Latest / Connor with Honor: AI, Real Estate and Real Life / Breaking down a lender pre approval letter for a first time Santa Clarita home buyer, how's that for precise, oh, that wants to buy a SFR
Transcript
- 0:00hello Santa Clarita we are at August 10th, 2024 and thank you so much for watching we're gonna be talking about today's real estate inventory 499 total active units for sale that's gonna be all across the Santa Clarita Valley and that's gonna include single family residences condominiums and townhomes the next thing that you need to know is what's happening with our market currently properties that are listed for sale last about 10 to 15 days depending on the Santa Clarita city in which they're located and also of course depending on price point if it's priced at fair market value or even a small percentage higher it's gonna bring bring a premium probably quickly if those prices are exceeded by maybe 2 or more percent than we do see a lag in the time it takes that property to get into escrow and having said that it kind of also might of market adjustment online to be able to move that property after that point meaning it could be that the seller needs to make a price reduction in order to have that property rise back to the top of the internet engines where more people are going to see it in addition in that scenario anybody that has a local real estate agent that set up on a search the agent basically puts it together like I do for my clients somebody will tell me I'm looking this is what we want Connor after we go through the whole process and by the way
- 1:34I've started that Real Estate 1: 01 series have two videos down about 30 minutes in total fantastic information if I do say so but it does talk about the market right now we've we're getting into Ccnrs melarus not condominiums and town homes there's so there's so much concerning those and the rules and regulations that govern them they are gonna get their own video
- 2:02that I'm gonna put together in the 1: 01 course but as far as real estate goes in Santa Clarita yes moving very quickly and again that price reduction that read readjusts and makes the price more reasonable it does kick off a big uh barrel full of activity online you're going to have that listing propagate to the top of those engines and then people are gonna see it now I like I was saying excuse me don't scrpt these lke was sayng n a to me I make sure that it matches and then let's say a property lowers in price matches their needs but was not within my search parameter range for pricing then boom it pops in there they will get that notification and that is a big part of how those properties are sold whenever those price adjustments happen$1 statute so 10,000 5,000 20,000 or 100,000 if they move in that in that field and down that low you'll actually see that becoming a big part of people searches cause usually people aren't searching for real estate dollar by dollar it's in 10,000 dollar increments or even more that being the case if you can drop that property reduction if that's your strategy and your market wherever you happen to be located proves this statistic if you drop that lower that next full thousand that 50 or 100 then you're gonna bring in a lot more people that are searching for properties that haven't even seen what you have for sale that has to be discussed but there is internet data that would support that kind of a decision for a real estate seller here in Santa Clarita as a real estate buyer we've been obtaining offers and I'm not sure but some of the online systems are generating these pre approval letters that are from what would appear to be a large lending organization but then in the letter itself it's not a handwritten letter it's a PDF in an email but on that itself there's no other information there there's no ID number there's no licensing information no addresses so in that case if you're a buyer and that's that type of letter you have in your hand you need to go back to your lender and have them generate something that has some kind of contact information on it because as a real estate agent representing sellers and of course buyers I I would have caught that at very beginning when I'm talking to my buyer looking at the documents that they have and whatever pre approvals they may or may not have but at least I get to look at that Mike and vet and say well listen this is a pre where'd you get this and they say wherever and I say well unfortunately and this has happened unfortunately that company is something that I can't verify just because they are so big they're they are not nimble at all and um but the track record is horrible but letter that was generated also when I try to call for past clients the same organization there is nobody to talk to it's nd I need to spek with humn being so we can find out exactly what parts of the approval approval process were fulfilled because if miss something and we get into estro everything looking great and we get right down to the wire and they've removed all their contingencies and this lender has said oh yes they're golden but then all of a sudden the lender can't get them alone because I was they didn't do their job job that might have been able to be done if I would have found out exactly how much the lender went through to pre approve and pre qualify the client so yes it's absolutely in a buyer's best interest if you have a pre approval letter make sure that has some information on it especially if it's gonna be accompanying an offer that you're gonna be writing on a piece of property I'm Connor I hope you're well Connor with honor please check us out Santa Clarita Openhouses com we'll be back very soon please check out our other channel Home Muscle at Home Muscle where I talk transformation of sorts when I finally was able to figure out this whole fat mess I hope you're well we'll talk to you soon thanks for watching I'm Connor with honor over and out but only to the point as they apply to single family residences if in fact I'm setting my clients up with a search at least the price adjustments that go below those certain thousand