🎙️ Prepared to Win in Today’s Market 🏡🔥

Thank you to Becky Thomas for sitting down with me to talk through the realities of today’s crazy housing market and how we help buyers stay confident, competitive, and prepared every step of the way! 👏

We covered:
✅ Why a detailed homebuyer guide matters
✅ The documents buyers will see/sign throughout the process
✅ How preparation eliminates surprises and reduces stress
✅ Competing offer strategies that help buyers stay aggressive 💪
✅ Why communication and availability matter — yes, even when we’re burning the midnight oil 🌙☕
✅ The challenges that can come with new construction purchases 🚧🏠

Buying a home is emotional, competitive, and fast-paced. Our goal is making sure buyers feel educated, empowered, and fully set up for success before they ever write an offer.

The right preparation changes everything. And no matter what obstacles pop up along the way — we’ve got your back! 🙌

Be sure to check out the full episode of the Ben Revak Mortgage Podcast on YouTube & Apple Podcasts! 🎧

#MortgagePodcast #HomeBuyingTips #FirstTimeHomeBuyer #WisconsinRealEstate #MortgageLender #CompetingOffers #HomebuyerEducation #NewConstructionHomes #MortgageBroker #RealEstateMarket #HomeLoanExpert #MortgageAdvice #BenRevakMortgagePodcast #WisconsinHomes #HomeownershipJourney 🏡

NMLS 506822 & 1802853 

Transcript

SPEAKER_02 0:00

Built on trust, fueled by kindness, powered by provisor. Welcome to the Ben Reback Mortgage Podcast.

SPEAKER_00 0:11

So, Becky, what in today's market, like it's a little crazy out there. I know every offer it seems like there's 10, 12 competing offers. But what do you find that buyers are the most like worried about or hesitant about?

SPEAKER_01 0:25

Um, well, I think the biggest thing with that is making sure that we set buyers up for success. So, and that starts with the buyer consult, right? So, in that meeting, which usually takes about an hour, sometimes longer, we're going through a couple of different things. We're not only going through like the home buying guide, which is something that I've developed for, you know, just our buyers, but also we give them another packet that literally has all of the contracts that they're going to see come across their computer and docu-sign once they actually make that offer. And we literally go through that page by page.

SPEAKER_00 1:02

Really?

SPEAKER_01 1:03

And then we actually do like a practice. So they pick a house that they kind of really like. They're not sure they're gonna write on it, but I need them to be at an emotional level, like where we fake out that they lose the house. Because and I know it sounds kind of mean in a way, but actually it works out really, really well. And they're usually like, oh, we're kind of excited that you did that. Because um what happens is all of a sudden we're looking and we maybe quickly find a house and there's multiple offers. And, you know, depending on, and you see this in lending, like depending on how strong we can write that offer. Unfortunately, sometimes if we're up against these full cash, you know, no contingency offers, um, then sometimes we don't get them. And so then we have to like tell them, you know, you didn't get the house, and there's an emotional letdown, obviously. And um, and so sometimes we just want to practice how that looks, feels, go through the motions, let them actually get all the paperwork across DocuSign, sign it, feel what that feels like, the waiting period. Sometimes I like make them wait overnight, and then I call them and we kind of have a pretend conversation about like, hey, I'm really sorry. There were 25 offers. Um, you know, and they kind of then we laugh about it because we know it's not real. But also when we then do make an actual offer on a property, they understand, like, you know, especially if they don't know me that well, it's like, I'm not writing these offers just to like get the most money, you know, for me or for whatever. But I truly am walking them through the process of like, okay, guys, if this is an eight out of 10 or higher and you're really, really wanting this house, like that's a time where I'm going to say to you, these are what we need to, this is what we need to write. And we are gonna write as strong and hard as possible. And if we still don't get it, you have to know at the end of the day that like we gave it our all and our best. Um, and so what I, you know, going back to your question about fears, it's like in the beginning, if we set them up for success and we walk them through like a lot of scenarios and those processes of what we're gonna take them through over the next few months, I feel like that really decreases their fears of buying a home.

