13-Winning Property Offers: Insider Tips from a Lender

In this episode, Kamil Sarji sits down with John Dolbec from Primary Loans to uncover the strategies and secrets behind crafting winning property offers. As a seasoned lender, John shares insider tips on how to make your offer stand out in a competitive real estate market. Whether you’re a first-time buyer, a real estate investor, or an agent looking to help your clients succeed, this episode offers practical advice you won’t want to miss.

Learn how to structure your offer to catch a seller’s eye, the importance of a solid deposit, and which loan terms can make all the difference. John also covers common mistakes that buyers make and how to avoid them, ensuring that your offer not only meets but exceeds the seller's expectations.

For those who prefer to watch the full interview, you can view the complete video on YouTube here: Watch the Full Interview: https://youtu.be/Qan6EFrBHng

Tune in to gain a competitive edge in your property transactions and make your next real estate offer a winning one!

Keywords: winning property offers, real estate, real estate tips, property offer, home buying, mortgage lender, seller appeal, real estate market, John Dolbec, Primary Loans, Kamil Sarji, Gold Door Realty, property investing, real estate podcast, homebuyer advice, loan terms, competitive offers, buying a home, real estate strategies, real estate negotiations

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Chapters

• 2:32 Just 2 Minutes Questions
• 5:33 The interview

Transcript

0:00

the client's like, all right, I'm going to put 20,000 dollars for a deposit. Okay, cool. Cause we already talked about it and they understand all these things. And some people listening to us right now might not have a clue what you're talking about as far as a deposit. Right. And that is a very common situation Welcome everybody to Just Two Minutes. I'm Kamil Sarji, your host, the broker owner of Gold Door Realty. And today, I have John Dolbec with Primary Residence. The way this works is, the first two minutes is just random questions, and then after that we go into talking about the real estate industry. Actually, I gotta, I did bring something for you. John, one second. Oh really? Oh, okay. Oh, nice. Very nice. You picked that out just for me? Mm hmm. Yeah? Excellent. Do you want to take a guess why I'm wearing this today? I have no idea. Because It's Thursday? Because I'll have to leave this on until you figure it out. Oh, okay. Do I have a hint at all? What is No. No? Okay. Alright, well, fair enough. Well, it has something to do with The show. The show. Mm hmm. What am I wearing? Like, what's this related to? It looks like a Jason mask. Yes, yes. But it also looks like one of the masks from the Three Ninjas movie, from back in the early 90s. If you haven't seen that movie, you should check it out. Um, Jason, alright. Yes, yes, yes. I have never seen it. So close. John, you're so close. Is it the anniversary? Something to do with that, yeah. Okay, alright. What's the, what's the name of the movie? Friday the 13th. Yes, yes. So And this, and right now, today is the 6th, Nope, nope, today we're recording the 13th episode. Yes! Oh my gosh! Yes! Happy 13th episode. Yes, happy 13th episode. Wow, that was incredible. I thought this was your 1300th episode, so I didn't know. Okay, alright, alright. Oh, excellent. Now I know. Yeah, I was hoping I didn't have to wear that the whole time, because it was like I was gonna say, it looked a little warm. Yeah, and that was a very distinguished Jason mask. Did they actually have that in one of the movies? Like, that shape, or is it normally white and they glue and glow in the dark, right? That's, uh, the seventh episode. Oh, really? I didn't know there's one for each, like, it's a different style. When you say episode, you mean like movie, right? Oh, sorry, no, movie, yeah. Okay, it was a movie, okay, alright, sounds good. Yeah, I didn't know they made seven. I'm bad at pop culture, so I'm glad that we're here. Alright, awesome. Seeing the three ninjas and, like, the mighty ducks. That's all you got out of me. Maybe Titanic? Yeah, you gotta watch. Okay. Yeah, I gotta get on that. Friday the 13th. Yeah, it's all some good stuff. Okay, so, we're gonna start our two minutes, and that wasn't two minutes. That was five minutes. We are recording now, right? Yeah, it's the whole time. Okay, alright, sounds good. We can't really stop the recording. Perfect. Ever, the whole time. Okay. Alright, so we got the two minute timer here, and it's gonna ask you random questions. Take your time, like, figuring it out. As the people watching this could probably know, this is unscripted. Unscripted, yeah. Because I don't even know about the Jason Mask thing, so, okay. Okay, here we go. Okay, uh, what's your favorite type of plastic bag? Is it the white one with the, that says have a nice day? Or just the green with the little writing on the bottom? Um, so, to go into this really quick, I am a big fan of plastic bags. Um, I'm all for the