Episode 24: Unpacking New York Real Estate: Navigating a Competitive Market

Transcript

Catching Up Since Last Year

Speaker 2 0:07

Hello everyone and welcome to a new episode of Suit Up With Bias. My name is Angelo and I'll be the host for today, and today I have my co-host, chris Chris. Chris, I haven't seen you since last year the first podcast has been. It's been that long the first podcast. Can you remember what what we were even talking about in that first podcast has been? It's been that long the first podcast. Can you remember what what we were even talking about in that first podcast? I don't remember at all.

Speaker 1 0:31

Most likely, it was probably introducing ourselves and our team and all of that right.

Speaker 2 0:35

Yeah, yeah, when we did it.

Speaker 1 0:38

I don't remember.

Speaker 2 0:39

Yeah, it was in our other place right there.

Speaker 1 0:42

Yeah.

Speaker 2 0:42

I remember that we had the TV on the top as well.

Speaker 1 0:45

Yeah, and then the couch.

Speaker 2 0:47

Yeah, we're talking about it Like it was so long ago. It was like not even that long ago that we were there.

Speaker 1 0:53

Oh, to me it was very long.

Speaker 2 0:55

Yeah, To be honest with you, my perception of time wonky after COVID. I'm sure it's the same with you.

Speaker 1 1:01

Yeah, these, sure it's the same with you.

Speaker 2 1:06

yeah, these years especially these five years. It flew like it was less than two months. Yeah, it was crazy. I know that you were in, I think, high school when covet yeah, so I was in 12th grade.

Speaker 1 1:14

it was around march, yeah, around this time and cover hit and we didn't really think this, uh, my high school year done, it was only two weeks. Once those two weeks passed, I graduated home, basically through Zoom, through Zoom.

Speaker 2 1:33

How was that? You just logged in and said, oh, I'm here, yeah.

Speaker 1 1:38

I logged in. They didn't want me to show my face, but at that time no barbershop was open, open, everything was closed. So I was. I looked like a caveman.

Speaker 2 1:48

I looked pretty bad. Oh no, did you have the buzz cut?

Speaker 1 1:53

no, all right no, I didn't my heart. My hair was pretty long yeah um. You could see in I uh alex ig post in 2020 how I look like yeah I was young look at that, you're still young.

Speaker 2 2:06

You're like, yeah, I'm 22, yeah, I'm 22 yeah, look at that, you're young, I'm almost dead. Oh my god, I'm about to be 30, on the 21st of may wow, yeah almost there, almost to my 30s.

Speaker 2 2:20

You know I'm gonna be what the people call an un unc. Is that the appropriate term? Yeah, unc. Yeah, that that means anyone in their 30s or above or around there, I really don't know. Because I remember hearing in one of the live streams um, because I get recommended sometimes live streams here and there through either ig or whatever, and my newsfeed is all over the place. Sometimes I see, like I saw, like this viral guy, kai Snet.

Speaker 1 2:48

Oh Kai.

Speaker 2 2:49

Yeah, and he was with Kyrie Irving and that's how I got recommended it, because Kyrie Irving was there and I love basketball and they were calling him Unk and he was like, dude, I'm only like 30 something and I'd say, yeah, that's an unk and I'm like, okay, I guess unks are 30 plus. I'm about to be an unk. Yeah, oh, my goodness. But yeah, that must've been a crazy time. You just did like the Zoom thing and, wow, was there any technical issues that you guys were experiencing?

Speaker 1 3:20

Not really, so around COVID time we didn't have Zoom classes at all. At that time they didn't know what to do because it was the first time this ever happened, so they basically just sent us homework or tasks to do. And we have a due date to do it. I'm the person that always do the last.

Speaker 2 3:40

I get you Last second. Just like you, I did the same thing. I used to wait for Last second. Just like you, I did the same thing. I used to wait for the last second. I used to play video games all the time and then I was like, oh man, I got to get to my homework now, let me do it. I would finish it pretty fast, but it's just like it gets to you when you're doing your homework at the last minute, because sometimes it stresses you out.

