Latest / Connor with Honor: AI, Real Estate and Real Life / Be careful when you are going to sign your loan documents when buying that home - Buyer advice.

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Be careful when you are going to sign your loan documents when buying that home - Buyer advice. · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: August 20th, 2025.
• 0:02
  SPEAKER_00: Good day, everybody.
• 0:02
  SPEAKER_00: This is going to be your real estate update.
• 0:04
  SPEAKER_00: Today is the 20th of August.
• 0:06
  SPEAKER_00: Every day I post a new video here.
• 0:08
  SPEAKER_00: So you'll see it here on the home screen, and the date, of course, will change.
• 0:12
  SPEAKER_00: And in addition to that, you'll have a different title as well.
• 0:16
  SPEAKER_00: But just to look at inventory, we have had seven new listings hit the market in the past 24 hours, and those are all going to be posted here.
• 0:25
  SPEAKER_00: You can ignore the pop-up unless you want to register to actually get emailed listings to you after you conduct your search.
• 0:33
  SPEAKER_00: But to search for real estate, you need no personal information here.
• 0:37
  SPEAKER_00: It is a local site, it's powered by the Southland Regional Association of Realtors through the multiple listing service in the Internet Data Exchange Agreement.
• 0:45
  SPEAKER_00: And only agents get access to these listings here, and you will see them.
• 0:49
  SPEAKER_00: Of course, the syndication sites, the redfinstheeltor.coms, they do as well.
• 0:54
  SPEAKER_00: They try to get them, but I have a direct feed via my IDX connection.
• 0:58
  SPEAKER_00: So the information's definitely held to a different standard.
• 1:01
  SPEAKER_00: So you come here, you'll click on Santa Clarita Valley, and then run down, and these will be the new listings for today.
• 1:08
  SPEAKER_00: You'll be able to see each one of these and have an idea of what's happening on the market.
• 1:13
  SPEAKER_00: So Ironwood's brand new.
• 1:15
  SPEAKER_00: Let me go back, it's going to creep up.
• 1:16
  SPEAKER_00: Ironwood, Flint Drive is brand new.
• 1:19
  SPEAKER_00: Yep, there we go.
• 1:20
  SPEAKER_00: So Flint Drive is brand new.
• 1:22
  SPEAKER_00: And Ironwood, Flint Drive, Claudette, Dorothy, Toscana.
• 1:28
  SPEAKER_00: These are all anything you see on this page, it's within the last 24 hours.
• 1:32
  SPEAKER_00: Ironwood, Landview, Mesa Court, Brightwood, Kinglet, Knollview, Green Terrace, and Elkwood.
• 1:38
  SPEAKER_00: These are seven.
• 1:39
  SPEAKER_00: So if you want to see these listings, you just click through on any one of them, and then it'll take you to the full listing, and you'll be able to see all the information about the property and so on.
• 1:50
  SPEAKER_00: So you can go through and see what is happening here and the price of the property.
• 1:54
  SPEAKER_00: I also have mortgage calculators built on every single page.
• 1:58
  SPEAKER_00: So if you are interested in it and you know your particular down payment and other variables, you can definitely plug those in.
• 2:04
  SPEAKER_00: Also, if there happens to be an HOA for this specific property, the system will also fill that data in.
• 2:12
  SPEAKER_00: And as far as property taxes and so on, the home insurance is an estimate, but definitely something to consider.
• 2:20
  SPEAKER_00: And in Santa Clarita Valley, if you are going to be purchasing residential real estate here at any time, especially now since we've had those fires in Southern California, you definitely want to do your insurance research early.
• 2:33
  SPEAKER_00: That's because there are some areas that are next to hillsides and with uh valleys and stuff behind them with shrubbery and uh thick growth that you're going to want to definitely vet the property with your insurance carrier.
• 2:48
  SPEAKER_00: Now, understand with the insurance world, I've introduced uh Scott Wilk a few times, excellent source for insurance, and I'll uh I'll attach him in the comments to the video.