environment, but I have trash bags filled with plastic bags because I know that they're going away. Um, which one? Um, Just all the plastic, like in Rhode Island, it's illegal to have plastic bags. Oh yeah. And they don't give them out at grocery stores anymore. But which one of those two is your favorite? Out of the ones that are my favorite. So what were the options again? Uh, have a nice day or the green one. I would have to say the green one. The sturdier one. Whatever one's the sturdier one. You know, the one that's less likely to have holes. Because normally you use those for your bathroom trash cans or to pick up dog poop. And God forbid it has a hole in it. Yeah, it's gonna go through. Yeah, so any sturdy trash bag, plastic bag, I'm all for. Okay. If anybody has any extra plastic bags out there, I'll take them. Have you ever found a magic lamp? No. And like rubbed it? No? No, that'd be cool. Do you have a magic lamp? A genie? With a genie? Yeah, yeah, Aladdin. I've seen that one when I was a kid. Uh, is the genie a man or a woman? Uh, I think the genie is just like the genie in the movie from Disney, back in like 1994, Robin Williams. Alright. That's, I guess I'm too young for, I dream of genie, right? I guess so, that's where people could ask that question. What's your favorite cookie? Play Doh blue or dirty, dirty dirt chocolate? Uh, Play Doh blue? Do you have to eat the You do. Yep. Um, who's your favorite superhero? Uh, Super Dot, that like, turns into a lot, a tiny person. They have no other powers besides that. Or Crunchy Crunch, they eat glass. Ooh, I've seen people actually eat glass in person, so I want to say the eating glass thing, that's pretty magical. All right, awesome. And, uh, your, uh Do we still get to continue to ask the questions? How was that? All right, ask the question. I'm curious. Oh, I have to use it for the next episode. Oh, okay. So everybody has to I'll hang up on this phone call. I'm not gonna let this go the whole time. Oh, no? Okay. All right, what do you think of that? That was exhilarating, yes. I'm awake now. Refreshing. Yes. Yep, good way to start the segment, for sure. I like knowing that you like Crunchy Crunch. And plastic bags. Mm hmm. Yep. If there was ever an apocalypse, and we need like plastic bags, I know where to go. Yes. I'll have the ammo. You're not touching my plastic bags. Okay. Yeah, we gotta have a fair exchange. These plastic bags are gonna be worth something in a short period of time. Nobody else is gonna have plastic bags anymore, and I have a gold mine of them. So, yeah. I've considered actually going on Amazon and buying them by the thousand. Mm hmm. Just that. Same thing with plastic straws. It's crazy, you know, this big bag of plastic bags, but if you heat it up, it just turns into a small ball. I don't put it next to heat. Yeah, I'm very careful about my plastic bags. All right. So, the mortgage industry. Yes. You guys are great, you know, best friends with a realtor. We try. There's so many lenders. There's way more realtors. And I know you guys tried to find us and try to do business with us, but today's show I want to focus on the tough market We're in and throwing offers throwing offers and not getting accepted because there's 20 others mostly people coming in with cash No inspection will pay 50,000 dollars over over the people looking for years and every weekend night and day out there looking at houses Needing to move for whatever reason in their personal lives and then them striking out, falling in love with the property, not getting the offer accepted. So that's what we're going to talk about today, right? We're going to talk about best ways to get the offers accepted. Um, yeah, I'm looking forward to it. It's always kind of, uh, it's hard when somebody falls in love with a property. The whole family, they picture themselves in the house and then they don't get it for whatever reason. That other offer was better in some way, shape, or form. That's what we're going to talk about today. How to make the offer stronger so that way you have a higher chance of getting the offer and what that means. And me as a realtor, I'm telling you, don't give up, stick with your agent, you will get a home. Okay, don't get discouraged. Because a lot of people get discouraged, they're like, Oh, I'm going to wait until next year. That's what people last year said, that's what people the year before said, and they're still renting and paying. So just be consistent and try to work with your agent. Now, making an offer appealing. So let's break it down. Let's talk about the most important thing to some buyers. They're buying this home, and they don't know what the heck could be the problem in there. Like, you know, it could be the heating system, could be the roof, or whatever. Or the chimney. And a lot of people are just waiving their inspection. I know some programs, some loan programs, they kind of want some things at least checked. What are those? Well, that does depend on the, on the programs. I would say let's start from the beginning, right? So