Imagine for a moment that you're facing foreclosure and can't see any way out. Enter Takoya Beals, a seasoned realtor and a part of the Cash CPO team, known for their exceptional offers in Columbia, South Carolina. Takoya shares her insights on how she assists individuals in similar situations, providing them with an alternative solution to maximize their equity. We also have a heartening conversation with Randy, a brave cancer survivor, who shares his recent experiences.
The enticing benefits of Cash CPOs for home sellers are brought to the fore in our conversation with Takoya. How does getting your money in just 12 days sound? Or what about the potential to receive up to 120% more than what you would get with a traditional listing? With Cash CPO, these aren't just promises, they're reality! Takoya explains how Cash CPO provides a guaranteed sale, eradicating the need for homeowners to worry about contingent offers from buyers.
Our conversation then navigates to the importance of real estate inspections and how Cash CPO can alleviate the anxieties associated with this. We unravel the importance of the inspection report, the unfortunate stigma that can arise when a listing falls through, and how Cash CPO can revolutionize this process. Takoya's expertise shines through as she highlights the advantages of this program, particularly for those finding themselves in foreclosure. Learn about how Cash CPO can empower you to make an offer, even if you don't have the funds to fix up a home. It's a conversation you can't afford to miss - join us.
Imagine for a moment that you're facing foreclosure and can't see any way out. Enter Takoya Beals, a seasoned realtor and a part of the Cash CPO team, known for their exceptional offers in Columbia, South Carolina. Takoya shares her insights on how she assists individuals in similar situations, providing them with an alternative solution to maximize their equity. We also have a heartening conversation with Randy, a brave cancer survivor, who shares his recent experiences.
The enticing benefits of Cash CPOs for home sellers are brought to the fore in our conversation with Takoya. How does getting your money in just 12 days sound? Or what about the potential to receive up to 120% more than what you would get with a traditional listing? With Cash CPO, these aren't just promises, they're reality! Takoya explains how Cash CPO provides a guaranteed sale, eradicating the need for homeowners to worry about contingent offers from buyers.
Our conversation then navigates to the importance of real estate inspections and how Cash CPO can alleviate the anxieties associated with this. We unravel the importance of the inspection report, the unfortunate stigma that can arise when a listing falls through, and how Cash CPO can revolutionize this process. Takoya's expertise shines through as she highlights the advantages of this program, particularly for those finding themselves in foreclosure. Learn about how Cash CPO can empower you to make an offer, even if you don't have the funds to fix up a home. It's a conversation you can't afford to miss - join us.
This is the plain English real estate show with your host, rowena Patton, a show that focuses on the real estate market in terms you can easily understand. Call Rowena now. The number is 240 9962 1-800-570-9962. Now here's the English girl in the mountains, the agent that I would trust, rowena Patton. Good morning and welcome to the show.
Speaker 2:Oh, sorry, and yeah, it's been one of those weeks. Oh, just come on over to the mic. I said that in a Nashville way. Then I'll come over to the mic.
Speaker 2:Get on the mic this morning. And well, good morning to everybody. I hope you're having a great Saturday. I want to give a special shout out for Randy, who went through surgery this week. We found out all of three weeks ago that he had a cancer diagnosis and it's been a whirlwind, which is why I've not been on and on and not been on and on, and they got him in very quickly and it's been a week of hospital beds and, oh my gosh, you're a survivor as well, randy. I know what you're all going through and I pray for the good news that you're looking for.
Speaker 3:I know.
Speaker 2:Yeah, I think it's all good news. It's not fun to go through.
Speaker 3:No, it's not.
Speaker 2:And he's never had surgery. It's amazing.
Speaker 1:I had never had surgery either, until a melanoma diagnosis.
Speaker 2:Gosh, it's amazing. And so many people go through it. And I'm saying to him listen, everybody who's had surgery, who's laying there in bed, gets depressed. It's normal, right, of course, he's really fed up within two or three days, like, oh, this should be over already. Why is it happening? Like it's normal, it's really normal. But he's doing great, he's mending really well, he's a Marine, he's all over it. So he's going to be feeling much better very soon and I'm very excited today because we have to call you on the line. Good morning, darling. How are you?
Speaker 3:Good morning, I'm doing great. Thanks for having me here.
