Speaker 2: the like the UAE, the Arab Immiradis and that they
• 18:01
  Speaker 2: they're pulling out of OPEC, which this wee uh, they
• 18:06
  Speaker 2: did this pull out on they first and so you know,
• 18:09
  Speaker 2: the but the good news about that is that that
• 18:11
  Speaker 2: that could free up more oil for the markets because
• 18:14
  Speaker 2: they're not liking the way OPEK was dictating when how
• 18:16
  Speaker 2: much they could or couldn't drill, and they were about
• 18:18
  Speaker 2: twelve percent of the total OPEC but they could drill
• 18:21
  Speaker 2: more and make more money, so that should that should
• 18:23
  Speaker 2: open up more oil into the markets, which would be
• 18:26
  Speaker 2: good for everything, uh in all the pricing. So that's
• 18:29
  Speaker 2: kind of what we're seeing there. Yeah, the Fed did meet.
• 18:33
  Speaker 2: You know, they were using some terminology you know, as
• 18:36
  Speaker 2: far as rates needed to come down and they needed
• 18:39
  Speaker 2: to continue to look at it bring them down. They
• 18:41
  Speaker 2: didn't do anything this past meeting with everything going on,
• 18:45
  Speaker 2: the market didn't like that. Three of the voting members
• 18:48
  Speaker 2: kind of came out and said that they didn't like that.
• 18:50
  Speaker 2: They were that that that the that the tone was
• 18:53
  Speaker 2: leading it down to a to a dovish path of
• 18:55
  Speaker 2: of rates should be decreased. They thought they should be
• 18:57
  Speaker 2: pretty much on the fence and that could go either way,
• 19:00
  Speaker 2: and so a couple of them kind of dissented on
• 19:02
  Speaker 2: the comments. So market's reacted to like, Okay, well everybody's
• 19:05
  Speaker 2: not on board that rates should be coming down, so
• 19:07
  Speaker 2: maybe we shouldn't be worried about it. But you know,
• 19:09
  Speaker 2: inflation and employment numbers are still showing that rates should
• 19:13
  Speaker 2: be coming down. So we just need to shore up
• 19:15
  Speaker 2: this this situation overseas and you know, moving target, they'll
• 19:19
  Speaker 2: move in target. So that's that's the main thing we're
• 19:20
  Speaker 2: seeing on rates and all that fun stuff. Uh, one
• 19:24
  Speaker 2: of the things you've brought up and just kind of
• 19:26
  Speaker 2: talking about it as far as like you know that
• 19:29
  Speaker 2: bridge of like what you know, there are bridge loans,
• 19:32
  Speaker 2: you know, but but literally a bridge from that house
• 19:35
  Speaker 2: we're currently in into the new house we're in because
• 19:37
  Speaker 2: you've got you know, one of the good things about
• 19:41
  Speaker 2: the rates being as low as they were for so
• 19:42
  Speaker 2: long and during COVI and everything else, everybody's properties value,
• 19:46
  Speaker 2: I say everybody. Majority of people's property values are are
• 19:50
  Speaker 2: are are exponentially greater than when they purchased. So a
• 19:54
  Speaker 2: lot of people have a sizeable amount of equity in
• 19:57
  Speaker 2: their homes and that may be the majority of their
• 20:00
  Speaker 2: of their net worth or liquidity, and they're ready to
• 20:03
  Speaker 2: move up into that next home. But you know, trying
• 20:06
  Speaker 2: to get your house ready to sell when when, when
• 20:09
  Speaker 2: you're when you're living in it, and different life things
• 20:12
  Speaker 2: going on in younger kids or whatever it is, it
• 20:15
  Speaker 2: makes it tough. So you know, there are different ways
• 20:18
  Speaker 2: to tap into that equity in your home to buy
• 20:22
  Speaker 2: the next house without selling the house until after you've
• 20:26
  Speaker 2: moved out of it. And gotten into the new house.
• 20:29
  Speaker 2: And so there's a bunch of different ways to do it.