whatever reason you're renting a house, maybe it's the landlord says, Hey, I'm thinking about selling, you know, you're going to find a reason to then go out and buy. Maybe your family or friends are suggesting that you go purchase a property. That first step before even putting in that offer is having a strong team, right? And having that consultation with a good real estate professional and with a good mortgage lender, having a consultation to know what you qualify for, What loan programs you're available for are available to you. What cash to close look like for your price range and what that comfortable price range looks like. And to know all that stuff is half the battle into going in and putting in that right offer when you find that right house, right? Because I will say that a lot of times when somebody comes to me in the 11th hour, when they already found the house, When I haven't met with them yet, I haven't checked credit, and they already put in an offer in, whether it was another lender that they used for a pre approval letter, or, you know, maybe they never even spoken to a lender yet, and they just happened to drive by the right house, and it was the one that they really wanted. Nine times out of ten, those people are going to lose that house before they even get there, you know, before they even really have a chance of getting that offer accepted. Somebody that's already prepared with a strong pre approval letter, that's already had a consultation, that already has met. and know their real estate agent well, are going to be a little bit more comfortable and prepared to go to a higher offer or do some of the things that we're going to talk about, some of the strategies to get that offer accepted. So being prepared is number one, having some familiarity with the loan process, with the real estate market in where you're looking to buy is step number one. That way it's going to set the right expectation for how prepared you have to be and how willing you're ready to combat. Within the last six months, I probably had three or four people that came to me after they even got the offer accepted. So people that weren't prepared didn't have these, this step already taken care of and then all of a sudden got cold feet, right? So it's not easy getting an offer accepted right now in this current market because there's not a lot of houses, prices are relatively high, there's a lot of demand. And there's again, not a lot of places to go for those sellers. So there's a lot of offers, people get the offer accepted, and then they don't realize what their cash to close is or what their monthly payment is. And they say, Hey, actually, I don't want to buy this house. They don't even get to the inspection part. So being prepared is a very big first step. Absolutely. I think because there's a lot of buyers out there, a lot of people who've never bought a house. They want to jump into the, let's go look at homes. Right. When I work with someone, when I get a new buyer, who's never bought a house before, first time homebuyer, or someone who hasn't in a while, I like to have, like you said, I have a good team. And I want my team, which is the client also, to know what the heck is going on. You can't just go blindly and like, see homes. It's so crucial to have a plan, to understand the process. So when your agent's like, all right, we need to put a deposit and the client's like, all right, I'm going to put 20,000 dollars for a deposit. Okay, cool. Cause we already talked about it and they understand all these things. And some people listening to us right now might not have a clue what you're talking about as far as a deposit. Right. And that is a very common situation where I will get those phone calls on an evening or weekend. Hey, John, this person, this Realtor is asking me for. 20,000 dollars and we're just putting an offer. I don't know what that means, right? And that's an important step in that. And getting pre approved. Right. Like, how many times have you gotten people call you on the day that they saw a house and they're like, oh my god, I want to put an offer in. Can you get us pre approved so we can put an offer in? How many times does that happen to you? Right, it happens. Yeah, this past Friday, I was working with a client that, he was introduced to me a couple weeks ago. There was no need for him. Like, he wasn't really in high demand. Desire to go buy a house right at that time He found out that his landlord was selling the house this week And all of a sudden it was urgent that he needed to find a new place And so friday night nine o'clock i'm working on his pre approval for him to put an offer in on a property And so he did actually get it and we did meet for a consultation. Yes Damn, you're quick with everything Well, you gotta do what you gotta do in this market to help people get their offers accepted But yeah, no in a perfect world. I explained this to him yesterday during the consultation Yeah, we would have already met and had a consultation before putting the offer That's the normal, the best