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Designing and Building the Midwest the Realtor Segment with 1st Choice Realty Pros: Chris vs. Kaitlin, Real Estate Terms Quiz · Designing and Building the Midwest One Community at a Time

• 0:00
  SPEAKER_05: Hey, welcome to designing and building the Midwest one community at a time.
• 0:03
  SPEAKER_05: I'm Chris Hartsuck with Big Dog Construction, your local Window Depot.
• 0:07
  SPEAKER_07: And I'm Caitlin.
• 0:08
  SPEAKER_07: This is the show where we bring you real insights, expert input, and a lot of entertainment along the way.
• 0:13
  SPEAKER_07: It's the podcast you didn't know you needed.
• 0:15
  SPEAKER_05: Hey, every week, our main focus is bringing you the best advice on home improvement, remodeling, and how to take care of your biggest investment.
• 0:22
  SPEAKER_05: But we don't stop at the property line.
• 0:24
  SPEAKER_07: Exactly! We also dive into our realtor segment to cover the ins and outs of buying and selling locally.
• 0:29
  SPEAKER_07: And our community segment where we talk about giving back charity and what's really happening across the Midwest.
• 0:35
  SPEAKER_05: Plus, we regularly sit down with some fantastic guests from all walks of life to hear their unique stories and perspectives.
• 0:42
  SPEAKER_07: Whether we're talking blueprints or community roots, we've got you covered.
• 0:45
  SPEAKER_07: Let's get into today's episode.
• 0:47
  SPEAKER_09: Big Joe! Hey there.
• 0:49
  SPEAKER_09: I'm Lisa Miller, managing broker and owner of First Choice Realty Pros.
• 0:54
  SPEAKER_09: We don't just help you find a house, we help you discover home.
• 0:58
  SPEAKER_09: My team and I are passionate about taking care of your needs, making the process smooth, and ensuring you get the personalized attention you deserve.
• 1:08
  SPEAKER_09: Ready for the next step?
• 1:09
  SPEAKER_09: Call us at 217-825-3999.
• 1:14
  SPEAKER_09: With First Choice Realty Pros, you've got a team that's got your back.
• 1:19
  SPEAKER_05: Hey, welcome back to Design and Building the Midwest one community at a time.
• 1:23
  SPEAKER_05: It is the realtor segment time.
• 1:25
  SPEAKER_05: I'm your host, Chris Harthook with Big Dog Construction, your local window depot.
• 1:29
  SPEAKER_05: Alongside me today is Caitlin Bugini.
• 1:32
  SPEAKER_05: Hello.
• 1:33
  SPEAKER_05: Hello.
• 1:34
  SPEAKER_05: Well, today we're going to have a little fun because real estate has its own language.
• 1:38
  SPEAKER_05: We kind of alluded to that last week, right?
• 1:41
  SPEAKER_05: So, and if you're not in the industry, some of these terms can sound like we're speaking completely different language, right?
• 1:47
  SPEAKER_05: Little pig Latin A.
• 1:49
  SPEAKER_05: All right.
• 1:50
  SPEAKER_05: Hey, we're going to see just how well Caitlin and I, I'm thrown into the mix as well, know our real estate terminology.
• 1:56
  SPEAKER_05: Lisa and Lydia with First Choice Realty Pros is going to give us the real estate term.
• 2:01
  SPEAKER_05: We will tell them what we think it means.
• 2:04
  SPEAKER_05: They're still talking about rules over there and stuff right now.
• 2:06
  SPEAKER_05: I think I hear them whispering in the show.
• 2:08
  SPEAKER_05: I do too.
• 2:09
  SPEAKER_05: And then Lisa's gonna we have a buzzer.
• 2:12
  SPEAKER_05: Is that a wrong buzzer or a right buzzer?
• 2:15
  SPEAKER_05: Or do we have a ding ding ding ding that we won or not?
• 2:18
  SPEAKER_08: I'll do the ding ding ding ding.
• 2:20
  SPEAKER_08: See, that's perfect.
• 2:21
  SPEAKER_08: I like the wrong buzzer.
• 2:22
  SPEAKER_08: That's hilarious.
• 2:23
  SPEAKER_05: Yeah, yeah.
• 2:23
  SPEAKER_05: So don't make me pull out my button.
• 2:26
  SPEAKER_08: She cannot wait to use the wrong buzzer.
• 2:28
  SPEAKER_08: She couldn't even wait.
• 2:28
  SPEAKER_08: I mean, look at her.
• 2:29
  SPEAKER_08: So she's having a ball and we haven't even started.
• 2:32
  SPEAKER_05: Lisa's gonna give us the proper terminology, right?
• 2:34
  SPEAKER_05: Of what it means.
• 2:36
  SPEAKER_08: Ding ding ding.
• 2:37
  SPEAKER_05: Or if we get a ding-ding-ding, that means what?
• 2:39
  SPEAKER_07: You got it right.
• 2:40
  SPEAKER_05: We got it right.
• 2:41
  SPEAKER_05: Okay, I have.
• 2:42
  SPEAKER_05: Lydio's gonna give us a ding-ding-ding ding.
• 2:43
  SPEAKER_07: Lydio.
• 2:44
  SPEAKER_07: I think you should do this to maybe keep it.
• 2:46
  SPEAKER_07: Like, I think maybe Chris, you ask Chris a question first.
• 2:50
  SPEAKER_07: Okay.
• 2:51
  SPEAKER_05: Oh, so it's gonna be who gets more things right.
• 2:53
  SPEAKER_07: Yeah, because I feel like you're already gonna like perfect.
• 2:57
  SPEAKER_07: And then like, if he doesn't know it, after then you can open it up to me.
• 3:01
  SPEAKER_07: Perfect.
• 3:01
  SPEAKER_07: And then the next one will be you.
• 3:03
  SPEAKER_05: Sorry, I get to answer him until I get it wrong, then she goes.
• 3:06
  SPEAKER_05: No.
• 3:07
  SPEAKER_06: No, no, no, no.
• 3:08
  SPEAKER_09: We'll just rotate back and forth.
• 3:10
  SPEAKER_09: Yeah.
• 3:10
  SPEAKER_09: That's what we'll do.
• 3:11
  SPEAKER_09: That way.
• 3:16
  SPEAKER_09: I have.
• 3:17
  SPEAKER_09: I think you're gonna have to do it.
• 3:19
  SPEAKER_09: It's gonna be I go back and then.
• 3:20
  SPEAKER_05: K and C.
• 3:21
  SPEAKER_05: K and C.
• 3:22
  SPEAKER_07: Okay.
• 3:22
  SPEAKER_05: Right here.
• 3:23
  SPEAKER_05: Casey Hall.
• 3:26
  SPEAKER_07: Stop.
• 3:26
  SPEAKER_05: We're not there yet.
• 3:27
  SPEAKER_07: What a fish sandwich.
• 3:28
  SPEAKER_05: It's getting their close.
• 3:29
  SPEAKER_05: So, Lise, take it away.
• 3:31
  SPEAKER_07: All right.
• 3:31
  SPEAKER_07: Lydia, you asked the first.
• 3:33
  SPEAKER_07: Chris is going first.
• 3:34
  SPEAKER_06: All right, Chris.
• 3:35
  SPEAKER_05: Am I first?
• 3:35
  SPEAKER_06: You are first.
• 3:37
  SPEAKER_06: What is a contingency?
• 3:39
  SPEAKER_05: Contingency means that someone is making a buyer is making an offer with a contingency that they sell their home first and/or financing needs getting placed.
• 3:49
  SPEAKER_05: It's a contingent upon X.
• 3:51
  SPEAKER_06: Ding ding ding.
• 3:53
  SPEAKER_09: Hey, I'm just saying I'm glad I didn't get that money.
• 3:56
  SPEAKER_09: Did you see her face?
• 3:56
  SPEAKER_05: She's like, he's got it wrong.
• 3:58
  SPEAKER_09: I'm gonna get it.
• 3:59
  SPEAKER_09: She wanted to buzz you so much.
• 4:00
  SPEAKER_09: Don't work.
• 4:01
  SPEAKER_09: I mean, I I would have got you should have gotten it.
• 4:04
  SPEAKER_07: Caitlin, here's the next one.