Speaker 2:Of course. Well, give us a little introduction to you, say where you're from and what you do, and all that good stuff.
Speaker 3:Yes, yes, my name is Takoya Beals and I'm a realtor on Manly Home Team here in Columbia, south Carolina, and I am so excited, like I said, to be here, so thanks for having me here.
Speaker 2:Well, we're excited to have you oh my gosh and you are one of our rock stars in the cash CPO program and you've been working on the foreclosure CPO team. And tell us about the first person that you helped there? I know you've been talking to a number of people and got a number of contracts going on on their behalf to help them out of their home. What kind of conversation are you having with people who have missed payments or just tired of carrying the house, basically, and want to start again? And I know a lot of people who are in that situation, just don't want to think about it, you know, yes, yes, yes, that's, that's true.
Speaker 3:So, yes, there are different kinds of cash CPO's, so expires pre foreclosures. However, as you know, I love pre foreclosures, I love to help people. You know I do, I love to help people and obviously, you know I love to work. So it works. You know it works for me. So I'll say this I do have a client, I'll just use them. For example, my second one. Actually they were facing foreclosure, actually on the auction list and so what they were close and what I did.
Speaker 2:Can you explain the process of people who don't know the process to call? Can you explain what happens so you miss your first payment? Then what happens? Can you go through the process a little bit?
Speaker 3:I will say this you can miss your first payment, a couple of payments. Well, what happens is your sent letters, just you know, detailing that you're, you know you're in default. Sometimes people miss it. You know, things happen, life happens. However, once that happens, you'll probably receive a court date and on top of that, you'll see hundreds of calls from realtors and other people, because it is public record.
Speaker 2:Yeah, do you think that's true that? So many realtors call people of miss payments.
Speaker 3:Say it again I'm so sorry.
Speaker 2:You think that's true, that so many realtors call people who have missed payments?
Speaker 3:I will say I won't say real, I will say this. It's public record. So obviously you have investors. You have all kind of people calling you. However, yes, however, yes. When I usually call, I kind of stick out. I really stick out because, number one, I'm not just saying, hey, let me fill your home, hey, this is this. I'm saying, hey, what do you really want to do? I'm actually genuinely concerned about what they want to do and then I'm actually honest about hey, this is the process of this and this is how this could end up. However, you know, I have another option for you here and it's a way for them to reach their maximum equity, to get that out of their home.
Speaker 2:Okay, so I think the primary group of people who are calling people who are late on payments are probably investors. Do you know what kind of percentage on there? So let's say a home is 400,000. What kind of percentage do you think those investors are offering on average?
Speaker 3:For a $400,000 home. Honestly, investors you know, please, I would say 50% and 70% of the home's value. Yeah and yeah.
Speaker 2:Normally 50 or 60. So they're offering $200 or 612,182,000, $140,000. So when you go into that same home at $400,000, what will you be offering through the cash CPO team or the foreclosure CPO team?
Speaker 3:Honestly, the full market value of the home.
Speaker 2:So you'll be making an offer at $400,000. Yes, so what's the catch? Because everybody's asking that. What's the catch? There's the famous, actually, fred Bin, who came on some months ago, who you know. I literally said that to him. What's the catch, fred? And everybody can hear it at realestatenewsradiocom. Go to all cashcpocom. Actually, he's the last one on there. It's probably easier to find on there.
Speaker 2:It's podcasts. Now, of course, all of our shows are podcasts. Afterwards, 12 years of real estate news radio shows are all podcasts. You can hear me with Fred saying what is the catch? Come on, this can't be true because there's nothing like it out there in the country. Techoya is one of the exclusive agents on Charles Mann's team in Columbia, south Carolina, doing this along with 33 other teams. That's about 2,000 agents all over the country now, including California, florida, texas, alaska, all over the place, and Techoya is our rock star actually in Columbia, south Carolina. You go girl, it's amazing. Thank you, thank you, but what's the catch? So the investors are coming in. You've probably got six calls from investors offering you $200,000 or $240,000 for your house. Now why are they buying it at $200,000 or $240,000? What's the investor going to do with the house?
Speaker 3:Listen, there's no catch. It's hard to believe, but there's no catch. The only quote-unquote catch is the fact that you will definitely be happy at the end of the day and you will be able, like I said, to reap the benefits of this great program.