way for it to go. Does it always happen like that? No. There could have been a chance yesterday that I met with this client, and then I went over all the numbers in more detail, and then he got cold feet. So I'd much rather have the steps of having the consultation, the real estate agent meeting with the client, myself meeting with the client, to go over the numbers, go over the real estate market, set the expectations, then get out there, find the right house, the right budget, the right cash to close game plan and then be prepared to put in the offer. I'm sure during your consultation, just like mine, we're talking about these things as far as that deposit. So when it comes down to it, that is one thing that will strengthen an offer is the deposit, right? So for the people that aren't familiar with what we're talking about here, so when you go to put in an offer on a property, you're normally putting it in at whatever price that you guys agree too on that particular property to make the offer to the seller, and now at the same time too, if that seller accepts that offer, they're going to hold some money in deposit, in escrow. You showing good faith that you're not just going to up and walk away from the property and go buy the house down the street, right? Now, what we're going to get to is the idea that the more money that they put down in that deposit, the more likely that the seller is going to see that they're truly committed to them buying, That they're serious, That they're serious, and they're not just gonna go walk away. And we make sure, as the realtors, we make sure that money is protected. So you're not gonna, if something happens, we want to make sure you can get that money back. Mm hmm, right, exactly. And there is a mortgage commitment date that is normally seven days before the closing date, which you have that time frame between that offer accepted or that contract accepted date. All the way to that mortgage commitment date that you're going to move forward with the mortgage loan as well. And so you would think that would happen when they get pre approved, right? Exactly, right? So they do pretty much at that point. However, what normally happens during the loan application stage in that mortgage process is the appraisal to which that part of the loan process makes sure that the house is of the value that you're purchasing the house for. On top of that, there's no major safety concerns, like there's a hole in the kitchen floor that you could fall through and die, like major things like that. I guess that's a little extreme, but you know, missing handrails, broken windows, things like that. So that those are all parts of the mortgage contingency date when it comes down to it. But let's say there's a major issue with that property or in some instances, Let's say something happens to your job where you don't qualify anymore, when you're within that mortgage commitment date time frame, then that's when you'll actually get your earnest money deposit back. Same thing with the inspection period, right? So when you go to put in that offer and you have that earnest money deposit, when you write the contract in Rhode Island, you have a 10 business day inspection period most of the time. And so you'll have the home inspector on the property, the home inspector will go and look through the entire property with a fine tooth comb, a red pen, and a magnifying glass to make sure that there's no issues, right? And then, once you get that report back, you can really dissect whether or not you want to purchase that property. And so, within that time frame, that's when you're also eligible to negotiate for concessions, meaning maybe it's the seller giving you a credit towards closing costs, or to hopefully give you comfort towards buying that house still, depending, like, whatever those issues are. Or, it could be, Just them agreeing to do repairs at that point, or possibly even dropping the purchase price a little bit to soften up that cost on those repairs as well for you. Now, if they don't agree to do those repairs, then you have the right to walk away and still get the copy of, or your earnest money deposit back. Right? So Yeah, but then there's the other side of that, because it's riskier for the seller. Seller doesn't want offers that have These inspections and then having to risk to give some money back because I've seen it, you know We're getting offer 20, 000 over and then repairs at 20, 000 like what's going on, you know Like I know what game you're playing. I like to be honest and do the right thing So but people waive the inspection with the risk people. I think who are who understand like contractors if They're comfortable with being able to fix things themselves. They know how much heating system is going to be. Those are the big things. And so if you're a listing agent, you're helping out a seller. If you're looking at a few different offers, if you have a client that's offering to purchase the house and they have a high amount for earnest money deposit, and then on top of that, they're