SPEAKER_00 3:27

So because I I found the same thing. A lot of times the fears that buyers will have aren't what they should be afraid of. Right. And helping them like letting them voice those things so they can like talk through it. And then us getting to share our professional perspective on what's gonna actually help them win and what's really important. I think that because you don't have the time to win that trust from the client during the offer writing process. Like it doesn't happen in that moment, you have to have that established before you go in. And I get calls all the time and buyers are like, Well, how how high should I go? And I'm always like, You should go as aggressive as you need to so that you'll be able to sleep at night knowing that you left it all on the table.

SPEAKER_02 4:10

Yep.

SPEAKER_00 4:10

But if you don't get it, you know you did your best.

SPEAKER_02 4:13

Yeah.

SPEAKER_00 4:14

Because if it's like, you know, if your agent's saying, Hey, the the listing agent says that that you're up against somebody who's being really aggressive with appraisal. And if you're not willing to write an appraisal gap, you're probably not in the running and they're not willing to write that, like that's pretty clear cut. Like you probably don't have a chance. And so if you have the ability to do that, well, let's just break the numbers down and see like what does that actually look like? Worst case scenario. If you write it with a gap and you can do three percent down instead of five percent down, well, your payment is a hundred dollars a month more, it's still within your budget. Your cash out of pocket's exactly the same.

SPEAKER_02 4:48

Yep.

SPEAKER_00 4:48

Even worst case scenario. So where's the risk? Right? Like, let's let's do this as aggressively as we can. And that's where I like to really help on the front end. So I try to keep my calendar free so that when those situations come up, I can help in real time the realtor show the buyer here's what those numbers look like. So you can make a very confident, aggressive offer because you're not going to get any accepted offers in the first half of the year if you're not able to really help people see what it's gonna take to win. Yeah.

SPEAKER_01 5:16

Yeah. And that is, you know, again, to your point, it is super important that the buyer, the lender, and the agent are all talking to each other. We need to be able to get a hold of our lenders because those are the moments that can make or break these multiple offer situations. Um, I do know that, you know, also as we go into the spring market, which has already started, that that those are the times where we see all a lot of multiple offer situations. And um, you know, I just I don't know. I think that practicing those scenarios really, really helps.

SPEAKER_00 5:52

Oh, role playing.

SPEAKER_01 5:53

Yeah, it is. It's basically like how we practice role playing as agents, you know, when we're in those situations, but now we're doing it with our buyers, and it really kind of helps them understand like some of the things that we might bump up against so that when those things do happen, yeah, we've already practiced it.

SPEAKER_00 6:11

Yeah, because it's then it's not a surprise. It doesn't mean it has to be pleasant, but at least it's not something that they're feeling caught off guard, like, hey, I wasn't prepared for a counter that includes this, that, or the other thing. Right. So right.

SPEAKER_01 6:22

I mean, we still actually we'll still run into it, but at least we try, you know, at least we've gone through as many scenarios as we can, and there's always something that pops up. But um, you know, I feel like that's another reason to work just with a really experienced agent because you we've gone through a lot of the scenarios and we've, you know, truly been there and or we've bought our own houses and felt the feels, like felt the emotional response.

SPEAKER_00 6:47

You've been through the roller coaster.

SPEAKER_01 6:48

It is, yeah.

SPEAKER_00 6:49

Yeah, well, you know, and that's one of the like an experienced age, there's no replacement for experience. Yeah, like you know Justin at Politi. Yeah, you're on the panel with him, yeah, right. Like him and I, like we're friends, we play basketball together, we play volleyball together. Like, we wrote an offer on one of his listings, and the buyer was actually an agent that I work with. And going into it, the buyer and I talked, and she's like, Yeah, you know, there's there's a lot of stuff. I don't know if this is gonna come to fruition, like the roof, pretty like the roof's pretty bad, it's an investor selling it. Like, we just don't know if they're gonna be willing to work with us. And they got an accepted offer, like, no problem. And she's like, That was the easiest accepted offer ever. So then after the transaction, I called Justin. I was like, Hey, just curious, like how all that played out. And he's like, Oh, well, I just prepped the seller before we even listed it that here's what we're gonna have to do. So they knew it was coming. Yeah, we just filtered into the price, yeah. So it's like you can see what it's gonna take to get that deal to closing. Yes, and sometimes it might be a new roof. Yeah, and if the seller knows it's gonna be a new roof and you price accordingly, it's not a big deal, right? And so you just find the path forward to get both parties to a win-win, yep, and that's what brings deals together. And that there's no substitute for experience to make that happen. Yeah, and that's where I like that's the world I like to live in. Right. Is like I'll take the call at eight o'clock on a Friday night from a listing agent who's like, hey, can these guys accommodate an appraisal gap? Because that's what they're gonna need to win.

