How to Make Your Offer Stand Out and get Accepted - Part II

Описание: I’ve created a passive income stream of $75k per month in rental income, and my properties are currently worth $10M. I started ​while working a full-time job, and I’m going to show you how you can do it too.

Identity Guard-Save 33% or more:
https://identityguard.y8uw.net/c/2731...

Amazon Store: Check out my favorite books, smart home products, office gear and rental property materials:
-https://www.amazon.com/shop/stolenyorkie

Tesla Referral Code to get 1,000 miles of free Supercharging or cash: https://ts.la/cheryl22851
-----------------------------------------------------------------------------------------------------------------------
Angela Pierce: REALTOR at Keller Williams Greater Downtown
(423) 598-2365‬
[email protected]
https://www.realtor.com/realestateage...
  / david.a.pierce.58  
  / angelaismyrealtor  
https://instagram.com/angelaismyrealt...

Steve Champion Broker
https://www.realtor.com/realestateage...
  / angelaismyrealtor  
6 years experience as a realtor

I just finished 3 weeks of real estate classes and sit for my state license exam next week!
Recently bought house #41 and #42 which we are currently renovating, and I’ve got two others coming open at the end of this month. I’ve got another coming open mid May but i’ve already got it rented.
New house which we started in June of 2020 should be finished very soon. I’m trying to get a firming closing date from our builder so that we can lock rates.
Agenda Draft
What’s going on/ big picture
Stats for Zillow.com
US Medium home value $316k
Change in Median Home Value from last year 19.3%
Annual Change in Total US inventory -17.5%
Market with fastest growth - Austin +43.7%
Rates are the highest they’ve been in 10 years!
Bankrate.com 30 yr fixed 5.279%
3.5% 15 yr ARM, 30 yr Am
Inventory is record low
***Pocket Listings/ Off-market deals - Agents are sitting on these while their clients try to buy a house, but the seller is waiting to get a house under contract before putting theirs up for sale.
JP can mention Seasons drive where they sold and had nowhere to go…
SMASH LIKE BUTTON
Sellers - Like age and beauty…enjoy it while you got it!
Which loans do Sellers prefer and which are they excluding and why
Cash - wins every time!
Conventional - 2nd best
VA & FHA - appraiser inspections are more stringent
New Contingency: Acceptance is contingent upon Seller finding and securing a property within X number of days.
Mortgage Recasting - To keep sellers from being home less, Sellers who can qualify for another home loan are first purchasing a new home, then the sell their old home, and then they give the equity that they receive at closing to their bank to pay down their new loan and the bank recasts their new loan balance over 30 years which brings their loan payment down.
Most commonly, homeowners recast a mortgage when they’ve purchased a new home but haven’t sold their old one. Once the previous property has been sold, then the homeowner can use the proceeds of the sale toward a recast of their new mortgage.
A mortgage recast is when you make a lump-sum payment toward the principal balance of your loan. Your lender will then re-amortize your mortgage with the new (lower) balance. The idea is that you can lower your monthly payments since your principal went down, but your interest rate and term remain the same.

Buyers
Cash Offers
Investors were the only ones doing this, and now homeowners are doing this to compete with investors
Out of town buyers
Liquidate stocks
HELOC
How common is this now
Helps to wind deals and buy for less than loan offers
What buyers are doing to make their offers stand out
Buyer’s agent noticed baby stuff & gave a gift card and baby sitter with offer.
Gave one week vacation in their timer-share
Be creative
Wow people
Buyer to bring pizza and beer to closing
Escalation Clause
Buyer to pay up $1k over highest (cash) offer, up to a maximum of $y.
Sale Lease-back: Add to your offer to Buy or Sell
If selling and don’t have a place to go, add this in your listing to sell.
Benefit to Sellers: they can sell without being homeless. Seller can live for free up to 120 days…
Buyer can use to their advantage to add to their offers to let seller occupy home post closing
Contingencies:
Appraisal gaps: The buyer is willing to pay up to $5k above appraisal towards purchase price.
Home Inspections are still taking place but buyers are having to shorten the time frames to compete with other offers. We used to see 14 days, and we see offers with 5-10 days.
**Home inspection and waiving your right to request repairs
Cap repairs at $2k, if applicable
***Use to have an out but limit to $1k
Termite Inspections
Conventional - not required
FHA & VA - Required

Watch for next week's PART II