Speaker 2:Techoya, let's step back, let's step back just a little bit here. So let's talk about investors. You mentioned that the primary group of people calling the people you're calling are investors and they're going to buy that $400,000 house between $200,000 and $240,000. Then what are they going to do with it? You work with investors. You help investors buy homes. What are they going to do? So they buy the house at $200,000. What is the investor going to do now?
Speaker 3:Honestly resale the home. Resale the home. They'll go inside, maybe do a little work here and there and they'll resale the home for high value.
Speaker 2:Okay so they're going to flip it At the price point at which they should have.
Speaker 3:You're going to flip it and they're going to resale the home at the price point at which you should have sold it at.
Speaker 2:Right, so what are they going to do when they flip it?
Speaker 3:They're going to do this flip it. They're going to resell it at the price point in which you could have sold yours at.
Speaker 2:Right.
Speaker 3:I would say with this program. This program is really really great, because not only do we sorry we not only do this program allow for us to purchase a home at full market value, but it also allows us to go and thought, to flip it, to do things to the home in which you may not have been able to afford, and then resell the home, and then you get to wait for an extra you know, an extra payout at the end of the day. So it's really great. It allows you to move forward, to settle into a new home or whatnot. It eliminates all the contingencies, leans, debts, and this gives you a fresh start while the team is going in and renovating, and then again you're waiting on another you know payout if that, so yeah.
Speaker 2:So you mentioned there. You know things have to be done to a home to help increase the value yes, help it win the beauty contest. You know there are other homes out there. Of course. There's more and more coming on the market now and it's can you. So there's two steps here. One is can you've all got a honey-do list? You know, or wish we could put new countertops in, or we should add a bathroom to make it worth more, or we should finish the bonus room so we get more square footage.
Speaker 2:The problem is that almost every market in the country crested a year ago, which means we're bumping along the top and a lot of markets were declining a little bit already. That's going to happen for three to five years. You don't have time to fix anything. Or, you know, check off those things that have been on your honey-do list for 10 years. And if you do and you've got the motivation, the time and the money, that's great, and it's not just about affordability. You may be able to afford to make these changes.
Speaker 2:But do you have the know-how? You know Taqoya can come in as an agent. She knows what sells in Columbia, south Carolina. She knows what sells there. She's selling homes all the time. They're the top team in Columbia, south Carolina. So she can come into your home and you might think, oh, I need white cabinets, and Taqoya can say, well, actually we're going back to natural wood now, so maybe we could put a little stain on and maybe put some modern hardware on there. Or you know, whatever it is that you're thinking of doing to Taqoya is on the map. Not only that, our funding partners will send in designers to take a look at your house. We can also put virtual staging in there.
Speaker 2:So you may not have the know-how and I'm not being rude here but you know, leave it to the experts. If you're an interior designer, that's fantastic. So, and also, you may not have the time. So it's money and time, energy. Do you really want to do that or do you want to use somebody else's money to do it? And two thirds of our sellers get more than with the traditional sale, which is pretty insane. You know the average sellers get between 90 and 120 percent of what they would get with a traditional listing. But what do you get with a traditional listing that you don't get with a foreclosure CPO or a cash CPO, any kind of CPO where we're buying it and you get your money in 12 days. What's the difference in a traditional listing to Coia? What is it that people don't like about a traditional listing that we can take away?
Speaker 3:Honestly, traditional listings. Well, I will say this Cash CPO is awesome, because you did not mention this, however, but the homes that we list are you list honestly sell 11 percent faster than the average on the market. Yes, so they're awesome things you get and on top of that, like I said, you don't wait as long for your home to sell. Your home is just on the market for traditional listings, it's just there. You have traffic that comes through, you have showings, cash. Cpo is awesome because you don't have to deal with that.
Speaker 1:You don't have to deal with doing showings.
Speaker 3:It can just be a quiet, a nice and quiet transaction. It doesn't have to be put on the forefront on the market initially, it doesn't have to endure all that. So it definitely takes the pressure off of you to sell at the seller and we take it on because that's our job and we love to do that.
Speaker 2:Exactly, exactly, oh my gosh. So what happens with a so a house when you put it on the market tradition? We all do traditional listings as well, which is many of our sellers now choose to do a cash CPO or any of our other CPOs that are out there. So what is it you get with a traditional listing that you don't get with a cash CPO? What about the showings, for example?
