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Why Your Santa Clarita Offer Gets Ghosted: Winning Strategies for 2025 · Connor with Honor: AI, Real Estate and Real Life

0:00
SPEAKER_00: At the 15th of August.
0:02
SPEAKER_00: 15th of August 2025.
0:04
SPEAKER_00: I know everybody's advertising for some stores, Christmas, a lot of them Halloween.
0:09
SPEAKER_00: That's insane.
0:10
SPEAKER_00: We're going to talk about another video series that I've been doing talking about buyers, best ways to approach real estate as a home buyer.
0:18
SPEAKER_00: And today we're going to get into that all-ever important section where you have finally decided to write the offer.
0:26
SPEAKER_00: We've already covered what it looks like to get approved.
0:29
SPEAKER_00: We've already talked about what it looks like to choose a great real estate agent questions to ask.
0:34
SPEAKER_00: We've already looked at and discussed in detail going from there and also what questions to ask a lender to make sure you're getting your best deal.
0:42
SPEAKER_00: And then moving into the next part of that process after the lender, how do you search for real estate?
0:48
SPEAKER_00: What are you looking at?
0:49
SPEAKER_00: It depends on the market.
0:50
SPEAKER_00: I went into a video completely length.
0:52
SPEAKER_00: I went very, very far lengths to explain that process.
0:57
SPEAKER_00: Should you be searching above your comfort zone, below your comfort zone, what type of market?
1:01
SPEAKER_00: And then what are the things to look for in individual properties?
1:06
SPEAKER_00: Then moving from there, once you find the one, once you find that one property, then what is your strategy going to be?
1:12
SPEAKER_00: How are you going to make the offer?
1:13
SPEAKER_00: But even before that, how are you going to vet this property to make sure that at least you've done enough due diligence when it comes to making the movement of writing an offer on the property?
1:25
SPEAKER_00: There are things you can do, looking at the roof, looking at the internal, uh, the systems in the house, the electrical, the plumbing.
1:31
SPEAKER_00: You'll be able to see all of this just during your initial walk through the property.
1:35
SPEAKER_00: And then the grade in the backyard, how the neighbor's properties are impacting this particular property, what things you might have to follow up with in the future.
1:43
SPEAKER_00: So I covered all of that.
1:45
SPEAKER_00: Then when it comes to writing the offer itself, what if you're going to be writing it for less than what the seller's offering?
1:49
SPEAKER_00: How to do that, then how to make your offer more attractive if you're in competition with many buyers, how to do that.
1:55
SPEAKER_00: And then this, there's just so many components to this.
1:58
SPEAKER_00: But after I got through this and we've written the offer and the submitting of the offer, that's where we are today.
2:05
SPEAKER_00: So I'm going to talk about what happens then.
2:07
SPEAKER_00: A lot of these things might surprise you because, in some circumstances, it seems that people are unaware of the process after an offer is submitted.
2:17
SPEAKER_00: And there are people that are under the uh the idea that every offer needs to be responded to in some way, shape, or form.
2:26
SPEAKER_00: And that if they submit an offer, then they should hear back or they should be included in any counter-offer process if, in fact, there's high competition between them and other buyers.
2:36
SPEAKER_00: So I will put all of that to rest.
2:38
SPEAKER_00: But let's talk about what's happening in real estate today, just to give you a quick update.
2:41
SPEAKER_00: And of course, you can fast forward past this, but there's this isn't going to take long at all.
2:46
SPEAKER_00: Looking at the real estate market now, we have six coming soon listings.
2:49
SPEAKER_00: 69 new listings have hit the market in the past seven days.
2:52
SPEAKER_00: 102 properties have had their prices changed.
2:54
SPEAKER_00: 17 properties have gone back on market.
2:57
SPEAKER_00: These are properties that have fallen out of escrow.
2:59
SPEAKER_00: That number does fluctuate between about where we are 15 to somewhere about 30 every seven days.
3:04
SPEAKER_00: Not big changes there.
3:06
SPEAKER_00: Price changes again, as I mentioned, 102.
3:08
SPEAKER_00: That number's been fluctuating right about there, about 100, 130.
3:11
SPEAKER_00: It just depends.
