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KJCE 1370AM>Audio on Demand>>House Talk Radio 2/9/14

House Talk Radio 2/9/14

Feb 9, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

They central Texas getting ready for the lead this real estate and mortgage news. House talk radio John -- -- And jewel. Douglas. How -- radio it's February 9. Each week we're live at five here on Sundays. I'm 37 AM we discuss central Texas real estate answering your questions about the market -- -- -- QC a local mortgage banker with supreme lending. And joining today's -- Douglass -- -- residential and our special guest George keeper with Keller Williams. So -- listen up there this is a real it's real serious talk show and we field questions from buyers and sellers every day. Mean like -- or some other answers you. Our audience. Throughout the show so. -- Invite you to Collison with your stories and questions. More live. Are wondering your spot 1239013. Seventy that's 512390. Thirteen sending you also false on FaceBook a house talk radio or Twitter witch's house talk Austin. Bottom line we are here to provide you actionable knowledge. Knowledge that you helps you make an informed decision today. -- -- Man this real estate market is incredible. And so ready guys came in and join me here today. And two time out of your busy schedule and you got to run around it look at property. It's been a busy week meanest generally does me every -- speak every week's visit that this was a really busy week -- I have a feeling and in Georgia lieutenant I have. I feel what we cocaine out of as it had -- November December that were their fast pace that. It was it was fast paced. But once we hit somewhere around mid January all the inventory to start gobbled up and and where it now. Wouldn't there is very there's almost nothing out there and if it if it is still available it's either perhaps over price given condition. Or there's just something or something wrong with -- -- -- has picked -- systems -- houses of the market it's crazy it's actually crazy. The boat if house is not in a -- I can almost tell you an inventory hits because my foes are training George. He also is it your photo what the barometer for what's happening in in in certain markets around town and people start calling going George George. There's no I -- listing on in my hope is that we're gonna see some spring inventory come on that'll help that kind of relieve the situation that's what I hope this when does that start. Well I I think traditionally right after the Super Bowl used to you'll start seeing come on so. Notices you were in the early exodus that. -- we're gonna start seeing it late later on little by little. How to sell through spring I had the best month ever for folks calling -- pre qualify in January what's happening. That means that a lot of folks wanna buy houses they wanna do all they want to qualify for a loan so that by house or their agents don't call me. You -- the problem is is no contracts why -- contracts to -- hole did you find a house tomorrow. It's it's an acquittal market well today I'm very excited we're we talking about foreclosures. We have George -- -- there's a foreclosure expert. You know it it you know there's a lot of truth -- you know after that it's true to say that most realtors. Can help you buy a foreclosure but they're not experts at foreclosures that's right and Jordan's right billion George -- expert so. Thank you for having me absolutely actually. Again I really appreciate you taking time to help our listeners understand all the more -- closures are going to be. Can you -- the questions to -- if you're out there looking at home right now orphanage run by the house and you hear about foreclosures. You're thinking about foreclosures be a buyer for closure give us a call we're here five point 239 of thirteen seventy that's 313. Seventy we've got to answer questions -- air you know. I'll even go a step further so for the Bible. And it's just because. Our it its new foreclosures distressed property that is definitely like it being niche. That's just that's just in niche. And Ali first first say that if I have a client. That wanted to sell their foreclosure and wanted to get a consultation. I would just half -- for George mr. George these folks. Are looking stern now foreclosure or they have a short sell it trying to sell they're having problems and I am just not your guy but I know who this. Thank you George is a guy. If for realtors who I mean I know that -- realtors actually refer you. Their clients to are going through this process just because they don't understand it it's it's a very technical. It's it's it's a huge challenge if you're not familiar with all the loopholes and how to be efficient get things done. They can you inherit your age you you know do your client service and beat it it's been a lot of time. Only point fail so we're. Well I've seen happen is if you just can take. It extends the process. Because if you have things done in the right order and Georgian tells more about this -- that. There's a certain order of things of foreclosure you have to provide certain times. And if you don't do