• 3:00
  SPEAKER_00: But Scott Wilk, W-I-L-K, here in Santa Clarita Valley, he's a broker, so he is able to pull on various insurance companies to write policies.
• 3:10
  SPEAKER_00: And what I like about him is he doesn't let anybody, unless they do it with their knowledge, he doesn't like people to be underinsured.
• 3:18
  SPEAKER_00: So if you're looking to purchase a residence and it you have to join the California Fair Plan, for example, he also talks about supplemental insurance, which is now really much a thing.
• 3:29
  SPEAKER_00: You'll be able to get an additional policy that's going to cover any kind of a difference or offset just in case something tragic happens to your residence.
• 3:37
  SPEAKER_00: All right, let's get into one of the things that I was talking about here this past week and a half.
• 3:43
  SPEAKER_00: I was going over videos discussing the very beginnings of purchasing, considering whether you should or should not be purchasing real estate.
• 3:52
  SPEAKER_00: And then I took it from there and talked about how to get your best deal in a lender, how to get a best deal from a real estate agent, what questions to ask, how to vet them properly, and then from there I moved into that process of just searching for real estate, like using Santa Clarita Openhouses.com or one of the other systems, how are you going to find it now?
• 4:10
  SPEAKER_00: Your agent should be setting that search up for you, and the criteria they use should be dependent on your own variables.
• 4:19
  SPEAKER_00: Let's say you're very comfortable at your maximum amount, which most people are, but let's just say you're one of those, you've been qualified for a million bucks.
• 4:27
  SPEAKER_00: That million dollar set point at the top part of your search when your agent starts to look for real estate, that might make an adjustment, at least for your agent, because it could be that there are real estate listings out there that are overpriced at a million one hundred or a million fifty, that is the case where they would be able to go in knowing this, knowing where the variables are online, having done their due diligence, they would be able to go in and say, listen, we can offer them your maximum amount because the property's potentially not going to appraise for more than that.
• 4:58
  SPEAKER_00: If they've had that background in their world as far as real estate goes and they have that training as far as what appraisal standards are, that's super valuable.
• 5:07
  SPEAKER_00: Moving through that process after you find the property, before you write the offer, you've already seen it.
• 5:14
  SPEAKER_00: When you're looking at properties and you're going to make a decision to write, it doesn't hurt to maybe go look at it a second time, just in case.
• 5:22
  SPEAKER_00: If there's time, if time allows for that.
• 5:24
  SPEAKER_00: Now, every moment a property goes without having an offer, and of course, silly to say, but there is a chance that you will get uh you could get actual a listing to come into that variable while you're looking or making a decision.
• 5:40
  SPEAKER_00: But it still is prudent, I believe, to go look at it a second time.
• 5:43
  SPEAKER_00: So you go and you look at the property and you make determinations.
• 5:47
  SPEAKER_00: You look at it from the exterior vantage point, you look at it from the different systems in place, if you can determine what kind of plumbing there is in the property, if you can kind of give a determination what the roof looks like, get an idea how that should be, also get an idea what the grade looks like.
• 6:04
  SPEAKER_00: That's something that a lot of people miss.
• 6:05
  SPEAKER_00: We don't get a lot of rain out here in California, at least not presently, and but when we do, a lot of times it creates a mess.
• 6:12
  SPEAKER_00: So if the roof is not in a great shape, usually that that's going to create a problem when it does rain for the first time in a long time.
• 6:19
  SPEAKER_00: If you're looking at the grade, if it does start to rain where that water goes is also going to be critical.
• 6:25
  SPEAKER_00: Is it going to go towards the house or is it going to be going away from the house?
• 6:29
  SPEAKER_00: So making your office accordingly.
• 6:31
  SPEAKER_00: And then when you're looking at these properties, in addition to that, actually looking at the neighbors' impact.
• 6:38
  SPEAKER_00: Do your neighbors have trees or some kind of other issues that could impact your ownership of this property in the future?