3:12
SPEAKER_00: And sometimes less as well, double digits.
3:14
SPEAKER_00: Also, that's on a weekly basis, a seven-day market snapshot.
3:19
SPEAKER_00: 39 properties have gone into escrow, 42 properties have gone deeper into escrow, having their status changed from looking at backup offer potentiality to we're done.
3:28
SPEAKER_00: We don't want to submit, we don't want any more viewings of the property, we don't want any more offers submitted.
3:34
SPEAKER_00: We're very confident that this is actually going to finish.
3:37
SPEAKER_00: Typically, a property is put into pinning, just an FYI for you, after the contingencies have fully been removed by the buying party, all of them.
3:47
SPEAKER_00: The loan, the inspections, those sorts of things.
3:50
SPEAKER_00: Usually, once that happens, because now after that point, if the buyer happens to cancel, for whatever reason, typically their deposit now becomes property of the seller.
3:59
SPEAKER_00: And those deposits, well, they're expensive.
4:01
SPEAKER_00: 3% typically of the uh of the offering price.
4:05
SPEAKER_00: So that's when those properties go into penny.
4:07
SPEAKER_00: 59 properties closed this last week.
4:09
SPEAKER_00: That's about normal, as we've been watching this same trend about two months now.
4:13
SPEAKER_00: 59 properties closed, 10 expired, 14 cancel, haven't been put on hold, 10 are withdrawn, and what's our total?
4:20
SPEAKER_00: 788.
4:22
SPEAKER_00: On the news out there, just a couple things.
4:25
SPEAKER_00: Interest rates, you know, they fluctuate, right?
4:27
SPEAKER_00: So based on the 10-year bond, we do see that interest rates drop just a little bit.
4:32
SPEAKER_00: So they're at the lowest point they have been in a while.
4:36
SPEAKER_00: Just to give you an idea, um, let me get back to those numbers.
4:41
SPEAKER_00: So, what does that look like?
4:42
SPEAKER_00: Mortgage rates drop, 30-year rate at 6.58%, lowest in 10 months.
4:47
SPEAKER_00: Now, lenders, real estate agents, you might hear some talk about interest rate, but it's very much dependent on your abilities, your FICO score, your employment, credit history.
5:00
SPEAKER_00: A lot of that impacts what rate you get.
5:03
SPEAKER_00: So if you're going online and you're getting all excited and you see a website that's offering some crazy rate, there's very few people that are gonna fit into that hole, square pig, round hole kind of a thing.
5:15
SPEAKER_00: Very few people are gonna fit.
5:18
SPEAKER_00: So the best way to do this is to maybe get a couple of opinions, mortgage brokers, and also look at the um the source of this fantastical interest rate.
5:30
SPEAKER_00: Look at the source of that.
5:32
SPEAKER_00: And a lot of times you're gonna find it's just some hook or lead engine.
5:35
SPEAKER_00: And if they're starting it off, starting off a potential relationship with you based on, you know, trying to bend the truth.
5:44
SPEAKER_00: Personally, it wouldn't uh wouldn't sit well with me.
5:47
SPEAKER_00: But anyway, look at look at that.
5:49
SPEAKER_00: We can see that this uh this interest rate reduction, the economy's getting stronger.
5:54
SPEAKER_00: If the Fed were to drop that Fed funds rate, we would probably see a reduction in the mortgage rate.
5:58
SPEAKER_00: I say probably because the Fed funds rate is not the mortgage rate, different.
6:03
SPEAKER_00: Uh, but the mortgage rate does depend on the 10-year bond.
6:06
SPEAKER_00: And as long as we get stronger as an economy, it seems to there's more confidence in that market.
6:11
SPEAKER_00: So that interest rate does get less and get more over time.
6:16
SPEAKER_00: So watch that.
6:17
SPEAKER_00: It does fluctuate quite a bit.
6:18
SPEAKER_00: Um, Angelina Jolie, she's gonna be listing her historic Hollywood estate.
6:23
SPEAKER_00: She's, I guess, leaving the country.
6:24
SPEAKER_00: Give me a call, Angelina.
6:26
SPEAKER_00: Let me list that thing.
