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Tulsa Mortgage : Podcast 23 – Part 1

Tulsa Mortgage Steve: This is for the Steve ‘N Tyler show episode number 23.
Announcer: Welcome to the Steve ‘N Tyler show with and Tyler Whyburn.
Steve: Who negotiated the contract for you?
Tyler: A Realtor.
Steve: That was smart, good for you man
Announcer: They are talking about everything you need to know about mortgages, home loans and more. Nobody knows mortgages like this two; get ready because here is Steve and Tyler.
Steve: What is up Tyler?
Tyler: Good morning.
Steve: It’s a good morning alright. It is a great morning, and we are live in the Jinx Studios. It’s early, early, early I think– what time did we get here this morning? Its 2.00AM.
Tyler: Yes.
Steve: You know when we are talking about Tulsa mortgage we have to wake up early to talk about it because you don’t get a Colombia mortgage or a Colorado Springs mortgage from a lender that wakes up at 9 o’clock. Doesn’t happen, does it, Tyler?
Tyler: No
Steve: Nor do you in Pueblo, if you are getting a Pueblo mortgage or may be a New Mexico mortgage or a– Tyler, anytime you are ready.
Tyler: Yes, I am trying to get ready
Steve: The Pueblo mortgage and what else?
Tyler: Farmington?
Tulsa Mortgage Steve: Farmington yes, see I knew you can recall it. I knew you would recall. So listen why don’t we– I found us a low music for us today called Juicy. Juicy is not working but here comes [music]. What are we talking about today bro? Maybe a little appraisal talk?
Tyler: Let’s do it.
Steve: Why do we talk about appraisals Tyler? Cause they are juicy, that is what this is. That’s what they say whenever people walk in on our podcast. So hey listen so totally, what we typically like to do on our podcast is give you like a three reasons or a three topics from the podcast and then we do a little quote, and we do some other stuff so we will talk about that here in just a moment and when we’re talking about appraisals– Look right now in our environment Tyler what is the biggest issues that you will run into?
Tyler: Right now they are not coming in on time.
Steve: Yes, so they are slower because there’s a lot of value right? And then the other thing is is that sometimes recently like yesterday the value doesn’t come in on time, right?
Tyler: Correct.
Tulsa Mortgage Steve: So what happens then, when appraisal comes in slow so we don’t get it on time and then when it does come in the value comes in a little bit low. What kind of problems does that cause for us?
Tyler: Well a lot, it holds up the closing day big time, well unless there are several weeks left. When that low appraisal finally comes back in but people got to realize, though. The good thing about an appraisal coming low it’s not necessarily the end of the road, it could be, but it’s not necessarily the end all. They should go back and renegotiate with the seller if they still want the house they might want to walk away whenever they find out it’s worth a lot less than what they were originally planning on paying for it but–
Steve: The one we just got, the contract was 197.5, right? And the value came in at 192 and then when we did the math what was the difference in the contract price and the appraise value
Tyler: The difference is that the fact that the seller was paying the closing cost in the amount of $5,500 for the buyer.
Steve: and the value came at $5,500 less?
Tyler: Yes
Tulsa Mortgage Steve: so what that tells me is this, nothing against because we are speaking totally hypothetically here and not about any particular region. I don’t even know who the agent is on that– well it doesn’t matter, but I don’t know–but here is the deal, if you are buying a house you better get your bulldog in your corner and negotiate the contract because you cannot always count on an appraiser to come in and tell you that you overpaid, but to me that is a gift from the appraiser because you can think, “Oh what’s messing things up? It’s a pain in my butt,” but if you are the buyer, he just prevented you from paying 5,500 bucks too much for a house and so in my opinion I guarantee you that whoever negotiated that contract didn’t do a very good job. Would you agree Tyler?
Tyler: I would say yes.
Steve: Because if your Realtor negotiates contract for you and the appraisal comes in $5,500 low the chances are you aren’t paying for that house, and I don’t know about you, but if I am buying a house I don’t want to pay retail for it. Did you pay retail for your last house?
Tyler: No I did get a Realtor on that one by the way.
Steve: Which was you.
Tulsa Mortgage Steve: We are talking about that in our intro, who negotiated the contract? “A Realtor.” “Oh good for you,” but it was you.