• 4:05
  SPEAKER_07: Earnest money.
• 4:06
  SPEAKER_07: You have to put earnest money down before you're gonna buy a house to the seller so that the seller knows that you're serious.
• 4:13
  SPEAKER_07: It could be any.
• 4:14
  SPEAKER_05: What does earnest money mean?
• 4:16
  SPEAKER_05: That's I think what the question is, right?
• 4:17
  SPEAKER_09: What is earnest money?
• 4:18
  SPEAKER_09: You you're telling a story about earnest money, but let me ask you this.
• 4:22
  SPEAKER_05: You used it in a term or sentence.
• 4:24
  SPEAKER_09: Yeah.
• 4:25
  SPEAKER_09: Does the earnest money go to the seller?
• 4:27
  SPEAKER_09: Yes.
• 4:28
  SPEAKER_09: No.
• 4:29
  SPEAKER_05: Get the buzzer.
• 4:32
  SPEAKER_05: Thank you, Lydia.
• 4:34
  SPEAKER_09: It comes back to the buyer.
• 4:35
  SPEAKER_09: It goes back to the buyer.
• 4:37
  SPEAKER_07: Yes.
• 4:38
  SPEAKER_09: But why would a seller want a buyer to put earnest money down?
• 4:43
  SPEAKER_05: Bonus point for you if you're not.
• 4:44
  SPEAKER_07: Okay, so that they know that they're serious and that they have the money.
• 4:47
  SPEAKER_07: Ding, ding, ding, ding, ding.
• 4:48
  SPEAKER_07: That's what I was trying to tell in my sentence story.
• 4:50
  SPEAKER_07: That's how I understood.
• 4:52
  SPEAKER_09: That's how I think that's a good idea.
• 4:54
  SPEAKER_09: She's a storyteller answer.
• 4:56
  SPEAKER_09: He's a festival.
• 4:57
  SPEAKER_05: Listeners, our listeners are wanting to know.
• 4:59
  SPEAKER_05: And the the challenge.
• 5:01
  SPEAKER_05: Thank you.
• 5:01
  SPEAKER_09: The challenge is definition of the terminal.
• 5:05
  SPEAKER_05: Ding ding ding.
• 5:06
  SPEAKER_09: Yeah.
• 5:06
  SPEAKER_09: Yeah.
• 5:06
  SPEAKER_05: Right?
• 5:07
  SPEAKER_05: That's the definition of the term.
• 5:09
  SPEAKER_06: Okay.
• 5:09
  SPEAKER_06: Number three.
• 5:10
  SPEAKER_05: For me.
• 5:10
  SPEAKER_06: Chris.
• 5:11
  SPEAKER_05: Chris.
• 5:12
  SPEAKER_06: Who is the appraisal really for?
• 5:14
  SPEAKER_06: The buyer, seller, or lender?
• 5:16
  SPEAKER_05: The appraisal is actually for all three, is who it's for.
• 5:21
  SPEAKER_05: It's to make sure that all parties involved understand the value of which is being purchased and or sold in the transaction.
• 5:29
  SPEAKER_06: Ding, ding, ding.
• 5:30
  SPEAKER_06: She is not wanting to do that.
• 5:32
  SPEAKER_05: Wait a minute.
• 5:33
  SPEAKER_05: I'm putting myself a little point.
• 5:34
  SPEAKER_05: Why is she one display?
• 5:36
  SPEAKER_05: I don't know.
• 5:37
  SPEAKER_07: I don't know.
• 5:38
  SPEAKER_07: I knew you were going to know them, and I'm I knew he would know all of them too.
• 5:41
  SPEAKER_07: That's why we had to do it this way.
• 5:42
  SPEAKER_05: I'm like, okay, all right.
• 5:44
  SPEAKER_05: So moving on, because we have 20 some odd questions.
• 5:46
  SPEAKER_05: Okay, okay.
• 5:47
  SPEAKER_05: We gotta roll on.
• 5:48
  SPEAKER_09: Number four, appraisal gap.
• 5:50
  SPEAKER_09: Ooh.
• 5:50
  SPEAKER_09: So appraisal.
• 5:51
  SPEAKER_05: Deer in the headlight.
• 5:53
  SPEAKER_09: I never remember talking about it.
• 5:55
  SPEAKER_09: She's gonna give you a I'm gonna ask you a little bit more.
• 5:58
  SPEAKER_09: A house that sells for$250,000, but appraises for$240.
• 6:03
  SPEAKER_09: What happens?
• 6:04
  SPEAKER_09: We've talked about this before.
• 6:05
  SPEAKER_09: Doo doo.
• 6:08
  SPEAKER_09: But it sold for more.
• 6:09
  SPEAKER_09: No, it didn't sell yet.
• 6:11
  SPEAKER_09: It's well it the offer.
• 6:12
  SPEAKER_09: Oh, it's listed.
• 6:13
  SPEAKER_09: It's listed.
• 6:14
  SPEAKER_09: The offer came in at$250, but the appraisal came in at$240.
• 6:18
  SPEAKER_07: Well, they can't do that, right?
• 6:20
  SPEAKER_07: Or can they?
• 6:21
  SPEAKER_09: That was the question.
• 6:23
  SPEAKER_07: Buzz They can't do that.
• 6:24
  SPEAKER_09: It's not worth or they lose money.
• 6:26
  SPEAKER_07: I don't know.
• 6:26
  SPEAKER_07: You can have a biddy more.
• 6:28
  SPEAKER_09: Is the difference between what it is worth and what the offer is.
• 6:32
  SPEAKER_09: So then it goes back to does the buyer want to give that extra money to satisfy or do they want to stick with that appraised value and will the seller let this uh transaction go forward?
• 6:46
  SPEAKER_05: That's a zero.
• 6:46
  SPEAKER_05: She does not get a point on that.
• 6:47
  SPEAKER_09: No, no point on that.
• 6:48
  SPEAKER_09: I had no clue.
• 6:49
  SPEAKER_09: I'm gonna get oh, there's the there's the buzzer.
• 6:52
  SPEAKER_06: It's a little late, but here we go.
• 6:53
  SPEAKER_06: All right, number five.
• 6:55
  SPEAKER_06: Does a pre-approval guarantee the buyer will get the loan?
• 6:58
  SPEAKER_05: Okay, are we determining terminology or are we a yes-no answer?
• 7:02
  SPEAKER_06: Well, right now.
• 7:03
  SPEAKER_06: Just whatever the question is.
• 7:04
  SPEAKER_05: Okay, so the question again is I apologize.
• 7:06
  SPEAKER_06: Pre-approval.
• 7:07
  SPEAKER_06: Does a pre-approval guarantee the buyer will get the loan?
• 7:09
  SPEAKER_05: No.
• 7:10
  SPEAKER_06: That's right.
• 7:11
  SPEAKER_05: I can get a ding ding ding, please.
• 7:13
  SPEAKER_06: Ding ding ding.
• 7:14
  SPEAKER_05: Thank you.
• 7:15
  SPEAKER_09: Because anything can change throughout the transaction.
• 7:18
  SPEAKER_09: So it doesn't, it's yeah, until it is.
• 7:21
  SPEAKER_05: Thank you.
• 7:22
  SPEAKER_05: I appreciate that.
• 7:22
  SPEAKER_09: Yes.
• 7:23
  SPEAKER_09: All right.
• 7:23
  SPEAKER_09: Number six.
• 7:25
  SPEAKER_05: Caitlin's pissed.
• 7:26
  SPEAKER_07: She's gonna take it.
• 7:27
  SPEAKER_07: All right.
• 7:28
  SPEAKER_07: I am pissed because I'm I'm competitive and I really thought I'd know more.
• 7:31
  SPEAKER_07: I'm really upset.
• 7:32
  SPEAKER_05: We have more.
• 7:32
  SPEAKER_05: We have more to go through.
• 7:33
  SPEAKER_05: You're fine.
• 7:34
  SPEAKER_09: All right.
• 7:34
  SPEAKER_09: All right.
• 7:35
  SPEAKER_09: What does an underwriter actually do?
• 7:38
  SPEAKER_07: An underwriter, to be confused with an undertaker, is someone who writes the loan for the house.