6:27
SPEAKER_00: I think it would be awesome.
6:28
SPEAKER_00: I promise I'll do a virtual tour and do all the fancies.
6:31
SPEAKER_00: It'll be wonderful.
6:32
SPEAKER_00: Anyway, so there's that.
6:33
SPEAKER_00: And um let's see, we got that, we got that.
6:36
SPEAKER_00: All right, so let's get let's get to the meat of the conversation today.
6:42
SPEAKER_00: You've done everything you need to do.
6:44
SPEAKER_00: You found the property, you've written the offer on the property, it's been submitted.
6:49
SPEAKER_00: All your paperwork, it's been submitted.
6:51
SPEAKER_00: I put what needs to go with that offer in a previous video, the video I did yesterday.
6:56
SPEAKER_00: You'll find all of these at Santa Clarita Openhouses.com forward slash blog.
7:02
SPEAKER_00: Santa Clara Open Houses forward slash blog.
7:04
SPEAKER_00: You'll be able to see the entire series.
7:07
SPEAKER_00: And I'm doing this one day after another start about four days ago, I guess.
7:10
SPEAKER_00: So today's the 15th of August, so you'll be able to see all those.
7:14
SPEAKER_00: So the offer gets submitted.
7:15
SPEAKER_00: A lot of people are under the idea that they're going to hear back really soon.
7:19
SPEAKER_00: On the offer itself, there's a field, a place.
7:22
SPEAKER_00: It's baked in three days.
7:24
SPEAKER_00: Three days is typically the time frame that's given in contract for the seller to respond.
7:31
SPEAKER_00: If they don't, well, they don't have to.
7:33
SPEAKER_00: Um, the three days is a lot of that was dependent on the past markets where buyers would write an offer, and the deposit was actually really that 3% or whatever it was back in the day.
7:45
SPEAKER_00: And back in the day it wasn't 3%.
7:47
SPEAKER_00: It was four or$5,000, depending on the price of the property.
7:51
SPEAKER_00: But it definitely wasn't 3% of the sales price.
7:53
SPEAKER_00: That money was actually a check written that accompanied that offer, believe it or not.
7:58
SPEAKER_00: And then that money was deposited into escrow.
8:02
SPEAKER_00: If a buyer submitted an offer and was giving three days for the seller response and the seller didn't respond, then they'd be able to get their money back.
8:09
SPEAKER_00: And it was a lot more liquid.
8:11
SPEAKER_00: Today, no real money changes hands until escrow opens, and then there's a particular time frame for the buyer to be able to wire in their money typically.
8:20
SPEAKER_00: I'm not sure how many checks are dropped off anymore.
8:22
SPEAKER_00: That's also something of the past.
8:24
SPEAKER_00: In addition to that, offer submittal where agents used to put in their offers that was hand to hand back in the day.
8:34
SPEAKER_00: Fax machines, when I first started in '98, were kind of new.
8:38
SPEAKER_00: So they weren't really trusted.
8:40
SPEAKER_00: And of course, things could be ignored, right?
8:42
SPEAKER_00: So if you have a property that's really hot and you're starting to get a lot of offers facts to you, a lot of times, you know, things kind of fell on the floor and got kicked under the desk, and people didn't see those offers.
8:55
SPEAKER_00: So back in the day, it was always best you hand carry this.
8:58
SPEAKER_00: And in some cases, you would have the whole, the whole everybody out of the deal meeting and sitting down at a negotiation table with the buyer, the buyer's lender, buyer's agent, seller, and seller's agent.
9:11
SPEAKER_00: Everybody would be sitting there at the table and discussing the best way to put all of this together with the offer that was submitted.
9:18
SPEAKER_00: That was kind of cool.
9:19
SPEAKER_00: That didn't last very long, at least from 1998.
9:22
SPEAKER_00: That happened a couple times after that, really.
9:24
SPEAKER_00: That wasn't part of the process.
9:26
SPEAKER_00: Fax machines started getting more and more trusted.
9:28
SPEAKER_00: And maybe the way of the lazy, yeah, they started to be the thing that was used, uh, the device that was used to send the offers in.
