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Tulsa Mortgage : Podcast 146


Tulsa Mortgage This is Steve Currington dot com in the Steven Tyler show episode number 146.

Steven Spielberg turned on Con and Tyler won negotiate for a good free smart.

Good for him. There is no way to get rich.

Here’s Steve.

What’s up Tyler. Good morning.

Tulsa Mortgage Hey we’re in the box that rocks and I think that Clay was singing the song Mr. Jones maybe less in here because it’s up on the thing here. So do you want to sing Mr. Jones to kick out the show. Hey we like Prince revolution. Listen a.

PRINCE. Like the little prince Tyler it early in the morning on a Wednesday.

So. Today we’re talking about negotiating a contract. And I thought this might be a good topic for Tyler to chime in on because in case you podcasters out there and maybe till you people don’t know Tyler used to be a realtor. True story. And he took the plunge to become a mortgage banker. You know the lower level career being a mortgage guy in like what 2010 11 was it. I think it was 2011 2011. And we will tell you what date it is now. But he’s been he’s a veteran. He’s a veteran now he’s backtracking.

So all these years that I can attribute to all the greats.

Tulsa Mortgage So Tyler talked him about negotiating a contract and specifically maybe you can share a little bit. You know I’ve shared a lot about my feelings about who should negotiate a contract and he should trust to do that right. Yeah.

If you’re buying a house we’re talking about buy a house I am going to spend what two hundred thousand bucks on a house and now I need to negotiate a contract. So what’s the best way to do that to always go through your realtor.

Everybody’s got their own set opinion of you know what. What to expect and what 90 percent of the time just completely unrealistic. Yeah.

So they do things like the house is Lyssa for 200 and they want to ask for 7000 in closing cost and they want to offer 1:52.

Yeah that’s come up. That kind of thing that you mean it kind of what I did when I bought.

Tulsa Mortgage Well yeah but you know you had a realtor remember that’s part of our whole intro. He negotiated the contract for you a realtor. So listen there are times I mean there are cases where a house. Is overpriced. You know like someone has listed it for more but generally. Generally I will tell you if you make a offer that is at 40 percent or 60 percent of the list price they’re probably not going to take you seriously. There is a reason why a professional realtor and a seller most of the time. OK there are times when listing agents and sellers are knuckleheads but most of the time there’s the thought that goes into what they’re in the house for. I mean it has to do with comparable properties and that type of thing so you coming in at 150 on a tour. Hotels are listening is probably going to be a huge huge waste of time for everybody. Right.

Exactly. I mean it’s just why would especially I mean if somebody bought that house and they sell a mortgage on it. I mean nobody’s probably got just that Derian laying around so they can sell their house to make you happy but not going to happen.

You know there’s a reason they listed it at a 100 or 200 thousand and not 150 you know. Yeah.

I thought that’s awesome dance tunes. But you know nobody’s going to. Well. Here’s what I always tell people because what I can offer. Would you sell your house for that.

Well now I mean I mean if I had my house for 200000 I wouldn’t sell it for 152. So what makes you think things are going.

Tulsa Mortgage Now. There are caveats. You know like Tyler said he found a house that he happened to know about it that needed to be updated. There was a elderly person living in it. She was retired. Her husband passed away.

She was just. Getting rid of it. And he made a silly offer. And she accepted it and he still lives there he’s been there since 1997. Just kidding. He just updated. But since you touched just it like a big remodel on his house did not do a two or three day alone kitchen owner. But.

But that’s the exception not the rule and that’s what I would tell you guys. The biggest thing that I can tell you with buyers right. Listen this has been like the hot button since 2008 because I’m this for a long time and a hot button since like 2008 has been owned by foreclosure. I want to buy a short sale. I want to buy. I want to get a deal I want to get a deal on a house. And there’s nothing I don’t think there’s anything wrong with that. I mean who doesn’t want to get a deal.

You know who doesn’t want to get a deal but sometimes a judge can be unrealistic so just make sure that you’re doing your research that your real estate agent.