Tyler: Yeah right?
Steve: You were the Realtor now it’s all coming together. So I think a couple of things here first of all an appraisal in the value on a property is what someone will pay for. What do you think?
Tyler: Yes
Steve: But it still has to be supported by comparable properties that are in that area, it still has to be supported by the fact that the house is at least remotely worth that and while some appraisers are a little bit more conservative, if you’re a buyer that’s exactly what you want them to be. It’s conservative, right?
Tyler: Right
Steve: Whenever you shake your head at the mic–
Tyler: Nobody hears me.
Steve: Nobody hears you [laughs].
Tulsa Mortgage Steve: I am seated here looking at Tyler, and he is going– hm mm.
Tyler: I certainly haven’t found the bottom of my Redbull yet.
Steve: He is checking the Redbull. Remember guys it’s like two-three in the morning just kidding, it is early, but you know for Tyler it might as well be two or three in the morning. So have a Realtor that’s going to negotiate on your behalf and be prepared if you don’t and you just really throw in value there Tyler you are going to maybe have problems because the house is not just going to add back the appraise for what your contract price is. Correct?
Tyler: Correct.
Steve: The other issue that we have with appraisals is repairs because we have people that say, “Well do I need–” My sister right now totally getting to buy a house there is not only inspections that she had done, there were repairs which do not require inspection other than the appraisal, but she also got repairs that were requirements of the appraisal. Do you remember that?
Tyler: Yes.
Tulsa Mortgage Steve: And because of that it could delay the process because right now– I just talked to her Realtor yesterday and Chris says the seller is still working on the repairs. They want to close on– you know it’s seven days from their closing date and the repairs aren’t done. We got everything else done; we’ve got what’s done on our side done from the loan but the repairs aren’t done, and it’s very frustrating for us as a lender to get the entire loan completed and be waiting on the seller to make some repairs. Isn’t it?
Tyler: Yes. But it’s always funny to hear you would think that whenever somebody gets to sell a house, they look at these things in general.
Steve: That’s right you would think that they would at these things in general. Tyler is fidgeting with his Bluetooth, and you can totally hear it on the mic and am sitting here looking at him going– I am like doing the motion of like, “Take your hands off the thing,” because you can literally hear, listen[ background noise] like tapping, if you tap on something you can hear it. Our mics are so hot today Tyler [chuckles]. I just dropped my phone.
Tyler: Heard that.
Steve: They are so hot– you heard that on the mic too. So listen we’re talking about appraisals, but more importantly we’re talking about your appraisal coming in at the value of what you are offered and what the seller agreed on your contract. But it goes back to what we talked about in previous podcasts which is picking a Realtor, right Tyler? Because if you willy-nilly just pick a Realtor because it’s your best friend’s next door neighbor sister’s mom and you saw her at a cookout and she works at the local community store and then sells real estate on the side and has sold two houses in her entire career then that’s probably not the one for you and you’re probably going to have some appraisal issues. Because why? She’s going to go in, she’s going to like make an offer that’s not based on any education or anything that she knows, she’s just going to make an offer.
She or he sorry, they will make that offer that if you are the seller– why would you be dumb not to accept an offer that’s above the value of your house? So like this one yesterday, $5,500 on a $197,000 that’s what? 2.5% of the purchase price.
Tyler: Yes.
Tulsa Mortgage Steve: That’s equivalent of the seller, that’s about half of the real estate commission on the contract just in that. So essentially if that had come in at $197,500 then you as the buyer would have been paying your Realtor for the seller because all they did was jack their price up above the value of the house.
So it starts with getting a good Realtor, and if you get a good Realtor you can make sure — hey, we have a deal right now that we negotiated with the contract on. It’s a for sale by owner that there’s no agents. The person selling the house thinks that I’m their Realtor, but I’m not because I have an MLS number like our company MLS which is like 1043976 and 203687, everyone should remember that. And I do mortgage but when people come to me, and they already have a house picked out, and they are like, “I don’t know, what should we offer,” I’m a human, so I just tell them to low ball them, and then they get accepted and then Tulsa Mortgage guess what happens in that case? The appraisal comes in $7,000 above their contract price. That’s what you want, right?
Tyler: Yes.