March 22, 2025 • 53 mins
Selling your home can feel like navigating a minefield blindfolded. Rowena Patton removes that blindfold by revealing what real estate agents typically keep behind closed doors, starting with a bombshell revelation: over 30% of home sales fall through after going under contract.
Drawing from her experience with over 3,500 transactions, Rowena explains why traditional home selling methods are increasingly risky in today's shifting market. Most properties across the country peaked in value during 2023 and are now experiencing a plateau before the inevitable economic cycle downturn. This reality check serves as a crucial warning for sellers hoping prices will continue rising indefinitely.
The episode introduces a game-changing approach to selling: the Certified Pre-Owned (CPO) home strategy. By investing in a pre-inspection before listing (typically $400-600), sellers can identify potential issues upfront, dramatically reducing the failure rate from 33% down to just 7%. This proactive approach prevents the dreaded "stigmatized listing" phenomenon that occurs when deals fall through, forcing sellers into significant price reductions.
Rowena breaks down three distinct selling paths—conventional listings, conventional CPO, and cash CPO—comparing their timelines, close rates, and advantages. The differences are stark: conventional listings close successfully only 67% of the time, while CPO approaches reach an impressive 93% success rate. For those needing guaranteed sales and quick closings (perfect for divorce, inheritance, or relocation situations), the cash CPO option provides up to 70% of equity within just two weeks.
Whether you're considering selling now or in the future, this episode provides critical insights that could save you thousands of dollars and months of stress. Don't gamble with your largest asset by skipping a simple inspection—call 828-333-4483 to discuss your options with Rowena's team anywhere in the country.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is the Plain English Real Estate Show with
your host, rowena Patton, a showthat focuses on the real estate
market in terms you can easilyunderstand.
Call Rowena now.
The number is 240-9962 or1-800-570-9962.
Now here's the English girl inthe mountains, the agent that I
(00:20):
would trust, rowena Patton.
Speaker 2 (00:23):
Hey, it's Rowena Patton here on the Real Estate
News Radio Show and last week Ihad so much fun doing the show
Thank you for all those of youwho listened that I thought we'd
do another peel back thecurtain and see what really goes
on with agents.
I was prompted to do thisbecause I was looking in one of
(00:47):
the big agent forums there'slots of agent forums that we're
all in as real estate agents andsomebody was asking whether
feedback should be shared withsellers.
So I want to start with thattoday, and I also want to start
with all kinds of things that wehear from you as home sellers
(01:08):
when you're thinking aboutselling your home and, of course
, you're human beings we allfeel this way.
I want to pull back the curtaina little bit and also, I know
you're not surprised by this.
Real estate agents are trainedin what to say and I coach a lot
of agents around the countryand my coaching approach is to
(01:31):
look at what we would say as ahuman being.
I often say to the agents I'mtalking to instead of reading a
script, I want you to think ofsitting next to somebody on an
airplane seat.
Of course, a lot of agents say,or any of us would say I don't
want to start talking to theperson who's sitting next to me
(01:52):
because it might go on for threehours.
The difference is, what wouldyou say if it's a friend sitting
next to you and you're chattingaway?
What would that conversationlook like?
I think it's the same thing infeedback, isn't it?
You know the question was fromthe agent.
Should we share the feedback?
(02:12):
And I will read you exactlywhat I wrote and this is on a
private agent forum, obviously,but I wrote it so I'll be
totally honest and transparentand pull back the curtain on
what I say on these things.
So I wrote I personallyappreciate the transparency of
sharing feedback immediately asI receive it.
(02:33):
So, as a side note, a lot ofagents don't share the feedback
with you because it can behurtful.
However, I always prepare homesellers up front, letting them
know that some feedback may feelannoying or frustrating,
especially when agents commenton the things that cannot be
changed the driveway's too steepright or things like that.
(02:55):
Often, agents are out showingmultiple homes, especially in
markets where somebody's flyingin or driving in for three hours
to see homes.
They come in, they're in anAirbnb or a VRBO or a hotel for
the weekend and, as a buyer'sagent, you are running around
for two days showing them home.
Often, agents are showingmultiple homes and feel
(03:17):
obligated to leave feedback,which isn't always constructive.
That said, feedback is acrucial tool in securing
important price adjustments whenneeded.
My role isn't to interpret orsugarcoat what agents say.
That's the buyer agent.
Sometimes their comments areunprofessional, vague or even
(03:37):
nitpicky.
Any of you have listed a homeand it hasn't sold, or if you're
in the process of it, know this.
You may feel that some of it isunprofessional, vague and even
nitpicky.
Instead, I view feedback as asort of insurance policy,
helping sellers feel confidentin their decision to work with
me and ensuring we have everytool available to position their
(04:01):
home for success Right.
So that's how I feel aboutgiving you feedback.
So let's break that down alittle bit.
So we're looking at thetransparency piece.
So some agents, what they do,many agents, what they do
actually is they feel like and Iunderstand it right they don't
want you to be hurt when, or getmad when, you see that feedback
(04:22):
the walls are green or it's 30minutes out from the city, like
you know.
So that's what you feel as aseller, it's like what the heck
Couldn't they have done theirresearch?
Why didn't they know that weget that feedback from you as
sellers all the time?
So I know this goes on.
Why the heck didn't they do theresearch?
Well, I can't really answer forthat.
(04:43):
You know, they may or may havenot done the research, they may
be less experienced, they mayjust be going.
Sure, I'll take you to see 20homes today and taking people
into the homes as a key opener.
You know that's not what we do.
I get it.
But there are a lot of agentsout there.
You know, maybe they're newer,maybe they haven't been trained
yet, who knows?
Or they just don't know that.
(05:03):
It's not their fault, they justdon't know those pieces.
I personally don't want tointerpret or sugarcoat what
those buyer agents are sayingabout your home when I'm your
listing agent.
Now you may get upset with meor it will feel like you get
upset with me.
What I've got to know as anagent right is that you're not
upset with me, you're upset withthe process.
(05:24):
What do I mean by that?
I think you will know that manyagents won't tell you it's not
really fun selling your home.
Oh, did I really say that.
Yes, I really said that it'snot really fun selling your home
.
It's not really fun sellingyour home.
(05:58):
You've got dogs, you've gotkids, you've got a divorce going
on, your parents are going intousually fun so you're getting
married and you're buying ahouse together.
You're having a baby and you'rebuying a house together.
Once you're in your 30s, ittends to be the not so fun
things that cause you to sellyour house.
Does that make sense?
(06:19):
So you all know those triggersdeath, divorce, all of the other
triggers that go into that.
We've done whole shows on this,actually, and I call them the
nine Ds.
So let's run through these fora second.
These are life.
They're just major lifetriggers.
(06:40):
They happen to many of us.
I know when we were in schoolthey sold us Disney and there
was a white horse and a princessand all of that good stuff.
And then we get into real lifeand wonder, because we're so
tied up on social media, whyeverybody else has a fantastic
life and we're going through allof this stuff.
Death passing of a loved one itcould be, you know, it could be
(07:04):
anybody in your family.
Obviously that's traumatic andit is triggering you to buy a
house or sell a house.
Divorce another traumatic event.
Hopefully you're not goingthrough that in your 30s or at
all.
Let's hope you're never goingthrough a divorce.
Obviously it happens and it veryfrequently results in the sale
(07:25):
of a shared home.
It might be debt.
I just did this with an agentthis morning.
I talked them through how toget the cash CPO offer because
their foreclosure notice is themiddle of April.
I think we've still got time toget them out.
It was a high priced home and Ithink we've got time to get
them out before they go intoforeclosure.
It's just such a blessing thatI helped draw the way through it
(07:48):
.
So obviously that is somethingwhere you want to sell a home
quickly.
Maybe you're right sizing.
They used to call it downsizing.
I call it right sizing becauselots of us want smaller homes
now.
A lot of us, when we're older,our kids have, you know, gone
off to college.
We don't have kids.
Maybe we had that big home forthe family to gather in.
We've got three, four, fivebedrooms.
(08:10):
We don't need a home that sizeanymore and in fact a lot of the
kids in their 50s and 60s aretelling their parents that they
don't need that big houseanymore.
You might be in your 30s and40s and telling your parents
that, too, you're out of thehouse.
They're like, oh, we want tokeep the house for the kids that
(08:31):
come home for the holidays.
You know that ain't happening.
It's not been happening.
If it is good for you, that isfantastic.
If you've got kids that havemoved away and made a life
somewhere else, maybe they'renot coming back as often.
And, by the way, we've gotAirbnbs and VRBOs and hotels
they can stay in.
You can right size, move into ahome that's only half the price,
maybe.
How cool would that be.
Now you've got a bunch of cash.
Go and enjoy yourself, gotraveling, go whatever it is you
(08:53):
wanted to do, pay off all yourdebts, whatever it is.
And then it might be educationand graduation, moves,
deployments, right.
So that's the next day.
It might be deployment.
It might be deployment.
It might be diapers, that's,growing families.
It might be diamonds.
These are the fun bits,obviously, at least hopefully.
And then there's disaster.
So the natural disasters andemergencies.
(09:14):
Obviously we've seen way toomany of those recently.
All those kind of things happenand you know it may not be one
of those major life changes.
It could be something as simpleas getting a puppy and
realizing that, oh, maybe thispuppy grew a bit larger than you
(09:35):
expected and you really want tohave a yard outside.
Yes, people move for their dogsall the time.
It may be something like that.
So my point is I'd like you toreally think about why you
thought about moving in thefirst place.
And here's the truth, guys, andI can get you zip codes for
(09:55):
anywhere in the country,anywhere in the country, and I
can show you 30 data points onall of them, almost everywhere
in the country crested in 2023.
Yes, that's two years ago.
We've been bumping along aplateau.
Has it gone up a percent or twosince?
Yeah, sure, because we're justbumping along right and none of
(10:16):
us know when it tips.
But what I do know is ClémentJuglar, the French economist,
set up the economic cycle backin 1860.
Clément Juglar, the Frencheconomist, set up the economic
cycle.
It's like a roller coaster.
We all know what the economiccycle looks like, right, seven
to 11 years.
And yet people think I don'treally understand this, because
(10:40):
we all understand what aneconomic cycle looks like and
most many of us remember fromeconomics that it's seven to 11
years.
So that why do we expect housesto just keep going up?
That's not what happens.
It's never happened before.
So why are we expecting it tohappen now and now?
(11:10):
Because here's a very commonthing that we hear.
It's really, you know.
I've decided not to move rightnow and I'm looking at what's
going to happen with the market.
Well, you know what it'spossible.
Maybe 5% of the time, it'spossible that your price is
going to go up dramatically andyou're going to miss a massive
upturn.
There's no signs of that, bythe way, at all.
In fact, I look at leadingindicators and many of those
(11:33):
look at how many, whatpercentage of current listings
are cutting their price and howmany months that's been going on
for.
And in most places in thecountry, price and how many
months that's been going on for.
And in most places in thecountry we've had four, five,
six, seven, eight, nine, 10months of price cuts
consecutively.
And then we compare them withlast year.
(11:54):
So we've got a base point andthere's in almost every market
there's way more price cutsgoing on.
Now, why am I talking aboutthat?
Well, that's not hitting thecomparables right now.
Those are the appraisals thatwe need for the mortgage.
It's not hitting that right nowbecause of the long time it
takes for you to.
So, ok, you list your house.
(12:15):
It doesn't take a long time tosell your house.
Necessarily.
It depends where you are, howfar out it is, what condition
it's in all those good thingsand what the market's doing,
what interest rates are done,what condition it's in all those
good things and what themarket's doing, what interest
rates are done.
So we list your house and let'ssay it takes two months to sell
.
That's 60 days out.
We're going to do some prep.
That's probably going to takeus to 80 or 90 days and then we
(12:39):
go into contract.
The contract's another sixweeks.
Guys, you're way after July 4that this point, right, you're in
August or September, even ifyou list it now.
Guys, you're way after July 4that this point, right, you're in
August or September, even ifyou list it now.
And if you're listening to thepodcast, it's the middle of
March 2025.
I know a lot of you go back tothe old shows.