either shortening their inspection time window or waiving that inspection, your sellers are probably going to have a higher chance of taking that offer over somebody that's going And it's not, not only the money. Like. If it's, even if it's 5, 000 less with no inspection, the seller is going to be like, well, I'm going to take that because not only there's no risk of like trying to get money back, but it's also faster because now that 10 day period in Rhode Island, Massachusetts is also completely different over there. But, but yeah, they don't have that risk and they can get moving quicker with the, with the sale. Right. Which could be important to the seller, depending on where they're going. If they're, you know, They're moving across the country and they need to be there by a certain time. They want to close as soon as possible. And so I'll shorten up that timeframe because the next step from the inspection side would then be that mortgage side in the appraisal. Nine times out of 10, we're doing in the traditional mortgage home buying process in Rhode Island, you're doing that offer, getting accepted, purchase and sales agreement, the home inspection part, if you're doing a home inspection, but if you're doing the home inspection or you're waiving it. The next step from there would be the appraisal part, right? Most of the time, appraisal's not gonna make or break a transaction. It's, you know, you might do the home inspection, then realize that there's a lot more work than you anticipated to be done. There's safety hazards you're gonna not go through with the process at that point. So, that's normally where the home inspection part will come in before the appraisal. Because you guys don't want to give more money to a house that's worth less. Less, exactly. That's why you guys come and send the appraiser over. Right. Exactly. What about those drive by appraisals? Drive by appraisals can happen, again, it's program by program, and that we'll touch on in a second, but, you know, a lot of times So they literally drive by and they're like, oh yeah, that house is worth 500, and then they go to Dunkin Donuts? Data is amazing nowadays. In some cases, you don't need an appraisal whatsoever, depending on how much money down or what loan program, and so, that's always nice when the mortgage company doesn't need to spend money for the appraisal, or real estate agents need to worry about an appraisal, and because if the house is up for sale for 500, agent knows it's worth 500. Then they're getting offers that are like 520, and there's a risk because now if the bank says, oh no, it's only 500, we can only give them 500, then it's like, okay, we have to drop the price, or try to negotiate. But then what people are doing are doing an appraisal gap where they'll cover difference from what the bank gives. Correct. Yep. So if there is an appraisal need on the property, we do see that as some clients getting their offers accepted. When they make their offer, they'll say, Hey, we're willing to offer this amount. And if the house doesn't appraise for that full amount, we'll offer a gap difference of maybe call it 5, 10,000 dollars. It can get really extreme, 50,000 dollars, depending on what that person actually has saved up, so. Because people can offer a million for the house. And it's like, oh, sorry, the bank said 500. Exactly. So, I did have that this week, where somebody got their offer accepted, and they have that appraisal gap of 10,000 dollars. So, if the Did the house appraise higher? We don't know yet,, we'll find out in the next week or so. I'll get back to you on that. Most of the time the appraisers are going to review the house. They're not there to, you know, really make issues. But they have their job to make sure that the asset is worth the amount that people are borrowing it for. So that way they have the ability to repay it. And so they have to do their due diligence. Usually an appraisal report is 40 to 50 pages. There's comparable properties on there. There's reasons that justify why that house is worth that much. And so if it comes back lower, then hopefully that appraisal gap is in there to help get that offer accepted. And super important agents. If you're listening to this, don't just, I mean, don't explain to your clients there about the appraisal gap. Super important before I ever do and put in an appraisal gap, lender, Hey, can they afford this? Because sometimes they're really tight on the budget, they can't afford it, and then I, you know, people are putting in an appraisal gap. So, me on the seller side, if that happens, I see an appraisal gap, I check in with the lender and make sure. But, if you already checked in with the lender, then you're not going to look silly. Right, and it feels really awkward if I haven't met with that client yet. And I'm reviewing the purchase and sales agreement and there's an appraisal gap in that purchase and sales agreement and the client doesn't know anything about it. They don't know what it means. They don't know how it works. So, that communication