• 6:45
  SPEAKER_00: You'll want to address those things as well.
• 6:47
  SPEAKER_00: But after you align your ducks, you get everything lined up and you've gone through your due diligence, you've checked on the taxes, you've checked on HOA, you've made those phone calls in case you have 53 cats, you want to move into the house, you've called and you've made sure that's okay, and you get verified responses in writing, just so you know for sure, super, super important.
• 7:10
  SPEAKER_00: All right.
• 7:10
  SPEAKER_00: So then after that process, I talked about, after we we construct the offer, we write it.
• 7:16
  SPEAKER_00: What's the best ways to formulate that?
• 7:18
  SPEAKER_00: How can you better better your offer even without talking about increasing price?
• 7:23
  SPEAKER_00: Because increasing price, that's low-hanging fruit, very easy to do.
• 7:26
  SPEAKER_00: Anybody can do that.
• 7:28
  SPEAKER_00: But actually constructing your offer, so even if you might not be the best in price, maybe you're able to hit highlights that the sellers really want to deal with to be able to push your offer forward, even of those that happen to be of a higher price.
• 7:42
  SPEAKER_00: What are those strategies?
• 7:43
  SPEAKER_00: So I talked about that.
• 7:44
  SPEAKER_00: Moving through the process after you counter offer, offer if there are going to be counter offers, what if it's a multiple counter offer?
• 7:51
  SPEAKER_00: Spoke about that in the videos as well.
• 7:53
  SPEAKER_00: Moving through the process, and of course, you can find all of these at Santa Clarita Openhouses.com forward slash blog.
• 7:59
  SPEAKER_00: So after I got through all of that, then your offer gets accepted.
• 8:02
  SPEAKER_00: How do those inspections look?
• 8:04
  SPEAKER_00: And looking at the neighbors, what's the first thing you want to do as a buyer?
• 8:07
  SPEAKER_00: I'll tell you right now, but I put it in detail in the video.
• 8:10
  SPEAKER_00: Before you start to pay for a home inspection or appraisal, you got to get to the property.
• 8:14
  SPEAKER_00: You got to door knock it.
• 8:16
  SPEAKER_00: Uh door knock the neighbors, not the property itself.
• 8:19
  SPEAKER_00: You're going to be buying that one.
• 8:20
  SPEAKER_00: But the neighbors, the ones across the street, the ones that have any property boundaries that touch your property that could have any kind of an impact.
• 8:27
  SPEAKER_00: Want to go meet those people.
• 8:29
  SPEAKER_00: You're going to be living next to them, what, 4.7 years, 4.9 years?
• 8:32
  SPEAKER_00: I think it's 4.9 years is the average.
• 8:34
  SPEAKER_00: That's how long you're going to live there before you sell it.
• 8:37
  SPEAKER_00: That's the average anyway.
• 8:38
  SPEAKER_00: You might be there for 30 years or more.
• 8:40
  SPEAKER_00: But the ult ultimately you want to go talk to them, get a connection, find out who they are.
• 8:44
  SPEAKER_00: And I would just have your agent make that introduction.
• 8:48
  SPEAKER_00: They can go bang on the door as I do with my clients and say, hey, you know, these are uh we're I'm Connor McIver, Realty One Group.
• 8:54
  SPEAKER_00: This is Sarah and Johnny, and we're here.
• 8:57
  SPEAKER_00: They're actually in escrow on the house next door.
• 8:59
  SPEAKER_00: I wanted to come by and introduce you and you know, just uh just to see what you think about the neighborhood, and maybe you might take a moment just to answer some questions they may have.
• 9:08
  SPEAKER_00: And then it just really opens up those floodgates, people are happy, and then they start to have the conversation.
• 9:13
  SPEAKER_00: Then the inspections come in, the appraisal comes in, how to deal with it coming in higher, lower, or at cost, and then moving through.