Speaker 3:I can't. Yeah, just showings. Yeah, you get showings on traditional listings. When you're living in a home and I know a lot of times people feel comfortable with dealing with the traffic and all that stuff I will definitely say that you get a little more. I don't want to say bite back, but a little more resistance in a way, when you're dealing with a more traditional listing. I cannot say that you'll get I'll say this You'll get more benefits, in my opinion, going with a cash CPO than a traditional listing. It definitely depends on the situation and the dynamics of things. However, I just think again, it may work best for other people. It just depends on your situation and what you're willing to endure and deal with. But cash CPO, like I said, it definitely just takes everything off of you and we take it on, so you don't have to worry about anything that you deal with at all.
Speaker 2:So when we're talking about a traditional listing and we're talking about a certified pre-owned cash listing where you get money in 12 days, the difference is that you don't have showing. So the listings that you do have, where people have showings, how do your sellers feel about showings?
Speaker 3:It just depends. Obviously, if they're living in the home they have to do one hour in advance. Like I said, it could be a lot of pressure. It could just cause a little difficulty trying to schedule showings when someone is residing in the home. But like cash CPO, that eliminates that because it allows you again to go to close it actually within 15 days. Who wouldn't want to close that early?
Speaker 3:That's that soon To close soon. Go ahead and relocate and be comfortable in a new home while your home your home that you just sold is going through transitions and then being shown and you don't have to deal with that.
Speaker 2:So how guaranteed are you, with a traditional listing, that your home is going to sell?
Speaker 3:You know what Roe? The numbers do fluctuate. I will say this Honestly. I'm going to say this because I'm very confident in my team. I will say that most homes we sell, all our homes, our whole Manly Home team, and I'm very confident in saying that we have a great track record. But I'm going to say this In the overall, I will say that 80%, 80%, 90%, it just depends on your home. The market depends on the market. Your home, the location, all those factors do matter. However, with CAST CPO, we do our research and again, we market it differently, we tailor it to that specific area.
Speaker 2:Absolutely.
Speaker 3:Absolutely.
Speaker 2:So yeah, it's just a very different process. However, the only difference is you don't have to have showings on your home. You don't have people coming in and out of your home. If you have pets, you don't have to take your pets out. If you have kiddos at home, you don't have to deal with the kiddos. Do people ever cancel their showings?
Speaker 3:Yeah, actually, yes, they have. Actually, that's crazy because I had a client in which was interested in a home that actually was owner-occupied and because, yeah, the time didn't match theirs, they had to cancel and they were unable to purchase that home. They're like you know what. We just don't want it any longer. It makes things a little difficult sometimes. Yes, yeah.
Speaker 2:So what's the downside of doing a CAST CPO? Let's talk about that. I'm sorry, say it one more time. What's the downside of doing a CAST CPO in your humble opinion?
Speaker 3:In my humble opinion, I don't see a downside. I really had to think about that. I don't see a downside. To be honest, it's different, it's not traditional. I don't see a downside and I'm not saying it because I'm a part of it. I think CAST CPO honestly is a smart move. It's a great movement and I'm happy to be a part of it. Obviously, there are pros and cons to everything. However, when I run into a con, I'll be more than happy to tell you.
Speaker 2:Well, we're thrilled to have you as part of it. Okay, your mom comes to you and wants to sell her house. How do you give her these two options?
Speaker 3:What I do is I present her with a printout, actually, and what I tell her is like hey, listen, mom, these are your two options. This is non-traditional. My mother actually has been in real estate for well. My second mom, my stepmom, she's been in real estate for over two years I'm sorry, 15 years. So she's definitely very she's into the market, she's very experienced. But even she thought it was a great movement is very different, very different. So I didn't really have to explain things to her, but I will definitely say this was presented to her hey, this doing traditional, traditionally, you're not guaranteed to sell your home, but with cash CPO, you're guaranteed to sell your home. And then, yeah, and this is what's shown that with traditional and this is what's shown that with cash CPO, and I'll let her choose, mm-hmm.