between agent and client is really important. And then also having the lender involved in that conversation. Communication is the biggest key to success in a lot of things. But especially in your real estate transaction where you could be borrowing anywhere between 200 to half a million to a million dollars. And whether you're borrowing it or you have it in cash, it's still an investment and you don't want to lose that for nothing. Awesome. So now we have the, as far as the inspection, there are certain things, especially FHA with the peeling paints. That's super important for them. So in offers, I've said that our clients, especially if they're in construction, our experience with this, our client will take care of any issues. That makes it more appealing. Right. You said there was as far as a water quality or a septic? Yeah, different loan programs will have different requirements for inspections. Like Rhode Island Housing, they typically will ask for reports on the septic or well if the house has that. There's, when it comes down to like a VA loan, They'll need a termite inspection in most cases. And so there's little intricacies on there. I say that it's more on a case by case basis and how that gets resolved. Getting offers accepted is the main thing here. And I would say if you do see a house that you go to put an offer in on and it has a bunch of work that's needed, it's good to communicate that ahead of time. A lot of times though, I will say it's really subjective to the appraiser, to the inspector. I've seen situations where the agents are, well, this won't never pass, it's going to be an issue, and then find out. It doesn't even pop up on the appraisal. So it really depends on the appraiser that day, the lighting, you know, their underwriters are going to review those appraisal reports and make sure that everything is good in there too. And everybody said it's okay. Then it's okay. Obviously having that contingency plan and having that conversation between the buyer's agent and the listing agent to know who's going to take care of what, if it does pop up is good to have the backup part, everybody should have a backup to a backup just to make sure it gets resolved and set that expectation with the client. Yeah. In our brokerage, we have a 10 week agent success program for agents to be, you know, because there's so many things to learn about being an agent and how to be successful. But this week's is negotiating and we're talking about negotiating and it's kind of like, I'm going to buy this candy bar or I'm going to sell you this candy bar, you know, 5 dollars. Everybody's like, yeah, we have the same price, but then, you know, finding exactly what the seller wants. Mm hmm and being able to put all those together So as far as the offer knowing all these things and figuring out what is important for the seller is important again It's not always the money. It's not always how much you're offering. It's all the other things that are important to the seller Yeah, so like time that they're moving like how much time do they need or how they're going to be so closing closing time That song's stuck in my head. Closing time. Closing time. All right, let's get serious. Closing time is also important because some sellers They just want to, they've already moved out. They're living somewhere else. What is the deal with that? Well, how can like, I know usually 45 days is what you guys like on the offer. Yeah, it really depends on the situation. I've closed loans for In as little as two weeks, having that right consultation first, having all the paperwork already in for the client is always helpful. I always tell the clients during that second consultation, when they have that offer accepted, you know, half the battle is communication, obviously, but them getting the documents as quickly as possible to us. If there's something that's outstanding, maybe they're waiting for an updated bank statement to come out. If we keep on asking for it over and over again, Then communicating, Hey, listen, it comes out next week is important. So we were on the same page and know and have that right expectation as well. So it takes a team effort to close a loan quickly, but it's definitely possible. Right now we're seeing turn times between three and four weeks when it comes down to it. So 21 days, you know, normally everything is closing within a month, which is great. That is important to some sellers when it comes down to it. And right now, as far as the industry, yeah, I turn times have gotten better. I think technology has improved, and clients, for the most part, have adapted to technology to where they're able to simply upload their bank statements and documents right from their phone, right? So, you couldn't have done that 15 years ago. You know, you'd actually have to drive to the lender's office every time you need something, or they would have to drive to your house and pick it up, and so, now So, is that why they can close faster? Is it because you already have all the documents you need in the beginning? Well, I