Speaker 1 4:09

You're like, oh, oh, I can't do this now. Yeah, at that time I was playing a lot of video games. Yeah, so like five, six in the morning, seven, wow, what were you playing? Called diddy.

Speaker 2 4:15

I was mostly playing gta, gta, surprisingly gta I feel like a lot of people love gta and they're always having memes about it nowadays.

Speaker 1 4:22

Yeah, I was playing GTA for six, seven hours, wow, or Call of Duty, but like I was playing zombies, that's the most popular one I've heard.

Speaker 2 4:34

But yeah, that was an interesting time. I think the biggest thing right with that was that the streets were empty.

Speaker 1 4:41

Yeah, at that time I never went out in the streets, maybe just to take my dog for a walk, but besides that I never went out in COVID, maybe a year after COVID happened and I was starting to go out.

Speaker 2 4:57

No, I catch you.

Speaker 1 4:58

Since COVID, everything is, you know, going fast the days.

COVID Memories and Empty Streets

Speaker 2 5:03

Yeah, look, we're in march right now. It's crazy, time flies so fast.

Speaker 2 5:08

Yeah, just going back to covet again, just an experience that I had was my mom. She has a vendor's license and so we had to go to manhattan, uh, by wall street, and I remember it was during covid, and we literally were the only ones there. We've never seen it like that. We literally walked in, we were the only ones in the room. We were like, is this even open? And they were like, yeah, go to the booth. And we were like, oh, okay, we're here to renew the license. Okay, bum, bum, bum, we're good. And we were like, whoa, that's crazy. Did you take a picture in my hand? No, I didn't take a picture, but I should have, right and a video.

Speaker 1 5:48

Oh my gosh, yeah, you're never gonna see that.

Speaker 2 5:50

I couldn't believe especially in my head.

Speaker 2 5:52

No, no one see today that never sleeps exactly, and at that moment it was dead. It felt like it just felt so unreal, like no one was walking. No, was like maybe you'd see one or two people like in the distance, but when we went in there, the only person we saw was the security guard, and then the booth keepers or clerks and whatnot, and it was just like, wow, I've been here a couple of times to help her, but never like this, never like it's just empty. No one's here. That was such a crazy thing. In the comments, leave your COVID stories. Yeah, I definitely want to hear that. Yeah, like, what were you so surprised about? Especially if you live in New York, right, because just seeing that it's something out of like a movie, like an apocalyptic movie, where something crazy happened and there's no one on the streets.

Speaker 1 6:46

Yeah, oh my goodness, I think we're never going to see that again.

Speaker 2 6:50

No, we never know.

Speaker 1 6:51

But honestly, it was the first time experience that there's literally no one outside.

Yankees and Dodgers Talk

Speaker 2 6:56

No one outside and so many different things had to happen. Like that's why the whole Zoom thing became popular, all of those things. It's kind of good because we advanced. You know, like people adopted technology so much faster than they would have if they didn't go through the COVID experience. Yeah, cause like a lot of the old timers, they kind of I'm saying all timers, but now I'm all kind of but you know, a lot of the people that weren't tech savvy had to adapt and get themselves to be a little bit more tech savvy to use Zoom and all of that. And it was crazy. I think the podcast like I don't think we talked about it when you were there, but I always like to talk about, like the Yankees and the Knicks a lot. I know that you love the Yankees. Oh man, I'm a Yankees fan.

Speaker 1 7:44

This year is starting very rough. Yeah, the season hasn't even started just yet and we already have a list of injured players. Yeah, Especially with Stanton. Stanton is injured. Cole injured for the whole year. And now we're looking for options now for another starting pitcher, Because right now it looks shaky. I don't know, Yankees, you got to step up. You're saying that you have no money and basically back in the days we were like money talks.

Speaker 2 8:16

Yeah, loaded.