9:38
SPEAKER_00: Still, though, it's kind of cool when you had something hand-delivered, but it's kind of hard to track down the real estate agents.
9:45
SPEAKER_00: And it still is, that's still the case.
9:48
SPEAKER_00: But just making sure the offer was received was very important.
9:51
SPEAKER_00: And back then, unless you hand carried it and handed it directly to the seller's agent, a lot of the time the receiving of the offer was never really 100% for sure.
10:02
SPEAKER_00: So there was always a lot of lost sleep and uh nervousness.
10:07
SPEAKER_00: Moving into the email world, well, a lot of people started emailing offers.
10:11
SPEAKER_00: And again, at the very beginning, fax machines were more trusted than email.
10:14
SPEAKER_00: Hand carrying was the most trusted.
10:16
SPEAKER_00: But moving into the email world, people would start emailing offers.
10:20
SPEAKER_00: And then that was kind of pattern practice.
10:22
SPEAKER_00: That became something very normal, and that's kind of where we are today.
10:26
SPEAKER_00: Um, the best emailed offers are the ones that are complete, that are a single email, with typically a single attachment, in some cases multiple attachments.
10:35
SPEAKER_00: But it's really nice just having one package, one fully blown PDF that has it all: the approval letter, the proof of funds, maybe a lender statement besides the approval letter, maybe something more personal besides just regurgitation of some kind of an approval on paper.
10:52
SPEAKER_00: And then, of course, the offer.
10:54
SPEAKER_00: And with the offer, everything, all the documents that are needed to accompany that offer, that's kind of cool.
11:00
SPEAKER_00: That works out well.
11:01
SPEAKER_00: Then how do you know if it was received?
11:03
SPEAKER_00: Well, that's kind of the buyer's agent's job.
11:06
SPEAKER_00: You want to make sure that the offer was actually received by the agent and then find out what the status is.
11:11
SPEAKER_00: Now, one of the things in real estate that's kind of changed, a lot of agents just look at the multiple listing service, they go out and they show properties, and they don't bother to vet these properties prior to showing to them, be showing them to their clients because they're hoping that the agents having these listings are doing their due diligence and updating the multiple listings service, but there's a time frame involved there.
11:31
SPEAKER_00: They don't have to do it immediately.
11:33
SPEAKER_00: They have, you know, a couple of days to change the status on a property after some kind of offer has been approved.
11:39
SPEAKER_00: So if you're looking at a property and the agent's kind of busy or hasn't updated the MLS or is leaving it active to try to get more leads or whatever it may be, you might be looking at a property that's already completely under contract.
11:51
SPEAKER_00: Well, that's an issue, right?
11:53
SPEAKER_00: Because now you wasted your time.
11:54
SPEAKER_00: Maybe you love the property, maybe you got your hopes up, and then you're just let down.
11:58
SPEAKER_00: There's enough let down in the real estate world than having to have it because your agent didn't do what they need to do.
12:05
SPEAKER_00: So, that being the case, your agent should be making phone calls prior to looking at properties just to check in with the listing agent.
12:13
SPEAKER_00: What if they can't get them on the phone?
12:15
SPEAKER_00: Well, then they should tell you they can't get them on the phone.
12:17
SPEAKER_00: And is that unusual?
12:18
SPEAKER_00: No, not really.
12:19
SPEAKER_00: It used to be that agents would call and ask for feedback, direct feedback from the people looking at properties.
12:26
SPEAKER_00: That still happens occasionally, but it's nowhere near where it used to be.
12:30
SPEAKER_00: I still do that for all of my sellers' listings because I think it's really important what the agent and their client thought.
12:36
SPEAKER_00: In some cases, they're going to tell me things that are out of my seller's control.
12:40
SPEAKER_00: Well, they wish it was a four-bedroom.
12:42
SPEAKER_00: And if there's no way to make it a four-bedroom, I mean no way at all, you know, because it would be a violation of city code or HOA rules or whatever it may be.
12:50
SPEAKER_00: There's no space, well, that doesn't benefit the seller.
12:52
SPEAKER_00: But if they say something like, well, it could have been cleaner or it could have been picked up better, or, you know, they just, and you hear this a couple of times, the paint or the carpet or the pool or whatever it may be, that's good stuff, right?
