Tulsa Mortgage : Podcast 139
Steve: This is SteveCurrington.com and the Steve and Tyler show. Episode number 137.
Intro Voiceover: Welcome to the Steve and Tyler show. With SteveCurrington.com and Tyler Widner.
Steve: Who negotiated the contract for you?
Tyler: A realtor.
Steve: Oh, you’re pretty smart.
Steve: Tulsa Mortgage Well good for you, man.
Intro Voiceover: They’re talking about everything you need to know about mortgages, home loans, and more. Nobody knows mortgages like these two. Get ready! Because here’s Steve and Tyler.
Steve: [inaudible 00:00:34] Tyler.
Steve: So there’s something up on my screen here that says ‘Star Wars Episode #6 Return of the Jedi opening’… But it isn’t working.
Oh no. Sam have I broken it?
Okay! That might come on folks, thank you for listening to the Steve and Tyler show. We’re talking today about dealing with crazy sellers. What does that mean Tyler? Dealing with crazy sellers.
Tyler: Tulsa Mortgage It’s like an every day occurrence almost.
Steve: Right? It is kind of like an every day occurrence.
Tyler: Oh, here it comes.
Darth Vader: That is correct, Commander. And he is most pleased with your- [crosstalk 00:01:18]
Steve: I hit play light eight times. It’s like “We shall double our efforts.” I can’t get it to stop now.
So, Darth Vader might be a crazy seller. That was the point. All right, so, Tyler. You’re saying that we go with a crazy seller quite often, right?
Tyler: It happens. I mean, people are unrealistic whenever they’re selling their property.
Steve: They’re emotional?
Steve: Tulsa Mortgage Unrealistically emotional. Basically.
Steve: They’re crazy. That would be unrealistically emotional. So, give me some… We just had this happen yesterday so give me an example of something unrealistically emotional that a seller said to our buyer or the listing agent said to the buyer.
Tyler: They threatened to back out of the contract completely if we didn’t have an appraisal done, what, that day? They say by four o’clock.
Steve: They were like, “By god if I don’t have my closing disclosure by this date and appraisal in my hand, I’m walkin’.”
And, you know, the buyer is upset. Understandably. I mean, I get it, they’re mad, they’re upset. They’re like, “I’m going to lose this house! Please do something! They’re going to pull out! I really like this house. I want it, I want it.”
Steve: Tulsa Mortgage Right? It sucks. But let me tell you something. You were looking for a house when you found that one.
Steve: And houses come on the market all the time. And if you can do this, if you’re a buyer and you’re listening to this, this is the advice SteveCurrington.com will give you.
Now I’ve been doing this for a long time, I’ve done thousands of loans. I’ve seen lots of crazy sellers and buyers. If you can not be emotional about the purchase of a house, which is the largest financial decision most people make in their life, and make it like a business transaction you will not get upset when the seller threatens to walk. You will say, “Okay. Walk.”
And then you will remember that you have a contract with the seller that stipulates certain things.
Steve: Tulsa Mortgage Like, they can’t just walk. They can’t just… I mean they can, but they can say, “I’m not getting out of this house. I’m not selling. I’m not going to closing, I’m not selling your house.”
And guess what? We’re in America. So you know what we do in America? You get an attorney and you sue them. That’s what would happen, right Tyler?
Tyler: Yeah. Oh yeah. Well, and we had one not too long ago. They didn’t want to sign an extension, period. Like, “We’re not signing an extension.” “Okay.”
We were closing like two days after the contract day. Yeah, there were some issues that ad to be cleared up. Little delay. Two days after the contract date, they’re not signing an extension. They thought that was like, “Oh, we’re bad. We’re not signing an extension.”
Tyler: But, there’s a five day extension built-in to the contract.
Steve: So, they didn’t have a choice.
Tyler: Yeah. “Um, we’re still closing!”
Steve: They, by the way, still closed.
Steve: And it still happens. And that happens! You guys have to be prepared for that. Things happen. Weather can cause a delay, title can… We had one where we were ready to close. Loan locked, closing disclosure out, January 1st didn’t close until February the 10th. Not because of us. Because of a title problem that we had no control over that the seller should’ve taken care of months ago.
Steve: Tulsa Mortgage We didn’t have any control over that, right? It wasn’t our fault. I will take the blame if I’m the blame, but we weren’t to blame here.
So, listen, sellers are humans too just like you are. And, unfortunately people are emotional about their house. It’s their house that they’ve lived in and raised their kids in and they’ve done all this stuff. You know, they get mad! When you’re like, “I need you to fix this.”
“I’m not paying any more money! I’m already paying this realtor six percent to sell this house!”
You know? Now you got this repair bill for the roof that’s leaking and, “I know it’s been leaking. My wife’s been telling me fix it for the last five years, but I haven’t fixed it and I’m really mad about that. Dang it!” And, “Sally was Right!” You know, this whole time she’s been like, “Oh, fix the roof before we sell the house. You know we’re going to have to fix it.”