• 9:20
  SPEAKER_00: So after all of that, we talked about their quest for repairs, we talked about those, how to best construct that.
• 9:26
  SPEAKER_00: Should you have the seller fix it?
• 9:28
  SPEAKER_00: Should you have them hire somebody?
• 9:30
  SPEAKER_00: Should you have them have their uncle do it?
• 9:32
  SPEAKER_00: Everybody's got that uncle.
• 9:33
  SPEAKER_00: Or should you actually ask for a credit and why that would be more beneficial?
• 9:37
  SPEAKER_00: And then after that, now we're at the final stages where more than likely, if you're not cash, you're gonna be signing some kind of loan documents with escrow.
• 9:47
  SPEAKER_00: Now these are gonna come from your lender, and when you get the loan documents, there's gonna be a time escrow's gonna vet them, they're gonna make sure everything's there, everything's correct, at least as far as what they understand.
• 9:58
  SPEAKER_00: It's all complete.
• 9:59
  SPEAKER_00: Once the package is there, then escrow is going to summon you to come sign those loan documents, and it depends on where you are.
• 10:07
  SPEAKER_00: If you're out of state, they could actually have a uh a notary, somebody that does loan documents, dispatched and come to wherever you are.
• 10:15
  SPEAKER_00: We this happens all the time.
• 10:16
  SPEAKER_00: So if you're selling a house and you're not gonna be in state, you're gonna just leave, you're gonna vacate.
• 10:21
  SPEAKER_00: We had uh clients recently do this.
• 10:24
  SPEAKER_00: They had a notary in their state where they went, Idaho, from California to Idaho, they had that connection, so they didn't even have to be here for the closing.
• 10:32
  SPEAKER_00: In fact, the day that they moved, which was almost 30 days, 35 days prior to us even getting an offer, they moved and boom, we got the offer, boom, we went through escrow as a cash deal, so it went relatively quick.
• 10:45
  SPEAKER_00: But they weren't anywhere in the state.
• 10:47
  SPEAKER_00: So once that's that's scheduled, then you're going to be sitting down with the uh the document signer or the uh person that's got the loan doc people from escrow.
• 10:59
  SPEAKER_00: So that particular notary is gonna be very versed in the paperwork that's assigned to residents.
• 11:05
  SPEAKER_00: Not just your regular garden variety run-of-the-mill notary.
• 11:08
  SPEAKER_00: This is a trained notary.
• 11:09
  SPEAKER_00: So typically they're gonna come and they're gonna go through the paperwork with you.
• 11:12
  SPEAKER_00: Now, when they do that, no matter where you are, if you see something in those documents that is uh it's hard to swallow, something that wasn't as you were promised, you definitely want to make make it known at that time.
• 11:26
  SPEAKER_00: And sometimes people sign loan documents, you know, they work all day, right?
• 11:30
  SPEAKER_00: So by the time you sign loan documents, it might be eight or nine o'clock at night.
• 11:34
  SPEAKER_00: You might not get done until 9.30 or 10.
• 11:36
  SPEAKER_00: It's not a quick process by any means, especially if you're doing what you need to do, i.e., reading the documents even after they're explained to you.
• 11:44
  SPEAKER_00: That is of high level importance.
• 11:47
  SPEAKER_00: Please do that.
• 11:48
  SPEAKER_00: Go through the documents, and I understand with real estate, a lot of people don't read everything chapter and verse.
• 11:54
  SPEAKER_00: My engineers do, people that come to me through JPL wanting to buy houses.
• 11:58
  SPEAKER_00: My God, they read every piece of paper, and that's a blessing because definitely keeps me sharp, but it also keeps them in the know.
• 12:04
  SPEAKER_00: They might not understand everything, but the way that the contracts are written, you'll you'll glean what's going on, and then whatever you don't understand.
• 12:12
  SPEAKER_00: You have legal counsel, you have your agent, you have whomever, your family, friends, you can follow up with them, but have them at least explain it.