13:06
SPEAKER_00: So you take that back to the seller, you say, listen, these are the past few buyers, buyers' agents that have reported back to me.
13:12
SPEAKER_00: And none of this is being crass or irritating.
13:15
SPEAKER_00: They're just trying to tell you what's up with the property.
13:18
SPEAKER_00: And these are good things to maybe consider to modify so other people look at the property.
13:23
SPEAKER_00: Usually when those things are tweaked up, if they weren't before, because maybe they didn't believe their agent.
13:28
SPEAKER_00: Now all of a sudden they're getting these feedback from other people.
13:30
SPEAKER_00: So, of course, now that's going to be something that they're probably going to pay attention to, get modified, and then more than likely that property will start to sell.
13:38
SPEAKER_00: So after we get the offer put together, we ensure that it's received, we send it over and we make sure that it was received.
13:45
SPEAKER_00: Then we want to know what's the time frame look like.
13:47
SPEAKER_00: And of course, in contract, you can shrink that.
13:49
SPEAKER_00: You can go down to, you know, five hours.
13:52
SPEAKER_00: Five hours from now, I want to get a response.
13:54
SPEAKER_00: More than likely, that's not going to be helpful because most sellers aren't going to be able to do that in five hours, especially if a property's hot and you're getting multiple offers.
14:02
SPEAKER_00: So it's best in my practice just to kind of wait it out, unless you're making such a substantially great offer that you know there's no competition, but knowing that's going to be near impossible.
14:15
SPEAKER_00: You have the offer submitted.
14:18
SPEAKER_00: You're waiting for the response.
14:19
SPEAKER_00: The response could come rather quickly.
14:22
SPEAKER_00: The sellers could just choose your offer if they have a bunch.
14:26
SPEAKER_00: They could just choose one and go with it.
14:28
SPEAKER_00: They can also respond to five of ten offers received or one of 50.
14:34
SPEAKER_00: They could respond to all of them or just one of them or discount basically reject them all.
14:41
SPEAKER_00: Um, is it the case that you're going to hear that it's rejected?
14:44
SPEAKER_00: Most cases, yes.
14:45
SPEAKER_00: Most agents are professional enough to be able to offer some kind of a rejection letter or some kind of a rejection notification, and maybe with some kind of an explanation, that's kind of cool.
14:55
SPEAKER_00: And I found that when you push enough for it, usually you'll get that as an agent.
14:59
SPEAKER_00: But is it a requirement?
15:01
SPEAKER_00: No.
15:02
SPEAKER_00: The seller has a choice as to who they're going to select.
15:05
SPEAKER_00: Now, of course, legally, I'm not an attorney.
15:08
SPEAKER_00: Um, if you're giving the seller everything they want, if you're giving them, let's say, cash at the listing price, you're not asking for anything at all, and you're closing it and adhering to everything that they want, and they don't respond, you don't sell the house to you.
15:22
SPEAKER_00: Are there legal issues that could be brought up on your behalf against the seller?
15:26
SPEAKER_00: That's an attorney question.
15:28
SPEAKER_00: I don't know.
15:28
SPEAKER_00: These are things that I've heard and I've heard talked about in my long time in this business.
15:33
SPEAKER_00: I've never seen that gone after, but it has been brought up occasionally when, of course, sellers' agents go mute and they don't say anything, they don't respond.
15:42
SPEAKER_00: But they do have what's in contract as far as response.
15:45
SPEAKER_00: Now, let's say it goes a day longer.
15:47
SPEAKER_00: Let's say there's so much interest in the property, they're having difficulty going through all the offers and vetting everything.
15:53
SPEAKER_00: Because the prop, the thing is with a listing agent, you're gonna want to follow up with all of those lenders.
15:59
SPEAKER_00: If you get 10 offers on a property, that's a super hot property, and they could be coming in all over the place.
16:05
SPEAKER_00: They could be going higher than asking, lower than asking, ad asking, and they could be all sorts of different financing.
16:10
SPEAKER_00: You definitely want to follow up with all of those people.