SPEAKER_02 8:13

Yeah.

SPEAKER_00 8:14

And I'll pull up their file real quick and like, yeah, sure, no problem. They can do it, and they've got money to spare.

SPEAKER_02 8:18

Yeah.

SPEAKER_00 8:18

Um, and that's what that's what I think a loan officer's best ability is is availability to help with situations like this.

SPEAKER_01 8:27

It's huge, actually, because we're writing offers sometimes at like 9 30 at night, you know, and not call you at 10 or 11 p.m., but I know you'll answer. So those are the people who we really, really want and need on our side. Because if we don't have that.

SPEAKER_00 8:43

Well, look, if you're working at nine at night and they're trying to review an offer, make a decision that night, we need to be available too.

SPEAKER_01 8:50

Yeah.

SPEAKER_00 8:51

So I might be in bed at nine o'clock because I I know you go to bed pretty early most nights too. Usually, but yeah, but there are those times where you gotta, you know, burn the midnight oil.

SPEAKER_01 9:00

So yeah, yeah.

SPEAKER_00 9:01

All right. So when you're working with, I know you work on some new construction uh projects where you're the the listing agent on new construction, but I know you also write offers for your buyers on new construction. And one of the things that I see a lot is um we'll get an accepted offer with a builder and it has the standard offer to purchase. And then there's like 35 pages of it, the builder's addendum.

SPEAKER_02 9:24

Yeah.

SPEAKER_00 9:24

And I get to read every one of those pages to make sure that it's gonna affect or not affect financing. Correct. So I get to basically pre-underwrite their loan based on on that. That way, if there's any issues, we can get ahead of it.

SPEAKER_02 9:36

Yeah.

SPEAKER_00 9:36

When you're in the field though, and you get that counter back with this 27-page builder addendum, yeah. How do you handle that to be able to understand it enough to give your clients good advice on how to either accept or you know, counter that proposal?

SPEAKER_01 9:52

Yeah, it's actually not super easy, honestly. Um, this past year, I I don't know, I probably did at least five or six of them. So I feel like I'm getting more used to it. But um, every single builder is different, right? And they're now also being on the selling side, I know how those get written. And so there's always an attorney on the other side that wrote it, right? And so sometimes we actually get to speak with that attorney. And so if I have a lot of questions, um I'll ask them, I'll be like, Hey, we have some questions. Like, would you be willing to, you know, are we able to call your attorney and just cast some of these questions? Because they're the ones that wrote that.

SPEAKER_02 10:34

Yep.

SPEAKER_01 10:35

Um, and that's not typically what we do though, but it is a thing we could, it's a possibility sometimes turn that.

SPEAKER_00 10:44

Do you see a builder advertise homes and they're like, Well, we have an agent, you don't need an agent, it's new construction. Yeah. And I'm always like, You need an agent. Trust me, you need an agent. Yes. Otherwise, you have no one representing your interests.

SPEAKER_01 10:55

Correct. And so, and I actually got to like really nail that down this last year. So we were gonna work with a builder. Um, they had a lot for sale, and so we put an offer in on it, and then of course, they you know, sent us all of the things that we also had to do uh and look through. And so I started reading them. I gave it over to the you know, buyers to read as well. And of course, the buyers and I then came back to a conversation about like, well, what does this mean? And what does this mean? And what does this mean? And it's very interesting. And I will say, um, and you know, the builders are protecting themselves too, but like they are mostly they are written to protect the builder, right? Not necessarily not to protect the buyer.