• 7:48
  SPEAKER_09: Well, they look you're close.
• 7:49
  SPEAKER_09: So she gets a pre-approval.
• 7:51
  SPEAKER_05: They check to see point half point.
• 7:53
  SPEAKER_09: Do you uh yeah, I give her the whole thing because she is she's on the right, she's on the right track.
• 7:59
  SPEAKER_09: Yes.
• 7:59
  SPEAKER_07: Okay.
• 8:00
  SPEAKER_09: Okay, tell me the actual So I call underwriters little raccoons in the bottom of a basement that tries to mess up my deal.
• 8:07
  SPEAKER_09: Okay.
• 8:07
  SPEAKER_05: She loves underwriters, though, don't get wrong.
• 8:09
  SPEAKER_06: If you're listening to the show, I do love you.
• 8:11
  SPEAKER_09: Yes, you do a lot of work.
• 8:12
  SPEAKER_09: But a lot of times they go in and make sure that everything is good for the loan.
• 8:19
  SPEAKER_05: Type of loan, go through basis, basis, value, yes, amount being loaned, exposure as into the lender.
• 8:27
  SPEAKER_09: Or does it need remedies before they will let the loan go through?
• 8:31
  SPEAKER_09: So the underwriter makes sure all of those things are done before they will let it go.
• 8:38
  SPEAKER_09: Because here's where we're really heading after underwriting.
• 8:42
  SPEAKER_09: What does it mean, clear to close?
• 8:44
  SPEAKER_05: Clear to close means all documentation, all parties have gotten everything to the table that they need to the lenders, to the sellers, to the buyers, to the real estate agents to close on the property and make it happen where everyone sits down and here's the keys to your new home.
• 9:00
  SPEAKER_09: When the lender calls, go ahead.
• 9:02
  SPEAKER_09: Ding, ding, ding.
• 9:03
  SPEAKER_09: When the lender calls to clear more experience, you've got clear to close.
• 9:07
  SPEAKER_09: We are like, You're happy, yeah.
• 9:09
  SPEAKER_09: Oh, yeah.
• 9:10
  SPEAKER_09: The buyer's doing the happy dance, the seller's doing the happy.
• 9:13
  SPEAKER_09: I mean, everybody's doing the happy dance.
• 9:14
  SPEAKER_09: Clear to close.
• 9:15
  SPEAKER_09: There's a clear to closed.
• 9:16
  SPEAKER_07: Chris is doing a happy dance.
• 9:17
  SPEAKER_07: He has four points.
• 9:18
  SPEAKER_07: Your turn.
• 9:18
  SPEAKER_05: Well, you can get three here.
• 9:19
  SPEAKER_09: All right.
• 9:20
  SPEAKER_09: Caitlin, what are closing costs?
• 9:22
  SPEAKER_07: Don't, don't say I I know this at the like uh think about one second.
• 9:26
  SPEAKER_05: Does this make it worse?
• 9:27
  SPEAKER_07: Yes, because it puts pressure on.
• 9:29
  SPEAKER_07: I know, I love that.
• 9:29
  SPEAKER_07: No, I like that.
• 9:30
  SPEAKER_07: I I see that I like I operate good with music.
• 9:33
  SPEAKER_07: But I mean, okay, so title work.
• 9:36
  SPEAKER_07: Is that working costs?
• 9:37
  SPEAKER_07: Title Title Fees or Inspection?
• 9:42
  SPEAKER_07: They could be if they're wrapped into those fees.
• 9:45
  SPEAKER_07: Okay.
• 9:46
  SPEAKER_07: Prepaid taxes.
• 9:47
  SPEAKER_07: Ooh, never would have got that.
• 9:49
  SPEAKER_07: Never would have got prepaid taxes.
• 9:50
  SPEAKER_07: Pullowners insurance?
• 9:51
  SPEAKER_07: No, never would have got that either.
• 9:53
  SPEAKER_09: Yeah.
• 9:54
  SPEAKER_09: So yeah, just yeah.
• 9:55
  SPEAKER_09: Thank you.
• 9:56
  SPEAKER_09: He wanted you to just I got one.
• 10:00
  SPEAKER_09: Well, I got the title work.
• 10:01
  SPEAKER_09: Yeah, it was it was do I have a point.
• 10:04
  SPEAKER_05: I got you a dot.
• 10:05
  SPEAKER_09: Yeah, give me a dot.
• 10:07
  SPEAKER_06: You have two point one.
• 10:08
  SPEAKER_06: She got two point one right now.
• 10:10
  SPEAKER_06: All right.
• 10:11
  SPEAKER_05: Chris, yes.
• 10:12
  SPEAKER_06: When we say we're checking the title, what are we checking?
• 10:15
  SPEAKER_05: Title means we're making sure we have a clear title.
• 10:17
  SPEAKER_05: There are no liens on that title.
• 10:19
  SPEAKER_05: Also, that the deed information is correct for the current homeowner that is selling of the home.
• 10:25
  SPEAKER_06: Ding ding ding.
• 10:26
  SPEAKER_06: I wonder.
• 10:27
  SPEAKER_05: I'm winning her over.
• 10:28
  SPEAKER_05: She's on my side now.
• 10:29
  SPEAKER_08: I have a class.
• 10:32
  SPEAKER_06: Oh, it's like what's an online TV show where they're all like oh in the crowd.
• 10:37
  SPEAKER_06: It's the Wii.
• 10:38
  SPEAKER_06: It's the little It is.
• 10:39
  SPEAKER_06: Whatever the Yeah.
• 10:40
  SPEAKER_06: When you play the Wii.
• 10:41
  SPEAKER_06: Oh boy, yes.
• 10:42
  SPEAKER_06: I played the Wii before.
• 10:43
  SPEAKER_09: Oh.
• 10:44
  SPEAKER_09: Yay.
• 10:45
  SPEAKER_09: Okay.
• 10:46
  SPEAKER_09: All right.
• 10:46
  SPEAKER_05: All right, moving on.
• 10:47
  SPEAKER_05: Moving on.
• 10:48
  SPEAKER_09: Moving on, number 10.
• 10:49
  SPEAKER_09: Okay, I got this.
• 10:50
  SPEAKER_09: I got this.
• 10:50
  SPEAKER_09: All right.
• 10:51
  SPEAKER_09: What is a lean?
• 10:52
  SPEAKER_09: I kind of helped her though.
• 10:53
  SPEAKER_09: That was my answer.
• 10:54
  SPEAKER_09: A lean?
• 10:55
  SPEAKER_05: Something you do against the building?
• 10:56
  SPEAKER_09: Lean with it.
• 10:58
  SPEAKER_07: He kind of gave you a hint.
• 10:59
  SPEAKER_05: I did.
• 11:00
  SPEAKER_07: It leans.
• 11:01
  SPEAKER_07: So is it like I'm a contractor.
• 11:05
  SPEAKER_07: Is it a paper that you have over a building?
• 11:09
  SPEAKER_07: A paper over a building?
• 11:10
  SPEAKER_07: Like you're illegal.
• 11:11
  SPEAKER_09: It's a legal paper.
• 11:13
  SPEAKER_09: Sure.
• 11:14
  SPEAKER_09: Over.
• 11:14
  SPEAKER_05: So put it in the context.
• 11:16
  SPEAKER_05: I'm a contractor.
• 11:17
  SPEAKER_05: I can do this.
• 11:18
  SPEAKER_07: You can say I have a lien over this building.
• 11:21
  SPEAKER_05: Which means what?
• 11:22
  SPEAKER_05: We don't have the definition of a lien.
• 11:23
  SPEAKER_09: Temporarily, you can't sell it until I'm paid.
• 11:26
  SPEAKER_09: Okay.
• 11:28
  SPEAKER_02: Thank you.
• 11:29
  SPEAKER_02: Yeah.
• 11:30
  SPEAKER_02: Okay.
• 11:31
  SPEAKER_09: I mean, I have a lot of, you know what I'm saying?
• 11:33
  SPEAKER_09: You were you were close.
• 11:34
  SPEAKER_09: Liens can be unpaid taxes.
• 11:36
  SPEAKER_09: I feel like I've got contractor bills.
• 11:38
  SPEAKER_07: Have I gotten the hard ones, Lydia?