16:14
SPEAKER_00: In addition, let's say the offer happens to be cash, you're gonna want to follow up and make sure that proof of funds is valid.
16:20
SPEAKER_00: So there's always some kind of fail-safe and checking that needs to go on.
16:24
SPEAKER_00: And that does take time.
16:25
SPEAKER_00: Let's say you've given them per contract the three days to review and respond.
16:30
SPEAKER_00: Maybe it goes over that.
16:31
SPEAKER_00: As a buyer, would it be wise for you just to cancel it and say, okay, if you're not gonna let us know in three days, we're out of the deal?
16:38
SPEAKER_00: Probably not.
16:39
SPEAKER_00: You probably want to be a little bit patient and see what happens on the other end of it.
16:42
SPEAKER_00: How long is this gonna take?
16:44
SPEAKER_00: How long is it gonna play out?
16:45
SPEAKER_00: And if there's other properties that are popping onto the market, I still wouldn't stop going to look.
16:50
SPEAKER_00: I would still go look at those properties because that process is actually gonna take time as well.
16:56
SPEAKER_00: Most sellers that list their properties on the market, that first offer that comes in, especially if it's an active property, lots of people looking, they're not so excited just to take the first one.
17:06
SPEAKER_00: They usually let it sit for just a bit to watch.
17:09
SPEAKER_00: And of course, without doing anybody any harm, they do want to make sure that the property is seen by enough people so they get their best, you know, swing at the piñata to be able to get, you know, whatever money out of it that they can.
17:22
SPEAKER_00: So the time frame.
17:23
SPEAKER_00: Time frame is important, but if it exceeds it, probably nothing to panic about.
17:27
SPEAKER_00: If you don't get a response, usually your agent will find out why.
17:33
SPEAKER_00: Usually they will keep following up with the seller's agent and ask why, what's happening, what's the delay.
17:38
SPEAKER_00: Sometimes sellers leave town.
17:40
SPEAKER_00: I don't know why that is.
17:41
SPEAKER_00: People put their, well, maybe it's the showings, but sellers do happen to leave.
17:45
SPEAKER_00: Um, sometimes that's BS, not really true, but the sellers are just trying to elongate the time so they're not so tasked with the pressure from trying to choose or trying to counter.
17:55
SPEAKER_00: When they do counter, though, after you submit the offer, maybe you're one of the lucky ones that they counter.
18:00
SPEAKER_00: What does that look like?
18:01
SPEAKER_00: It's going to depend on the property and the type of counter you get.
18:05
SPEAKER_00: You could get a counter that shows you're the only deal going on.
18:08
SPEAKER_00: And that puts you as a buyer in a much better spot.
18:11
SPEAKER_00: Now, if you get a counter that's a multiple counteroffer process, some buyers have asked me, well, how do we know it's true?
18:17
SPEAKER_00: Well, there could be a showing.
18:19
SPEAKER_00: If they're going to go on a multiple counter offer, they're going to be subject to legal action if in fact it's not true.
18:25
SPEAKER_00: So there's not very many agents that are going to bet their license on lying, trying to get multiple offers on a property, trying to make it appear that they have multiple offers.
18:33
SPEAKER_00: They're not going to do that.
18:34
SPEAKER_00: They're not going to risk their license any more than they're going to give their phone to a client so they can go open a property and look at it themselves without the agent, which is also a violation.
18:43
SPEAKER_00: So that's you're not going to see that happen, especially today.
18:47
SPEAKER_00: Back it up.
18:47
SPEAKER_00: When I first started real estate, there was a lot of cowboy crap going on out in the world.
18:51
SPEAKER_00: But that's changed quite a bit with the advent of the transparency online, the stories, the redistrings, all of these sorts of things.
18:58
SPEAKER_00: People are really coming to Jesus on a lot of different fronts and being completely honest and upfront about what's happening in the real estate world.
19:05
SPEAKER_00: So regular consumer buyers and sellers can go out there and vet the proper people and look at the protocols and find out exactly where they need to be in the mix.
19:14
SPEAKER_00: So moving forward, the response.
19:17
SPEAKER_00: Well, it could be that they're gonna, you're gonna get a written response.