Which you should have is doing his or her research because you don’t want to necessarily not make a hundred $52000 offer on a $200 our house but only if it’s necessary.

I should say OK we had one the other day that was listed you know 230 grand and they were making an offer to a five and you could say well that’s kind of ridiculous because it’s 25 grand below this price and they’re asking for closing costs but they did their research and they knew the people at the house for less than a year they bought it for one hundred ninety seven thousand dollars.

And that’s what it was worth. They just said listen sometimes look all realtors are amazing. Not but sometimes.

Sometimes people have a listing agent who also works full time as a receptionist.

Tulsa Mortgage At a engineering firm and they just got their real estate license and it’s their first listing and the seller says I think it’s for 230000 and the realtor says. OK. And they.

Tulsa Mortgage Listed. Right to. Yeah. How many times have you seen that happen all the time. So I’m not saying that you should just. You should not. Consider the list price I’m not saying that and I’m not saying that you shouldn’t lowball an offer necessarily. I’m just saying Get a person that’s representing you to negotiate your contract. That is knowledgeable that knows the market that knows whether or not the house is worth that so they can make a reasonable offer. One of my biggest biggest pet peeves Ever since I’m in the business is the fact that the appraiser gets the purchase contract. To me. I can see both sides on one hand. I say well the house is worth what someone told to pay for it. And so the prisoner needs to know what they’re willing to pay for it. But on the other hand I kind of think well if they’re using comparables and they’re you know they’re looking at houses that are like an H size and condition in the area that is sold the last six to 12 months. Why does he care what the price is because Shouldn’t he be able to determine that. Shouldn’t you know. But the fact of the matter is you as the buyer need to have someone negotiate in the contract on your behalf that does know the market. That can make sure that you’re not overpaying for the house because I got news for you in five 10 years four years three years how long it is.

That I would be there nine times out of 10. Would you agree to yeah.

I’m a friend a former friend that used to say wouldn’t you agree. No I wouldn’t agree. You know they’re always setting you up to get him to agree with you. So I’m not trying to get tired of the I’m asking do you agree with it on I would say just kind of another thing for sale by owners.

Tulsa Mortgage A lot of times people try to negotiate with the seller and. Making you dirty. I mean really if you can bring a realtor in to any transaction will have some method to having a buffer.

You know we played that role before when there’s a For Sale By Owner because people are emotional about their house I mean they live in it. It’s their house. They love it. They think it’s worth a certain amount. You come in and tell them that it isn’t.

They’re mad now they’re mad at you. No I forgive you I’m not selling my house to you. So yeah there’s a benefit to having a buffer because not only are they emotionally charged about it you can be too and you just have to amputate the emotion from a business transaction. That’s what it is it’s a business deal business deal. So talk about negotiating a contract. The biggest advice I’ll leave us with in our last 30 seconds of the podcast here don’t tune out. Here’s the biggest advice is you need to get somebody that can negotiate a contract for you that has experience and has a record of doing it and doing a good job. So somebody who has sold a thousand houses like in our market. J.B. Hawkins with the Hawkins hometeam. That’s somebody I would want to negotiate my contract for me. Not necessarily that there’s anything wrong with a new agent who’s up and coming who’s working their tail off have no problem with that but you’re negotiating the largest contract most people to get it ever in their life second to their next house that they buy that’s bigger and you just don’t want to leave it to someone who’s done one of them or zero. I mean it just happen. I mean really we’ve said this a million times.

You wouldn’t let a doctor do open heart surgery on you if it was the first time. He was like don’t worry. I’ve watched a lot of videos. I’m pretty sure I can do this. Do you count back from ten years. I think I got this. This is my first one. So just bear with me here. Right. That is a lot that happened right.

As L.L. Cool J I would say go is somebody that’s doing it doing it and doing it to do and doing it and doing it well.

Tulsa Mortgage Broadcasting live from the koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show