right. You might get a second chance act if second chance to -- critical deny your two or three weeks until the threat and it's just takes longer and everybody's stress and its rulers. -- the one thing I think -- is really do you do you have a a list that you send out. Of the -- of foreclosures that are market and so. If folks wanna get on that list I wanna encourage your call we can take your car now 5123 and a thirteen seventy or FaceBook us. I'll talk radio -- -- or email us to and rule happily add your name. To this list this list is a very coveted list. It's so George let's let's just start of these questions are we are got a -- important guy doing the super hot market. Is now time to buy foreclosure can find him in Austin, Texas. Oh absolutely the other there in all price ranges. There on all areas. It before it got there just edged it blister what is a foreclosure. Well. The foreclosures that I deal with their ones that the lenders -- that there's some. We differ sellers foreclosures you have. Banks are trying to sell them different government entities like. Hud Fannie Mae Freddie Mac VA. You also have mortgage backed security funds are liquidating these properties. So the sellers of foreclosures -- who -- righty different entities in so. There in all areas thermal price ranges. And they all kind of come with their own unique rules in. Procedures that the sellers want you to follow and there they had different methods a liquidating. Every what is going to be unique there's no elected -- closure shares some Beers there forever following a foreclosure. Yeah you have to know this training has this format Freddie has this format were correct and even within those entities they're gonna have followed different formats. Freddie Fannie and whoever they all they also will not do the same thing every time as well. Even with and the entity so -- absolutely -- dude do you find like if a person that was that he or some -- realtors -- -- that. Agent that was -- Fannie or Freddie that -- -- the supermarket and just and it and it didn't Judas called general public just says you know but it's a foreclosure. I -- doing after the bank -- called that. That listing agent and just work this myself. Does that listing agent typically would work without a virus -- represented well the. According to remember is their representing the interest of the -- so whether they're representing. Fannie Mae or Freddie Mac or component or PA or a mortgage backed security fund or bank. Or Craig you know whoever. They're going to be represented that person's that's that in deceased interest. And the interest of the buyer gonna come second so. So there's -- -- down I want to get like street level here. Like to give us an example of a foreclosure in Austin, Texas it's in the city limits of Austin. Because I just it's hard for me imagine that bank went to southern. -- that they would neither did it mean. It's hard to imagine it was it would not imported and sold the markets may give an -- for a couple of years wiser still for close in the market not to text right now. Well. About. Two and a half percent of all mortgages are delinquent. So even and a good market even a good market branded that in that number pretty consistent so. At any given day about two and a half percent of people -- make in the mortgage payments and then those. That the the people who own that paper that mortgage paper. They're gonna naturally don't foreclose on. Bring an -- for of course probably try to work it work out a plan first with those with the with the owner but if they're unable to they're gonna foreclosed property and it's pretty easy. Four who have the owner of -- -- to foreclose on the on special actress stratex we're very fast efficient -- most experts considers the easiest. State to foreclose. And so. Did whether it's a government entity like -- Fannie or Freddie or it's a bank or mortgage backed security funder whoever. They like to use agents liquidate the properties. Precious to waste on and our market I know it may not be done that way -- -- -- the country -- at least in our market they like to use agents a liquidate those properties. We got to take a break but when we come back we're gonna talk about what kind of discounts you expect on a foreclosure talk about. The fix up costs that may be involved. What kind of condition your findings foreclosures and an Austin, Texas. If you're shouldn't foreclosures -- call remember of thirteen seven and a spot went to 3M -- thirteen seven you're listening to. Also talk radio will be right back. Good Sunday central Texas get ready for the latest real estate and mortgage news. -- talk radio John GC. And jewelry Douglas and. And we are back to -- and house talk radio we're live at five. And we have are talking about. Foreclosures. Very broad topic and so because we can't do it alone we have brought in hired gun. The foreclosure expert. Bosses George keeper Jorge thanks for commitment should thank you for our media this is great is great. So you know we spent a little bit just the last few minutes talk about foreclosures and I think we're gonna get into some good -- -- here so if you are. Looking at