Speaker 1 8:17

We was loaded, and now, look what's happening.

Speaker 2 8:20

I mean you then signed Juan Soto, and where does that money go?

Speaker 1 8:25

We did sign like four or five players with that money, but it's not enough. Still. We still don't know who's going to be our third base fan.

Speaker 2 8:33

You were hoping to get that kid from Japan, right?

Speaker 1 8:36

Oh, you're talking about Sasaki. Yeah, sasaki. Yeah, I wish he came to the Yankees. But they choose LA. What do you think about LA? They're the top dogs. There's nothing else to say to them. Oh man, la, they're the top dogs and there's nothing else to say to them. Oh man, yeah, look how much plays they have. And it's all defer. There's no, I wish the yankees do that.

Speaker 2 8:56

Deferred payments yeah, that's if the players accept that right because they're not going to see that money until like way later down the line, like way, way down the line I just want to know what.

Speaker 1 9:06

What is the dodge is going to do once at that time, the deferred money they have to know. What is the Dodgers going to do once at that time?

Speaker 2 9:10

to defer money. They have to pay Once you get into the middle section, when the big payments are starting to come in. Who are they?

Speaker 1 9:15

going to sign at that time, because you look at the payroll, it's pretty high, yeah, very high, especially.

Speaker 2 9:22

Ohtani, you know how many houses they'll be able to to buy. You might be helping them maybe who knows? Yeah, juan soto, or any of the people in new york looking for a home, we can help you with that. Yeah, I don't think soto is defer at all. Oh no, no, that's right, they're not deferred. But I'm just saying, like these big contracts and stuff, yeah yeah, I remember talking about people like that superst, superstars like that in basketball. I know that Alex saw Mitchell Robinson at one of the gyms that he goes to.

Speaker 1 9:55

Yeah, he sent us a picture in the group chat. Yeah, we were both shocked.

Speaker 2 9:59

Yeah, we were like that's not Mitchell Robinson, there's no way.

Speaker 1 10:04

But that was Mitchell Robinson. He was getting ready for the playoffs.

Speaker 2 10:05

Yeah, he was recovering from an injury. I think, yes, yeah, but then he got injured again In the playoffs. I don't remember? I think so.

Speaker 1 10:15

But yeah.

Speaker 2 10:15

Knicks looking good, even though I think you said that they might be losing to the top teams.

Speaker 1 10:20

Yeah. So with the Knicks they are losing to KC, boston and Cleveland Gotcha. They have not won one game at all they have lost, I think, eight games with those three teams. Yeah, so they got to step up. In the playoffs you got to face good, good teams, not trash teams.

Speaker 2 10:40

Yeah, and I know that you know Thibodeau works his players to the ground with those minutes that he puts up. Know, I know those players hate him as a coach probably don't hate him, but they don't like the amount of minutes that they're being played, like sometimes, yeah, it's just too much. Some players love the fact that they get to start but not start the whole game yeah, that's too much, 48 minutes.

Speaker 1 11:04

What if you have a back-to-back days? Oh, yeah, forget about it.

Real Estate Market Challenges

Speaker 2 11:09

Yeah, I don't even know how you get to your car. Your legs are probably going to be blown out you definitely maybe need a wheelchair, you know no, yeah, but talking about our real estate, because I know that we we haven't talked about it just yet, but, um, what has been happening on your end of real estate, like, how have your deals been going?

Speaker 1 11:29

So it's going well, yeah, the market is tough. Yeah, everything is selling very high. Oh, even, even interest rate is going up and down right now, but there's still people buying, right.

Speaker 2 11:40

Yeah.

Speaker 1 11:41

Especially in Yonkers. Every, every house is selling over 50 to 80,000 racks.

Speaker 2 11:47

Really.

Speaker 1 11:47

Yes.

Speaker 2 11:48

Yeah, and that's been my experience as well. Have you submitted any offers above that, like 50, 80?