• 20:30
  Speaker 2: There's you know, people sometimes people just access and we
• 20:33
  Speaker 2: do equity lines for people just to do it just
• 20:35
  Speaker 2: and just grab the equity out and put it put
• 20:37
  Speaker 2: it down. It's the down payment. And then there's more
• 20:39
  Speaker 2: traditional bridge loans where there's the we will actually give
• 20:46
  Speaker 2: you the equity in it and essentially buy the house
• 20:50
  Speaker 2: from you until you can sell it, and then you
• 20:54
  Speaker 2: can sell it and if you don't sell it within
• 20:55
  Speaker 2: that ninety days, we can actually buy it at the
• 21:00
  Speaker 2: at at fair market value and everything and and free
• 21:02
  Speaker 2: it up. And then there's there's other there's other ways
• 21:06
  Speaker 2: to kind of tap into that equity. But the other
• 21:09
  Speaker 2: thing is we've also got products that just you may
• 21:11
  Speaker 2: have you may have access to the cash to put down,
• 21:16
  Speaker 2: but you're not you may not be a to qualify
• 21:17
  Speaker 2: on both payments. But there's also bridge loans that omit
• 21:20
  Speaker 2: the other the mortgage payment that you're leaving so that
• 21:23
  Speaker 2: you can qualify for the new one and never hits
• 21:25
  Speaker 2: you and never pay that on the end, just pay
• 21:27
  Speaker 2: that on the end.
• 21:28
  Speaker 3: And so.
• 21:30
  Speaker 2: There's a lot of different ways to access it and
• 21:32
  Speaker 2: then and then some people are surprised and that they
• 21:34
  Speaker 2: don't have to do anything special like the one you
• 21:36
  Speaker 2: were talking about earlier, like we don't even have they're
• 21:38
  Speaker 2: actually in a better situation to not do a bridge loan,
• 21:41
  Speaker 2: and so we're gonna we're gonna probably tailor that and
• 21:44
  Speaker 2: go down a different route there because they did have
• 21:48
  Speaker 2: they do have cash available, but they also have a
• 21:50
  Speaker 2: ton of equity and they their debt to income they're
• 21:53
  Speaker 2: in that they don't there theydn't owe a ton of
• 21:55
  Speaker 2: they don't have a huge amount of payments on other debts,
• 21:57
  Speaker 2: so they actually qualify with the cash they have, and
• 22:00
  Speaker 2: then we can just they can The other option there
• 22:03
  Speaker 2: is they can take that lump sum once they do
• 22:05
  Speaker 2: sell it, put it on the principal balance, and then
• 22:08
  Speaker 2: we can just recast it without refinancing it, and so
• 22:10
  Speaker 2: that way the payment will be reflected as if they
• 22:12
  Speaker 2: made the payment that that down payment from the beginnings
• 22:15
  Speaker 2: and so so again, so that's really what they needed
• 22:17
  Speaker 2: in that situation, is just knowing that recast was available,
• 22:20
  Speaker 2: that it stays on the same aniorization schedule, but it
• 22:23
  Speaker 2: will go to the new principal enter's payment on the
• 22:25
  Speaker 2: new balance, and so so those are all different ways
• 22:28
  Speaker 2: to access it or use it to your advantage. And
• 22:30
  Speaker 2: so it's really really specific to each individual on which
• 22:34
  Speaker 2: route you need to go and what fits for what
• 22:36
  Speaker 2: you need at that moment. So it took a little
• 22:39
  Speaker 2: bit of time. That's just that's just that's just the
• 22:41
  Speaker 2: surface level. How many different ways you can get into
• 22:43
  Speaker 2: it without thinking like, well, if I do that, then
• 22:46
  Speaker 2: I'm gonna have to refinance, We're gonna have to do
• 22:48
  Speaker 2: it twice, and you don't have to do any of that.
• 22:50
  Speaker 1: There's everybody's situation is different, you know, and a lot
• 22:54
  Speaker 1: of times people are locked in they really don't have
• 22:56
  Speaker 1: the extra money, so they need to tap been of
• 23:00
  Speaker 1: that equity. So we do have access to bridge loans
• 23:03
  Speaker 1: through Brad Cross Country Mortgage and h a lot of
• 23:08
  Speaker 1: times and I wouldn't say a lot of times, but
• 23:11
  Speaker 1: it's hard living in a home that's for sale, and
• 23:13
  Speaker 1: especially when you got kids, or you got pets, or
• 23:17
  Speaker 1: just you got things that need to be done, and
• 23:21
  Speaker 1: so you know, we roll into these scenarios and a
• 23:23
  Speaker 1: lot of times people don't like those multiple payments. Well,
• 23:26
  Speaker 1: we've got programs where you don't have to hit that
• 23:28
  Speaker 1: multiple payment. It'll just come off of the equity that
• 23:31
  Speaker 1: you thought you don't have to anyways. As always, any
• 23:35
  Speaker 1: real estate related questions, thoughts, ideas needs go to Gustygoulissgroup
• 23:41
  Speaker 1: dot com two oh five five four two nineteen ninety six.
• 23:44
  Speaker 1: And if you need a mortgage, go get pre qualified
• 23:47
  Speaker 1: at Bradsmithlans dot com. Thank you so much for the opportunity.
• 23:52
  Speaker 1: You'all have a wonderful rest of your day. See you
• 23:55
  Speaker 1: next time.