buying a foreclosure you thought about. Your in a situation where you'd. Went to note for being you know going through foreclosure process Sony should consider what your options are. You salinity and then you definitely wanna get to know George item you can call us here we happily take a phone call from you. At 5123. And out thirteen 70 that's viable into -- and -- thirteen seventeen. Constructing soft you know. In the past. Let's say our parents' generation -- it ever thought about foreclosures. There is always this press statement of foreclosures were good deals where you can get a foreclosure because banks were -- sell things. And general than -- would be citizens on the dollar they just want to let ago. That's is that still the case. Coming into this market or power banks dealing with. Trying to liquid liquidity. -- source of foreclosures they're just like everyone else sometimes. They'll make mistakes pricing their property. And they are getting advice from local people the third inning on and some -- of ice is bad and sometimes they're giving good advice but just choose to to act badly on -- so. That's fighting is -- important work with the buyer agent that I can help guide you through the -- because. Some foreclosure you're gonna be priced rate -- to -- fantastic values and some are not going to be very good values. And because the seller the foreclosures they're just like human beings they. -- -- -- -- -- -- -- -- -- -- Are you seeing victories -- Sure I think you can. In any marketing in the market we're in now -- a lower inventory market appear she still see great foreclosure values that are come on the market. And people -- people jump on them. Absolutely. So what's the reason for the discount because I've seen not they're not all in terrible condition some -- and decent -- or even. But I -- and I mean they've been gone through and fix up a little you know prepared a -- and that. It is -- on this that would justify that discount. Well. You also sit in in today's market you seeing a huge variety of what's being done so. For instance. Sometimes you'll see the -- the foreclosure you know for instance like Fannie Mae and Fannie Mae will take up some of their foreclosures and actually. A fix them up. Like an investor would end and new carpet I think are seen absolutely I've seen them put it I mean they eat the vendors a user very competent and -- that a second story in their car garage. Another yet you'll see them really go really do an excellent job fixing up so when then when you take the -- it'll look at it the properties and a pristine condition and so -- are now -- is are those going to be suited now obviously Fannie and those kind of situations are looking to solitary -- -- They're trying to attract retail -- an investor not can be tractor that kind of setup. It's not going to be discounted very much effect if at all. And then you also see where the sellers a fourth quarter will be wanting to just unloaded asses they don't wanna put any money at all and it. They're actually wanting an investor to come and buys it at at a discount and they want the investor buy it takes about an insult to the recent market. So there's just a whole big variety of things being done some of the -- geared more geared towards investors and summer more geared towards a reseller -- I think what you're saying is there's this perfect for our listeners because. There is this perception every foreclosures a great deal. Every foreclosures going to be able marketing -- great deal on him. And and that is that is that it's over it's -- -- arrange some warmer back from your -- you're gonna pay retail for someone you are gonna get a good deal but if you are. The programme to do some fixed cost better or. And sometimes. They're also you know there's errors not errors but there's basically some of -- just not price strike some of them should have been priced higher. And so. Someone in the beginning a really good deal on. Some are priced too high and so bill set and the banks or whoever selling it is gonna have to bring the price down to -- a market value. -- -- strategy become a buyer an hour ago after foreclosures because I can see all these. The other homes around Austin even in the suburbs. The whole metro area is experiencing multiple offers so but I really wanted to get a good deal. So I knew I don't. One even asked you to give lawyers -- first from reductions seekers pro and how are you negotiate these deals but can you give us a little bit about you know what are you. How you how do you start and you know if if if I wanna. If I want to buy foreclosure worded your first and never great website. Which is often foreclosure. Sales stock come prepared to start there are in touch with you. The up and really depends on what you're looking for. Are you do you plan on owner occupying this property. Are you wanting to do any work for you do you wanna buy foreclosure there over the works -- than done. -- like Fannie Mae or Freddie Mac or are you an investor -- use -- for rental property. Or are you looking to flip the property where you want to buys the home in port condition you wanna do the work and then you want to