Speaker 1 11:54

So we have submitted higher offers than the action price Right, even not getting accepted, over like 50, 70,000. That's crazy.

Speaker 2 12:03

And they're not being accepted still.

Speaker 1 12:05

No, that's insane.

Speaker 2 12:08

The market right now is extremely high. What do you think is not having them accepted? Is it because you think it's because your offer is not all cash? Maybe not the highest down payment?

Speaker 1 12:19

So in this market, cash is king. Yeah, right, cash will be any offers because it's guaranteed. Any closing Right. Also, it could be down payment the higher down payment you're putting Right. Also, it could be down payment. The higher down payment you're putting, the stronger your term is, and also other factors of terms regarding what to offer.

Speaker 2 12:38

Yeah, like the contingencies.

Speaker 1 12:40

Yes, with appraiser or inspection.

Speaker 2 12:43

Yeah, no, I get you. Like you said, cash is king. I think that's a common sentiment among. Like any time, cash will usually beat a financing offer if it's like close by.

Speaker 1 12:56

Yeah, if it's close to the offer. If it's global, then no, you're not going to get accepted.

Speaker 2 13:01

But if it's close by. The thing about cash is that you close so fast with cash, you don't need a bank. So that whole process of trying to fulfill the requirements and all of that stuff you throw that aside and say, no, I'm buying it all cash.

Speaker 1 13:15

All cash.

Speaker 2 13:16

Yeah, and sometimes when you're buying it all cash and you're good at the price that you want, you don't even put appraisal contingency. You just go like, no, why do I need appraisal, I'll buy it at that.

Speaker 1 13:26

The way it is.

Speaker 2 13:27

Yeah, because I have the cash. I can just buy it straight up like that, and that's so appealing because then you don't have to order an appraisal. It saves you money too. Yeah, because you don't have to do the appraisal, you don't have to do all that, and if you have cash, then you're good to go and you don't have to worry about interest rates.

Speaker 1 13:44

I don't, it's just title fees.

Speaker 2 13:46

Exactly. That's like a godsend, because you're buying all cash, no matter what the market is. You're all good, you're good.

Speaker 1 13:55

Yeah. So, how is your fires looking?

Speaker 2 13:58

My fires are looking probably the same as yours, right, very competitive. I've been trying to help a client out recently because they're selling their property and it's getting close to their closing date, okay, and so we need to be able to find them something. We've been searching all around submitting offers. However, their condition is a little bit unique in the sense that they're looking for co-ops, and you know how co-ops are.

Speaker 1 14:25

Oh man, co-ops can be a tough transaction.

Speaker 2 14:27

Yeah, can you explain to the audience why?

Co-ops vs Condos: Understanding Differences

Speaker 1 14:30

Yeah. So the reason requirements is very strict, especially their debt to income. This credit score bank statements. That was asked what else they'd be asking for? Co-ops.

Speaker 2 14:42

Sometimes they're asking for like six months in savings for like the monthly maintenance and all of that, because when you're, when you get approved by co-ops, the most important thing that they're looking for is that you're financially sound because you're gonna have to pay the hoa fee. They don't want you being late on your hoa fee and then they have to pay it out of pocket on the maintenance and all of that yeah, even, even if you're paying cash yeah you still got to listen to what the boards are saying with the requirements.

Speaker 1 15:12

So, even with cash, they still care about their credit score, their income.

Speaker 2 15:17

A lot of people don't understand that. They go like look, I want something affordable, I have the cash, I'm going to go for a co-op and that should be it. It doesn't work like that. It does not work like that. I wish it worked like that right.

Speaker 1 15:29

Unless the board allows it or another option, but most cases they don't. How would the board allow it? The only way to purchase a co-op in cash with no requirements is a sponsored unit, sponsored unit. So with sponsored units, it's usually very rare to have a sponsored unit, rare to have a sponsor unit. And if they do have a sponsor unit. Just know it's a it's a little over a market value. Yeah, just because there's more people could afford exactly, especially with their requirements and the requests because we're sponsoring units they don't require at all right like requirements.