I'm having people now listen toshows from last year when I was
(12:59):
talking about getting it listed.
Just to you know, hear thepieces you can do.
I can give you some veryactionable tips right here to
make sure, if you're thinkingabout listing, that you do it in
a better way.
I'm not just going to say takethe cash offer.
We do have a full market valuecash offer.
You can go to cashcpocom to seewhat it would be.
(13:21):
You'll get the full marketvalue cash offer, plus you'll
get the full home value at thesame time, because we put our
money where our mouth is.
This is a full market valuecash offer.
Does that make sense?
However, because that will getyou your value.
I've got all kinds of valuethings I can do for you.
The most important thing I cangive you today do for you the
(13:46):
most important thing I can giveyou today, and I've been
training agents on how to dothis since 2007.
At this point, if I sound alittle snuffly, that's like
because of many of you like me,there should be some kind of I
don't know magic AI program.
We can put it through at thispoint.
That takes the snuffle away.
I've got the allergies.
I've got the allergies.
(14:06):
You know, all the pollen'scoming everywhere, the dust is
around.
I've got the allergies.
So I sound a little bit snuffly, sorry.
Welcome to real life.
So, if you're going to thinkabout putting your home on the
market, forget the updos, whatyou're going to do to it,
everything else.
I want you to get it inspectednow, because you're spending
(14:27):
money on doing things to yourhouse without consulting us.
If you get a great agent and Iknow all of them in the country
trust me, anywhere in thecountry, I can help you out.
We are in wealth management forreal estate.
That's what we do right.
We're in wealth managementbuying, selling, investing,
renting, remodeling whatever itis We've got we do right.
We're in wealth managementbuying, selling, investing,
(14:50):
renting, remodeling, whatever itis.
We've got that team for you.
We're helping you manage thatwealth.
We need to come in and take alook at your home and you need
to tell us you know we werethinking of doing the kitchen,
or at least painting the walls,or we need a new toilet in the
bathroom, or we were going toput new floors down so that we
get more money for the house.
We need to be able to say toyou listen, we know this market
(15:12):
and we're watching the keyindicators and you're in a trime
crunch right now, or the housesaround you.
You're right, you're way behind.
You're in the bottom quartileof all the houses around you
that are selling for a hundredthousand dollars more than you
get right now.
And yes, with XYZ you can makethat extra money right?
We don't know that until wecome in, rely on a great agent
(15:35):
because they know what thehouses around you are doing and
whether it's worth spending thatmoney.
Just because you've got pride isnot a good reason to spend
money that you're not going toget back.
It's just not.
Guys, please don't do that.
It's time and energy andeverything else.
Are you going to be embarrassedbecause your neighbours are
going to come around and go oh,they've still got the avocado
(15:58):
fridge.
Well, guess what?
Some people like avocadofridges and some people go.
You know what?
I'm blessed to be able to buythis for a little bit less
because they know I've got toswitch the fridge out, right, so
we'll be able to tell you whatthings are worth doing and what
things are not worth doing.
Ie you won't get your moneyback from.
Please don't do it for pride,because it's time, energy,
(16:22):
logistics.
You've got to go and choosestuff.
Maybe the buyers don't want tochoose the next stuff.
Invite us into your home now.
Also, we will help you with theright inspector to use.
It's going to cost you betweenfour and 600 bucks, depending on
what you need inspecting.
I say that because you mighthave a well, you might be in a
different part of the country,you might have a septic system,
(16:48):
you know, whatever it is, mightbe a bigger house, much bigger
house, might be a tiny house, sothe price changes a little bit.
You know, wow, $600.
You know how much it costs youto sell your house.
You know what the opportunitycost is of not doing this.
I can tell you on average, 33%of them it's nearly 33% dropout.
(17:10):
Why?
Because of the inspection, yougo into contract, you're all
excited and then a third of thetime they drop out.
That's not because you don'thave a decent listing agent.
That is because you didn't do apre-inspection.
Most of you have bought it.
You either buy a new car ormost of you are not just buying
a car off Craigslist orsomething.
You're buying a certifiedpre-owned car.
Right, that certified pre-ownedcar 156 point inspection.
(17:32):
It has a home warrant not ahome warranty, a dealership
warranty and it also has a blackbook value.
That's what we do with houses,right?
There's a reason people pay 6%more for CPO cars.
When I came up with this back in2007, I couldn't believe we're
selling cars for $50,000 andthey do this.
(17:55):
And yet we're selling a milliondollar house or a $500,000
house, whatever price it's at,and we don't do it.
It's insanity Because when itdrops out, do it.
It's insanity Because when itdrops out, what have you got?
A stigmatized listing.
Everybody calls us as thelisting agent goes.
What's wrong with it?
(18:15):
The buyers agents call us andsay you know, I had a buyer that
was interested in it.
What's wrong with it?
There must be something wrongwith it.
So what do you think happens?
And then we've got buyers callus directly.
By the way, what do you thinkhappens to your price when we
get that call?
Or it drops out and we relistit.
Now what do you think that doesto your price?
I can tell you it depletes yourprice.
(18:38):
It makes your price go down.
That most often right, becausepeople think there's something
wrong with it.
Why did it sit for six months?
Why did it sit for four months?
And then it dropped out and yougot ticked off with your agent
and you pulled it off the market, right?
I mean, some of you are noddingyour heads right now at home
going, yep, actually that'sexactly what happened.
(19:00):
So you know you.
You know this is what happens.
It's perfectly normal.
There's a know.
This is what happens.
It's perfectly normal.
There's a number of waysthrough this.
If you want to do a conventionallisting, that is fine, no
worries at all.
Do a conventional listing.
I just want you to know whatyou're getting into.
So I share this listingpresentation with the agents in
(19:23):
the network around the country.
I was on a webinar the otherday and people said, well, we
had a ceo on.
Actually, I said, um, you knowa um, an owner of a very big
real estate firm, and he wastalking about the need to give
options to sellers so that youcan choose.
So our options in our network,and I I posted a link to this
(19:43):
very same presentation, whichI'm more than happy to share
with all of you Listing, ofcourse.
So here's your options.
We've got a conventional listing, a conventional CPO.
What's a conventional CPO?
That's when you, as the homeseller, pays for the inspection,
possibly the appraisal andpossibly the home warranty.
(20:04):
Right, if you're still gettingmultiple offers in your area, by
the way, I don't know anywhere.
That is now, but you stillmight be selling within the
month.
There's more of a need to dothis if you know your houses are
starting to sit a little bitlonger.
That's almost everywhere, bythe way.
The other thing that happens is, even if your house sells in a
month, it's so stressful whenyou get to the inspection.
(20:25):
We take that out of theequation.
With a traditional CPO, all yougot to do is get the inspector
in, get the inspection done.
Why is that so important?
With what we've just beentalking about, whereby you said,
oh, you know, I want to remodelthe kitchen or put new floors
down or whatever it is.
Why is that so important for usto know about that new floors
(20:45):
down or whatever it is?
Why is that so important for usto know about that?
Because when you do theinspection, guess how many items
are on the average inspection.
And I know guys, a lot of youare saying well, here's the deal
, can you tell?
I've been to a lot of listingappointments.
Here's the deal, I've 3,500sales.
You know that's going to happen.
So here's the deal.
Our house is perfect, we'vemaintained it really well and it
(21:07):
may look perfect and you mayhave done that by the way.
That's.
That's not the point.
It's that when your buyer comesin and does their own
inspection when we're undercontract, they're going to find
40 or 50 items.
If it's exceptionally wellmaintained, maybe they'll only
find 35.
Let me repeat that number 35items.
Remember, we've got squirrellybuyers right now.
(21:30):
They're a bit nervous, so whenthey see those 35 items they're
like ah.
That's why I want you, as theseller, to do the inspection up
front.
Yes, it costs you five or sixhundred bucks, maybe four
hundred, depending on the size,because I want you to know those
(21:52):
items.
It's usually some flashingaround the chimney, flashing
around skylights.
It might be some moisture inyour basement.
When was the last time youcrawled down in your basement?
Probably not.
I don't know about you, but Idon't go crawling around in my
basement very often, with allthose spiders down there and who
knows what's living down there,right, so you may not have been
(22:14):
down there.
I doubt that.
If you don't have a basement, Idoubt you've been I don't know
trawling away from the side ofyour house to see check for
termites.
You may have been doing some ofthis.
There's lots of things youcan't see, is my point that you
really couldn't be aware of,unless you're an inspector.
So, yes, they're paid to dotheir job.
Of course they're going to findall nitpicky items sometimes.
(22:36):
But don't you, as the homeseller, want to see those
nitpicky items?
Or would you rather leave ituntil you're under contract?
And then a third of the timethey pull out?
Why the inspection, theappraisal?
They get cold feet, you know.
Let's say they're partners andpartner A goes I really like
(22:57):
this house, I want to put acontract in.
Partner B likes the other one.
Well, guess what Partner B cannow say you know what I'm the
honeydew.
Let's go back to the otherhouse that I wanted.
Right, it's an easy way to getout.
Let's not let the buyers getout of your home so easily.
So on day one, with atraditional listing, you sign
the listing paperwork.
(23:18):
You do the same thing with atraditional CPO, except that you
sign the listing paperwork.
You do the same thing with atraditional CPO, except that you
sign the listing paperwork.
We're immediately, if youhaven't done it already and you
haven't brought us in now.
That's why, guys, bring us innow, before you don't have to
sign any paperwork.
Maybe you'll never use us as alisting agent.
Maybe you'll never sell yourhouse.
That's fine.
You're just thinking about it.
Bring us in now so we canexplain all this to you.
(23:40):
Thinking about it, bring us innow so we can explain all this
to you.
828-333-4483.
We can help you all around thecountry.
Did you get that?
All around the country?
828-333-4483.
We can help you all around thecountry.
We've got an amazing networkthat know how to do this stuff
at a different level, right?
(24:01):
So that's your traditional CPO.
So when you sign the listingpaperwork on day one with a
traditional CPO, if you haven'tcalled us in already now, we've
got to call the inspector andthe appraiser and this is where
you pay for it.
Right, you don't have to do theappraisal if you don't want to.
However, it's a good idea andwe can explain when we come out
as to why that's a good idea Ifyou're doing.
(24:24):
And then your third offer is acash CPO offer.
So when we come out, you signthe offer to purchase from our
buyer and you choose your moveout date 14 to 90 days.
That's it, you're done.
No signs?
No, nothing, right?
Day seven.
So now we're talking about abouttraditional.
You're on the MLS um day sevenas a traditional CPO.
(24:44):
You're on the MLS and you'relisted as a CPO home.
That's very important.
Why?
Because buyers are curiouswhat's this CPO?
The old certified pre?
Oh, this sounds interesting.
There aren't many of them about, don't.
Don't ask me why.
I've no idea.
It's because it takes the agentsome work, I think to, to do it
.
Obviously and maybe some of youdon't understand how powerful
(25:06):
it is you want it to be CPO.
You want the home to saycertified, pre-owned on the MLS.
It sets you apart.
It's a unique value propositionfor your home.
Some sellers say well, do Ihave to fix anything?
No not at all.
We can just notate it rightwhen you've had the
pre-inspection.
You don't have to fix it Ifit's a material item.
(25:27):
We want to tell people.
Everybody needs to go in eyeswide open, guys.
Stop overthinking this.
This is a fairly simple process, right?
Stop overthinking selling yourhouse.
Oh, we've got to do this andthen this and then 30 other
things.
No, we just need to take careof what's there and let's all go
in with eyes wide open.
Let's be honest and authentic.
(25:48):
That's what buyers expect now.
So we can either get the thingsfixed by the way, all of us in
the network have a great team ofcontractors you might have
struggled to get a contractor in.
This is whether you're sellingor not of contractors you might
have struggled to get acontractor in.
This is whether you're sellingor not.
We help you with that.
Remember, we're in wealthmanagement for real estate.
If you're remodeling or fixingthings up, we're there to help
you, right?
828-333-4483.
(26:11):
Just tell them what you need.
We've got people standing by24-7 to take that call to help
you.
It doesn't matter if you'relistening to the podcast right
now.