make a profit and sell it. So they've really just depends on what your goals are too because -- the gamut of what's out there are so. Is so wide and did so various it's it really depends on what the person's goals. And -- do you also see -- Whether you're dealing with a more strict security. Company that's into its songs off whether it be the VA whether -- Fannie Freddie or are so another type of bank yeah. There's different strategies. For the different entity that's true there's no wants us at all right that is true so it's not like you can say well here's this here's the book secrets mystery kind of doubt -- always -- change. Yeah some you're right some entities would tend to have use a different liquidation strategy than others some will. They some entities will tend overpriced sit and then move it down slowly until market comes and some well under some old price is too low. In to try to get multiple offers right away. Some like some of the international banks like Deutsche Bank will what I've seen -- state factually will. He pry some real aggressive to try to bring in a lot of different tired really quick so it -- your right is just a real large gamut of wish there's a way to see. What the Taurus look like I can we get to say OK -- here -- all of Austin here's all the foreclosures -- yet to hit the market or is is is there way text CNET. -- like there's really not. Yeah because it's a legal process and so. You know with the with the lenders do is they will go out and bill you know the foreclosure legal process to go out -- retain the property. They'll have their attorneys clean up the tunnel works so that. It can be sold and clean title palsy can be written for the transaction. And they're not gonna sell it until they're able to get a clean title policy on it so. A lot of times those properties the day they call it shadow inventory. Where. And maybe the properties and foreclosed on but it hasn't been brought to market yet. And so you have buyers ask about that I'm usually not much there's not a lot you can be done because you have to wait till they're ready be sold. Do you do you find though that. That. It is perception that these banks pulling onto a lot of their foreclosed property and they're just kind of letting it trickle out little by little they don't flood the market of foreclosures are. We kind of through that stage. Where. A lot of there's there's not like -- -- a large supply of foreclosure property being -- this kind of waiting to hit the market and it came in and did these banks from our strategic. But how they release an -- of one of -- WiMax -- profits and if they've got ten foreclosures and certain irony they release wanted to Todd Nettleton. Well I think. I don't think is a sinister is a lot of people Peña I think it's a process that they're going through. And because it government entities on a -- these properties. You know through Fannie Mae Freddie Mac well our whole department of parliament more money right front and there's so right now right part of it I think is -- the the cover the government entities will go through their process and you may not be as efficient as. Private corporations process so that's part of the tallest point. Yeah and so. But I think there there intent is they wanna. They wanted. -- game ready they want to clean them up the tunnel worker -- may wanna get in the market as soon as possible I don't think anybody's purposely. Yeah holding it up and -- I don't -- I've never seen that yeah. It's kind of -- about a company you think at a bank. That got this whole. Thousands of people are working to do new mortgages right and have a little small portion is the office that handles closures. -- that would a hundred people over here you have art and market that we went through the last five years and -- several hundred people you also need 101000 people immediately. Handle extra clothes right right that was there -- that is -- -- staff you to train I mean it's just it's a nightmare. Foreman yeah they've definitely been thrown under the bus where are they probably -- Pretty darn good to properly. Yeah and I think they try to bring in Marcus is they cannot think sometimes they're even overly aggressive about bringing the market may be Apollo works not completely cleaned up yet but they're still get them on the market and give him showing. And then sometimes the buyers of having a little bit longer form as the attorneys -- clean everything up so I think I've actually seen them kinda aired the other side where. They're really trying to get on the market sometimes even before they really should so. Well it just after the break we're here listening to house talk radio hamburgers three and a thirteen 7390. For seven. Just caught giving him and foreclosures are wanna get on Georgia's foreclosure. Email list. Wanna be one of those folks figure out. How right -- deal for its. All we have thirteen seventy we'll be right back. Good Sunday central Texas get ready for the latest real estate and mortgage news. Tell us talk radio Jon shoots him. And -- Douglas. And you are for like five gives the tough talk radio. We've got a very just hours ago with the if foreclosure experts you are tuning in right now and your interest about foreclosures and buying one you know with good deals are. We've got your me here. He is the Esquire George keeper Jorge Richmond show thank you from surgery works sir George mr. George. You unite. I thought you what -- now if there was such thing as a designation of being in real statement this cut -- that. Thank you so are our plenary here is 51239013. 