SPEAKER_00 11:42

As they should be.

SPEAKER_01 11:43

Yeah, as they should be.

SPEAKER_00 11:44

That builder is a business and they need to protect their business entity.

SPEAKER_01 11:47

Correct. And so at the end of the day, the major question is are they willing to at all change that? Or like as the buyers are reading through it and they actually like don't agree with something, like instead of wasting a ton of time looking it over, I mean, we still look it over, we still explain what is what and what risk they're taking in signing it. But also, is there a way that we can make some changes and go back and say, you know, we don't like this part? Like we are going to cross this off. And sometimes, most of the times the builder's like, uh no, it is what it is. If you don't want it, someone else will.

SPEAKER_00 12:29

Yep.

SPEAKER_01 12:30

And so that's kind of hard.

SPEAKER_00 12:31

Um at least they're going into it eyes wide open, though.

SPEAKER_01 12:34

They are.

SPEAKER_00 12:34

They're not going to be surprised when their building cost goes up 30% because it's three years later. Correct. And now they don't have the ability to sell the lot because their contract says they have to sell it back to the builder. Correct.

SPEAKER_01 12:44

At a 10% loss. It's typically what it is.

SPEAKER_00 12:48

Yep.

SPEAKER_01 12:48

Um, I also do have an attorney that I'm able to call and who's a real estate attorney and just ask some questions.

SPEAKER_00 12:57

So if it's a really weird one, you can get outside counsel.

SPEAKER_01 12:59

Exactly. And so usually what I do with that is I I call that person, I connect them with the buyer, and then I say, look, if if you truly are wanting to move forward with this, it might be in your best interest to have this real estate attorney just review it with you. It'll probably be an hour or two, and he'll let you know what the charge is on that. But it would be worth you making a good decision or not a good decision for you if you you have that conversation. And so they're usually very thankful. The buyers are very thankful that that option is even available to them. Um, you know, because we're real estate agents, brokers, and we can't practice law. So we we can, you know, practice within what our license allows, but we all we cannot go beyond that. And so it's really nice if you have an attorney on your side who then can sit down with your buyers um because they trust you, and so they trust who you've you know brought to them. So yeah, yeah.

SPEAKER_00 14:02

And and just to be able to not take that liability on your own shoulders either. Because it's you know, you read in part of the contract where it says one thing, and then later on in the contract it says, you know, if this option is selected, this whole chunk of the contract is superseded. So it's it's very easy to misinterpret that stuff, yeah, unintentionally. Right. And sometimes I go through it with a highlighter and I'm like, all right, well, this part, this part now changed because of this wording later on, and it's like it's yeah, it's very legal. It's very legally.

SPEAKER_01 14:33

Yeah, I I have sat there and wrote literally read a paragraph like a hundred times, and I'm still like, I just don't know what they're saying. And I'm a smart, I'm a doctorate, you know.

SPEAKER_00 14:41

Like, I know there's I I think I'm pretty smart person, but like I I just takes a special attorney mind to decipher that yes, the goblety gook they can put in there.

SPEAKER_01 14:51

Exactly.

SPEAKER_00 14:52

Yeah, and I don't think any of it's malicious at all. It's it's really it's done to protect the interests of the person writing that contract. Yeah, and that's why anytime a buyer wants to buy new construction, I really recommend they because they'll go to the open house without an agent.

SPEAKER_02 15:07

Yep.

SPEAKER_00 15:07

And you just know who's writing the contract. And it's like, well, did you did you think to ask about landscaping?

SPEAKER_01 15:13

Right.

SPEAKER_00 15:13

Oh, landscape. Like, did you think to ask about the driveway? What about the concrete for the sidewalk that's required for the HOA? What about the trees that the HOA requires? The mailbox. Yeah. It's like all of a sudden you're, you know, you think you're getting the house for X price, and now it's X price plus $65,000 for your driveway.