“Naw, honey. We’re not going to have to fix crap, there’s nothin’ wrong.”
Tulsa Mortgage And then you’re like “We have to fix it.”
So then you’re mad because now you have to spend this money to fix the house, and your wife was right, and nobody likes their wife to be right. So there’s all these things going on. And then you’re like:
“Forget them, man. Just tell them… You just tell them if they want that roof fixed… If they want that roof fixed, they can forget about it. I’m not selling this house. We’ll stay right here, Sally. We’ll stay here. If they want to buy our house, they’ll buy it with the broken roof. That’s what’ll happen.”
Right? That’s exactly what happens.
Tyler: Uh, no they won’t.
Tulsa Mortgage Steve: That is exactly what happens. And then you know what happens? Reality sets in. And the seller’s like, “Well, we are buying that other house. And I don’t want that deal to fall through, my wife loves that house. How much is the roof repair? It’s $1200? I’ll fix it.”
Now, vastly different, right? I’m crazy psycho seller, “I am not fixing that roof! Bite me! Go buy another house, I’m not even selling my house. I’ll stay right where I’m at. Not fixing it.”
And then, two days later, one day later, “How much is it?”
Steve: And I’ll go ahead and fix it. So, I’m going through this drama, because that’s what people create. It’s just drama, that’s what it is. That’s what we just told this client yesterday.
“Hey, what is happening is you are getting roped into some drama with a seller who thinks that they can dictate things, and they can’t. So, Just ignore them.”
Tulsa Mortgage And here’s the other thing. If you make this a business deal and it’s a transaction and not this big emotional thing about this specific house that you want, you won’t have these problems. Because you will just say:
“Fine, don’t sell your house. I was looking for one when I found this one. You want to back out of the contract? Back out of the contract. I’m going to sue you. I’m going to get an attorney because you have a contract that says I have until this date to close. And I have met every requirement of the contract, and you’re making stipulations outside of the contract that I don’t have to meet. And you know I don’t have to meet them. Go right ahead. Make those requirements, and I will sue you. And you will pay me, and I still won’t buy your house. You’ll have to go sell it to someone else. And then your wife will be mad at you because you didn’t fix the roof.”
Boom. Drop the bomb. But, right?
Tulsa Mortgage Steve: I mean, it’s true! But we deal with it every day. If you’re a loan officer and you’re watching this, go look up Tony Robbins. I’ve [inaudible 00:08:05] like a million times. But Tony Robbins has this deal that he does where he talks about what you’re able to deal with as a human. What you’ve experienced in your life and what you’re able to do stress-level wise.
So if you’re watching, if you’re listening you won’t be able see my illustration, but you literally have a circle, and this is like the sphere of what you can handle. Okay? And then something happens that is outside the circle. It’s like a big deal you have to deal with it. It happens. And you can’t. You ignore it, it’s like a wart. It keeps growing, it gets nastier and nastier and nastier, and eventually you got another issue that’s out there and then one day, boom! You take care of them. And you expand your ability and your influence, or your ability to deal with things at a higher level. Right Tyler?
Steve: Does that make sense? My explaining it without my hands? If you’re not watching hands.
Steve: So, when you’re a buyer or a seller. And you’re selling for the first or third, fifth, or seventh time, things are big deals! They just are, it’s a big deal. Because you want your roof fixed for $900. For Tyler and I who’ve done thousands of loans together, it’s not a big deal. We deal with it all the time! And we watch people go through the same process. They go through the: I’m really mad. I’m not paying. I’ll back out of this contract. Okay, how much is it? Yes, I’d be glad to fix it. I’m sorry.
Steve: We just watch it, because guess what? When a seller lists their house, they do it because they want to sell it. They want change. They want something different. So they are just as excited to sell their house and go get a new one as you are excited to buy their house. 99.99‾% of the time. I hope somebody transcribes that, Sam. I can’t wait until someone transcribes that. 99.99‾. That’s a number. 99‾.
They’re bluffing. 99.99‾% of the time, they’re going to sell their house ’cause they want to sell their house. Because why? What do sellers that sell houses do Tyler?
Tyler: They go buy another one.
Tulsa Mortgage Steve: They buy other houses! They already got the big one picked out with the pool and the beautiful stone on the outside of the house and the mailbox that they love. And it’s got the tree in the yard that my wife loves. I’m selling my house, bro, it’s happening. Not without a little bit of pain, I will say, right? Not without a little bit of pain.
So just keep that in mind if you’re a buyer. When the seller starts throwing demands, or when you’re dealing with a crazy seller just get transactional and get the emotion out of the transaction and be prepared to go buy a different house.
Intro Voiceover: Broadcasting live from the Koala studios in Tulsa, Oklahoma! You’re listening to the Steve and Tyler show!