751239013. Seventy. And we're here to talk about foreclosures and and how. And how it's happening what's happening here in Austin and George you know we've been talking a little more distant in practice how it all works. It be good to hear about this sort. What goes on and during transaction where do you far where where was your -- to be your your most recent foreclosed. Transaction occurring and are are they still affordable. Or are they at the very high -- -- or at David at the very low and range where. Maybe folks away reliving that. Talked to a Saddam flower with a -- a pretty wide variety ME I work with owner occupants that are looking for foreclosure to -- by a foreclosure I work with investors. The kind of media sample I mean. A lot of my investor sold to you by -- foreclosure in -- repeat. Still buy them in either rent them or something I need to get ourselves to. But every day you see in them all price ranges. One and one that I won't. Im actually. -- was one that I'd sold and then they fix it up and in the lead and then. I'm -- listed it was. It was sunny 73. Respect. Which is near record -- Cameron kind of area. And university hills -- why -- are needed a lot of work. You know it had probably. Ten or 1520 years of deferred maintenance going on their end so I had some investors applauded in and completely fix it up inside and out. With a forty they bought it for I can't remember exact probably like around a 1151115. Something like that and they ended up selling it for. In excess you know above 350000. Now they've rebuilt the whole house. They -- quite -- -- -- -- to that I don't know exactly what they put into it I think you know they did really well on that one that's that same group in investors. Days prior to that they bought one. It was exactly same kind of set up -- tunnel workers and older homes well. They bought it it was. He bought one for Iran a 100000. And it was -- -- it was near Lamar. And 183 kind of area south and there. Hi and they sold out one for in over 300000 actually fix it up so it's so they serve. You know if Furman investor standpoint the deals are out there. If you're willing to do the work and you're willing to take that the houses that meet -- I don't work out. But the time into it but the time into -- they're a great return with the right professional -- help you get into these deals blow me because the -- to restore them our mortgage writer John. So when you got these house's. And you just -- experienced investors -- -- -- that art just -- they it's maybe blown up or just but their reckoning inside animations are broken. Maybe there's no appliances there's no news of cabinetry it's something something -- dramatically wrong if you need to put it. A 100000 dollars into the house to make it sellable. Can you get a little house -- like this. Now. For ya know in that case goes to Kansas I just. -- about those investors bought those with cash but you can also use of vehicle called hard money which is. Are who basically. For. To try to oversupply would pardon many is this is basically like a line of credit that you have EP pay a high rate of return for it. But it. You're not gonna be in the -- very long so well let's deal. Yeah I mean having dinner and clearly you're going to be an out -- less than twelve months of July you fix a property out so. The rate of interest is very high but today you're not paying very long term on it. And it gives here's a variety is a more -- giant you know to do it to Norton a mortgage on a proper like this it's got to be in. Quote average condition so it's got to be in decent shape -- can be a few things like maybe it's missing carpet. Or maybe it's even missing appliances. But overall the structures got to be pretty solid. Not a lot of -- broader programs. A property like your apartment -- these properties that -- reversal of the user. Either cash or hard money in -- from -- one and I -- -- I can't take you all the time because I haven't -- yet. Investors were remain in in folks that are one of our present primary residence they still want to quiet. An -- for -- you beaches. There's just there's. There are hard mainlanders out there but you're not to look them up and they're in the yellow pages you can't find them right you'll have to know somebody directly or threat right in Georgia one of those got him as a. Yeah and there's also some investors -- they'll actually their activity is so high they are the new and so many deals they have they actually establish commercial lines of credit with different regional or local banks that you see -- done that way. And you're actually seeing you're starting to see some local regional banks. There had to have some products now that are actually trying to compete with our