SPEAKER_01 15:31

Way more usually, but yes, yeah. It's yeah, and that is honestly that's another piece that goes along with it. Um, and I am always at at least the first like couple meetings with my buyers as they go through the process. I'm there with them. I actually go to the part where they pick out everything, which is like the initial, because that is the point in time where they're getting asked, like, do you want this tile or that tile? If you want this one, it's an upgrade. Is it do you want to change orders? Yeah, lots and lots of change orders up front. Um, I'm also asked to be CC'd on everything that they're going to be signing. Um, and I usually work with them up until the point where that final payment gets made before then the closing. So then the house gets built, then they close. Um, and I'm I've always worked with some great agents that are working for the builders, and they're usually very obliging to that. They're like, yep, we'll CCU on everything. Um, because they are paying us a fee. It's, you know, usually not our typical, but sometimes it is. And I just I also want to be like part of that. Like I don't wanna, I don't want to just get paid because I'm getting paid. Like I want to be a part of what I would normally do as an agent and working with my buyers. And yeah, we're usually sitting in that meeting and I'm like, well, what about this? And what about this? And how about that? And the buyer is like, oh, I would have never asked those questions. But because we do it in our experience, we're we're there to advocate and protect them as well. So I highly recommend.

SPEAKER_00 17:08

I had a fun one where um an unrepresented buyer went directly to a condo builder, wanted to write an offer. Condos weren't built yet, they're building duplex condos side by sides. Yeah. And the builder countered and said, basically, I'll take your offer, but I want you to put down, she was like gonna put down like 150,000 for down payment. He was like, I want you to put it down as earnest money and it's non-refundable.

SPEAKER_01 17:33

Yeah, I've seen that all.

SPEAKER_00 17:34

And I'm like, 150 grand non-refundable, like a little bit of pressure on the lender because I'm like, I forget the gal's name, she's very nice, but I was like, just so you know, like if you lose your job, good luck. You're you're at best you're litigating for your 150,000.

SPEAKER_02 17:49

Wow.

SPEAKER_00 17:49

And it's like, and what if the condo's non-warrantable? What if there's something in the condo docs that underwriting doesn't like and they set it up in a way that legally doesn't conform to conventional underwriting rules, and now you're stuck getting uh a loan that you weren't expecting to have to get because you can't get a 30-year fixed on that condo. Yeah, like so much risk. Yep, and I'm like, God, if she had an agent, they'd never let her sign this, but she was all gung-ho because the builder convinced her that it was this is the only way you can get it.

SPEAKER_01 18:17

That's a great example, yeah.

SPEAKER_00 18:18

It's stuff like that, and you know, it's I again, it's not malicious, it's great negotiating. But when you are an outsider to the industry and you're emotionally involved with the outcome because it's going to be your house, it's so hard to make clear logical decisions. And having an expert on your team, whether it's an attorney plus a realtor or a realtor alone without an attorney, you can't put a price on that.

SPEAKER_01 18:43

Yeah, yeah, I agree. I've seen a lot of things could have gone south. So I was glad that I was chosen to be there.

SPEAKER_02 18:50

Yep.

SPEAKER_01 18:50

Because, you know, it's it's just it's all about advocating and coaching and and and like I loved how you put it, it's like an emotional when you're buying a house or you're selling a house, there's a huge emotional piece tied to it, right? And I'm not saying that we don't take emotion out because we feel the feels too, you know, but we feel them and can remain analytical about what an objective about what's happening.

SPEAKER_00 19:18

Yeah, 100%.

SPEAKER_01 19:19

Yeah.

SPEAKER_00 19:19

No, it's very emotional. Probably the most emotional transaction.

SPEAKER_01 19:22

It is, it's the it's the most expensive one, too. So, you know, it's it's a lot of things tied to it.