• 11:39
  SPEAKER_07: You have.
• 11:40
  SPEAKER_07: Thank you.
• 11:40
  SPEAKER_07: You've gotten some hard ones.
• 11:41
  SPEAKER_07: Okay, we'll tell you this.
• 11:42
  SPEAKER_05: If if she asks me a question that you like, you know it, I'll give it to you.
• 11:46
  SPEAKER_07: Okay, we'll see if I do.
• 11:48
  SPEAKER_07: What does escrow mean?
• 11:49
  SPEAKER_05: Do you want me to answer this?
• 11:50
  SPEAKER_05: Or do you know it?
• 11:51
  SPEAKER_07: I know this.
• 11:51
  SPEAKER_07: I know this.
• 11:51
  SPEAKER_07: Okay.
• 11:52
  SPEAKER_07: I'm going to explain it in my own terms.
• 11:53
  SPEAKER_07: In my own terms, okay?
• 11:54
  SPEAKER_07: So my mortgage is not escrowed right now because I just pay all my taxes in one.
• 12:01
  SPEAKER_07: Well, I just wanted to get a clap.
• 12:04
  SPEAKER_07: No.
• 12:04
  SPEAKER_07: Thank you.
• 12:05
  SPEAKER_05: That's good for what she's saying, but it's not what that escrow is.
• 12:08
  SPEAKER_05: No.
• 12:08
  SPEAKER_07: Yeah.
• 12:09
  SPEAKER_07: That wasn't right.
• 12:10
  SPEAKER_07: Well, taxes are no longer no more.
• 12:11
  SPEAKER_07: So do you want me to taxes are no longer escrowed?
• 12:15
  SPEAKER_07: She heard the word escrow.
• 12:16
  SPEAKER_07: She heard the word escrow and escrowed.
• 12:19
  SPEAKER_05: Her mortgage escrowed and her taxes.
• 12:21
  SPEAKER_07: Okay, you go ahead and tell the real thing, tell the real thing.
• 12:24
  SPEAKER_07: But at least I wasn't enough.
• 12:25
  SPEAKER_05: That means money is held in escrow, which means it's a third party, which is usually controlled by the title company.
• 12:31
  SPEAKER_05: So that means that the seller doesn't have the money, the buyer doesn't have the money, it's a third-party escrow that is managing that money to release at the closing table.
• 12:42
  SPEAKER_09: That earnest money out goes into escrow.
• 12:46
  SPEAKER_09: The title company until it closes.
• 12:49
  SPEAKER_09: And then they get it back.
• 12:50
  SPEAKER_09: Yes.
• 12:51
  SPEAKER_09: And the bank will hold your tax money, your insurance money, into escrow, and they will pay that for you so you don't have to worry about it.
• 12:59
  unknown: Yep.
• 13:00
  SPEAKER_09: All right.
• 13:01
  SPEAKER_09: This is for Caitlin.
• 13:02
  SPEAKER_05: It is Caitlin's question.
• 13:03
  SPEAKER_05: No, I know what you're saying.
• 13:04
  SPEAKER_05: No, it is Caitlin's question because I love you to answer mine and I didn't, so I didn't know that.
• 13:08
  SPEAKER_09: But I'm gonna know this.
• 13:09
  SPEAKER_05: Yeah, you're gonna know this.
• 13:10
  SPEAKER_05: It's your rotation.
• 13:11
  SPEAKER_09: Here we go.
• 13:12
  SPEAKER_07: I already know what it is, and I feel and I feel like I don't know what it is.
• 13:16
  SPEAKER_07: What does it stand for?
• 13:17
  SPEAKER_07: Don't even say a word to me right now because I know it.
• 13:20
  SPEAKER_07: Just give me a second.
• 13:21
  SPEAKER_07: Client.
• 13:22
  SPEAKER_07: No.
• 13:23
  SPEAKER_07: Don't hit her with it.
• 13:24
  SPEAKER_07: Communication.
• 13:25
  SPEAKER_07: Comparable.
• 13:26
  SPEAKER_07: Comparable measurement association.
• 13:32
  SPEAKER_05: Comparative market analysis.
• 13:34
  SPEAKER_07: Way to go, Chris.
• 13:36
  SPEAKER_05: I'm not gonna take the point from her though.
• 13:37
  SPEAKER_07: Okay.
• 13:38
  SPEAKER_07: It's so weird.
• 13:39
  SPEAKER_07: I knew that over and over.
• 13:41
  SPEAKER_07: I know, but CMA.
• 13:42
  SPEAKER_07: I think a CMA is what if you sit and talk with them first?
• 13:45
  SPEAKER_07: Why did I think that?
• 13:48
  SPEAKER_06: What does DOM stand for?
• 13:51
  SPEAKER_07: Oh, you must be out of your ever-loving mind.
• 13:53
  SPEAKER_07: I have never stand for Chris.
• 13:56
  SPEAKER_05: Realtor term, it's days on market.
• 13:59
  SPEAKER_07: Oh, yeah, never mind.
• 14:00
  SPEAKER_09: I don't, I remember talking about that.
• 14:01
  SPEAKER_05: May I take that point?
• 14:02
  SPEAKER_09: You may take that point.
• 14:03
  SPEAKER_09: Look at this.
• 14:04
  SPEAKER_05: Technically, my question.
• 14:05
  SPEAKER_09: Okay, Caitlin.
• 14:06
  SPEAKER_09: We've talked about this several times.
• 14:09
  SPEAKER_09: Audience, we've talked about this several times.
• 14:11
  unknown: I'm ready.
• 14:12
  SPEAKER_07: MLS.
• 14:13
  SPEAKER_07: Listing service.
• 14:14
  SPEAKER_09: Yes.
• 14:15
  SPEAKER_07: But the end stands for not it's not marketing because I got that wrong last time.
• 14:20
  SPEAKER_07: Multi?
• 14:23
  SPEAKER_07: Multiple listing services.
• 14:25
  SPEAKER_05: Oh my gosh.
• 14:27
  SPEAKER_05: I you know what I'm gonna do?
• 14:29
  SPEAKER_05: I'm gonna fill up her points and then X for that one.
• 14:33
  SPEAKER_05: Yes, yes.
• 14:33
  SPEAKER_05: Yes.
• 14:34
  SPEAKER_05: I'm yes, yes.
• 14:35
  SPEAKER_09: God bless you.
• 14:37
  SPEAKER_09: Dude, I this is wild.
• 14:39
  SPEAKER_09: I can't believe this.
• 14:40
  SPEAKER_09: I said this word Realtor's hard.
• 14:42
  SPEAKER_09: And you said, I have a question about that.
• 14:45
  SPEAKER_06: So I don't know that you'll know this.
• 14:47
  SPEAKER_06: So maybe we'll go to Chris.
• 14:48
  SPEAKER_06: Which one?
• 14:49
  SPEAKER_05: Chris will know.
• 14:49
  SPEAKER_06: What does that mean if an agent is representing both the buyer and the seller?
• 14:53
  SPEAKER_05: What does it mean?
• 14:56
  SPEAKER_06: What is the term?
• 14:56
  SPEAKER_06: What is the term?
• 14:57
  SPEAKER_06: I know this.
• 14:57
  SPEAKER_05: The dual agency.
• 14:59
  SPEAKER_05: Is that what that means?
• 15:00
  SPEAKER_05: Yeah.
• 15:00
  SPEAKER_05: And it means that they get all of the commish on that sell and buy.
• 15:06
  SPEAKER_09: And they're working for both buyer and seller.
• 15:09
  SPEAKER_05: Correct.
• 15:09
  SPEAKER_09: And the representation of that set, buyer and seller, can change some because we cannot give all information to Because you're representing both sides.
• 15:20
  SPEAKER_05: Because we're representing both sides.
• 15:22
  SPEAKER_05: So we give anything on the disclosures.
• 15:25
  SPEAKER_09: Yes.
• 15:26
  SPEAKER_09: We're the mediator.
• 15:27
  SPEAKER_09: We go back and seller agent.
• 15:29
  SPEAKER_09: Yes.
• 15:29
  SPEAKER_05: I'm the buyer agent.
• 15:30
  SPEAKER_09: Yes.