money lenders. You're seeing a few local banks now that are coming in saying all -- Will will do some we have some investors -- wanna get -- in this end and they're actually. That's and that's kind of a new development this kind of that's taken place lately. That's set an -- -- prepare now for sure arch. And then -- and is far does that mean that those were some investor examples but then as far as owner occupant. There was recently would -- got a be a kind of a starter home. In round rock for a couple recently. He didn't need a little work but nothing major just need to basically paint carpet. There was a little bit of deferred -- here but but the couple got it at a nice discount. It was more it was more to discount then what the pink carpet. In deferred maintenance is going to be how they're actually looking for property like that. And that. If your threaten under yeah a -- political -- -- escrow hold back. So we here in clothes alone knowing the work's going to be in needing to be done little money aside. So that right after closing at the work done. And the first month or so yeah and a lot of properties like well like the when I just described -- there's nothing going there was nothing going on without property that -- it was a major prevented it from qualifying for. And FHA or conventional ones. I really found over the years maybe you've been in the -- business twelve years. Appraisals are getting you know count I mean they're pretty lenient I mean yeah I think back 45 years ago and things would get fired and appraisals that. I really am not seeing as much anymore. You know like Mike. Got a deferred maintenance is is getting its mission but it's not. Written in a way it has freedom for colorectal. -- true that's very true there. So. Well -- black smoke and after the last question but one question are -- and is. Are there any multiple family we talked our I think there's -- -- the assumption -- to talk about is that these are single in my house. You're seeing and duplex is tri -- is there -- four boxes yet. Yes he you don't see them the inventory of those is very low right now on the foreclosure area. Those are getting hit pretty hard when they come on market their investors are attacking those things are now especially if you get closer and Austin. Good to look at the -- when I'm. Seems like goes to the big prices here over the last year's deep a multiple multifamily property. They come back. The other because the rental market is so tight right now Damon Torre you know the rental inventory in a lot of ways is a lot experts are saying is it's actually worse than the then the other. In the residential inventory. And so. -- -- the duplex isn't and the four plex as those goes Virgo very quickly. However if you are willing to go outside of Boston into some of these outer areas you see the duplex is a four -- is c'mon there's. Inventory out there -- farther out. But absolutely I mean you can get duplex this four plex as you can buy condos. I -- Condo foreclosure all the time and have sold many. So it's not just. Yeah and then also acreage property acreage foreclosures that you know maybe the homes on 1234 acres you see those quite frequently as well -- double manufactured home. Arena I do not hear their. I've always -- left that to those people that specialize in that. Right right. Well we've got to take our last break here are numbers 39013. Seventy -- your last chance to caller talked to worse if you're Russian foreclosure. Buying or selling tours -- -- website and Austin foreclosure sales talk. Talk radio in charge. Good Sunday central Texas getting ready for the latest real estate and mortgage news. Tell us talk radio Jon shoots it. And -- old -- And we are back here live at five to listen to -- -- talk radio. -- -- -- -- -- -- One and only. Casanova of all we'll -- If foreclosures and George keeper Jorge picture stick it out blood -- are with us here think -- but the few guests that. Can can last this long and policy also brings so much -- -- switched depth to beat the topic. Thank you -- One thing at that I incurred this week actually a quick story. Which I was actually fascinating bit actually dominated probably 36 hours but my tops well. Over the course of the day and have to dominated all the time. And I -- a house on the market. And we received. Twelve offers on this property and during this whole process. The offer was submitted tendon in the twelve offers twelve now twelve and what -- In at the course of 36 hours. And people would -- they're offering an -- call and check in and the recent at the offer and they called check and in the culture candidates say. Hey what's what's the word what's going on and what's our what's going on with our offer and I would say. And an -- true of me my client was he works oil and Louis and really tough area could get a hold such in a self original. It plans to. We connecting on Saturday morning. Tom finally I accept that taking a prop -- the market has just there's going after twelve offers is just it's crazy but the but the property. Mr. property -- -- -- -- after the prices bid up higher than it was priced. But how do you handle. Multiple