SPEAKER_00 19:28

So on the buy side, I just had a conversation with a friend of mine who wanted to there was a house listed for like 1.15 on the market for three weeks. The people that were selling it had built it themselves and lived in it for like 35 years, raised their kids in it. Needed some updates, 1.15 list price. My friend wanted to offer him a million after three weeks on market. Okay, and I'm like, it's comp's out at like 1.15. Okay, it's just data. They need somebody like it's it'll sell. And I'm like, dude, I talked to the agent, and the agent was like, Yeah, they're not even gonna look at this. And I was like, it was an agent I had worked with before, and I was like, Do you want me to call my friend and just tell him? And and I was like, because I will like I'll I know you can't say some of that stuff, but I can, and that's the reality. And that's I said you're so I called him and I was like, dude, like I know that you guys are looking for a deal. If you write this, there's no chance they're ever gonna sell you the house because they're gonna be so offended by that lowball offer that they will choose to not sell it over sell it to you. So just so you know, if you choose to do that, your agent can't tell you not to, and they have to write it for you. But yeah, that's what that path looks like. Yeah, and they were like, Okay, we don't care, we're gonna do it anyway. And guess what? They didn't get it, and they didn't get it, they didn't even get a counter. No, because the sellers like it's personal, yeah. And so being able to see that, like at least they go into it eyes wide open, yeah. And whether they believe us or not, like they made their choice, now they're not getting the house, right? I think they could have got it done though for maybe another 75,000. And it's like when you look at 75,000 as a percentage of the purchase, but as a part of the payment, it's like you know, it's just kind of interesting. Like, yeah, you could have made that deal happen, but yep.

SPEAKER_01 21:12

Well, and I think too, like just you having your experience, the agent having her experience, you know, and that the agents in that situation. And it was like if if you didn't have that experience and didn't understand some of those emotions that go into, especially a home that has been held for 35 years, there is a huge emotional piece. And to your exact point, they're not just gonna let it go to anybody. In fact, those are the times where I'm like, okay, this home means a lot to this person, and it means a lot to who's going to be now buying it. And sometimes, you know, I'll have families, not that you can pick who's buying your house sometimes, right? But I'll have families who are like, well, make sure it's this kind of person. Like, I can't.

SPEAKER_00 22:00

Do that, but like you can hear a teacher, and they're like, I wanted a teacher to live in it.

SPEAKER_01 22:04

Yeah, like you can hear it in their their voice. You you can, you know, feel it, how emotionally they are tied to it. And you know, so it's we can have that in our heads, just like that agent did who called you and said, like, hey, this isn't gonna get it done. Like, if they actually want a chance, probably don't even submit that. And because we feel the feels, like we understand what you know.

SPEAKER_00 22:27

Well, yeah, because they know that it's gonna hurt their seller and it's not gonna get accepted, and there's no point to it, but yeah, it's uh but I don't know, working through stuff like that is kind of what I enjoy about the business. Like there's not a blueprint. You you have to be able to be resourceful and intelligent and apply what you what you know in a situation, and you're just bringing people together to a win-win. Yeah, and it's I don't think there's anything like it in the in the economy. Like it's a really unique job, right? Both of us.

SPEAKER_01 22:59

Well, and I love I do love that part of it when you are on when both sides are working towards that win-win and you can feel it, and there's give and take, and there's there's negotiating, but again, it's not just like buying a car, right? It's it's the biggest purchase of your life typically. And you're working with emotions on both sides, and so it it's very different. It's like a very finessing type of you know, relationship and who you're bringing into that and making sure that the team that's coming together is just, you know, it's a lot of people involved, and then title gets involved. What's the offer? It's just like it's really cool to watch like what happens from that first time that you meet to that closing day, you know, and I think that's why closing is so special, right? Because it's just like the culmination of all the all the feels, all the emotions, all the negotiating, the inspections, like just everything comes together at that table and those keys get to be handed over. And it's just like it's very emotional sometimes, you know.

SPEAKER_00 24:06

That's why I go, I go to every closing. I mean, if I'm out of town, I can't, or if it's like a closing in or it's too virtual, not like people are signed, pre-signing somewhere else in the country, right? Yeah, but if if it's local and I'm a bit like if I am in if I'm working that day, I always go because I I don't get to meet people otherwise. Yeah, you get to go on showings, you meet them. It's like that human connection is it it's irreplaceable. And ultimately that's why I do what I do. It's yeah, it's a people first business.

SPEAKER_01 24:33

Yeah, it is, it really is.