19:20
SPEAKER_00: Maybe it's a multiple counter offer asking for highest and best.
19:24
SPEAKER_00: Maybe you're the only game in town and they're responding and say the purchase price is going to be this because maybe you offered something different.
19:31
SPEAKER_00: And the other conditions that maybe you offered, maybe they're going to change those.
19:35
SPEAKER_00: Maybe you offered to not change anything in your inspection time frames, having 17 days or so to be able to do things.
19:42
SPEAKER_00: Maybe they want you to get everything done in 12.
19:45
SPEAKER_00: Then you have to think is this rational?
19:47
SPEAKER_00: Is it reasonable?
19:48
SPEAKER_00: 12 days, at least in this current market in Santa Clarita Valley, yeah, you could get everything done in 12 days.
19:54
SPEAKER_00: Maybe not the loan, but that's going to be a lender preference.
19:57
SPEAKER_00: There's many lenders that can probably get a full approval through the underwriter in that amount of time with all of the conditions met in 12 days, depends on how busy they are, depends on how active they are.
20:09
SPEAKER_00: I do know some big-time lenders out here that can pull that off.
20:12
SPEAKER_00: So maybe a 12-day reduction in time frames in a counter might not be a bad deal.
20:18
SPEAKER_00: Then they come back with price.
20:20
SPEAKER_00: Maybe that's part of that counter as well.
20:22
SPEAKER_00: Now you can also counter back, but the longer this takes, the longer this episodic dealing takes, what ends up happening is there could be other people that become interested in the property.
20:33
SPEAKER_00: And it's funny.
20:34
SPEAKER_00: You might have a property that it seemed like there was no action on it for a long time.
20:38
SPEAKER_00: You go in at the day 60, it's on the market with no previous action whatsoever.
20:43
SPEAKER_00: As soon as you start paying attention to it, it's it's like that whole quantum thing.
20:47
SPEAKER_00: It looks like other people start to pay attention to it as well.
20:50
SPEAKER_00: And believe it or not, I've seen this happen more than once.
20:53
SPEAKER_00: A buyer thinks they have all the time in the world, and they start writing offers on a property and they start getting counters back from the seller, and then somebody just swoops in, writes a seller what they want while they're trying to do this great deal negotiation and picks up the property.
21:07
SPEAKER_00: This is all by learning.
21:08
SPEAKER_00: That doesn't mean that you should change your tactic, but those things do exist, and it always happens, it seems like, to uh particular people.
21:16
SPEAKER_00: You know how uh Charlie Brown always gets that bag of rocks for his birthday?
21:20
SPEAKER_00: Well, some people just kind of have that paint.
21:23
SPEAKER_00: So they're painted with that brush and they go out there and they approach something, and now all of a sudden there's a high competition for a property that had no competition until they started looking at it.
21:32
SPEAKER_00: So understand, as long as you're negotiating, other people can come in and swoop in and take it.
21:37
SPEAKER_00: And that goes with while you're deciding in a multiple offer format what the best strategy would be.
21:44
SPEAKER_00: Time goes on.
21:45
SPEAKER_00: Also at the very beginning, and I talked about this in one of the latest videos when you're making that offer, how long should you investigate?
21:52
SPEAKER_00: How long should you wait to hear back from people that you're asking, like homeowners associations or Mellarou?
22:00
SPEAKER_00: Melaruz owners, whatever it may be, how long do you take in that process of making the offer?
22:06
SPEAKER_00: Somebody could come swoop in, write the offer, and not do any of that due diligence and pick up the property.
22:12
SPEAKER_00: Now, then does that mean that you screwed up?
22:14
SPEAKER_00: No, because you're taking it by your schedule, your time frame.
22:18
SPEAKER_00: And what I always tell my buyers, if it doesn't work out, then it's not the one.
22:22
SPEAKER_00: And if it doesn't work out 10 times, none of those were the one.
22:26
SPEAKER_00: You have to fall back on that because for some reason you weren't meant to have those particular properties.
22:33
SPEAKER_00: So you have to go with that.
22:34
SPEAKER_00: And I really believe that's the best way.
22:36
SPEAKER_00: Whatever decision you make, even if it turns out not to be a great one, was the one you made.