offers. And it all you know since we do have Georgia show since George really makes mistake I'd like to hear Howell. But what is the textbook way it folks have to Hannibal multiple offers is buyers up folks out their that are listing right now. Better eat -- didn't buying a home or know somebody who this bought the whole world is looking to buy most likely that person. Is in the same sort of situation where you're gonna be competing against a lot of the folks so. -- How how do you handle multiple offers. Well I you know I I always like to get direction from the seller because I'm I've noticed that sellers personnel explained -- quite a bit. And they aren't they they have a they may have an idea of how they'd like it handled so I always check with them first one of my personal favorite ways to handle multiple offers. Is to go overly transparent way that -- up put the the deadline. Off. That's some amount of time in the agent agent marks in MLS recruit so that every one. All the buyer agents that are involved they know when the deadline is the exact time the day everything. Everybody feels like they're kind of ball plane on the stint with the same rule book selling brand in the same place that's one of my personal ways favorite -- to deal with it. He seems like it's your cleanest it's -- lasers at people feel like -- a -- DS church transparent it's -- it's an MR this in the MLS remarks. In that -- the -- also don't feel so frustrated win because there's going to in my case. There were eleven losers and one winner and right there's always going to beat -- people get really frustrated and does it disappoint is probably. The better word and they know that here's the rules of the game the original. I think ominous. Sort of a support group. The buyers. Are -- the other eleven buyers out there I know it -- -- little more buyers. It's terrible it's not a new one of eleven you try to think user by duct probably -- wanted to offer for just twelve other offers but. Knowing how regarding apparently related to foreclosures. You can I list foreclosure properties well I have. I've got different asset managers stuff that will. But indeed that's even more you -- eleven people I've had situations were I've gotten. Over twenty offers on on a foreclosure property is so that the patients that are listening foreclosure property -- -- hit there it's even worse situation so. A lot of it is just you know who's gonna. It can sometimes you'd be surprised who the asset manager picks. Sometimes the you know both amounts are looking for cash sometimes are looking for like that kind of thing. Amassed a touchy question when you know folks here in the situation in -- getting -- -- twenty offers too lenient. Do you get any buyers are they coping offer with a nice handwritten letters thoughts about why they're more deserving than it. And now I had and I had not that and I have to actually isn't that your -- -- -- I had not had that happen here's Alicia personal by the just got married and went in the first on the house now that -- Now that's a measure doesn't wanna hear those details right consultant. To the dollars and cents to them. -- the perfect for. -- out there you know will work out -- purposeful movement this is a great example of why in this market. I think you union culture especially the seller and buyer is this perception that. I can I can -- -- sign in my -- -- twelve offers. And -- maybe maybe you do get what offers but how do you evaluate those offers let me ask you this -- -- -- dozens but have you ever had a buyer. Is made an offer. And made just through the offer out there planning to probably backed out there's more -- walking so they can decide if their government pork. There had to. Not your buyer may be that the -- -- quite some more time there are required to. Just threw an offer out there -- use what with the top the highest price just regular contract. With the strategy. Trying to negotiated down. During the -- Don't know how I haven't -- -- I have I've had buyers that have felt like paying a premium therefore at this house. I'm not gonna take the growers proposal doesn't work I demand to have the credit for the -- to have a car feels great or good. As recently I think we just worked in a deal together to disclose where. We -- we went way above almost 1212%. Above list price the whole appraised. However we ended up. Negotiating that they pay for. -- air condition unit. And so we discuss it definitely he's got credit for the economy my point and that is that there's a lot of negotiation happens when you have twelve offers a hole and negotiation. And got a jockey Randy got to forgot journalistic side to get after out. -- which is the best most -- Crawford is not over the highest price. That is correct and if you're the buyer yet not -- go in and make the crept offered to to give yourself the best chance I wish that and we and it's not always -- -- -- and maybe how you structure how you. A couple of huge shoes and -- different types alone you can go with you switch should have retired because it. It's gonna maker -- or tractor in it and even though the house will eventually sell. You've just got to use a -- turn this market you've got he's a realtor. And to which would you have it each she from the -- is this number's probably aren't available but how many homes do you think -- under contract. And they come out of contract arm during -- doctorate for. What -- reason. Buyer decides that the homes are worth the value -- sides -- financing or actually not an introduction it becomes just about a contract. What would you say less than that right now because interest -- so when someone is one they tend to wanna stay with all of the and so I think that I think that percentage is down. I think it's doing is actually uploaded I think it's up and -- today -- to travel to the show. An offer that I submitted. On that deal we are one -- four the real trade called us back -- we lost to deal two weeks ago and real close back and said. And as is -- to crazy thing with the buyer didn't call her friends for up for financing. Would you guys like to researcher offer like some of that offer few years for spots by six court tonight will sign it on line. And they got back to slick quick and now -- we're under contract but. The other I think it's an interesting question you bring up because I think one thing the IDC is when you do you have two and what offers come in. And it's kind of a state to create a winner of the it to be the winner of the ten -- twelve. You have to -- pretty high. I've seen where that buyer will end up getting cold feet and it -- its threat they kind of regret being the crazy guy that. That was really worth it and so I seen where now you're getting a call from listing agent saying okay. That guy bailed out and so. You -- -- are solutions to meet its 20% using its thirty -- -- -- -- probably that's probably accurate I thought I'd definitely it's at least twenty. Yeah probably wouldn't say it's fifty. Right I don't. Mean 3030. Is probably a normal 30% of contract's price fall out during what's -- go to contract in a normal market. They are terminates for whatever reason -- up -- it's a program. Maybe 1010. Really there. While it's a deathly I've understood really picky buyers to look. But we'll know stuff that I think it's just that and you didn't affect the execution each -- talked him. Well. I don't know. It's that he really inching numbered find out is how often. How officer and -- deal. Now it when I'm a listing agent and I have a property that I'm getting ten plus offers on what I like to do. Tell my cellar. Is I like to group all the offers an earth three groups. I like to a group one would be your cash is it when you get that many offers inevitably you're gonna have one -- chief national -- you gotta be I don't envision exactly would this be your most attractive group that would -- you're a group you're -- can't explain white Catholic. I've had this happen where. Where where the the buyer says what I don't understand Mike getting a -- getting cash what's the big deal. Yeah I don't have to worry about mr. appraiser in the equation when there's a cash buyer you know worsened when there's loans and ball there's an appraiser involved which means he can be beat. He can in the partially just enter it yeah. So what I like to do is put him in three groups you have a cash group you have a large down payment group would be your B group and in your -- group. Would be your low down payment kind of FHA buyer kind of group. And then what I like to do is try to get the cash got to be the winner -- Damascus if you the lowdown you fire yesterday very hard and when that deal. Well what role in the happening worth what I like to do is how we will take the the -- we will take the low down payment bids. And we will try to get the cash buyers to come up to those numbers because inevitably usually the lower the lower down payment. Bidders will in Italy -- highest bidders have to be they usually are yeah and I you know just how are you still looks right. And so. In that situation you're trying to get the cash -- to be the winner. So there's -- here's the caller's question I'm Malcolm imagine emirates Iraq their emotions are low -- system but yeah. I'm just talking environment and await -- -- and I'm going to be harder now to win these deals. And here and you still may not win but if you still don't Grassley well I mean eventually you find out right here's the reason you don't wait. There are many many projects out there saying housing price you're gonna go up. Five to 10%. Nationally. Austin, Texas to be beyond -- next year so even if you're paying a five or 10% premium this year. You may be in but -- talk next year if you wait. And in bad mortgage rate increases on top of that. You really married paying a lot of work -- so they'll pay just the message we have to get out there's a bit is the right and by even though presser in Europe a bit. If you look at it's not usually more than five or 10%. When you listen to house talk radio with John jolt in George Texaco and Alicia George -- in -- resided in. Austin foreclosure sales dot com awesome awesome thank you well. Come back next week almost. Seven days from now. You'll find a slot at five house talk radio.

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