• 15:31
  SPEAKER_09: With the hat on.
• 15:33
  SPEAKER_09: Right.
• 15:34
  SPEAKER_09: All right.
• 15:34
  SPEAKER_09: Who got that point?
• 15:35
  SPEAKER_09: Chris?
• 15:35
  SPEAKER_09: I do.
• 15:36
  SPEAKER_09: Okay.
• 15:38
  SPEAKER_09: Here's a really easy one.
• 15:39
  SPEAKER_05: For Caitlin.
• 15:39
  SPEAKER_09: Yes, go ahead.
• 15:40
  SPEAKER_09: As is.
• 15:41
  SPEAKER_05: Means what?
• 15:42
  SPEAKER_07: Just uh take it as is.
• 15:43
  SPEAKER_07: No updates, no nothing.
• 15:46
  SPEAKER_07: That was it.
• 15:46
  SPEAKER_07: Oh my gosh.
• 15:47
  SPEAKER_05: She gets a slash.
• 15:49
  SPEAKER_06: Oh, I just appreciate that.
• 15:51
  SPEAKER_06: That's all right.
• 15:52
  SPEAKER_06: But the buyer can still have inspections to see what is going on with the house.
• 15:57
  SPEAKER_06: That way they can walk away.
• 15:58
  SPEAKER_06: They can walk away.
• 15:59
  SPEAKER_06: Yes.
• 16:00
  SPEAKER_09: Because does as is always mean as is?
• 16:03
  SPEAKER_09: No, it doesn't.
• 16:04
  SPEAKER_09: Okay.
• 16:05
  SPEAKER_09: Yeah.
• 16:05
  SPEAKER_09: Number eight.
• 16:06
  SPEAKER_06: What is a home inspection?
• 16:07
  SPEAKER_05: What is a home inspection?
• 16:09
  SPEAKER_05: It is where a buyer requests to have a third-party professional inspector, because they have to be licensed in the state of Illinois, a home inspector, to come look at several points.
• 16:19
  SPEAKER_05: When I say points, meaning electrical, GFCI braking, water, foundation, roof, all that stuff, on the home to produce a written report with pictures of areas of concern for the buyer.
• 16:31
  SPEAKER_05: And the buyer pays for it.
• 16:33
  SPEAKER_05: She has she has I mean he's like a walking dictionary.
• 16:36
  SPEAKER_07: Yes, yes, yes.
• 16:37
  SPEAKER_05: She's like has disgust for me or something.
• 16:39
  SPEAKER_05: I don't know.
• 16:40
  SPEAKER_07: Okay.
• 16:41
  SPEAKER_06: I haven't said hi to her and she wanted more complicated.
• 16:43
  SPEAKER_05: I haven't said hi to your and Casey's yesterday.
• 16:45
  SPEAKER_06: You did not say hi.
• 16:46
  SPEAKER_05: I did.
• 16:47
  SPEAKER_05: You were getting your drink at the machine.
• 16:49
  SPEAKER_06: He's on the phone with someone.
• 16:50
  SPEAKER_06: I'm like, he did not say hi to my.
• 16:52
  SPEAKER_05: I did say hi to you, and I was watching your kid kept dropping his blue drink all over the place.
• 16:56
  SPEAKER_09: This is what happens when you live in a small town.
• 16:58
  SPEAKER_09: You never know where you're gonna be.
• 16:59
  SPEAKER_09: We love you.
• 17:00
  SPEAKER_05: Caitlin.
• 17:01
  SPEAKER_09: Okay, Caitlin.
• 17:03
  SPEAKER_09: What does it mean when a seller gives the buyer a credit on the purchase of the home?
• 17:09
  SPEAKER_07: They get like extra money to spend?
• 17:11
  SPEAKER_09: What are they gonna pay when they get that extra money to spend?
• 17:15
  SPEAKER_09: What are they gonna pay it for?
• 17:17
  SPEAKER_07: Uh huh.
• 17:17
  SPEAKER_07: I guess anything they want.
• 17:19
  SPEAKER_09: Oh, the closing costs are the up.
• 17:21
  SPEAKER_07: I was just gonna say, like updates that need to be fixed?
• 17:23
  SPEAKER_09: Well, they could.
• 17:23
  SPEAKER_09: It just depends.
• 17:27
  SPEAKER_09: Yeah.
• 17:27
  SPEAKER_09: Yeah.
• 17:27
  SPEAKER_09: Yeah.
• 17:27
  SPEAKER_09: Okay.
• 17:28
  SPEAKER_09: A buyer might request$5,000 seller credit.
• 17:31
  SPEAKER_05: What's what's the judge say?
• 17:33
  SPEAKER_09: Does she uh she I had to help her fail?
• 17:35
  SPEAKER_05: I yeah, that's a doesn't want me to fail.
• 17:38
  SPEAKER_09: She knows she does.
• 17:40
  SPEAKER_09: She's not as fast on the buzzer with Caitlyn.
• 17:43
  SPEAKER_05: I know it's yeah, yeah.
• 17:44
  SPEAKER_05: But she hasn't had a with me yet.
• 17:46
  SPEAKER_06: What is a backup offer, Chris?
• 17:49
  SPEAKER_05: So a backup offer from one buyer having multiple offer or from multiple offers on one property.
• 17:57
  SPEAKER_09: It's just it's just a one-time backup offer.
• 18:00
  SPEAKER_05: Like from a buyer with a one-time backup offer.
• 18:03
  SPEAKER_09: Well, for the seller.
• 18:04
  SPEAKER_09: So I've sold it to so you're the buyer?
• 18:07
  SPEAKER_02: Yes.
• 18:07
  SPEAKER_09: They brought me the offer.
• 18:08
  SPEAKER_09: I'm the seller.
• 18:09
  SPEAKER_02: Yes.
• 18:10
  SPEAKER_09: And then Caitlin comes along and she says, Well, I want the house, so I'm gonna put in a backup offer if Chris fails in his duties.
• 18:18
  SPEAKER_05: And so that's what was my question.
• 18:19
  SPEAKER_05: That means it was multiple offers on the same property.
• 18:21
  SPEAKER_09: Yes.
• 18:22
  SPEAKER_09: That so that would be well, multiple offers is at the same time.
• 18:25
  SPEAKER_09: We could we say a date, they all come in.
• 18:27
  SPEAKER_05: So Balt, so here's the thing.
• 18:29
  SPEAKER_05: If I have four offers on a property, I'm the first offer in, uh-huh, there's backup offer two, three, and four.
• 18:35
  SPEAKER_05: Possibly.
• 18:36
  SPEAKER_09: They're just okay, hold on.
• 18:38
  SPEAKER_09: There's multiple offers, and then it's a good thing.
• 18:39
  SPEAKER_05: Backup is if she I won't take the point on this.
• 18:41
  SPEAKER_05: Hit me at the buzzer.
• 18:42
  SPEAKER_09: Okay.
• 18:42
  SPEAKER_05: Because that means like she's so excited, because that means that she's like, she said, if it falls through, I will be, I will take it.
• 18:50
  SPEAKER_09: Yes.
• 18:51
  SPEAKER_09: But multiple offers.
• 18:52
  SPEAKER_09: I had six multiple offers on a property.
• 18:55
  SPEAKER_09: Yes.
• 18:55
  SPEAKER_09: I take all six at one time to the seller.
• 18:58
  SPEAKER_09: They go over those and they decide whether with what she's saying.
• 19:03
  SPEAKER_06: Do you have to take the highest offer?
• 19:05
  SPEAKER_06: No, you do not.
• 19:06
  SPEAKER_06: What type of offer would you take out of the six?
• 19:08
  SPEAKER_05: Is this for a point?
• 19:09
  SPEAKER_07: Yes.
• 19:10
  SPEAKER_05: Okay.
• 19:10
  SPEAKER_07: I would take the offer that has the strongest pre-approval.
• 19:14
  SPEAKER_07: I'm just gonna give her a clap.
• 19:16
  SPEAKER_09: But that's I mean, you yes, all of them came in with the pre-approval.
• 19:20
  SPEAKER_05: I'm gonna go back to a half slash on that one.
• 19:22
  SPEAKER_05: All of them came with really quite a little bit.