It could be March next year, itcould be 2026 when you're
listening.
We've got those people standingby 24-7.
If you work, you know differentshifts.
Then it's two o'clock in themorning.
(26:32):
Give them a call.
They'll take down all thedetails.
We're not staying up to takethose calls, by the way, just so
you know.
However, we will call you backand you've already given all
your details.
It's awesome.
So now with the cash CPO, we'venot even listed it yet because
we're waiting for thatinspection appraisal to come
back because you're undercontract.
You're already under contract.
(26:53):
We've skipped everything else.
However, we are going to listit as coming soon.
Property and then between 7 and14 um, you know, this is like
day day uh, 10 or so in here,but 7 and 14.
The next, the next week, yougot to keep it so conventional.
You got to keep it show ready.
Um, you got to get the familyout for each showing.
(27:14):
You got to respond to showingrequests.
Uh, this is the time whenyou're like, why are these
agents leaving this weirdfeedback?
Or I'm kind of tired of goingthrough all this already.
So day seven on a cash CPO.
So we just did traditional.
We did traditional CPO.
That's when you've paid for theinspection.
Both of those are the same atthis point in it.
Right, you've got to keep a showready.
(27:35):
You've got to get the familyout.
The dog is out, an e-showingrequest you've got to scram.
Usually what happens is you geta request, you're like, oh, we
don't want to lose it, I'll comehome from work, honey, I'll do
it.
You run around like a bansheeget it ready, try and get the
doggy smell out, try and get thekitty smell out.
You all know what I'm talkingabout.
You're smiling now, no, knowingthat you've been through this
(27:55):
before or you're going throughit currently.
And I'm sorry if, by the way,it's not too late to get a cash
offer, even if you're listed.
Just go to cashcpocom, put youraddress in.
It'll ask you a couple ofquestions and you will get your
full market value cash offerback On the cash side.
Between you know, we're a weekand two weeks now.
We're in the middle there.
(28:15):
We're going to have yours showready.
So it's going to be deep,cleaned, painted items are
completed, whatever that cameback.
So day 14, we're starting toget feedback.
Conventional and conventionalCPO.
We're starting to get feedback.
It hasn't shown yet and anygreat agent will tell you if you
haven't sold it yet, dependingon if it's out in the boonies,
(28:38):
you still should have a showingor two, right?
We're in that honeymoon period,the wonderful period of when a
house goes for sale.
You're in that lovely, lovelysweet spot.
So we should have had someshowings.
If we don't have showings orwe've got this terrible, mean
feedback, we want to go aheadand adjust the price right.
Don't chase the market down,guys, just adjust the price With
(28:59):
the cash CPO.
On week two, you're getting upto 70% of the equity.
The mortgage is paid off.
The funding partner fixesagreed items because, remember,
they've done the inspection,they've paid for the inspection
up front.
And we all get together and wedecide what should we do?
What cosmetic money can we useto fix any items in your house
(29:23):
to get more money?
Remember, we know we're theagents, right, you might be
amazing at this.
You might maybe had a realestate license in a different
state or something and you knowhow to do the comps next door.
Great, we'll help you with that, right.
So now you've got 70% of yourmoney.
On the other two, you're stillgetting showings on your
feedback.
So day 14, if you're a sellerthat really wants to put in an
(29:47):
offer, you know you're like oh,two years ago things were
selling so fast.
I want to put in a contingentoffer.
Maybe you're in a market wherethings are still selling quickly
.
There's very, very few of themleft, certainly not within 14
days, but at some point you maythink you know we want to put in
a contingent offer.
We found the house we want tomove to.
We want to put in a contingentoffer.
They don't work very well, guys.
(30:09):
Would you take a contingentoffer on your home?
Oh, it's contingent on our homeselling in Virginia?
Oh well, what's your home like?
Is that certified pre-owned?
Do you have an inspection onthat?
That's going to save itdropping out a third of the time
.
Or do you want to set yourselfup for the dominoes games?
That is not fun.
So think about whether you'daccept a contingent offer and
(30:31):
then think about you making acontingent offer.
Obviously, chances are yourcontingent offer is not as
powerful as a non-contingentoffer.
That means you put home.
You want to move to Floridaright, you want to move to
Orlando to be by the grandkids?
You're going to put in acontingent offer.
That means when my house sellsin X, I can buy your house in
(30:54):
Orlando.
That's what it says.
How happy would you be withthat as a seller?
Not so happy.
So, okay, the house in Orlandohasn't been selling.
You know the market's beensitting.
A lot of Florida is actuallysitting quite a while now, by
the way.
Now's your time, so, or in thenext few years, as the prices
really start to come down.
They've already come down insome areas.
I spoke to somebody in an areathis morning where it's already
(31:17):
come down 15% in Florida.
Yes, really.
So you can put your contingentoffer in and see whether they'll
go for it, right.
However, you don't have muchnegotiating power.
What do I mean by that?
So you decide to get aninspection or you want to buy
that house and the house is$600,000.
How much play do you think youhave?
You're putting in a contingentoffer.
(31:38):
You've weakened your offer withthat contingency.
Think you have?
You're putting in a contingentoffer.
You've weakened your offer withthat contingency.
Now, if you didn't have acontingency, maybe you could
start at 550, right, and get thehouse for less.
So the first two, even though Icame up with, you know, the
certified pre-owned programwhere you pay for that, I can't
cure that contingency right?
It's the same for both theconventional listing and a CPpo
(32:01):
listing where you've paid forthe inspection and possibly
offering a home warranty andpaid for the appraisal now scoot
over to cash cpo.
Go ahead, put yournon-contingent offer in, because
you've received up to 70 of theequity already.
You can move on, you can lockdown that home in Orlando or
(32:22):
wherever you're going, rightDown the street, your
right-sizing home.
Maybe one of your parents diedand you're selling the house, so
you're not putting in anotheroffer.
Right, all of the above.
So now you can make plans tomove on to your next chapter,
because you've already got yourmoney in that case, day 21,.
Feedback on showings again.
So we're three weeks in now andyou know we're adjusting the
(32:43):
price.
That's the same for both aregular listing, a conventional
listing, the cash CPO listing.
It's active on the MLS.
Now We've cleaned it up.
It's active on the MLS andwe're going to see what happens.
Right, because it's certifiedpre-owned and we've got an
appraisal right.
There's another key thing.
(33:04):
These are the ones that sellway faster and guess what?
We've probably put a new coatof paint on it.
Maybe you're not living thereanymore because you're in
Orlando.
You can stay up to 90 days ifyou want to.
And again, listen guys, I amnot pushing you to go with the
cash UPR, I'm trying to give youall the intelligent facts.
So now we're at debt.
(33:25):
So it could be under contractalready, right, and now we're
doing the negotiations.
So let's go back to day 74.
Now We've got the inspectionsback right, we're under contract
.
So day 60, we're under contractwith a conventional listing.
Awesome, we're under contractwith a conventional CPO listing,
(33:48):
right, and we're undercontracted and may already have
sold with your cash CPO.
Maybe not, because you know weput right, we use depends on how
much work you need doing.
Is the point?
If we can just go in and do apaint job, or maybe it's just a
deep clean, that's fine too.
But remember, the fundingpartner pays for the inspection.
So we can now intelligentlydiscuss what's it worth spending
(34:10):
money on, and the fundingpartner up front's the money.
Yes, of course it all comes offon the back end, right, you
don't get money for nothing andyour chicks are free.
I didn't make up that line.
Um, that is a famous song fromthe the 80s.
If you didn't know that onesultans of the sultans of swing
it's from.
Do you want to go look it up?
(34:30):
It wasn't me, I promise, Iwouldn't say such a thing.
So now we are on day 74 andremember, you're under contract
on probably all three pieceshere.
So on your conventional listing,the inspections are back.
On average, they're going toask you for 3% of the sale price
on a repair request.
(34:52):
Remember 40, 50 items on therepair request.
It's normal, guys, it drops outover 30% of the time.
The average dropout is 30% ofthe time.
Or they're going to ask you for3% of the sale, 5, 10, 15.
By the way, if this is all likeoh my gosh, like this is way
too much, you can listen to itagain on the podcast or make the
(35:13):
appointment for us to come outand talk to you about it.
We have a visual for this.
It's much easier when we'resitting with you in your home,
remember, we can tell you whatto fix, what not to fix.
So we're at the inspectionstage.
For those of you who just tunedin, we're doing three options a
conventional, conventional CPOand a cash CPO With your
(35:34):
conventional, very common 3%sometimes it's 5%, it's of the
sale price, right?
So $500,000 house is $15,000.
It's a repair request from thebuyers who say to continue with
this home purchase.
We'd like $15,000.
Did I mention it's moving moreto a buyer's market in almost
(35:56):
all of the country, guys,remember that.
So that means they've got morenegotiating power.
It doesn't matter, guys, it'sjust.
It is what it is.
We're helping you work throughall of this.
Okay, so now you are undercontract.
You're all ticked off.
A lot of you are very stressedat this point.
That's why I love the CPOprocess.
(36:17):
Forget the cash offer, right,don't forget it.
We're going to come to that ina minute.
I'm not pushing you to the cashoffer.
I am pushing you to get thatinspection if you can at all
afford it.
Here's why Because theinspections are back now, the
buyers are less likely tonegotiate.
This is a conventional CPO.
You've paid for the inspection,possibly the appraisal and the
(36:38):
home warranty.
It drops out 7% of the timeinstead of 33% of the time.
Same thing over in the cash CPOtime.
Warp over here.
The inspections are back.
The buyers are less likely tonegotiate because it's CPO home.
Same as the previous column,right, there's less chance of a
dropout.
(36:59):
And then day 105, get this.
I want you to tag on if you'rethinking about listing 105 days,
because that's on average.
How long it's taking Nowdepends on your market.
Again, we'll come out and seeyou explain all of this and tell
you how long it's been taking,based on history in the last few
months.
How long are you going to sit?
(37:20):
For once we list you, right,most likely.
There's no guarantees in life.
So we're back on theconventional sale, day 105, it
closes 67% of the time.
Remember, if it falls out,you're going to get a check 67%
of the time.
That's scary, right.
(37:40):
And, by the way, that's not todo with your listing agent.
It's because of your house thatwe don't know what's wrong with
it.
It's because of buyers we don'tknow whether they leased a car
or not when they're in the wholeprocess.
Right, all kind of reasons forthat.
The two primary ones are theinspection and the appraisal.
And buyers get nervous.
(38:00):
And when you tie up, when youtake those nerves out of the
process.
You can especially do that ifyou're offering a home warranty.
Yes, it might cost you 600bucks, but the home warranty
says none of these big thingsare going to fall apart in your
first expensive year of homeownership.
Right, people are worried aboutthat.
(38:20):
Now you can almost compete witha new home, right, because it's
certified pre-owned home.
So conventional sale becausethese are the most important
figures conventional sale isgoing to close 67% of the time.
That means you're going to geta check in 105 days, 67% of the
time, with a good agent 67% ofthe time.
(38:40):
Or you can CPO it.
Guys, don't just list it, cpoit.
That's going to close 93% ofthe time.
You're going to get your check93% of the time.
What would you rather do forspending 500 bucks on an
inspection?
It's a no-brainer.
And remember too thestigmatization that happens
Should it drop out, which itdoes about a third of the time.
That means you're going to getless money overall.
(39:04):
It drives your price down, mostlikely because everybody's
calling again.
What's wrong with it?
My buyer was really interested.
You know there must besomething wrong with it.
It fell out.
No, no, the buyer did this.
The buyer did that.
We try and explain it away, butit still taints it.
So let's go over to cash cpo.
Where are we?
At day 105, you're getting yoursecond check.
So it's going to close 93 93percent of the time.
(39:26):
Again, you're going to get yoursecond check.
You've already got your firstone, up to 70%, way back on day
14,.
By the way, this second checkaverages 20 to 50%.
It's way too hard to look at orsay on the radio.
We'll explain this to you whenwe come out.
But suffice to say, two thirdsof our sellers make more with
the cash CPO than they do.
(39:47):
The other two routes Right.