Speaker 2 16:05

It's almost like a condo sale. You just basically go, yeah, like straight and purchasing it, and that's what we actually had. You just basically go, yeah, like straight and purchasing it, and that's what we actually had to do with this one. Like we were looking at properties, but sometimes, you know, credit score came out mixed and so we were having trouble in some of them okay so we gave them the option like, hey, we know there are beautiful options out there, but they do require board approval.

Speaker 2 16:28

And it's looking at, the credit scores are getting mixed signals here and they have a credit score requirement and all that. Everything else checked out. But in order to make life easier, we just recommended them a sponsored unit and when we found one on that day we scheduled the showing we went to see it the client fell in love with it.

Speaker 2 16:48

We told them we're gonna, we're gonna do everything possible to get this today, today, and I kid you not, we told the um the agent, give us the application. Oh, another thing they hadn't accepted offer already, but we told them like we were coming in with all cash.

Speaker 2 17:04

So, like you know, yeah, we were trying to squeeze ourselves and trying to make it happen, no matter what, because that's what we do. Yeah, we trying to squeeze ourselves in, trying to make it happen, no matter what, because that's what we do. Yeah, we try to squeeze ourselves in, try to do everything possible for our clients. We went in there same day showing, saw interest, called the agent to let them know that we're submitting an offer right then and there Give us anything that they needed for documents, could you not? They had, like their own application. It was weird because, even though it's a sponsored unit, they required you to submit an application for their own company, which is kind of weird. But we said you know what? We just want to give us the application that you have on hand for the sponsored unit, which was a little bit weird.

Speaker 2 17:41

The client that I had he's not the most tech savvy person, so we had to submit the offer there. I went to his house. We searched for all the documents that they needed, scanned every single one, made sure, looked at it twice and so forth, made sure that everything was there, completed the application all on the same time, submitted that After submitting it, immediately called the agent until he picked up and told him hey, we submitted everything. Did you receive it? And he said, yes, I received it. I said, okay, do we have an accepted offer? And he said let me get back to you. He didn't respond for a couple of days no, not days for a couple minutes and stuff. We got back to him in like an hour or so and we told him hey, do we have an accepted offer? We kept going at it because we're aggressive.

Speaker 2 18:31

And right then, and there we followed up with him aggressively and he said you're going to accept an offer, happy. But then in there we were like, okay, we got to get those contracts ready. Next day we got the contracts ready, sign them.

Speaker 1 18:46

And now they're at the pending stage yeah. Just know that a co-op and a condo they're not the same, they're not the same. Co-op, you have shares. Now with condo, you have ownerships.

Speaker 2 18:57

Correct In co-ops, just think about like the stock market you have shares of the company, so that's kind of like the difference there.

Speaker 1 19:05

Similar to it.

Making Aggressive Offers in a Hot Market

Speaker 2 19:06

Yeah, but yeah, condos, it's a more straightforward process but they cost more. Now, if you go with a sponsored unit on a co-op, it's almost like a condo but for a little bit less of a price, correct? But yeah, that's basically what happened in that one and yeah, that's how you got to make it happen. Sometimes your agent will tell you yo, in New York, nothing is accepted until you sign contracts. Until you sign contracts, someone can come in.

Speaker 2 19:36

Anything can happen. Yeah, because that's what we did to another person. There was an accepted offer on that home, whoever that person was that didn't sign contracts, yet we beat them to it and we yeah, they're pretty upset yeah, it's first come, first serve if your client is not acting aggressively. I know you act incredibly aggressively. Sometimes agents get mad at you, but it is what it is. You have to do what you have to do with your clients aggressively, I know you, you act incredibly aggressively.