think it's still the combination of communication with that technology part, right? In the process, a lot of times if somebody's using a 401k, you'll need the terms of that 401k. Go on to your 401k statement website right now and try to find that. It's not that easy. So, we've also had to jump on Zoom calls and show people where to click and where to download things. So, instead of having to take all the documents, An hour or planning a time to go meet with somebody to go get the terms of withdrawal. Just jumping on a Zoom call or sending snapshots as far as what it looks like and where to get it. Technology has just stepped up on that process, you know. And then we actually have a mortgage app where people are securely uploading the documents right into the app. So whether they're taking pictures of their paper documents or they're uploading them right from their company website right into the portal. It's secure, it all goes into one place. When I first started doing mortgages, it was just, people would just throw it at you however they could possibly get it, whether they would text you a picture of it, or they would send it with smoke signals. It was just, I feel like technology as a whole has kind of made everything more simple and more organized to where it's all going into one part, to where everybody within the company is looking at it in the same folder. Let me ask you this. And that's most mortgage companies are doing the same thing. And you talk about the app, and people still fax stuff? No. Oh my gosh, when did that stop? I don't know, a lot of the hospital industry still will use fax. Okay. But it's been a little while. Yeah, but yeah. Amazing technology. You put this paper in this machine and it teleports, amazing. Yeah, yeah, I'm glad that's done with. Dial up and, yeah. Okay, so that's how, so you know Speed to close quickly is important. And you can kind of predict that's gonna happen with someone, because, like you said, they're not gonna know 401k that they have to pull out. The 20 percent cash is sitting in the bank waiting. You have all their documents. That looks appealing. When a client's ready to go, we're ready to go. When the house is ready to go, we're ready to go. We're all ready to go and we can close. That's pretty much how it's happening now. How about appraiser? Appraisers are happening really quickly. We have a good small local staff of appraisers that we do a lot of business with. So obvious, well, most people might not know this. You know, I can't just call up an appraiser and say, Hey, can you go out to the house nowadays? I'll give you an extra hundred bucks. That's illegal. So the mortgage companies have to use a portal in order to put in a job for an appraiser and the appraiser will randomly pick it up. Now, you can kind of keep a selection of who's in that portal and it has to be a certain amount, but it could be one of those people in there. And so normally you have them. Circulate who's going to go out there, but you have that trust with them that somebody's going to go out there and do it quickly and portal communication has been better since when I first started to you can actually put in notes for rush appraisals and people can pay additional money to rush appraisals if needed. And again, going back to the appraisal waiver, that has been a nice thing where somebody is putting down 20 percent they're buying a single family and their owner occupying, depending on that data from Fannie Mae and Freddie Mac, you might not actually even need an appraisal. And so that's always good news because then you don't need to worry about that possible hurdle in the loan process and so, it's hard to determine ahead of time, before that offer gets accepted, whether or not the house needs an appraisal, because the mortgage software looks at the client's data, what their down payment is, to credit score, to then the house data. And we don't put in the house data until we have that offer accepted, and we make full application on that mortgage application. So, that's when we know we have that appraisal. But a lot of times people are putting in those appraisal waivers, or appraisal gap situations, just in case they need to have an appraisal, and if it comes in lower. And for the appraiser, the buyer's agent doesn't really talk to them much. It's, or at all, actually, it's just the listing agent, the seller's agent, who the appraiser reaches out to, Hey, can you show me the house? And it's the seller agent's job to make sure they have all the information to try to get the house as high value as possible for their seller. Right. And so normally they'll supply comparable properties that they might see that they used when they made the analysis. of the property amount, the value amount. Other times they may not, and just let the appraiser do their work, and that's fine too. Uh, yeah, the buyer side doesn't really get involved with the appraisal unless the appraisal comes in low, right? Then you might go do a little bit of extra diligence on your side to find comparable properties