Again, we're not pushing youguys, we're just giving you
facts.
So you know, now I'm going todo the three, where you choose
from the three options, andagain we'll go through you.
You know, with a whole, we'vegot a whole chart for this.
Like anything you're buying, youknow, if you want to go and buy
a Mercedes, I hope you'relooking at the other two
(40:08):
competitors as well, like youknow BMW and maybe an Audi, and
do you know what's differentabout?
Or do you have to do all theresearch?
Well, guess what?
I think when you go and buy acar, they should have done it
for you.
I don't care, they're notselling a BMW and Audi, they're
selling a Mercedes.
So they should know how itstacks up.
We know how this stacks up andwe're going to help you through
it.
So I'll run through thesequickly.
(40:31):
A conventional listing yes, youneed showings, right?
Not everybody wants showings Inand out the house.
You've got to keep it showready.
Conventional listing,conventional CPO yes, you have
showings With a cash CPO.
You do not.
You have to keep it show readyyes and yes for conventional and
conventional CPO no.
With a cash CPO.
Time to close Three to fourmonths on average.
(40:53):
That's with both theconventionals.
I'll call them that to make iteasier.
Cash CPO 14 to 90 days, yourchoice.
Can you choose your close date?
Of course not with theconventional days.
A big fat yes with the cash CPO.
Likelihood of closing 67% withthe conventional listing.
(41:14):
Don't do it guys, spend themoney on the inspection.
Conventional cpo 93.
Now with a cash cpo, the fundingpartner upfronts the money for
all of that.
And um, again, you can.
You, can you know likelihood ofclosing on the second place.
For this you are guaranteedclosing.
It's a guaranteed sale in 14days if you want it.
(41:35):
We literally just got somebodyout of foreclosure this morning.
I'm so honored to help do that.
But that's not what this cashoffer is for.
It's convenience.
It's if you're going intosenior living.
It's if your parents have diedand we can go in and get you
more money for the home.
It's if you're a bank and youhave maybe you've got some
foreclosures on your books.
Now, unfortunately, some REOsthey call them in the bank world
(41:58):
.
We can go in, get you a checkbanks for up to 70%.
That's usually all you sell itfor.
Anyway, we'll turn around.
We'll use our funding partners'money to do what we need to do
as agents.
We're going to take that brokenglass out.
We're going to paint it.
We're going to get 90 to 120%of what you'd get within a
conventional listing.
That's two thirds of.
(42:18):
You will get more.
So can you choose the close date?
That can be very important.
No, no on the conventionals.
Yes on the cash TPO.
You know, and then you've gotthe disclosure of things.
So, yes, on the cash tpo.
Um, you know, and then you'vegot the disclosure of things.
So, as a seller, you're going tofix up or disclose the items
when we pre-inspect it, right,or when you're under contract.
That's a yes, you've got to fixit.
You're the seller, but you cansay you're not fixing anything.
(42:41):
But I can tell you if you'reactually serious about moving
and I don't like this for youand I'm sorry this happens the
buyer is going to I need them toredo the roof or something like
that, and right now you'regoing.
I would never do that.
Remember I'm 3,500 transactionsin.
I can tell you a lot of you doit because you go to sleep on it
and you go.
(43:01):
You know what it's $15,000.
Let's just get it done.
We don't want to lose this buyer, especially as the market in
most places is slipping now.
Does that make sense?
So some of you want to make anon-contingent offer on a new
home.
You want to move somewhere else.
We don't advise you to do thaton either of the conventional.
You can do it.
Sometimes it works as well Withthe cash CPO offer.
(43:23):
Have at it.
You've already got your money.
Maybe you'd like to secure yoursenior living spot when they
call you and you're finally offthe wait list.
You can't really do that withthe conventionals because it's
going to take you 105 days orlonger.
Sometimes.
Can you move on from divorcefaster?
That's a big old no.
With the conventionals You'vegot to wait it out and you're
probably arguing which agent touse.
(43:45):
Everything else we can get youyour money in 14 days.
Your new home build.
How do you know when to listyour house?
When you're building a newhouse, how awful is that Right?
And your builders have lots ofthings that come up against them
.
It might be weather.
We've done again whole shows onthis.
Go to realestatenewsradiocomrealestatenewsradiocom.
(44:07):
That's where all the oldpodcasts are.
You can see all of our oldshows.
This you may be listening onthe podcast right now.
This airs live every Saturday.
This is a 12 year long show.
Thank you to all of you wholisten on a weekly basis.
There's nothing that warms myheart more.
I talk to sellers all over thecountry.
You're asking me for CMAs, homevalues, cash, offers, all of
(44:30):
those things.
I pick up the phone and I callyou and there's nothing that
warms my heart more thansomebody in Arizona or Timbuktu
saying yeah, we listen to yourshow every week.
You can listen to it liveanywhere.
There's a link on there tolisten live if you're not
listening through the localbroadcast.
It's awesome.
So the builders you can imagine.
You know, let's say, somebody'sbuilding a home in Western
(44:53):
North Carolina and they'removing from Virginia.
They're moving from California.
We have a lot of people movingfrom California right now, for
obvious reasons.
Maybe Gavin's podcast is goingto put it all right.
He's asking some interestingquestions there and getting some
interesting guests in, whoknows.
So a lot of people are movingfrom California.
(45:13):
They're building a house inWestern North Carolina.
Are you really going to holdthat builder's feet to the fire
and say I've got to be in byJuly 4th Because that's what you
do and it's not their fault,guys.
They don't have any controlover the ports closing down or
suddenly materials have gone upby twice or I don't know one of
their their key crew membersbreaks a leg or something, right
(45:37):
, it's very hard for them to hittheir date.
However, when they get whenthey know, 14 days out from when
they get their co, theircertificate of occupancy.
So what does that mean?
It means that you don't have tolist your home.
Worrying about listing yourhome when you're building a new
home, you can wait till thebuilder says to you hey, I'm
(45:57):
getting my CO in 14 days.
Right, a builder 95% of thetime knows when they're going to
get that CO because it's veryclose to the finish date.
That flips in the beginningAgain.
You see whole builder shows.
They're some of our mostpopular shows on the podcast.
(46:18):
Just go and look onrealestatenewsradiocom and at
realestatenewsradiocom there's abutton that says podcasts.
There's also a button there.
If you want a friend to listento this and you're listening
live.
Just text them and say go torealestatenewsradiocom, click on
the button to listen live, sothey can listen in with you at
the same time, because peopleneed to hear this, especially
who are building a new home oron a wait list, or getting
(46:38):
divorced, or maybe that one oftheir parents died and their
unit might be in probate, mightnot be in probate all of those
good things that cause us tomove, which we went through
earlier With the builders.
The builders are going to tellyou 14 days out oh, now we have
no problem, we haven't had allthat stress.
(47:00):
Meanwhile, we can press thebutton to get the cash offer.
You can get your money whenthey've got the CO and that you
can move in.
And now we can make yourcurrent home worth more.
You haven't had to think aboutpainting it, put a new roof on
all of that stuff while you'rethinking about building your new
home.
How miserable.
Maybe you're just private.
Maybe you've got a business.
(47:21):
I had a case once where I won'tmention what the business was,
but the reason they did this isthey didn't want to sign outside
right.
They were working with otherlocal businesses and, while they
were still able to work in amobile fashion, they were moving
to another state and they wereworried that they would lose
customers.
They didn't want theircustomers to see the sign
(47:42):
outside.
There's lots of reasons.
We just did one in New Jersey,actually for somebody who is a
celebrity.
They're in sport.
I'm trying not to give it awayhere, they're in sports, let's
just leave it at that.
They didn't want to sign outside.
They didn't want people cominginto the house.
You know they'd heard storiesabout people stealing pills.
(48:05):
It does happen, unfortunately.
You know they didn't, or theyjust don't want people coming
into the house and takingpictures and then, I don't know,
shooting off to the NationalEnquirer or something.
Yes, that really happens.
And so people like theirprivacy.
Guess what?
With CashTPO you don't have asign outside.
With the other two you do, anda lockbox on the door and all of
(48:26):
those showings and everythingelse that goes on.
So I hope that's helped youthrough the process there.
Can you believe our shows areabout 55 minutes?
I cannot believe that we but Iguess there's a lot of material
to cover there, right that we'vespoken about the kind of things
(48:47):
you get in feedback, the kindof things that you need to think
about when you're listing yourhome, all the steps to get there
, the fact that it would be areally good idea to do CPO,
certified pre-owned.
That's when you as the homeseller get the inspection right.
A piece of land I'm not soworried, although you definitely
(49:09):
could get a septic perk onthere.
That would really help you.
A piece of land I'm not soworried, although you definitely
could get a septic perk onthere.
That would really help you sellyour piece of land, because
land takes a very long time tosell.
We have all kinds of programsto do that as well.
We work with the builders.
We have on the builder CPOprogram to draw something for us
to put on the land and then wemarket it pre-construction.
It really helps you sell yourland.
(49:29):
Land is not an easy sell, guys.
So we've gone through all ofthose steps.
Please, please, please, don'tjust list it, cpo it.
Wherever you're at in thecountry, give us a call.
828-333-4483.
We've got people standing by24-7 to take the call.
If you're doing the night shiftand you sleep most of the day,
(49:54):
it doesn't matter what timeyou're calling us.
Maybe you're on the way to yourjob at 2am, give us a call.
Maybe it's lunchtime for you,give us a call.
We've always got somebodystanding by.
I've never had somebody saythey can't get through.
We've got a whole team ofpeople standing by 24-7.
They're amazing.
Thank you, you awesome peoplewho stay up all night taking our
(50:15):
calls.
Again, we can help you anywherein the country, right?
So you want to get us in now?
Don't be scared.
Oh, you know they're going tothink badly of us because our
house is upside down.
Guys, we're agents.
Any of us that have anyexperience you should see our
houses.
We're busy.
The successful agents in yourworld are busy.
(50:35):
You should see our houses.
We'd be embarrassed, right?
I get on Zoom calls with agents.
Sometimes I'm like good Lord,that's the worst mess that my
house is because we're busy andwe're successful.
Don't worry about beingembarrassed.
We're coming in to help youwith that.
Yes, we'll probably saydeclutter and all the other
things that you've Googled, likewhat should I do to prep my
(50:55):
house for sale?
Right?
Please don't worry about that.
As long as your dog doesn'tbite us, please put the dogs up.
I did get bitten by a dog lastyear.
The lady said oh no, he justgrowls a little bit.
He's just protecting me, don'tworry.
And the dog, um, took a biteout of the back of my leg.
That was in June last year.
It's not pleasant.
(51:16):
Please don't let that happen.
It's not fun.
You definitely don't want thatwith the buyers because they
probably won't buy your house.
So again, give us, give us acall.
Let let us come in now.
We will tell you honestly whatyou need to fix, what you don't
need to fix.
We'll help you get theinspector in now.
Let's do the preparation, evenif you're waiting to sell until
(51:37):
the green leaves come on.
Don't miss this window ofopportunities, guys.
It's a really, really importantwindow of opportunity.
Clément Juglar, 1860.
I know you're tired of hearingit.
Clément Juglar 1860.
I know you're tired of hearingit.
Clément Juglar 1860.
He's probably tired of hearingit at this point.
Seven to 11 years we crested inour market in Western North
(51:57):
Carolina.
About two years ago We've had aminor increase, but that means
we're bumping along the top.
None of us know exactly when itgoes down.
It's like a roller coaster itpicks up speed.
Do not chase the market down.
Please.
Don't tell me you're waitingout a year to see what happens
with politics or interest ratesor something else.
It's Clermont-Jougla, guys.
(52:17):
It doesn't matter what Trump'ssaying, doesn't matter what um
whomever's in charge of the Demsnow are saying it's a natural
cycle, expect some pricereductions, which is really
wonderful, because you'reprobably buying a house as well.
Thank you so much for listeningguys.
I love you all.
I always appreciate youlistening so much.
828-333-4483.
(52:40):
You can book an appointmentanytime there for anywhere in
the country.
We're going to help you outwith this.
And go torealestatenewsradiocom.