• 12:19
  SPEAKER_00: But as you're going through these your loan documents, there could be things in there that have changed.
• 12:24
  SPEAKER_00: Maybe, here's an example.
• 12:25
  SPEAKER_00: Maybe your lender promised your particular interest rate.
• 12:28
  SPEAKER_00: Maybe they say, well, you know, your interest rate's gonna be um whatever it is.
• 12:33
  SPEAKER_00: But now all of a sudden it's different.
• 12:34
  SPEAKER_00: Higher, lower, lower probably be a blessing, but higher, what's what's up with that?
• 12:39
  SPEAKER_00: Then you're gonna want to have that question answered.
• 12:41
  SPEAKER_00: Now, if it's 9.30 at night and you're in some other time zone and you're signing these documents, the chances that your lender is gonna pick up that phone, well, unless it's a lender I know, the chances are probably not great.
• 12:54
  SPEAKER_00: Your agent, are they gonna pick up their phone because maybe they made the introduction to the lender?
• 12:58
  SPEAKER_00: Maybe.
• 12:59
  SPEAKER_00: But in most cases, probably not.
• 13:02
  SPEAKER_00: Then you have a decision to make.
• 13:03
  SPEAKER_00: Do you sign the loan documents or do you stop?
• 13:06
  SPEAKER_00: If it's different, if it's not as you were promised, I would stop, personally.
• 13:11
  SPEAKER_00: I know that's gonna chap a few hides out there.
• 13:13
  SPEAKER_00: But if it's something that I didn't agree with, and it's something that's being put in front of me, of course I want to buy the house.
• 13:19
  SPEAKER_00: Of course I've already spent upwards of fifteen hundred bucks to do inspections and appraisal.
• 13:24
  SPEAKER_00: Of course I've had the heartache of going through offer and counter-offer with the seller at the beginning, maybe competing with multiple offers, maybe going through and dragging all my family into the house.
• 13:34
  SPEAKER_00: Maybe I've had other people and family and friends showing that showing it off.
• 13:38
  SPEAKER_00: Maybe I've had other people come in, then going through all the requests for repairs and appraisal nonsense and all of that stuff.
• 13:45
  SPEAKER_00: So yes, I'm vested.
• 13:46
  SPEAKER_00: Yes, I want to buy that property, but am I willing to sign a loan document based on numbers that I wasn't promised or told?
• 13:54
  SPEAKER_00: Thirty years is a long time to pay, and once you sign them, it's gonna be hard to take it back.
• 13:58
  SPEAKER_00: Now, of course, I think they could probably take them back, it's gonna be submitted, but it could be something, but I I wouldn't even go there.
• 14:06
  SPEAKER_00: If there's something on those documents that doesn't make sense, then you should have your people ready on your end to talk to you over the telephone.
• 14:15
  SPEAKER_00: Your agent should know when you're signing loan docs.
• 14:19
  SPEAKER_00: Your lender should also know.
• 14:21
  SPEAKER_00: So maybe you might want to have a conversation with them.
• 14:24
  SPEAKER_00: Hey, listen, Connor, I'm gonna be signing loan documents next Thursday.
• 14:27
  SPEAKER_00: Oh, yes, yeah, I heard that.
• 14:28
  SPEAKER_00: Okay.
• 14:29
  SPEAKER_00: Um, can you please make yourself available between 9 and 10.30 when I'm signing loan docs?
• 14:34
  SPEAKER_00: Or can you make yourself available by telephone just in case?
• 14:38
  SPEAKER_00: Or even better, because it's not your agent handling that paper, it's gonna be your lender.
• 14:43
  SPEAKER_00: Those loan documents came generated from their office, so it's gonna be them.
• 14:48
  SPEAKER_00: So maybe reach out to them and say, hey, listen, Jack, you're my lender.
• 14:52
  SPEAKER_00: Would you be available between 8 and 9.30, whatever it may be, on this particular date when I'm signing loan docs with at the escrow notary?