that have sold recently within that area to try to support the value. Of the client buying that property, because if the property does come in low, then it will mean more cash due at closing, depending on the appraisal gap as well. And the client may not have that. And so they may not qualify if the appraisal comes in too low. And then it's back to the drawing board, going to find another property. And so that's usually when more teamwork will kick in. But fortunate to say with the increasing property values, we don't really see too many appraisal gaps right now. So two things I want to talk about is one, as far as making an appealing offer, um, You have all these offers coming in, they're all the same. One of them says, Oh, but I have to sell my house to buy this house. That's off the table. Like if you're getting all these offers and one says, Oh, by the way, I haven't even listed my house. I don't even have an offer on my house. I'm not even under contract to sell my house. Those things. Will cause you to not get a house. That's a good point. Yeah, so that's as far as making an appealing offer. Make sure there's no strings attached. Make sure you're under contract if you are selling your house. We, uh, just had some clients that closed last Friday. They had a condo nearby. That was their first house that they purchased. Their family was growing and they wanted a single family house. And so we looked at the differences between Number one, could they afford to close on the new house without having a subject to suitable housing contingency or a sales contingency on their other house. So they didn't need to sell that condo first before buying the new property. If they did need to sell that condo in order to buy the new property, they would probably still be out there looking for a property. There's just too much competition out there right now. So you're seeing first time home buyers get their offer accepted. This is a seller's market. So the seller's got you, you know what I'm saying? It's a good way of putting it. Yeah. Another thing is you want to help the seller. You want to be as accommodating to them. One of the things is if they need to buy a house, You gotta be accommodating and sometimes even offer them to be able to rent the house after you sold it for a month or two Until they find a place so all these different things to an offer makes it more appealing more appealing We want us to get your offer accepted. It makes you happy. It makes us happy again It's kind of sad when you don't get your offer accepted I've just kind of been ingrained in saying everything happens for a reason and that normally is true If it's not this house It's okay. The next one will probably fit your needs even better. So just, you have to stay persistent out there. Keep on doing what you can to be as prepared as possible. Set the right expectations, know what to expect, and that right house will come for you and get your key. And we, we try to be creative with the offers. I mean, not only these things that we mentioned, but we have like a mastermind session here at the brokerage, like running ideas by each other, and then saying, these are all the things that make an offer appealing, and I even go out with. agents to kind of like help them out or even advice on like offers and how to make it more appealing because you know And today we want to help them buy a house, right? Right and it is nice to say and something to think about when you know If you're a person looking to buy a house or if you're an agent a strong network by that agent is very important I see a lot of times that an offer get accepted because they know who I am or they knew who the buyers agent is or both And the selling side, they want to work with people that they already know. More so than just taking a random person that just came into their open house with a bank or a mortgage company or a lender that they don't know. They don't know the reputation of that person or same thing on that buyer's agent. They don't know if that person is just a grumpy person that you wouldn't want to have to deal with every single day. Cause normally when you're going through a real estate transaction, you are communicating a lot with that other person on the other side. People just want a nice smooth transaction, good teamwork all the way around. So your network is very important. Again, if you're a buyer, knowing that your agent is out there and familiar with the market, but also it has a good reputation, that's important. And then if you're a real estate agent, I highly encourage you to get out there and network because you're going to probably be on the other side of that closing table from that seller at one point. And if you already know who they are and And we've exchanged conversations. There's probably a better chance that they're going to accept your offer if it is apples to apples to other offers. Awesome. Very true. All right, John. Thank you very much for stopping by. Thank you for having me. I appreciate the questions. Yes. I look forward to it. Thank you.