Speaker 2:So, and the thing is nobody really let's be honest when you're selling your house, nobody really knows what you're going to net. So when we sit down with a seller and we do what's called a net sheet, and all that is is here's the costs, here's the real estate costs, here's the attorney costs or the title cost, depending on what the state were in. Here's your sales tax. You know there's gonna be tax whatever place you're in, right, um, here's, you know, we'll put some money in there, because often when you have the inspection, it's a, it's a 50 point inspection and there'll be a number of things that the buyers asked to be fixed. Um, because you probably haven't done a pre-inspection. If you, if you're any of our listings, then you'll have the inspection already, so you don't have to go through that. So put some money in there for that as well. So, so that is the net amount. However, until your house is actually sold, we don't know what the net amount is and, as the you know the, basically the whole country.
Speaker 2:Now, there's very few exceptions to this. The only one I can find is um, anchorage in Alaska, fairbanks in Alaska Same same way, but Anchorage in Alaska still rocking and rolling. Everywhere else, we crested about the third quarter of last year. A year ago we crested 7 to 11 years is the cycle. Good old Clemence Jougler is the guy who came up with it in 1860. Nothing has changed since, which means it's going to be three and a half to five and a half years, statistically, until we're down at the bottom right. So if you're thinking about selling, get out now, unless you want to keep your home for 10 years, 11 years.
Speaker 2:No worries if you want to stay in your home. You've got a great interest rate. Stay in your home. But don't think about, oh, we'll wait until the election, maybe things will change or maybe the interest rates will come down, because you are almost guaranteed at this point that your house is going to be worthless. I can give you stats on houses anywhere in the country that will show you that is the case. Um, just give us a call 828333, 44, 83. Rowena pattern here, all star powerhouse broken by exp gives a call and we've got people standing by 24, 7. Just say value of my home, please. Um, so, or you can go to cash gpocom and request your full market value cash offer there. We'll also give you a value on your house.
Speaker 2:But these are not your rinky dink cash offers. That, uh, when I want to say rinky dink, it's a just a whole other business model. By ugly houses. You may get 60% if you're lucky on the value of your home. Most realtors, most realtors even in this program, did their own cash offers and when I ask them how much they give, yeah, um, it goes anywhere from 50 to. I think 70% is the highest we've found.
Speaker 2:With ours. You get 70 cash upfront within 12 days and then we fix everything. You don't have to spend your money, you don't spend your energy, do anything. You can make a non-contingent offer on your next home and move on. Or you can stay in the house for 90 days If you want to. No worries like you can still stay in the house, but now you can make a non-contingent offer because you've got that 70%. It will probably allow you to buy a house. If you've tried to make a contingent offer, I I will buy your house when my house sells. Good luck with that. 99% of the time it is not going to work. I wouldn't advise any of my sellers to take that deal, would you to Koya?
Speaker 3:No. Yes she's laughing, I mean it's that silly.
Speaker 2:It's that silly and yet we get them every day. Right, we get them every day, those contingent offers. So, and if you're a for sale by owner out there, listen, don't take the contingent offers. Well, we'll buy your house. We want to lock it up for us and I understand why you want to do that. You don't want to have nowhere to go.
Speaker 2:The cash CPO program and we make offers to fizzbows every day, for sale by owners every day. We can do it for you too. It's a full market value cash offer. We go in, we clean it up. Just getting all the furniture and the stuff and the chock-schis and all that stuff out alone Adds value. It's what we call a showing go. People can go and see it whenever they want to. You know Eight in the morning till eight at night, depending on your showing times, where, wherever you are in the country, it's usually eight to late. Of course, people, you know that will shrink a little bit as it's getting a bit chillier here in most parts of the country. So, um, you know that time will shrink, but it makes it much easier and you can either move out or stay in the house If you want to.
Speaker 2:Meanwhile the things get fixed that are on the inspection report. It's just like a cpo car. Cpo cars exist for a reason. They exist because people will pay 6% more for the car, 6% more For a cpo car, a $20,000 car. They've been doing it for 30 years. By the way, 156 point inspection black book value. They offer a dealership warranty.