If you want to share thispodcast with somebody that's
realestatenewsradiocom, you canshare the podcast with them.
So if you've just listened,you're like, darn it, I'm in the
(53:01):
car or I'm in Walmart orwherever you're at and I just
want to listen.
You know what?
She had some good points and mysister's in Maryland and she's
thinking about selling.
I've got a brother or a dad ora mom or a kid in California
that's thinking about selling.
Send the podcast to them please.
Realestatenewsradiocom Click onpodcast as a share button right
(53:23):
there.
If you can't figure it out,give us a call 828-333-4483.
Tell us who to send it to.
Thanks again, guys.
See you on the radio next week.
Speaker 1 (53:34):
This has been the Plain English Real Estate Show
with Rowena Patton.
Visit Rowena and post yourquestions at radioashvillecom or
call her at 828-210-1648.
This is the Plain English Real Estate Show with
your host, rowena Patton, a showthat focuses on the real estate
market in terms you can easilyunderstand.
Call Rowena now.
The number is 240-9962 or1-800-570-9962.
Now here's the English girl inthe mountains, the agent that I
(00:20):
would trust, rowena Patton.
Speaker 2 (00:23):
Hey, it's Rowena Patton here on the Real Estate
News Radio Show and last week Ihad so much fun doing the show
Thank you for all those of youwho listened that I thought we'd
do another peel back thecurtain and see what really goes
on with agents.
I was prompted to do thisbecause I was looking in one of
(00:47):
the big agent forums there'slots of agent forums that we're
all in as real estate agents andsomebody was asking whether
feedback should be shared withsellers.
So I want to start with thattoday, and I also want to start
with all kinds of things that wehear from you as home sellers
(01:08):
when you're thinking aboutselling your home and, of course
, you're human beings we allfeel this way.
I want to pull back the curtaina little bit and also, I know
you're not surprised by this.
Real estate agents are trainedin what to say and I coach a lot
of agents around the countryand my coaching approach is to
(01:31):
look at what we would say as ahuman being.
I often say to the agents I'mtalking to instead of reading a
script, I want you to think ofsitting next to somebody on an
airplane seat.
Of course, a lot of agents say,or any of us would say I don't
want to start talking to theperson who's sitting next to me
(01:52):
because it might go on for threehours.
The difference is, what wouldyou say if it's a friend sitting
next to you and you're chattingaway?
What would that conversationlook like?
I think it's the same thing infeedback, isn't it?
You know the question was fromthe agent.
Should we share the feedback?
(02:12):
And I will read you exactlywhat I wrote and this is on a
private agent forum, obviously,but I wrote it so I'll be
totally honest and transparentand pull back the curtain on
what I say on these things.
So I wrote I personallyappreciate the transparency of
sharing feedback immediately asI receive it.
(02:33):
So, as a side note, a lot ofagents don't share the feedback
with you because it can behurtful.
However, I always prepare homesellers up front, letting them
know that some feedback may feelannoying or frustrating,
especially when agents commenton the things that cannot be
changed the driveway's too steepright or things like that.
(02:55):
Often, agents are out showingmultiple homes, especially in
markets where somebody's flyingin or driving in for three hours
to see homes.
They come in, they're in anAirbnb or a VRBO or a hotel for
the weekend and, as a buyer'sagent, you are running around
for two days showing them home.
Often, agents are showingmultiple homes and feel
(03:17):
obligated to leave feedback,which isn't always constructive.
That said, feedback is acrucial tool in securing
important price adjustments whenneeded.
My role isn't to interpret orsugarcoat what agents say.
That's the buyer agent.
Sometimes their comments areunprofessional, vague or even
(03:37):
nitpicky.
Any of you have listed a homeand it hasn't sold, or if you're
in the process of it, know this.
You may feel that some of it isunprofessional, vague and even
nitpicky.
Instead, I view feedback as asort of insurance policy,
helping sellers feel confidentin their decision to work with
me and ensuring we have everytool available to position their
(04:01):
home for success Right.
So that's how I feel aboutgiving you feedback.
So let's break that down alittle bit.
So we're looking at thetransparency piece.
So some agents, what they do,many agents, what they do
actually is they feel like and Iunderstand it right they don't
want you to be hurt when, or getmad when, you see that feedback
(04:22):
the walls are green or it's 30minutes out from the city, like
you know.
So that's what you feel as aseller, it's like what the heck
Couldn't they have done theirresearch?
Why didn't they know that weget that feedback from you as
sellers all the time?
So I know this goes on.
Why the heck didn't they do theresearch?
Well, I can't really answer forthat.
(04:43):
You know, they may or may havenot done the research, they may
be less experienced, they mayjust be going.
Sure, I'll take you to see 20homes today and taking people
into the homes as a key opener.
You know that's not what we do.
I get it.
But there are a lot of agentsout there.
You know, maybe they're newer,maybe they haven't been trained
yet, who knows?
Or they just don't know that.
(05:03):
It's not their fault, they justdon't know those pieces.
I personally don't want tointerpret or sugarcoat what
those buyer agents are sayingabout your home when I'm your
listing agent.
Now you may get upset with meor it will feel like you get
upset with me.
What I've got to know as anagent right is that you're not
upset with me, you're upset withthe process.
(05:24):
What do I mean by that?
I think you will know that manyagents won't tell you it's not
really fun selling your home.
Oh, did I really say that.
Yes, I really said that it'snot really fun selling your home
.
It's not really fun sellingyour home.
(05:58):
You've got dogs, you've gotkids, you've got a divorce going
on, your parents are going intousually fun so you're getting
married and you're buying ahouse together.
You're having a baby and you'rebuying a house together.
Once you're in your 30s, ittends to be the not so fun
things that cause you to sellyour house.
Does that make sense?
(06:19):
So you all know those triggersdeath, divorce, all of the other
triggers that go into that.
We've done whole shows on this,actually, and I call them the
nine Ds.
So let's run through these fora second.
These are life.
They're just major lifetriggers.
(06:40):
They happen to many of us.
I know when we were in schoolthey sold us Disney and there
was a white horse and a princessand all of that good stuff.
And then we get into real lifeand wonder, because we're so
tied up on social media, whyeverybody else has a fantastic
life and we're going through allof this stuff.
Death passing of a loved one itcould be, you know, it could be
(07:04):
anybody in your family.
Obviously that's traumatic andit is triggering you to buy a
house or sell a house.
Divorce another traumatic event.
Hopefully you're not goingthrough that in your 30s or at
all.
Let's hope you're never goingthrough a divorce.
Obviously it happens and it veryfrequently results in the sale
(07:25):
of a shared home.
It might be debt.
I just did this with an agentthis morning.
I talked them through how toget the cash CPO offer because
their foreclosure notice is themiddle of April.
I think we've still got time toget them out.
It was a high priced home and Ithink we've got time to get
them out before they go intoforeclosure.
It's just such a blessing thatI helped draw the way through it
(07:48):
.
So obviously that is somethingwhere you want to sell a home
quickly.
Maybe you're right sizing.
They used to call it downsizing.
I call it right sizing becauselots of us want smaller homes
now.
A lot of us, when we're older,our kids have, you know, gone
off to college.
We don't have kids.
Maybe we had that big home forthe family to gather in.
We've got three, four, fivebedrooms.
(08:10):
We don't need a home that sizeanymore and in fact a lot of the
kids in their 50s and 60s aretelling their parents that they
don't need that big houseanymore.
You might be in your 30s and40s and telling your parents
that, too, you're out of thehouse.
They're like, oh, we want tokeep the house for the kids that
(08:31):
come home for the holidays.
You know that ain't happening.
It's not been happening.
If it is good for you, that isfantastic.
If you've got kids that havemoved away and made a life
somewhere else, maybe they'renot coming back as often.
And, by the way, we've gotAirbnbs and VRBOs and hotels
they can stay in.
You can right size, move into ahome that's only half the price,
maybe.
How cool would that be.
Now you've got a bunch of cash.
Go and enjoy yourself, gotraveling, go whatever it is you
(08:53):
wanted to do, pay off all yourdebts, whatever it is.
And then it might be educationand graduation, moves,
deployments, right.
So that's the next day.
It might be deployment.
It might be deployment.
It might be diapers, that's,growing families.
It might be diamonds.
These are the fun bits,obviously, at least hopefully.
And then there's disaster.
So the natural disasters andemergencies.
(09:14):
Obviously we've seen way toomany of those recently.
All those kind of things happenand you know it may not be one
of those major life changes.
It could be something as simpleas getting a puppy and
realizing that, oh, maybe thispuppy grew a bit larger than you
(09:35):
expected and you really want tohave a yard outside.
Yes, people move for their dogsall the time.
It may be something like that.
So my point is I'd like you toreally think about why you
thought about moving in thefirst place.
And here's the truth, guys, andI can get you zip codes for
(09:55):
anywhere in the country,anywhere in the country, and I
can show you 30 data points onall of them, almost everywhere
in the country crested in 2023.
Yes, that's two years ago.
We've been bumping along aplateau.
Has it gone up a percent or twosince?
Yeah, sure, because we're justbumping along right and none of
(10:16):
us know when it tips.
But what I do know is ClémentJuglar, the French economist,
set up the economic cycle backin 1860.
Clément Juglar, the Frencheconomist, set up the economic
cycle.
It's like a roller coaster.
We all know what the economiccycle looks like, right, seven
to 11 years.
And yet people think I don'treally understand this, because
(10:40):
we all understand what aneconomic cycle looks like and
most many of us remember fromeconomics that it's seven to 11
years.
So that why do we expect housesto just keep going up?
That's not what happens.
It's never happened before.
So why are we expecting it tohappen now and now?
(11:10):
Because here's a very commonthing that we hear.
It's really, you know.
I've decided not to move rightnow and I'm looking at what's
going to happen with the market.
Well, you know what it'spossible.
Maybe 5% of the time, it'spossible that your price is
going to go up dramatically andyou're going to miss a massive
upturn.
There's no signs of that, bythe way, at all.
In fact, I look at leadingindicators and many of those
(11:33):
look at how many, whatpercentage of current listings
are cutting their price and howmany months that's been going on
for.
And in most places in thecountry, price and how many
months that's been going on for.
And in most places in thecountry we've had four, five,
six, seven, eight, nine, 10months of price cuts
consecutively.
And then we compare them withlast year.
(11:54):
So we've got a base point andthere's in almost every market
there's way more price cutsgoing on.
Now, why am I talking aboutthat?
Well, that's not hitting thecomparables right now.
Those are the appraisals thatwe need for the mortgage.
It's not hitting that right nowbecause of the long time it
takes for you to.
So, ok, you list your house.
(12:15):
It doesn't take a long time tosell your house.
Necessarily.
It depends where you are, howfar out it is, what condition
it's in all those good thingsand what the market's doing,
what interest rates are done,what condition it's in all those
good things and what themarket's doing, what interest
rates are done.
So we list your house and let'ssay it takes two months to sell
.
That's 60 days out.
We're going to do some prep.
That's probably going to takeus to 80 or 90 days and then we
(12:39):
go into contract.
The contract's another sixweeks.
Guys, you're way after July 4that this point, right, you're in
August or September, even ifyou list it now.
Guys, you're way after July 4that this point, right, you're in
August or September, even ifyou list it now.
And if you're listening to thepodcast, it's the middle of
March 2025.
I know a lot of you go back tothe old shows.
I'm having people now listen toshows from last year when I was
(12:59):
talking about getting it listed.
Just to you know, hear thepieces you can do.
I can give you some veryactionable tips right here to
make sure, if you're thinkingabout listing, that you do it in
a better way.
I'm not just going to say takethe cash offer.
We do have a full market valuecash offer.
You can go to cashcpocom to seewhat it would be.
(13:21):
You'll get the full marketvalue cash offer, plus you'll
get the full home value at thesame time, because we put our
money where our mouth is.
This is a full market valuecash offer.
Does that make sense?
However, because that will getyou your value.
I've got all kinds of valuethings I can do for you.
The most important thing I cangive you today do for you the
(13:46):
most important thing I can giveyou today, and I've been
training agents on how to dothis since 2007.