• 15:00
  SPEAKER_00: Would you please?
• 15:01
  SPEAKER_00: And in most cases they will, just in case there's an issue.
• 15:06
  SPEAKER_00: This isn't talked about nearly enough.
• 15:08
  SPEAKER_00: But then after you sign those loan documents, what's the next step?
• 15:12
  SPEAKER_00: Believe it or not, you might get hit by your lender with getting something, a pre-funding condition, before they can fund the deal.
• 15:20
  SPEAKER_00: And closing escrow, I'll go into that in the next video, but closing escrow is a two-day process for the most part in Southern California.
• 15:27
  SPEAKER_00: They have something known as a special.
• 15:29
  SPEAKER_00: So sometimes you can you can get the funding one day and record the same day.
• 15:34
  SPEAKER_00: But typically it's a two-day deal.
• 15:35
  SPEAKER_00: So you're gonna get funding, money's gonna move one day, then it's gonna be recorded at the county the following day.
• 15:42
  SPEAKER_00: If the following day falls on a weekend, you're waiting until Monday.
• 15:45
  SPEAKER_00: We'll have a discussion about whether that's good or bad for you as a real estate buyer, because that's two days you can't habitate the property anyway, so why would you want to close it like that?
• 15:54
  SPEAKER_00: But it does happen.
• 15:55
  SPEAKER_00: But backing up a little bit, the process is that funding.
• 15:59
  SPEAKER_00: You could get some kind of a request from your lender to verify employment, to send a paycheck stub if one just came in that they don't have access to.
• 16:09
  SPEAKER_00: Little things like that.
• 16:10
  SPEAKER_00: It could be certain required items from you.
• 16:13
  SPEAKER_00: The more you delay in giving those items to your lender, the more the process is going to delay as well.
• 16:17
  SPEAKER_00: And if you have a particular rate lock, it could change everything.
• 16:20
  SPEAKER_00: So as a real estate buyer, you definitely want to do your due diligence when you're requested documents and paperwork to get them in Likety Split.
• 16:29
  SPEAKER_00: Now, after we get done with this, you sign all the loan documents, you've answered whatever questions you send, you sent in whatever additional paperwork, then after that, it's time to fund.
• 16:41
  SPEAKER_00: Now, once that happens, that funding process, we'll get into that next time, but you're just about a couple days away from having a property that's yours.
• 16:51
  SPEAKER_00: Before that, though, one of the things that I will tell you, and we'll do this one tomorrow, your walkthrough, your final walkthrough, verification of property condition.
• 17:02
  SPEAKER_00: What does the property look like and why is that important?
• 17:05
  SPEAKER_00: We'll talk about that one tomorrow.
• 17:06
  SPEAKER_00: That's going to be what's known as a final walkthrough for a real estate buyer when they're purchasing real estate.
• 17:11
  SPEAKER_00: It'll give you an idea on what to look out for when you do that part of the process.
• 17:17
  SPEAKER_00: We'll be back tomorrow, ladies and gentlemen.
• 17:19
  SPEAKER_00: Thank you so much for watching.
• 17:20
  SPEAKER_00: I am Connor with honor, Connor McIver, local agent here in Santa Clarita Valley.
• 17:25
  SPEAKER_00: When you're ready, SantaClaritaOpenhouses.com.
• 17:28
  SPEAKER_00: Please feel free to go there, check it out.
• 17:30
  SPEAKER_00: Lots of information, and I hope to serve you when you're ready.
• 17:33
  SPEAKER_00: You can zoom me scv.com.
• 17:36
  SPEAKER_00: Zoomme scv.com.
• 17:38
  SPEAKER_00: You'll be able to get my calendar there, and we'll schedule a time when we can talk about whatever real estate you're interested in.
• 17:45
  SPEAKER_00: Be well, everybody.
• 17:46
  SPEAKER_00: I'll see you in the next one.
• 17:47
  SPEAKER_00: Take care.