• 19:23
  SPEAKER_06: Well, you want to take the one that had the cleanest terms.
• 19:26
  SPEAKER_06: Like it could be the same.
• 19:27
  SPEAKER_06: Okay, okay.
• 19:28
  SPEAKER_06: So they don't want no inspections.
• 19:30
  SPEAKER_05: They can close at 45.
• 19:31
  SPEAKER_07: Okay, yeah.
• 19:32
  SPEAKER_05: Give her a half.
• 19:36
  SPEAKER_05: At least had you set up on the whole thing rolling into it.
• 19:38
  SPEAKER_05: Yeah, well, and then she's gonna do it.
• 19:39
  SPEAKER_05: And then Lady's like, let's ask her this.
• 19:41
  SPEAKER_09: Yeah, let's ask her this before you.
• 19:43
  SPEAKER_09: She's hoping to just do that.
• 19:43
  SPEAKER_09: I didn't want you to give her any more information before I asked.
• 19:46
  SPEAKER_09: That's okay.
• 19:46
  SPEAKER_09: That's okay.
• 19:47
  SPEAKER_09: Is it fun though?
• 19:48
  SPEAKER_02: Yeah.
• 19:48
  SPEAKER_09: All right.
• 19:49
  SPEAKER_09: What is the difference between active, contingent, or pending?
• 19:53
  SPEAKER_09: We talked about this.
• 19:54
  SPEAKER_07: So active, it's just normal, right?
• 19:57
  SPEAKER_07: Like you it's listed, it's listed.
• 19:59
  SPEAKER_07: Yeah, it's normal.
• 20:00
  SPEAKER_07: Contingent if they follow these terms of the contingency.
• 20:06
  SPEAKER_07: But what is contingent?
• 20:07
  SPEAKER_07: Well, Chris already that wasn't my question.
• 20:09
  SPEAKER_07: Chris already answered that.
• 20:10
  SPEAKER_05: No, in this case, it's different.
• 20:12
  SPEAKER_07: Well, it's contingent upon like may like if your your inspections or the appraisal, right?
• 20:18
  SPEAKER_07: Like up it that means you're not going to be able to do it.
• 20:19
  SPEAKER_07: Or they may need to sell it.
• 20:21
  SPEAKER_07: Okay, yeah.
• 20:24
  SPEAKER_09: If I see contingency, she's getting all nervous and worked up.
• 20:26
  SPEAKER_05: Look at her.
• 20:27
  SPEAKER_07: Well, I can't explain this kind of stuff.
• 20:29
  SPEAKER_07: Like I know what it means, but I can't.
• 20:31
  SPEAKER_07: Use your words, Caitlyn.
• 20:32
  SPEAKER_05: Use your words.
• 20:33
  SPEAKER_07: Okay, then then what was my next part of that?
• 20:36
  SPEAKER_07: Pending.
• 20:36
  SPEAKER_07: Okay, pending.
• 20:37
  SPEAKER_07: Waiting for the clear to close.
• 20:40
  SPEAKER_07: Yeah.
• 20:40
  SPEAKER_07: Holy, that was two points.
• 20:41
  SPEAKER_07: Can we gotta close on that?
• 20:43
  SPEAKER_07: I did two.
• 20:43
  SPEAKER_07: I did two.
• 20:44
  SPEAKER_05: I'll give you one and a half.
• 20:47
  SPEAKER_05: And then one.
• 20:48
  SPEAKER_08: Oh, thank you.
• 20:49
  SPEAKER_06: God bless.
• 20:49
  SPEAKER_06: Oh, good enough.
• 20:52
  SPEAKER_05: Bet to get going, girl.
• 20:53
  SPEAKER_05: All right.
• 20:53
  SPEAKER_05: We only got a few questions.
• 20:55
  SPEAKER_06: When you close on a house, do you always get the keys immediately?
• 20:58
  SPEAKER_05: No.
• 20:58
  SPEAKER_06: Why not?
• 20:59
  SPEAKER_05: Because there may be there may is this for a bonus point?
• 21:03
  unknown: Yes.
• 21:03
  SPEAKER_06: No, I'm still quizzing.
• 21:05
  SPEAKER_05: No, it's a bonus point because it's two part, then that means there's two points, right?
• 21:09
  SPEAKER_06: All right.
• 21:09
  SPEAKER_06: Okay, Chris.
• 21:10
  SPEAKER_06: What is that?
• 21:11
  SPEAKER_05: Contingent upon the closing and the terms at the closing from the seller if they need additional time to remove their possessions from that.
• 21:19
  SPEAKER_05: Hit the clap button because you have that clap button.
• 21:23
  SPEAKER_05: That's a slash and a one.
• 21:25
  SPEAKER_05: Slash.
• 21:26
  SPEAKER_05: That's right.
• 21:27
  SPEAKER_09: All right.
• 21:28
  SPEAKER_09: Here we go.
• 21:29
  SPEAKER_09: This is easy.
• 21:30
  SPEAKER_09: Final walkthrough.
• 21:31
  SPEAKER_07: You take your buyers on the final walkthrough of the house to look at it all through.
• 21:37
  SPEAKER_02: Before.
• 21:38
  SPEAKER_07: Before they get the keys.
• 21:39
  SPEAKER_07: Yeah.
• 21:40
  SPEAKER_07: Before they close.
• 21:41
  SPEAKER_07: Or before they close.
• 21:42
  SPEAKER_07: Yes.
• 21:42
  SPEAKER_07: Before they close.
• 21:44
  SPEAKER_09: Let's do a bonus one.
• 21:45
  SPEAKER_09: Sure.
• 21:45
  SPEAKER_05: Let's give her a bonus one.
• 21:46
  SPEAKER_09: Is it another inspection?
• 21:48
  SPEAKER_09: No.
• 21:48
  SPEAKER_09: Just the the family.
• 21:51
  SPEAKER_09: It's the family and the ruler.
• 21:53
  SPEAKER_09: But we are kind of inspecting to make sure that all things are good.
• 21:57
  SPEAKER_05: Nothing had changed from when they were often.
• 22:00
  SPEAKER_09: One time I went into a ho here we go, story time.
• 22:02
  SPEAKER_09: I went into a house, we did the final walkthrough, and the son went to take the TV off the wall and he didn't have any tools, so he just ripped it off the wall and there was holes in the in the drywall.
• 22:13
  SPEAKER_09: Now my buyer said, We did not walk through here our first go-through and see this.
• 22:18
  SPEAKER_09: So they had to come back.
• 22:19
  SPEAKER_09: So we didn't close until that was fixed.
• 22:22
  SPEAKER_05: Last question, Chris.
• 22:24
  SPEAKER_05: Last question for me.
• 22:25
  SPEAKER_06: Yes.
• 22:25
  SPEAKER_05: For all the marbles.
• 22:26
  SPEAKER_06: This one causes arguments.
• 22:28
  SPEAKER_06: What it is a fixture.
• 22:30
  SPEAKER_06: A fixture.
• 22:30
  SPEAKER_05: I actually am going through this with insurance right now on a claim I have.
• 22:35
  SPEAKER_05: I would have because a fixture is something that is attached to the house in a way that if it was removed, it would leave a void.
• 22:43
  SPEAKER_05: Not an appliance, right?
• 22:45
  SPEAKER_05: A fixture.
• 22:45
  SPEAKER_05: A light fixture.
• 22:46
  SPEAKER_05: That is a fixture.
• 22:48
  SPEAKER_07: Like what?
• 22:48
  SPEAKER_07: Like is there is there okay.
• 22:50
  SPEAKER_07: So a light fixture.
• 22:51
  SPEAKER_05: Doorbell fixture.
• 22:53
  SPEAKER_09: Yeah, if like these, you can't take these out.
• 22:55
  SPEAKER_05: Well, you can, but it's a fixture.
• 22:56
  SPEAKER_05: It's a part of the house.
• 22:57
  SPEAKER_07: It's probably what you mean.
• 22:59
  SPEAKER_07: Okay.
• 22:59
  SPEAKER_05: Oh, wait, that's a point.
• 23:01
  SPEAKER_07: The removal of that bad.
• 23:03
  SPEAKER_07: I thought I'd do a lot more.