At this point, if I sound alittle snuffly, that's like
because of many of you like me,there should be some kind of I
don't know magic AI program.
We can put it through at thispoint.
That takes the snuffle away.
I've got the allergies.
I've got the allergies.
(14:06):
You know, all the pollen'scoming everywhere, the dust is
around.
I've got the allergies.
So I sound a little bit snuffly, sorry.
Welcome to real life.
So, if you're going to thinkabout putting your home on the
market, forget the updos, whatyou're going to do to it,
everything else.
I want you to get it inspectednow, because you're spending
(14:27):
money on doing things to yourhouse without consulting us.
If you get a great agent and Iknow all of them in the country
trust me, anywhere in thecountry, I can help you out.
We are in wealth management forreal estate.
That's what we do right.
We're in wealth managementbuying, selling, investing,
renting, remodeling whatever itis We've got we do right.
We're in wealth managementbuying, selling, investing,
(14:50):
renting, remodeling, whatever itis.
We've got that team for you.
We're helping you manage thatwealth.
We need to come in and take alook at your home and you need
to tell us you know we werethinking of doing the kitchen,
or at least painting the walls,or we need a new toilet in the
bathroom, or we were going toput new floors down so that we
get more money for the house.
We need to be able to say toyou listen, we know this market
(15:12):
and we're watching the keyindicators and you're in a trime
crunch right now, or the housesaround you.
You're right, you're way behind.
You're in the bottom quartileof all the houses around you
that are selling for a hundredthousand dollars more than you
get right now.
And yes, with XYZ you can makethat extra money right?
We don't know that until wecome in, rely on a great agent
(15:35):
because they know what thehouses around you are doing and
whether it's worth spending thatmoney.
Just because you've got pride isnot a good reason to spend
money that you're not going toget back.
It's just not.
Guys, please don't do that.
It's time and energy andeverything else.
Are you going to be embarrassedbecause your neighbours are
going to come around and go oh,they've still got the avocado
(15:58):
fridge.
Well, guess what?
Some people like avocadofridges and some people go.
You know what?
I'm blessed to be able to buythis for a little bit less
because they know I've got toswitch the fridge out, right, so
we'll be able to tell you whatthings are worth doing and what
things are not worth doing.
Ie you won't get your moneyback from.
Please don't do it for pride,because it's time, energy,
(16:22):
logistics.
You've got to go and choosestuff.
Maybe the buyers don't want tochoose the next stuff.
Invite us into your home now.
Also, we will help you with theright inspector to use.
It's going to cost you betweenfour and 600 bucks, depending on
what you need inspecting.
I say that because you mighthave a well, you might be in a
different part of the country,you might have a septic system,
(16:48):
you know, whatever it is, mightbe a bigger house, much bigger
house, might be a tiny house, sothe price changes a little bit.
You know, wow, $600.
You know how much it costs youto sell your house.
You know what the opportunitycost is of not doing this.
I can tell you on average, 33%of them it's nearly 33% dropout.
(17:10):
Why?
Because of the inspection, yougo into contract, you're all
excited and then a third of thetime they drop out.
That's not because you don'thave a decent listing agent.
That is because you didn't do apre-inspection.
Most of you have bought it.
You either buy a new car ormost of you are not just buying
a car off Craigslist orsomething.
You're buying a certifiedpre-owned car.
Right, that certified pre-ownedcar 156 point inspection.
(17:32):
It has a home warrant not ahome warranty, a dealership
warranty and it also has a blackbook value.
That's what we do with houses,right?
There's a reason people pay 6%more for CPO cars.
When I came up with this back in2007, I couldn't believe we're
selling cars for $50,000 andthey do this.
(17:55):
And yet we're selling a milliondollar house or a $500,000
house, whatever price it's at,and we don't do it.
It's insanity Because when itdrops out, do it.
It's insanity Because when itdrops out, what have you got?
A stigmatized listing.
Everybody calls us as thelisting agent goes.
What's wrong with it?
(18:15):
The buyers agents call us andsay you know, I had a buyer that
was interested in it.
What's wrong with it?
There must be something wrongwith it.
So what do you think happens?
And then we've got buyers callus directly.
By the way, what do you thinkhappens to your price when we
get that call?
Or it drops out and we relistit.
Now what do you think that doesto your price?
I can tell you it depletes yourprice.
(18:38):
It makes your price go down.
That most often right, becausepeople think there's something
wrong with it.
Why did it sit for six months?
Why did it sit for four months?
And then it dropped out and yougot ticked off with your agent
and you pulled it off the market, right?
I mean, some of you are noddingyour heads right now at home
going, yep, actually that'sexactly what happened.
(19:00):
So you know you.
You know this is what happens.
It's perfectly normal.
There's a know.
This is what happens.
It's perfectly normal.
There's a number of waysthrough this.
If you want to do a conventionallisting, that is fine, no
worries at all.
Do a conventional listing.
I just want you to know whatyou're getting into.
So I share this listingpresentation with the agents in
(19:23):
the network around the country.
I was on a webinar the otherday and people said, well, we
had a ceo on.
Actually, I said, um, you knowa um, an owner of a very big
real estate firm, and he wastalking about the need to give
options to sellers so that youcan choose.
So our options in our network,and I I posted a link to this
(19:43):
very same presentation, whichI'm more than happy to share
with all of you Listing, ofcourse.
So here's your options.
We've got a conventional listing, a conventional CPO.
What's a conventional CPO?
That's when you, as the homeseller, pays for the inspection,
possibly the appraisal andpossibly the home warranty.
(20:04):
Right, if you're still gettingmultiple offers in your area, by
the way, I don't know anywhere.
That is now, but you stillmight be selling within the
month.
There's more of a need to dothis if you know your houses are
starting to sit a little bitlonger.
That's almost everywhere, bythe way.
The other thing that happens is, even if your house sells in a
month, it's so stressful whenyou get to the inspection.
(20:25):
We take that out of theequation.
With a traditional CPO, all yougot to do is get the inspector
in, get the inspection done.
Why is that so important?
With what we've just beentalking about, whereby you said,
oh, you know, I want to remodelthe kitchen or put new floors
down or whatever it is.
Why is that so important for usto know about that new floors
(20:45):
down or whatever it is?
Why is that so important for usto know about that?
Because when you do theinspection, guess how many items
are on the average inspection.
And I know guys, a lot of youare saying well, here's the deal
, can you tell?
I've been to a lot of listingappointments.
Here's the deal, I've 3,500sales.
You know that's going to happen.
So here's the deal.
Our house is perfect, we'vemaintained it really well and it
(21:07):
may look perfect and you mayhave done that by the way.
That's.
That's not the point.
It's that when your buyer comesin and does their own
inspection when we're undercontract, they're going to find
40 or 50 items.
If it's exceptionally wellmaintained, maybe they'll only
find 35.
Let me repeat that number 35items.
Remember, we've got squirrellybuyers right now.
(21:30):
They're a bit nervous, so whenthey see those 35 items they're
like ah.
That's why I want you, as theseller, to do the inspection up
front.
Yes, it costs you five or sixhundred bucks, maybe four
hundred, depending on the size,because I want you to know those
(21:52):
items.
It's usually some flashingaround the chimney, flashing
around skylights.
It might be some moisture inyour basement.
When was the last time youcrawled down in your basement?
Probably not.
I don't know about you, but Idon't go crawling around in my
basement very often, with allthose spiders down there and who
knows what's living down there,right, so you may not have been
(22:14):
down there.
I doubt that.
If you don't have a basement, Idoubt you've been I don't know
trawling away from the side ofyour house to see check for
termites.
You may have been doing some ofthis.
There's lots of things youcan't see, is my point that you
really couldn't be aware of,unless you're an inspector.
So, yes, they're paid to dotheir job.
Of course they're going to findall nitpicky items sometimes.
(22:36):
But don't you, as the homeseller, want to see those
nitpicky items?
Or would you rather leave ituntil you're under contract?
And then a third of the timethey pull out?
Why the inspection, theappraisal?
They get cold feet, you know.
Let's say they're partners andpartner A goes I really like
(22:57):
this house, I want to put acontract in.
Partner B likes the other one.
Well, guess what Partner B cannow say you know what I'm the
honeydew.
Let's go back to the otherhouse that I wanted.
Right, it's an easy way to getout.
Let's not let the buyers getout of your home so easily.
So on day one, with atraditional listing, you sign
the listing paperwork.
(23:18):
You do the same thing with atraditional CPO, except that you
sign the listing paperwork.
You do the same thing with atraditional CPO, except that you
sign the listing paperwork.
We're immediately, if youhaven't done it already and you
haven't brought us in now.
That's why, guys, bring us innow, before you don't have to
sign any paperwork.
Maybe you'll never use us as alisting agent.
Maybe you'll never sell yourhouse.
That's fine.
You're just thinking about it.
Bring us in now so we canexplain all this to you.
(23:40):
Thinking about it, bring us innow so we can explain all this
to you.
828-333-4483.
We can help you all around thecountry.
Did you get that?
All around the country?
828-333-4483.
We can help you all around thecountry.
We've got an amazing networkthat know how to do this stuff
at a different level, right?
(24:01):
So that's your traditional CPO.
So when you sign the listingpaperwork on day one with a
traditional CPO, if you haven'tcalled us in already now, we've
got to call the inspector andthe appraiser and this is where
you pay for it.
Right, you don't have to do theappraisal if you don't want to.
However, it's a good idea andwe can explain when we come out
as to why that's a good idea Ifyou're doing.
(24:24):
And then your third offer is acash CPO offer.
So when we come out, you signthe offer to purchase from our
buyer and you choose your moveout date 14 to 90 days.
That's it, you're done.
No signs?
No, nothing, right?
Day seven.
So now we're talking about abouttraditional.
You're on the MLS um day sevenas a traditional CPO.
(24:44):
You're on the MLS and you'relisted as a CPO home.
That's very important.
Why?
Because buyers are curiouswhat's this CPO?
The old certified pre?
Oh, this sounds interesting.
There aren't many of them about, don't.
Don't ask me why.
I've no idea.
It's because it takes the agentsome work, I think to, to do it
.
Obviously and maybe some of youdon't understand how powerful
(25:06):
it is you want it to be CPO.
You want the home to saycertified, pre-owned on the MLS.
It sets you apart.
It's a unique value propositionfor your home.
Some sellers say well, do Ihave to fix anything?
No not at all.
We can just notate it rightwhen you've had the
pre-inspection.
You don't have to fix it Ifit's a material item.
(25:27):
We want to tell people.
Everybody needs to go in eyeswide open, guys.
Stop overthinking this.
This is a fairly simple process, right?
Stop overthinking selling yourhouse.
Oh, we've got to do this andthen this and then 30 other
things.
No, we just need to take careof what's there and let's all go
in with eyes wide open.
Let's be honest and authentic.
(25:48):
That's what buyers expect now.
So we can either get the thingsfixed by the way, all of us in
the network have a great team ofcontractors you might have
struggled to get a contractor in.
This is whether you're sellingor not of contractors you might
have struggled to get acontractor in.
This is whether you're sellingor not.
We help you with that.
Remember, we're in wealthmanagement for real estate.
If you're remodeling or fixingthings up, we're there to help
you, right?
828-333-4483.
(26:11):
Just tell them what you need.
We've got people standing by24-7 to take that call to help
you.
It doesn't matter if you'relistening to the podcast right
now.
It could be March next year, itcould be 2026 when you're
listening.
We've got those people standingby 24-7.
If you work, you know differentshifts.
Then it's two o'clock in themorning.
(26:32):
Give them a call.
They'll take down all thedetails.
We're not staying up to takethose calls, by the way, just so
you know.
However, we will call you backand you've already given all
your details.
It's awesome.
So now with the cash CPO, we'venot even listed it yet because
we're waiting for thatinspection appraisal to come
back because you're undercontract.
You're already under contract.
(26:53):
We've skipped everything else.
However, we are going to listit as coming soon.
Property and then between 7 and14 um, you know, this is like
day day uh, 10 or so in here,but 7 and 14.
The next, the next week, yougot to keep it so conventional.
You got to keep it show ready.
Um, you got to get the familyout for each showing.