22:41
SPEAKER_00: So I would always fall back on expecting that everything's gonna pan out the way it's supposed to.
22:46
SPEAKER_00: And I wouldn't beat myself up too much from these kinds of decisions, as long as, of course, they don't cause you any harm.
22:53
SPEAKER_00: So moving forward, you have these responses from the seller's agent on behalf of the seller, and it's really gonna come down to terms and price.
23:04
SPEAKER_00: Those are the things that are gonna be they're gonna be contained on your counter.
23:08
SPEAKER_00: Maybe they want a shorter escrow time frame.
23:10
SPEAKER_00: Maybe they want a longer escrow time frame.
23:12
SPEAKER_00: Maybe the seller's sale is contingent on something else.
23:15
SPEAKER_00: Maybe you as a buyer have a contingency on a house to sell, which makes it more difficult for the seller to accept those offers, especially if there are other offers from buyers that don't have that same contingency.
23:26
SPEAKER_00: The best place to be as a buyer would be would be to sell what you have, close that escrow, and then start looking after that because now you're not contingent.
23:36
SPEAKER_00: Now you're on an equal playing field with a lot of other people that are non-contingent.
23:40
SPEAKER_00: The only thing that's going to be different is your capability in the financing realm and whether you're cash or not.
23:46
SPEAKER_00: So either financing or cash, that's where there's going to be major differences.
23:50
SPEAKER_00: Usually time frames closing.
23:52
SPEAKER_00: Everything's about 30 days out here, maybe 45 days, depending on the type of loan.
23:56
SPEAKER_00: If you happen to be going in with one of those loans that takes more time, a lot of times that can be cinched up and maybe even brought closer to 30 days or even less.
24:05
SPEAKER_00: It depends on the lender.
24:07
SPEAKER_00: So it is very lender specific.
24:09
SPEAKER_00: These are the response rates.
24:10
SPEAKER_00: These are what happens when you write that offer.
24:12
SPEAKER_00: A lot of people are under the idea that everything's going to be responded to.
24:16
SPEAKER_00: They're going to hear right away.
24:17
SPEAKER_00: And those other people on the other side of the equation, the sellers of the property, are going to be so completely diligent, it's going to be amazing.
24:23
SPEAKER_00: Unfortunately, we're human beings, folks.
24:26
SPEAKER_00: And a lot of the sellers are holding out to try to get the most they can.
24:29
SPEAKER_00: And just like the buyers are trying to get the best deal they can.
24:33
SPEAKER_00: This is the process when it comes to writing that offer.
24:36
SPEAKER_00: Now, tomorrow on the video, I'm going to talk about after they do accept your offer, what that looks like.
24:42
SPEAKER_00: Because it's not just as simple as uh signing off.
24:47
SPEAKER_00: There are other things that have to happen.
24:48
SPEAKER_00: So we'll talk about that.
24:50
SPEAKER_00: Once they accept your offer, then what's that next step for you?
24:54
SPEAKER_00: When you should you start scheduling things?
24:56
SPEAKER_00: Should you go bang on all the neighbors' doors before you start spending money to do some investigations just to make sure that you know what you're getting into?
25:05
SPEAKER_00: We'll talk all about that tomorrow.
25:06
SPEAKER_00: I appreciate you watching today, the 15th of August, 9.04 a.m.
25:11
SPEAKER_00: right now.
25:11
SPEAKER_00: When you're ready, please reach out.
25:13
SPEAKER_00: You can go to Santa Clarita openhouses.com.
25:16
SPEAKER_00: And if you just want to talk about real estate, get an idea where the market is, speak with me over Zoom.
25:21
SPEAKER_00: Be happy to do that.
25:22
SPEAKER_00: It's free, no obligation.
25:24
SPEAKER_00: And I'll discuss everything with you, whether in my market or somewhere else in the United States.
25:29
SPEAKER_00: It's not a problem.
25:30
SPEAKER_00: Zoommescv.com.
25:34
SPEAKER_00: Zoom me scv.com.
25:36
SPEAKER_00: I'm Connor with Honor.
25:37
SPEAKER_00: We will see you in the next one and over and out.