• 23:04
  SPEAKER_05: Here we go.
• 23:05
  SPEAKER_06: Hold on.
• 23:06
  SPEAKER_05: Oh no.
• 23:06
  SPEAKER_05: Oh wait.
• 23:07
  SPEAKER_05: What?
• 23:08
  SPEAKER_05: Do I get celebration music?
• 23:10
  SPEAKER_06: I'm on an ad.
• 23:11
  SPEAKER_06: No.
• 23:12
  SPEAKER_06: I'm on an ad.
• 23:13
  SPEAKER_06: Lightning round.
• 23:14
  SPEAKER_05: Okay.
• 23:14
  SPEAKER_05: Are these for points or no?
• 23:16
  SPEAKER_05: Well, I if I yeah.
• 23:20
  SPEAKER_09: Okay.
• 23:21
  SPEAKER_09: I think you guys are just gonna say, I know, and then say, buzz in.
• 23:25
  SPEAKER_09: Yeah.
• 23:25
  SPEAKER_09: Kind of buzz in.
• 23:26
  SPEAKER_09: Equity.
• 23:27
  SPEAKER_07: How much money gets into your house over time and how much it's worth.
• 23:32
  SPEAKER_08: He buzzed in and you answered.
• 23:34
  SPEAKER_08: Oh my god.
• 23:36
  SPEAKER_08: We have to buzz in like that.
• 23:39
  SPEAKER_08: All right.
• 23:40
  SPEAKER_08: The difference between that right.
• 23:45
  SPEAKER_07: Okay.
• 23:45
  SPEAKER_07: Say it.
• 23:45
  SPEAKER_07: Say it, Chris.
• 23:46
  SPEAKER_07: Say what equity is means.
• 23:48
  SPEAKER_05: Equity is the amount or value that the seller has in their home based on what their mortgage value is, based on what it's appraised at.
• 23:55
  SPEAKER_05: Okay.
• 23:56
  SPEAKER_05: That's equity in the home.
• 23:57
  SPEAKER_05: Okay, you do get a point for that.
• 23:59
  SPEAKER_09: Okay.
• 23:59
  SPEAKER_09: I didn't I didn't realize.
• 24:00
  SPEAKER_05: Even though I buzzed it.
• 24:01
  SPEAKER_05: I didn't follow directions.
• 24:02
  SPEAKER_05: You know what?
• 24:03
  SPEAKER_05: Let's do this.
• 24:03
  SPEAKER_05: Just let her answer.
• 24:05
  SPEAKER_09: And then you'll fix it.
• 24:06
  SPEAKER_09: I'll fill it up.
• 24:06
  SPEAKER_09: Okay.
• 24:07
  SPEAKER_05: That's actually good.
• 24:10
  SPEAKER_07: That's a great idea.
• 24:11
  SPEAKER_07: Lightning round, down payment.
• 24:13
  SPEAKER_07: The percentage of money of your of how much the house is worth that you first put down to buy it as a down payment for your house.
• 24:22
  SPEAKER_07: Okay.
• 24:22
  SPEAKER_07: Now, Chris, clean that up.
• 24:24
  SPEAKER_05: Down payment is the amount that your lender wants you to put down, which is your skin.
• 24:28
  SPEAKER_05: It's your skin in the game that put into that.
• 24:31
  SPEAKER_05: A lot of first-time home buyers will have a smaller down payment than say a more seasoned or someone seasoned in life that has more money around flow.
• 24:40
  SPEAKER_05: They're more liquid.
• 24:41
  SPEAKER_09: Yes.
• 24:42
  SPEAKER_05: Which is a term for that.
• 24:44
  SPEAKER_05: But that's what down payments are.
• 24:45
  SPEAKER_07: Next term, principal.
• 24:46
  SPEAKER_07: Principal payment on your insurance.
• 24:48
  SPEAKER_07: That's all I know.
• 24:49
  SPEAKER_05: Principal payment on your mortgage.
• 24:50
  SPEAKER_07: Okay, go ahead.
• 24:51
  SPEAKER_07: Principal payment on the mortgage.
• 24:52
  SPEAKER_05: Principal is the principal amount borrowed on the home versus interest.
• 24:58
  SPEAKER_05: You have principal and interest.
• 24:59
  SPEAKER_05: So in your mortgage payment, you can add additional money to your principal or to your interest.
• 25:03
  SPEAKER_07: Now the next question interest.
• 25:06
  SPEAKER_07: It's a really bad thing about interest.
• 25:07
  SPEAKER_07: Interest is interest.
• 25:09
  SPEAKER_07: Interest sucks.
• 25:10
  SPEAKER_05: What is interest?
• 25:10
  SPEAKER_05: That's what you're doing.
• 25:11
  SPEAKER_07: Added money onto what the lender charges.
• 25:15
  SPEAKER_09: Yes.
• 25:16
  SPEAKER_09: That's oh I never yeah, it is.
• 25:18
  SPEAKER_09: Here's another one nobody likes.
• 25:20
  SPEAKER_09: Ready?
• 25:20
  SPEAKER_09: PMI.
• 25:21
  SPEAKER_05: Prime mortgage insurance.
• 25:23
  SPEAKER_05: Prime mortgage insurance is an insurance to cover the gap on what the amount of money that was put down on the home by the buyer versus what the appraised value is, which is the gap for the lender to get what they would feel is they're comfortable from their underwriters, even is where that comes from.
• 25:38
  SPEAKER_05: So deed.
• 25:39
  SPEAKER_05: I get a point on that.
• 25:40
  SPEAKER_07: Yep.
• 25:40
  SPEAKER_07: The deed to the house is like the title to the car.
• 25:43
  SPEAKER_05: We'll give you that one.
• 25:44
  SPEAKER_05: Hey, you got you got a mark on the house.
• 25:45
  SPEAKER_07: Survey.
• 25:46
  SPEAKER_07: Ding ding ding ding.
• 25:47
  SPEAKER_07: Okay.
• 25:47
  SPEAKER_07: Survey the land to see how much acres are there and how many.
• 25:51
  SPEAKER_07: I'm giving it to you.
• 25:53
  SPEAKER_07: Yes.
• 25:53
  SPEAKER_07: Yes.
• 25:54
  SPEAKER_07: Counteroffer.
• 25:55
  SPEAKER_02: Okay.
• 25:55
  SPEAKER_07: Okay.
• 25:56
  SPEAKER_07: Well, I'm coming back with this counteroffer because I didn't like what you came up with me first.
• 26:01
  SPEAKER_07: Wow.
• 26:02
  SPEAKER_07: She is smoking.
• 26:03
  SPEAKER_07: What's an addendum?
• 26:04
  SPEAKER_07: So then you you you you fix the document.
• 26:07
  SPEAKER_07: You have to it's fixed.
• 26:08
  SPEAKER_07: It's an addendum.
• 26:10
  SPEAKER_06: Okay.
• 26:10
  SPEAKER_06: Yep.
• 26:11
  SPEAKER_06: Well, she said fix the thing.
• 26:12
  SPEAKER_06: I really think I'm giving it seller disclosure.
• 26:15
  SPEAKER_07: Okay, we're gonna give it a seller disclosure.
• 26:17
  SPEAKER_07: We talked about the seller disclosure.
• 26:19
  SPEAKER_07: The seller has a disclosure on what they can fix or update before, or I don't know.
• 26:27
  SPEAKER_07: I I guess I don't know.
• 26:28
  SPEAKER_07: Chris.
• 26:28
  SPEAKER_07: Chris.
• 26:29
  SPEAKER_07: Me.
• 26:29
  SPEAKER_07: Seller disclosure.
• 26:30
  SPEAKER_05: Seller disclosure means they have to disclose anything they know about the home, any repairs, any faulties, electrical, whatever it is, any defects to the home that could be a potential issue for the buyer.
• 26:41
  SPEAKER_09: What do I say?
• 26:42
  SPEAKER_09: If you know disclosure.
• 26:44
  SPEAKER_07: Or you if you knows you disclose.
• 26:45
  SPEAKER_07: Oh yeah, dang it.
• 26:46
  SPEAKER_06: That was one of the best ones.
• 26:48
  SPEAKER_06: Yeah.