Speaker 1 19:56

Sometimes agents get mad at you, but it is what it is you have to do, what you have to do with your clients yeah right, and the number one thing we always do is be very aggressive a little bit too aggressive sometimes a little too aggressive yeah, we have to keep that in in check sometimes because we don't want to burn all her no with the agent? No, not at all yeah.

Speaker 2 20:17

And sometimes it'll be the opposite the other agents will be aggressive with us.

Speaker 1 20:21

Yeah, and then yeah, you're a fan of that. We love that, yeah.

Speaker 2 20:26

We love that to a certain extent. Sometimes it gets crazy, but we know where they're coming from and we respect that. We respect that other agents are aggressive. But if you're being aggressive and then we pick up a thing that we need your attention from, we expect you guys to be on the same page as well, to respond to us as well, because it's a give and take. I think in that sense that's what happened in that one. It just goes to show you if you want to get something in this market, you have to be so aggressive and you cannot be putting offers that are just like oh, let's hope it gets accepted.

Speaker 1 20:58

No, you got to put in competitive offers that, if you like that home you gotta go for it yeah, you gotta go for it full throttle like you know where you are comfortable submitting yeah, we don't want to push your limits right, that's the number one, number one thing we always do live. You love the house and you call for it and you're comfortable with it. We should submit it. You're not comfortable with it? We will not push your limit, we just submit what you're comfortable with. But in this market definitely we got to go very strong with offers. We see offers do get accepted.

Speaker 2 21:34

Exactly yeah, you have to the offer. Do a good accepting Exactly yeah, you have to. And even though you submit sometimes a very high offer, we always protect clients, like appraisal contingencies.

Speaker 1 21:44

On inspection as well.

Speaker 2 21:45

Yeah, inspections, there's ways to kind of make sure that you're always going to get protected. Your agent should always go over those with you because sometimes, like you're trying to win against other competitors in the market and sometimes you have to go crazy over asking, in your case, to a reason reasonable amount yeah you have to put contingencies in there and you have to make sure that the that you guys are aware of how we're approaching the situation, because you want to get your foot in the door right yeah and that's where you submit these crazy over asking sometimes even unrealistic prices.

Speaker 2 22:21

But that's why you put those contingencies appraisal, inspection, to make sure. Hey, if anything comes up, we can probably negotiate some. Maybe it might not be that much, or maybe it will, who knows until you get in there. But you just want to have your foot in the door.

Speaker 1 22:35

Yeah, and just know like every home is not perfect.

Speaker 2 22:39

Yeah.

Speaker 1 22:39

Always going to be like one or two issues.

Speaker 2 22:41

Yeah, you're going to have to compromise.

Speaker 1 22:43

Yeah, what's wrong with the home? Right, yeah, and from there we do negotiate credit. Or the second option is to make the sellers to fix the issues, but that should be the last option. We always recommend our clients just because sometimes the sellers will go on a cheap route. Yes, it will backfire. We didn't have a lot of experience bad experience about it, and when we did have this type of experience, we had to ask or negotiate more credit yeah, and it costs the seller even more and it costs more time.

Speaker 2 23:19

And the thing is that you only have so much time in a deal because sometimes you lock in a rate and you're under pressure to close on a certain date. The seller hasn't fixed the problem, and now, if you don't close by a certain date and you have your rate locked in for your mortgage this is like for financing Then what ends up happening is that you're going to be at the mercy of the rate lock expiring and you're going to have to pay extra every day that goes by after the rate expires.

Speaker 1 23:48

If that's the best rate. If it's not, then it's best to let it expire and renew the new rate, but that's mostly on the mortgage side.

Speaker 2 23:55

Yeah, on the new break, but that's mostly on the mortgage side, yeah, on the mortgage side, but it's like little things to kind of keep in mind as well. So yeah, like you said, chris, a lot of the time we've learned that if the seller is fixing it, they just want to get it over with. They're not going to pay full attention, they're just going to try to patch it up as cheaply as possible.

Speaker 1 24:12

Oh man, you've had some stories, a lot of bad experience with that yeah, especially when it's investors.