(27:14):
You got to respond to showingrequests.
Uh, this is the time whenyou're like, why are these
agents leaving this weirdfeedback?
Or I'm kind of tired of goingthrough all this already.
So day seven on a cash CPO.
So we just did traditional.
We did traditional CPO.
That's when you've paid for theinspection.
Both of those are the same atthis point in it.
Right, you've got to keep a showready.
(27:35):
You've got to get the familyout.
The dog is out, an e-showingrequest you've got to scram.
Usually what happens is you geta request, you're like, oh, we
don't want to lose it, I'll comehome from work, honey, I'll do
it.
You run around like a bansheeget it ready, try and get the
doggy smell out, try and get thekitty smell out.
You all know what I'm talkingabout.
You're smiling now, no, knowingthat you've been through this
(27:55):
before or you're going throughit currently.
And I'm sorry if, by the way,it's not too late to get a cash
offer, even if you're listed.
Just go to cashcpocom, put youraddress in.
It'll ask you a couple ofquestions and you will get your
full market value cash offerback On the cash side.
Between you know, we're a weekand two weeks now.
We're in the middle there.
(28:15):
We're going to have yours showready.
So it's going to be deep,cleaned, painted items are
completed, whatever that cameback.
So day 14, we're starting toget feedback.
Conventional and conventionalCPO.
We're starting to get feedback.
It hasn't shown yet and anygreat agent will tell you if you
haven't sold it yet, dependingon if it's out in the boonies,
(28:38):
you still should have a showingor two, right?
We're in that honeymoon period,the wonderful period of when a
house goes for sale.
You're in that lovely, lovelysweet spot.
So we should have had someshowings.
If we don't have showings orwe've got this terrible, mean
feedback, we want to go aheadand adjust the price right.
Don't chase the market down,guys, just adjust the price With
(28:59):
the cash CPO.
On week two, you're getting upto 70% of the equity.
The mortgage is paid off.
The funding partner fixesagreed items because, remember,
they've done the inspection,they've paid for the inspection
up front.
And we all get together and wedecide what should we do?
What cosmetic money can we useto fix any items in your house
(29:23):
to get more money?
Remember, we know we're theagents, right, you might be
amazing at this.
You might maybe had a realestate license in a different
state or something and you knowhow to do the comps next door.
Great, we'll help you with that, right.
So now you've got 70% of yourmoney.
On the other two, you're stillgetting showings on your
feedback.
So day 14, if you're a sellerthat really wants to put in an
(29:47):
offer, you know you're like oh,two years ago things were
selling so fast.
I want to put in a contingentoffer.
Maybe you're in a market wherethings are still selling quickly
.
There's very, very few of themleft, certainly not within 14
days, but at some point you maythink you know we want to put in
a contingent offer.
We found the house we want tomove to.
We want to put in a contingentoffer.
They don't work very well, guys.
(30:09):
Would you take a contingentoffer on your home?
Oh, it's contingent on our homeselling in Virginia?
Oh well, what's your home like?
Is that certified pre-owned?
Do you have an inspection onthat?
That's going to save itdropping out a third of the time
.
Or do you want to set yourselfup for the dominoes games?
That is not fun.
So think about whether you'daccept a contingent offer and
(30:31):
then think about you making acontingent offer.
Obviously, chances are yourcontingent offer is not as
powerful as a non-contingentoffer.
That means you put home.
You want to move to Floridaright, you want to move to
Orlando to be by the grandkids?
You're going to put in acontingent offer.
That means when my house sellsin X, I can buy your house in
(30:54):
Orlando.
That's what it says.
How happy would you be withthat as a seller?
Not so happy.
So, okay, the house in Orlandohasn't been selling.
You know the market's beensitting.
A lot of Florida is actuallysitting quite a while now, by
the way.
Now's your time, so, or in thenext few years, as the prices
really start to come down.
They've already come down insome areas.
I spoke to somebody in an areathis morning where it's already
(31:17):
come down 15% in Florida.
Yes, really.
So you can put your contingentoffer in and see whether they'll
go for it, right.
However, you don't have muchnegotiating power.
What do I mean by that?
So you decide to get aninspection or you want to buy
that house and the house is$600,000.
How much play do you think youhave?
You're putting in a contingentoffer.
(31:38):
You've weakened your offer withthat contingency.
Think you have?
You're putting in a contingentoffer.
You've weakened your offer withthat contingency.
Now, if you didn't have acontingency, maybe you could
start at 550, right, and get thehouse for less.
So the first two, even though Icame up with, you know, the
certified pre-owned programwhere you pay for that, I can't
cure that contingency right?
It's the same for both theconventional listing and a CPpo
(32:01):
listing where you've paid forthe inspection and possibly
offering a home warranty andpaid for the appraisal now scoot
over to cash cpo.
Go ahead, put yournon-contingent offer in, because
you've received up to 70 of theequity already.
You can move on, you can lockdown that home in Orlando or
(32:22):
wherever you're going, rightDown the street, your
right-sizing home.
Maybe one of your parents diedand you're selling the house, so
you're not putting in anotheroffer.
Right, all of the above.
So now you can make plans tomove on to your next chapter,
because you've already got yourmoney in that case, day 21,.
Feedback on showings again.
So we're three weeks in now andyou know we're adjusting the
(32:43):
price.
That's the same for both aregular listing, a conventional
listing, the cash CPO listing.
It's active on the MLS.
Now We've cleaned it up.
It's active on the MLS andwe're going to see what happens.
Right, because it's certifiedpre-owned and we've got an
appraisal right.
There's another key thing.
(33:04):
These are the ones that sellway faster and guess what?
We've probably put a new coatof paint on it.
Maybe you're not living thereanymore because you're in
Orlando.
You can stay up to 90 days ifyou want to.
And again, listen guys, I amnot pushing you to go with the
cash UPR, I'm trying to give youall the intelligent facts.
So now we're at debt.
(33:25):
So it could be under contractalready, right, and now we're
doing the negotiations.
So let's go back to day 74.
Now We've got the inspectionsback right, we're under contract
.
So day 60, we're under contractwith a conventional listing.
Awesome, we're under contractwith a conventional CPO listing,
(33:48):
right, and we're undercontracted and may already have
sold with your cash CPO.
Maybe not, because you know weput right, we use depends on how
much work you need doing.
Is the point?
If we can just go in and do apaint job, or maybe it's just a
deep clean, that's fine too.
But remember, the fundingpartner pays for the inspection.
So we can now intelligentlydiscuss what's it worth spending
(34:10):
money on, and the fundingpartner up front's the money.
Yes, of course it all comes offon the back end, right, you
don't get money for nothing andyour chicks are free.
I didn't make up that line.
Um, that is a famous song fromthe the 80s.
If you didn't know that onesultans of the sultans of swing
it's from.
Do you want to go look it up?
(34:30):
It wasn't me, I promise, Iwouldn't say such a thing.
So now we are on day 74 andremember, you're under contract
on probably all three pieceshere.
So on your conventional listing,the inspections are back.
On average, they're going toask you for 3% of the sale price
on a repair request.
(34:52):
Remember 40, 50 items on therepair request.
It's normal, guys, it drops outover 30% of the time.
The average dropout is 30% ofthe time.
Or they're going to ask you for3% of the sale, 5, 10, 15.
By the way, if this is all likeoh my gosh, like this is way
too much, you can listen to itagain on the podcast or make the
(35:13):
appointment for us to come outand talk to you about it.
We have a visual for this.
It's much easier when we'resitting with you in your home,
remember, we can tell you whatto fix, what not to fix.
So we're at the inspectionstage.
For those of you who just tunedin, we're doing three options a
conventional, conventional CPOand a cash CPO With your
(35:34):
conventional, very common 3%sometimes it's 5%, it's of the
sale price, right?
So $500,000 house is $15,000.
It's a repair request from thebuyers who say to continue with
this home purchase.
We'd like $15,000.
Did I mention it's moving moreto a buyer's market in almost
(35:56):
all of the country, guys,remember that.
So that means they've got morenegotiating power.
It doesn't matter, guys, it'sjust.
It is what it is.
We're helping you work throughall of this.
Okay, so now you are undercontract.
You're all ticked off.
A lot of you are very stressedat this point.
That's why I love the CPOprocess.
(36:17):
Forget the cash offer, right,don't forget it.
We're going to come to that ina minute.
I'm not pushing you to the cashoffer.
I am pushing you to get thatinspection if you can at all
afford it.
Here's why Because theinspections are back now, the
buyers are less likely tonegotiate.
This is a conventional CPO.
You've paid for the inspection,possibly the appraisal and the
(36:38):
home warranty.
It drops out 7% of the timeinstead of 33% of the time.
Same thing over in the cash CPOtime.
Warp over here.
The inspections are back.
The buyers are less likely tonegotiate because it's CPO home.
Same as the previous column,right, there's less chance of a
dropout.
(36:59):
And then day 105, get this.
I want you to tag on if you'rethinking about listing 105 days,
because that's on average.
How long it's taking Nowdepends on your market.
Again, we'll come out and seeyou explain all of this and tell
you how long it's been taking,based on history in the last few
months.
How long are you going to sit?
(37:20):
For once we list you, right,most likely.
There's no guarantees in life.
So we're back on theconventional sale, day 105, it
closes 67% of the time.
Remember, if it falls out,you're going to get a check 67%
of the time.
That's scary, right.
(37:40):
And, by the way, that's not todo with your listing agent.
It's because of your house thatwe don't know what's wrong with
it.
It's because of buyers we don'tknow whether they leased a car
or not when they're in the wholeprocess.
Right, all kind of reasons forthat.
The two primary ones are theinspection and the appraisal.
And buyers get nervous.
(38:00):
And when you tie up, when youtake those nerves out of the
process.
You can especially do that ifyou're offering a home warranty.
Yes, it might cost you 600bucks, but the home warranty
says none of these big thingsare going to fall apart in your
first expensive year of homeownership.
Right, people are worried aboutthat.
(38:20):
Now you can almost compete witha new home, right, because it's
certified pre-owned home.
So conventional sale becausethese are the most important
figures conventional sale isgoing to close 67% of the time.
That means you're going to geta check in 105 days, 67% of the
time, with a good agent 67% ofthe time.
(38:40):
Or you can CPO it.
Guys, don't just list it, cpoit.
That's going to close 93% ofthe time.
You're going to get your check93% of the time.
What would you rather do forspending 500 bucks on an
inspection?
It's a no-brainer.
And remember too thestigmatization that happens
Should it drop out, which itdoes about a third of the time.
That means you're going to getless money overall.
(39:04):
It drives your price down, mostlikely because everybody's
calling again.
What's wrong with it?
My buyer was really interested.
You know there must besomething wrong with it.
It fell out.
No, no, the buyer did this.
The buyer did that.
We try and explain it away, butit still taints it.
So let's go over to cash cpo.
Where are we?
At day 105, you're getting yoursecond check.
So it's going to close 93 93percent of the time.
(39:26):
Again, you're going to get yoursecond check.
You've already got your firstone, up to 70%, way back on day
14,.
By the way, this second checkaverages 20 to 50%.
It's way too hard to look at orsay on the radio.
We'll explain this to you whenwe come out.
But suffice to say, two thirdsof our sellers make more with
the cash CPO than they do.
(39:47):
The other two routes Right.
Again, we're not pushing youguys, we're just giving you
facts.
So you know, now I'm going todo the three, where you choose
from the three options, andagain we'll go through you.
You know, with a whole, we'vegot a whole chart for this.
Like anything you're buying, youknow, if you want to go and buy
a Mercedes, I hope you'relooking at the other two
(40:08):
competitors as well, like youknow BMW and maybe an Audi, and
do you know what's differentabout?
Or do you have to do all theresearch?
Well, guess what?
I think when you go and buy acar, they should have done it
for you.
I don't care, they're notselling a BMW and Audi, they're
selling a Mercedes.
So they should know how itstacks up.
We know how this stacks up andwe're going to help you through
it.
So I'll run through thesequickly.
(40:31):
A conventional listing yes, youneed showings, right?
Not everybody wants showings Inand out the house.
