Latest / Connor with Honor: AI, Real Estate and Real Life / I solved a buyer problem and it only required critical thinking in Santa Clarita real estate

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I solved a buyer problem and it only required critical thinking in Santa Clarita real estate · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Buyer call recently.
• 0:02
  SPEAKER_00: They said that they had been working with another agent, but they're finished with that.
• 0:06
  SPEAKER_00: Apparently, they did have a buyer-broker agreement with that agent, and now that has is no longer applicable.
• 0:13
  SPEAKER_00: So after talking to them for a little while, I realized why they got rid of their other agent.
• 0:18
  SPEAKER_00: Apparently, they wanted to make an offer on a house that was for sale.
• 0:22
  SPEAKER_00: When they were looking at the online comps, which I knew where their agent was going, they were looking at the online comps and it didn't reinforce that particular listing price from the seller.
• 0:33
  SPEAKER_00: So they bring this to me.
• 0:35
  SPEAKER_00: The property is still on the market.
• 0:37
  SPEAKER_00: The seller did not respond to their offer.
• 0:39
  SPEAKER_00: So what I did is I rewrote the offer for them after, of course, showing them the house, so we don't have any procuring cause issues.
• 0:47
  SPEAKER_00: And buyer broker agreement showed them the house.
• 0:49
  SPEAKER_00: Then after I was able to look at, I showed them the difference between what they were looking at online and then what the seller had the property listed for, which is great.
• 0:58
  SPEAKER_00: So I know you're thinking, well, you probably said they should offer listing price.
• 1:02
  SPEAKER_00: Actually, the prices they were looking at even indicated the property was worth more than the actual comparables did.
• 1:10
  SPEAKER_00: So I was able to take the last six months of sold.
• 1:13
  SPEAKER_00: There were two properties in there that were about to expire on that six-month time frame that most appraisers use.
• 1:21
  SPEAKER_00: So once they get past that six-month point, the appraiser then has to give additional data to try to reinforce to the bank that the property is still worth that much and they should still rely on these older comparables.
• 1:33
  SPEAKER_00: But there was enough data there for me to change that dynamic.
• 1:38
  SPEAKER_00: So now I'm able to use those present comps.
• 1:41
  SPEAKER_00: I did go a little bit more than one mile away, staying in the same zip code, however.
• 1:46
  SPEAKER_00: And I was able to show that actual a less than listing price offer, a little bit lower than the buyer's first offer, showing that to that particular seller's agent and having that seller's agent convey that to the seller.
• 1:58
  SPEAKER_00: And of course they want to get it sold too, but I was able to put it together in such a way that my buyers actually had their offer accepted.
• 2:05
  SPEAKER_00: And this wasn't some trick or device or some seller manipulation.
• 2:09
  SPEAKER_00: This was just good, hard real estate work putting together a convincing case with real factual data, not the online syndication stuff, but real multiple data showing what actually had sold in comparison to what other people wanted for their property.
• 2:26
  SPEAKER_00: And that's the big difference.
• 2:27
  SPEAKER_00: The sold properties are the most important because they've already vetted.
• 2:32
  SPEAKER_00: You've had appraisers on most of them, besides cash, and even the cash offers sometimes are backed up with an appraisal standard, but they don't have to be because everybody's paying cash with regard to those.
• 2:43
  SPEAKER_00: But there had been 15 closings using loans all through the gamut.
• 2:48
  SPEAKER_00: You have FHAVA and conventional borrowers and buyers that were purchasing these properties at quite a bit less than where the sellers had their listed for.
• 2:57
  SPEAKER_00: And these are very closing on-model matches.
• 2:59
  SPEAKER_00: They differentiated maybe two or three hundred square feet upward.
• 3:03
  SPEAKER_00: And in a couple cases, there was an extra bedroom instead of a three.
• 3:06
  SPEAKER_00: It was a four in two cases.
• 3:08
  SPEAKER_00: But looking at the historical data, I was able to establish what that difference would be for the additional bedroom, which was right around$30,000,$35,000, at least in the historical sold properties.
• 3:20
  SPEAKER_00: So with all of that, choosing your agent is incredibly important.
• 3:24
  SPEAKER_00: And I'm so glad it worked out for the buyers in this particular case.
• 3:28
  SPEAKER_00: But it does work out as long as you have somebody that isn't just trying to make that commission, but really believes that they can put an entire deal together at their client's benefit.
• 3:38
  SPEAKER_00: I'm Connor with Honor.