Investor Homes and Hidden Issues

Speaker 2 24:19

Oh my god, yeah, when you see a new house on the market that's like fully renovated and stuff, you probably think there's an investor involved in here yes, most cases it is right, and that's where an inspector really comes in handy, because they're going to show you, like what's what actually happened in that home, if it's actually like fully renovated, everything is up to par, or there's like they did some cheap stuff.

Speaker 1 24:43

Cheap stuff Coming corners. They like to hide a lot of things, yeah.

Speaker 2 24:47

Like maybe the pipes are not the best, like they're hiding every little thing, yeah.

Speaker 1 24:52

Rusty, or maybe there's a leak.

Speaker 2 24:55

Exactly what has thing yeah, rusty or maybe there's a leak exactly what has been like the most common issue that you've seen with investor homes, like people who have like flipped homes and stuff.

Speaker 1 25:02

Uh, sometimes they do like the flooring cheaply like it's not even oh, it's not. Level, it's not yeah what else, uh, sometimes they leave the old boiler the way it is. Uh, yeah, it's not a good thing. Or the roof?

Speaker 2 25:17

the roof as well it could be oh yeah, I've almost never seen an investor repair the roof like they buy it and they leave that thing as this is yeah, or around the home, the siding or the foundation.

Speaker 1 25:29

They just leave it like that. Yeah, I'm not. Uh, sometimes I'm not a fan looking at a fake shoppers because they like to hide a lot of things they do.

Speaker 2 25:39

That's why it's best to always do an inspection absolutely the best homes are the ones that they look good and people were living there and they're just selling it because they take care of the home they live there. Yeah, like family-owned homes and flood homes where you see no one. It all looks so brand new. It's just like sometimes they're hiding things. The investors. Sometimes they don't yeah, sometimes it's a good investor.

Speaker 1 26:05

It's a good investor.

Speaker 2 26:05

And they did all of their things and they're selling it at a good premium and stuff.

Speaker 1 26:09

That happens. Yeah, just in case you know. Always do an inspection, never waive that.

Speaker 2 26:17

Yeah, I would say like 70 percent. At the time when it's a flip, there's probably going to be a few things that might be yeah, out here and there from there we do negotiate for credit.

Speaker 1 26:28

Most of the cases they're going to be open to it. They will understand that we have proof exactly.

Speaker 2 26:34

And uh, sometimes we've seen some investors uh, what do you call it? I priced them correctly not sorry price overprice them and sometimes like they might not know that, um, it's a single family or multi-family. Yeah, we've seen cases like that. You recently submitted an offer where they thought it was like a two family and it was actually a single family and then the investor was kind of like, you know, trying to steer it towards like a two family, like kind of deceptively a little bit.

Speaker 1 27:06

Yeah, yeah, that's why you gotta do your homework as well, with title and everything yeah, definitely hire an attorney and we'll definitely reveal the full title, because if they don't read correctly, and once you close a home and God forbid, there's open permits or yeah.

Speaker 2 27:24

That's what happened with one of our listings. The owner bought the property with someone else a couple of years ago.

Speaker 1 27:31

Yeah, and they never disclosed this at all to our client. Now we are closing the permits.

Speaker 2 27:36

We're helping them, we're assisting them.

Speaker 1 27:39

But we're not a fan of you know, especially an attorney not reviewing it with them. They're supposed to check the full title report and see if it's clear.

Speaker 2 27:49

Yeah, and in this case it wasn't. But yeah, that's some of our stories there. Do you have anything that you want to say to the audience?

Speaker 1 27:57

no, no not today maybe some other time, another day, another day.

Speaker 2 28:01

Yeah, I mean if you want to buy or sell your homes, chris one of the best? Yeah, absolutely. But yeah, we're running out of time here, so we're gonna leave it there, guys, and if you have any comments or questions for us, please leave them in the comments below and we'll see you next time. Bye, guys, bye, bye guys.