Speaker 2:Why do we buy those cars? Because we want peace of mind. We trust them. Why the heck are we putting a 200 500 million dollar home on the market that has not been certified? It makes no sense to me. And now that's why we're so excited about this and keep talking about it. Now we can use somebody else's money to do it. Do they make money? Of course they take a 4.9% fee, but the chances are, when we've cleaned it up a little bit and fixed everything, your home is going to be the shiniest, loveliest listing on the market. They'll have a nice fresh coat of paint, no dings, no dog smell, no baby smell, no smoke smell, no, I don't know fat on the ceiling. The the kitchen won't smell anymore.
Speaker 2:Not the kitchen smell. I get it, but you know, we all live in our homes. It's normal. Our home smells of doggies because we have Two big doggies and a little dog and anybody got a Daxon out there?
Speaker 2:Daxons are known for leaving little gifts in the house. This is my second one, and I thought it was me in my training, but apparently I'm not the only one. So, hey, don't ever buy a house because it's had little gifts in it? No, of course not. But you know, when you're not in it, we do a deep clean in the house. We clean the carpets, we change the carpets Um, I'm doing one now. So my examples are, and we'll come on to your next example in a minute to Koya so, um, actually, let's finish your example first. Let's finish your example.
Speaker 2:So you've got this couple, and I just wanted to make sure that everybody knew that this is for all kinds of people. You could have a million dollar house that doesn't need anything at all, or it can be somebody like to Koya's clients right now Who'd missed a payment, or well, they. You normally have to miss at least three payments to go to auction. So what happens is the bank keeps reminding you and then they put you into, um, a foreclosure auction and someone tries to buy your home, and then you go into what's called an upset bid period. So did, did you put the offer in in the upset bid period?
Speaker 3:to Koya Actually you know, yes, okay, yeah, say they. I will say For, for the option was actually About two weeks out, maybe.
Speaker 2:Okay.
Speaker 3:I don't think it. It was really. It was really close, it was really really close. However, because of this cash offer, because of this program, um this, this couple, um they got to keep them and their children in the home a little longer Um yeah, how many children do they have? They have three um Two girls in the home and they, like I said, they are wonderful people um in in an unfortunate Situation are they little ones, so how old are they?
Speaker 3:No, actually, no, they're not little ones. Um, they are teenagers, okay, um, and they are straight age students.
Speaker 3:They're great kids and you know, it's just like I said, it's an unfortunate situation. So, um, I felt, um great Honestly, that I could go in and say, hey look, this is what I can do for you. Um, and this is what she'll net, and this is you know, they were even willing to take, you know, $10,000 at the maximum, sell it for less than 70 percent or 60 percent of the value, just to be okay. And I was like wow you know that's just here's what I have for you, so wow that must be so.
Speaker 2:So did something happen in their circumstances to cause this, or Did one of them get sick or lose a job, or Uh, yeah, um yeah, sickness and job actually both.
Speaker 3:On both ends sickness. Yeah, yeah, I say they hit with a double whammy. Um, however, you know, everyone, like I said, everyone's um, um, situation is different, um, but I will say this due to the fact of them going with this, we were actually able to, um To, you know, get an extension on their on the auction, say we were able to. You know, if things had taken a lot well longer to close, it did not, but it allowed us to get an extension so that they could have a little a safety, you know.
Speaker 3:A reassurance that they're they're in their home a little longer.
Speaker 2:Um, so yeah, it's so they are going to sell it. So is their credit damaged, or just a little bit, or will they be able?
Speaker 3:to buy something else or Well with anyone in that situation. Most of the time I do advise that you go ahead.
Speaker 3:Take the proceeds, go rent for a year or two, Take it, you know pay it up for a year or two and then go ahead and um read, you know, um, um, build up, um, get ready to purchase it, like I said, in another year or two. Um, you're too later. A lot of people are afraid they don't want to lose their homes. I'll, I've worked hard for this and I, I want this and I don't want to leave it. You know what. Everything happens for a reason and at least you can access your equity and go and start and start over. Start fresh For some. You know, and just you know, live be okay. First is trying to fight for this and then, and maybe most likely, listen and then having this on your credit, not being able to purchase for years to come and not having any equity, or You're just losing all the money in your home.
Speaker 2:Well, let's explain that to people. So when you have, when, when you do go into foreclosure, you you're basically most likely not going to get any equity at all and they take your house and your credit's going to be damaged for a very long time years. They say seven years. It's usually a bit shorter than that. Now, however, this way, a couple of late payments are going to put dings on you, no doubt. But when that mortgage is paid off and you know, when you get yourself back up to scratch Probably even a year your credit's going to be repaired to where it's not going to be a problem getting a mortgage and there are programs if you're a veteran or Um, you know, if you haven't bought a house in a couple of years, then you can be classified as a first time homebuyer.