You've got to keep it showready.
Conventional listing,conventional CPO yes, you have
showings With a cash CPO.
You do not.
You have to keep it show readyyes and yes for conventional and
conventional CPO no.
With a cash CPO.
Time to close Three to fourmonths on average.
(40:53):
That's with both theconventionals.
I'll call them that to make iteasier.
Cash CPO 14 to 90 days, yourchoice.
Can you choose your close date?
Of course not with theconventional days.
A big fat yes with the cash CPO.
Likelihood of closing 67% withthe conventional listing.
(41:14):
Don't do it guys, spend themoney on the inspection.
Conventional cpo 93.
Now with a cash cpo, the fundingpartner upfronts the money for
all of that.
And um, again, you can.
You, can you know likelihood ofclosing on the second place.
For this you are guaranteedclosing.
It's a guaranteed sale in 14days if you want it.
(41:35):
We literally just got somebodyout of foreclosure this morning.
I'm so honored to help do that.
But that's not what this cashoffer is for.
It's convenience.
It's if you're going intosenior living.
It's if your parents have diedand we can go in and get you
more money for the home.
It's if you're a bank and youhave maybe you've got some
foreclosures on your books.
Now, unfortunately, some REOsthey call them in the bank world
(41:58):
.
We can go in, get you a checkbanks for up to 70%.
That's usually all you sell itfor.
Anyway, we'll turn around.
We'll use our funding partners'money to do what we need to do
as agents.
We're going to take that brokenglass out.
We're going to paint it.
We're going to get 90 to 120%of what you'd get within a
conventional listing.
That's two thirds of.
(42:18):
You will get more.
So can you choose the close date?
That can be very important.
No, no on the conventionals.
Yes on the cash TPO.
You know, and then you've gotthe disclosure of things.
So, yes, on the cash tpo.
Um, you know, and then you'vegot the disclosure of things.
So, as a seller, you're going tofix up or disclose the items
when we pre-inspect it, right,or when you're under contract.
That's a yes, you've got to fixit.
You're the seller, but you cansay you're not fixing anything.
(42:41):
But I can tell you if you'reactually serious about moving
and I don't like this for youand I'm sorry this happens the
buyer is going to I need them toredo the roof or something like
that, and right now you'regoing.
I would never do that.
Remember I'm 3,500 transactionsin.
I can tell you a lot of you doit because you go to sleep on it
and you go.
(43:01):
You know what it's $15,000.
Let's just get it done.
We don't want to lose this buyer, especially as the market in
most places is slipping now.
Does that make sense?
So some of you want to make anon-contingent offer on a new
home.
You want to move somewhere else.
We don't advise you to do thaton either of the conventional.
You can do it.
Sometimes it works as well Withthe cash CPO offer.
(43:23):
Have at it.
You've already got your money.
Maybe you'd like to secure yoursenior living spot when they
call you and you're finally offthe wait list.
You can't really do that withthe conventionals because it's
going to take you 105 days orlonger.
Sometimes.
Can you move on from divorcefaster?
That's a big old no.
With the conventionals You'vegot to wait it out and you're
probably arguing which agent touse.
(43:45):
Everything else we can get youyour money in 14 days.
Your new home build.
How do you know when to listyour house?
When you're building a newhouse, how awful is that Right?
And your builders have lots ofthings that come up against them
.
It might be weather.
We've done again whole shows onthis.
Go to realestatenewsradiocomrealestatenewsradiocom.
(44:07):
That's where all the oldpodcasts are.
You can see all of our oldshows.
This you may be listening onthe podcast right now.
This airs live every Saturday.
This is a 12 year long show.
Thank you to all of you wholisten on a weekly basis.
There's nothing that warms myheart more.
I talk to sellers all over thecountry.
You're asking me for CMAs, homevalues, cash, offers, all of
(44:30):
those things.
I pick up the phone and I callyou and there's nothing that
warms my heart more thansomebody in Arizona or Timbuktu
saying yeah, we listen to yourshow every week.
You can listen to it liveanywhere.
There's a link on there tolisten live if you're not
listening through the localbroadcast.
It's awesome.
So the builders you can imagine.
You know, let's say, somebody'sbuilding a home in Western
(44:53):
North Carolina and they'removing from Virginia.
They're moving from California.
We have a lot of people movingfrom California right now, for
obvious reasons.
Maybe Gavin's podcast is goingto put it all right.
He's asking some interestingquestions there and getting some
interesting guests in, whoknows.
So a lot of people are movingfrom California.
(45:13):
They're building a house inWestern North Carolina.
Are you really going to holdthat builder's feet to the fire
and say I've got to be in byJuly 4th Because that's what you
do and it's not their fault,guys.
They don't have any controlover the ports closing down or
suddenly materials have gone upby twice or I don't know one of
their their key crew membersbreaks a leg or something, right
(45:37):
, it's very hard for them to hittheir date.
However, when they get whenthey know, 14 days out from when
they get their co, theircertificate of occupancy.
So what does that mean?
It means that you don't have tolist your home.
Worrying about listing yourhome when you're building a new
home, you can wait till thebuilder says to you hey, I'm
(45:57):
getting my CO in 14 days.
Right, a builder 95% of thetime knows when they're going to
get that CO because it's veryclose to the finish date.
That flips in the beginningAgain.
You see whole builder shows.
They're some of our mostpopular shows on the podcast.
(46:18):
Just go and look onrealestatenewsradiocom and at
realestatenewsradiocom there's abutton that says podcasts.
There's also a button there.
If you want a friend to listento this and you're listening
live.
Just text them and say go torealestatenewsradiocom, click on
the button to listen live, sothey can listen in with you at
the same time, because peopleneed to hear this, especially
who are building a new home oron a wait list, or getting
(46:38):
divorced, or maybe that one oftheir parents died and their
unit might be in probate, mightnot be in probate all of those
good things that cause us tomove, which we went through
earlier With the builders.
The builders are going to tellyou 14 days out oh, now we have
no problem, we haven't had allthat stress.
(47:00):
Meanwhile, we can press thebutton to get the cash offer.
You can get your money whenthey've got the CO and that you
can move in.
And now we can make yourcurrent home worth more.
You haven't had to think aboutpainting it, put a new roof on
all of that stuff while you'rethinking about building your new
home.
How miserable.
Maybe you're just private.
Maybe you've got a business.
(47:21):
I had a case once where I won'tmention what the business was,
but the reason they did this isthey didn't want to sign outside
right.
They were working with otherlocal businesses and, while they
were still able to work in amobile fashion, they were moving
to another state and they wereworried that they would lose
customers.
They didn't want theircustomers to see the sign
(47:42):
outside.
There's lots of reasons.
We just did one in New Jersey,actually for somebody who is a
celebrity.
They're in sport.
I'm trying not to give it awayhere, they're in sports, let's
just leave it at that.
They didn't want to sign outside.
They didn't want people cominginto the house.
You know they'd heard storiesabout people stealing pills.
(48:05):
It does happen, unfortunately.
You know they didn't, or theyjust don't want people coming
into the house and takingpictures and then, I don't know,
shooting off to the NationalEnquirer or something.
Yes, that really happens.
And so people like theirprivacy.
Guess what?
With CashTPO you don't have asign outside.
With the other two you do, anda lockbox on the door and all of
(48:26):
those showings and everythingelse that goes on.
So I hope that's helped youthrough the process there.
Can you believe our shows areabout 55 minutes?
I cannot believe that we but Iguess there's a lot of material
to cover there, right that we'vespoken about the kind of things
(48:47):
you get in feedback, the kindof things that you need to think
about when you're listing yourhome, all the steps to get there
, the fact that it would be areally good idea to do CPO,
certified pre-owned.
That's when you as the homeseller get the inspection right.
A piece of land I'm not soworried, although you definitely
(49:09):
could get a septic perk onthere.
That would really help you.
A piece of land I'm not soworried, although you definitely
could get a septic perk onthere.
That would really help you sellyour piece of land, because
land takes a very long time tosell.
We have all kinds of programsto do that as well.
We work with the builders.
We have on the builder CPOprogram to draw something for us
to put on the land and then wemarket it pre-construction.
It really helps you sell yourland.
(49:29):
Land is not an easy sell, guys.
So we've gone through all ofthose steps.
Please, please, please, don'tjust list it, cpo it.
Wherever you're at in thecountry, give us a call.
828-333-4483.
We've got people standing by24-7 to take the call.
If you're doing the night shiftand you sleep most of the day,
(49:54):
it doesn't matter what timeyou're calling us.
Maybe you're on the way to yourjob at 2am, give us a call.
Maybe it's lunchtime for you,give us a call.
We've always got somebodystanding by.
I've never had somebody saythey can't get through.
We've got a whole team ofpeople standing by 24-7.
They're amazing.
Thank you, you awesome peoplewho stay up all night taking our
(50:15):
calls.
Again, we can help you anywherein the country, right?
So you want to get us in now?
Don't be scared.
Oh, you know they're going tothink badly of us because our
house is upside down.
Guys, we're agents.
Any of us that have anyexperience you should see our
houses.
We're busy.
The successful agents in yourworld are busy.
(50:35):
You should see our houses.
We'd be embarrassed, right?
I get on Zoom calls with agents.
Sometimes I'm like good Lord,that's the worst mess that my
house is because we're busy andwe're successful.
Don't worry about beingembarrassed.
We're coming in to help youwith that.
Yes, we'll probably saydeclutter and all the other
things that you've Googled, likewhat should I do to prep my
(50:55):
house for sale?
Right?
Please don't worry about that.
As long as your dog doesn'tbite us, please put the dogs up.
I did get bitten by a dog lastyear.
The lady said oh no, he justgrowls a little bit.
He's just protecting me, don'tworry.
And the dog, um, took a biteout of the back of my leg.
That was in June last year.
It's not pleasant.
(51:16):
Please don't let that happen.
It's not fun.
You definitely don't want thatwith the buyers because they
probably won't buy your house.
So again, give us, give us acall.
Let let us come in now.
We will tell you honestly whatyou need to fix, what you don't
need to fix.
We'll help you get theinspector in now.
Let's do the preparation, evenif you're waiting to sell until
(51:37):
the green leaves come on.
Don't miss this window ofopportunities, guys.
It's a really, really importantwindow of opportunity.
Clément Juglar, 1860.
I know you're tired of hearingit.
Clément Juglar 1860.
I know you're tired of hearingit.
Clément Juglar 1860.
He's probably tired of hearingit at this point.
Seven to 11 years we crested inour market in Western North
(51:57):
Carolina.
About two years ago We've had aminor increase, but that means
we're bumping along the top.
None of us know exactly when itgoes down.
It's like a roller coaster itpicks up speed.
Do not chase the market down.
Please.
Don't tell me you're waitingout a year to see what happens
with politics or interest ratesor something else.
It's Clermont-Jougla, guys.
(52:17):
It doesn't matter what Trump'ssaying, doesn't matter what um
whomever's in charge of the Demsnow are saying it's a natural
cycle, expect some pricereductions, which is really
wonderful, because you'reprobably buying a house as well.
Thank you so much for listeningguys.
I love you all.
I always appreciate youlistening so much.
828-333-4483.
(52:40):
You can book an appointmentanytime there for anywhere in
the country.
We're going to help you outwith this.
And go torealestatenewsradiocom.
If you want to share thispodcast with somebody that's
realestatenewsradiocom, you canshare the podcast with them.
So if you've just listened,you're like, darn it, I'm in the
(53:01):
car or I'm in Walmart orwherever you're at and I just
want to listen.
You know what?
She had some good points and mysister's in Maryland and she's
thinking about selling.
I've got a brother or a dad ora mom or a kid in California
that's thinking about selling.
Send the podcast to them please.
Realestatenewsradiocom Click onpodcast as a share button right
(53:23):
there.
If you can't figure it out,give us a call 828-333-4483.
Tell us who to send it to.
Thanks again, guys.
See you on the radio next week.
Speaker 1 (53:34):
This has been the Plain English Real Estate Show
with Rowena Patton.
Visit Rowena and post yourquestions at radioashvillecom or
call her at 828-210-1648.
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