• 26:48
  SPEAKER_06: All right.
• 26:49
  SPEAKER_06: What's the most important real estate term of all?
• 26:52
  SPEAKER_06: MLS.
• 26:53
  SPEAKER_06: What do we always say is the most important term?
• 26:55
  SPEAKER_05: I know, I know, I know.
• 26:55
  SPEAKER_05: I think I know.
• 26:56
  SPEAKER_05: I think I know.
• 26:57
  SPEAKER_09: What do we need to do as realtors that is so important to our clients?
• 27:01
  SPEAKER_09: Well, that's a case.
• 27:03
  SPEAKER_05: Oh my gosh, look at that.
• 27:05
  SPEAKER_05: I love it.
• 27:07
  SPEAKER_07: Good.
• 27:07
  SPEAKER_05: 13 to 18.
• 27:08
  SPEAKER_07: Hey, that's not bad.
• 27:10
  SPEAKER_07: That's not bad, dude.
• 27:11
  SPEAKER_05: All right.
• 27:12
  SPEAKER_07: Especially he's so smart and knows everything anyway.
• 27:14
  SPEAKER_07: So I must have.
• 27:14
  SPEAKER_05: I know I wouldn't say that smart assed, but anyway.
• 27:17
  SPEAKER_05: Lisa and Lydia, that was fun.
• 27:18
  SPEAKER_05: I appreciate it.
• 27:20
  SPEAKER_05: And and I appreciate Lydia was like finally, I think, came to terms that okay, finally was I do know a little bit more than I lean on.
• 27:28
  SPEAKER_05: Yeah, I do, yeah.
• 27:29
  SPEAKER_05: So hey, because buyers and sellers don't have to memorize every one of these terms, that's where Lisa and Lydia are here for us.
• 27:36
  SPEAKER_05: Yeah.
• 27:36
  SPEAKER_05: The pros at first choice realty pros.
• 27:38
  SPEAKER_05: Pros.
• 27:39
  SPEAKER_09: He's already forgotten.
• 27:40
  SPEAKER_05: Pros, pros, right?
• 27:41
  SPEAKER_05: Yeah, don't ask about terms, but no.
• 27:43
  SPEAKER_05: Our brains are fried.
• 27:44
  SPEAKER_05: Hey, so here's today's big dog bite.
• 27:46
  SPEAKER_05: You don't have to know all these terms.
• 27:48
  SPEAKER_05: You just need to know who to call.
• 27:51
  SPEAKER_05: And the people that we need to call are our friends at First Choice Realty Pros at 217-825-3999.
• 27:58
  SPEAKER_05: Or find them on that beautiful interweb at first choicerealtypros.com, which is the number one ST Choice Realty Pros.com.
• 28:05
  SPEAKER_05: And they will take care of everything you need to do in selling and or buying and pull on their dual agency hat if they're doing both at once.
• 28:14
  SPEAKER_07: And beyond.
• 28:14
  SPEAKER_07: Like that.
• 28:15
  SPEAKER_05: I need to add more points for that little plug back in there, right?
• 28:18
  SPEAKER_02: Okay.
• 28:18
  SPEAKER_05: Hey, that's going to wrap up another First Choice Realty Pros Realtor segment on designing and building the Midwest, one community at a time.
• 28:25
  SPEAKER_05: A big thank you to Lisa and Lydia for putting this together and putting Caitlin and I through this on the hot skip.
• 28:33
  SPEAKER_05: That's so fun.
• 28:34
  SPEAKER_08: I think we both passed it.
• 28:35
  SPEAKER_08: I think you did.
• 28:36
  SPEAKER_08: I got two seascape degrees.
• 28:38
  SPEAKER_05: Double digits, to be honest.
• 28:39
  SPEAKER_08: Yeah, seascape degrees.
• 28:40
  SPEAKER_08: Yes, they do.
• 28:42
  SPEAKER_05: Hey, and remember, you don't need to know every term or every rule or every step of the process.
• 28:48
  SPEAKER_05: You just need to ask questions and have right people helping you along the way, and we will see you next time.
• 28:55
  unknown: Bye!
• 28:56
  SPEAKER_00: In the military, there's no such thing as good enough.
• 28:59
  SPEAKER_00: You either do the job the right way or you don't do it at all.
• 29:02
  SPEAKER_00: I'm Blake Middleton of Elite Roofing Professionals at Exteriors.
• 29:05
  SPEAKER_00: I'm a veteran, and I brought the same mission first mindset back to Illinois.
• 29:10
  SPEAKER_00: While others talk about the way it's always been done, my team focuses on the technical precision of how a roof should be built.
• 29:16
  SPEAKER_00: We use the best materials, the best technology, and a level of communication you won't find anywhere else.
• 29:22
  SPEAKER_00: Your home isn't just a job, it's a commitment.
• 29:25
  SPEAKER_00: Elite roofing, high standards, zero compromise, clear communication.
• 29:30
  SPEAKER_00: Give us a call today.
• 29:31
  SPEAKER_05: Hey, listeners and followers, we have something big coming out that'll be launching January 1st, 2027.
• 29:37
  SPEAKER_05: Yes, I said 2027, it is upon us already.
• 29:41
  SPEAKER_05: We're almost done with the third quarter rolling into the fourth.
• 29:44
  SPEAKER_05: But we are rolling out the Big Dog Home Guardian program.
• 29:48
  SPEAKER_05: It's a residential service and maintenance agreement.
• 29:51
  SPEAKER_05: You ever have those annoying beeping smoke alarm that's like, oh crap, I forgot to replace the battery in that.
• 29:57
  SPEAKER_05: Or it's too high, I don't have a ladder, I can't get up there safely, or that furnace filter that you're like, oh, I forgot to change the furnace filter.
• 30:05
  SPEAKER_05: Gutters need cleaning, it's just a mess, whatever that is.
• 30:08
  SPEAKER_05: We are gonna have that in our home dog.
• 30:11
  SPEAKER_05: Big dog.
• 30:12
  SPEAKER_05: Home dog.
• 30:12
  SPEAKER_05: What up, home dog?
• 30:14
  SPEAKER_05: The big dog home guardian program to where we can take care of those things.
• 30:18
  SPEAKER_05: Or the little handyman stuff that you need taking care of, right?
• 30:21
  SPEAKER_05: The squeaking storm door, the squeaking bedroom door, squeaky loose floorboard, whatever that is, we can take care of you.
• 30:28
  SPEAKER_05: We're gonna have three tiers of service low, middle, and high.
• 30:32
  SPEAKER_05: Each one of those will have their own things that we offer.
• 30:34
  SPEAKER_05: Obviously, the higher the tier, the quicker response time you'll get put on the schedule.
• 30:39
  SPEAKER_05: Okay?
• 30:39
  SPEAKER_05: So stay tuned and be looking for more information on the Big Dog Home Guardian program.
• 30:45
  SPEAKER_05: Until then, we'll catch you next time.
• 30:47
  SPEAKER_04: Hey, it's Ryan Cleman.
• 30:49
  SPEAKER_03: And Lindy.
• 30:50
  SPEAKER_04: We are the community partners for the Big Dog Podcast.
• 30:52
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• 30:54
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• 30:57
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• 31:00
  SPEAKER_03: So if you are a local business or organization that would like to be featured right here on this podcast, or if you want to work together with us to make the Midwest the absolute best community it can be, please get a hold of us.
• 31:11
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• 31:39
  SPEAKER_01: Your local Window Depot USA.
• 31:43
  SPEAKER_07: And that wraps up another episode of Designing and Building the Midwest, one community at a time.
• 31:49
  SPEAKER_07: Thank you so much for tuning in and listening with us today.
• 31:52
  SPEAKER_05: We hope you walked away with some valuable insights to use in your home or neighborhood.
• 31:56
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• 32:01
  SPEAKER_07: And be sure to follow us on Facebook and across all your favorite platforms to keep up with everything we're building.
• 32:07
  SPEAKER_05: Until next time, I'm Chris.
• 32:09
  SPEAKER_07: And I'm Caitlin.
• 32:10
  SPEAKER_07: Thanks for hanging out with us, and we'll see you next time.
• 32:12
  unknown: Big Dog!
• 32:14
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• 32:26
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