Speaker 2:There's all kinds of programs out there for you when you could possibly get a mortgage, but probably Do they have another job now. Or is that all sorted out of the health care issues?
Speaker 3:Is it a chronic health care issue or Honestly, I'm going to be honest, I didn't go too deeply into that in the health issues. I didn't go too deeply into that. I didn't want to pride. If they want to share, go ahead and share with me. But I will say this the work situation no, there still is still touch and go. However, due to the fact that they could say, hey, I'm going to pay this up for a year or two, it allowed them to find another home.
Speaker 1:That's great.
Speaker 2:So that's a great thing, that's fantastic yeah.
Speaker 3:And just to note this, being that you already fallen on this, your credit does take a hit. So again to reinstate you can definitely need at least a 580 or above here in South Carolina in most places to qualify for a loan, and so again, use that year to just build it back up.
Speaker 2:Absolutely and put a little bit of money aside and not have that. Oh my gosh, the fear of having teenagers and how much teenagers cost these days, oh my gosh.
Speaker 3:You know a family in us. I have three young ones.
Speaker 2:Oh my gosh, so very nervous. How much pressure does that put on you to call you?
Speaker 3:Honestly, I have three young ones, I have three little boys, so that sounds really easy.
Speaker 3:No, it's what it sounds easy, my gosh. But just imagine being in that situation with older kids, any kind of kids. Honestly and I get it you don't want to take them from their home, but at least you can definitely say, hey look, we have money to have another home. At least it's sure that they'll have a room to call their own. Really big on that. You want your kids to feel loved, comfortable. You want to provide for them. Well, this is a great way to do so.
Speaker 2:It's so interesting though. You know, when people get themselves in or, through no fault of their own, sometimes get into situations, they're embarrassed because of what their kids will think. They don't want to appear weak in front of their kids. What would you say to that?
Speaker 3:Honestly, there's no need to be embarrassed, especially if you are. I mean, I get it. I get it. You don't want to disappoint your children. You worked so hard for this and you don't want to look at you differently. However, most children would want that for them. If they knew they would want the best for you too. You know, again, this could actually be a situation or a program, this program honestly, I'll be honest with my last clients this situation or this program allowed them to not disclose this to their children.
Speaker 3:Hey, kids remove it and not tell them what they're going through yeah. It actually it puts the yeah, it puts, like I said, it takes the pressure off them and then obviously, hey, kids remove it. And it puts all the pressure on us, on me. You know I take it all on like we got this, come on. But again, it allows them to move and not disclose it to their children. And I'm not saying you should hide things to your children, however they. Just they want to shelter their children from that. They were able to do so.
Speaker 2:And they don't. You know they don't want kids at school going. Eh, your mom and dad lost their house because they couldn't afford it, Because kids are you know even that?
Speaker 3:yeah, and kids are going through transitions constantly and you just don't want to distract them. They have school, they're trying to figure themselves out, so you don't want to throw something else out there, you know, to take their their attention away from what they already need to focus on.
Speaker 2:Yeah, so yeah. Well, it's a wonderful gift you were able to give to them. That's amazing. Again, I do want to stress this works for people who have $2 million houses, or $400,000 houses actually $6 million houses $350 to $6 million we can handle.
Speaker 2:And if you've got a $350,000 house, why not look at this? It doesn't matter if you're missing a payment, you can be. You know you can be completely paid off and have no mortgage at all. Your house can be perfectly maintained. They buy flip houses all the time that have been flipped. It's just a way to get your money fast, which actually is a good transition into your next client, coyah. So the next person you're helping is an investor, correct?
Speaker 3:Yes, yes, yes, yes, it is actually yeah. So he's an investor. He needs the money to actually to go ahead and start his next project, his next, you know, his next investment. He was at a standstill, a little distressed. He said I need to do this and I don't have time to deal with this, but I need money now.
Speaker 3:Obviously he didn't want to run his credit, it just it was a situation. So I said okay, listen, I can help you. He asked how can you help me? Well, this is what I have for you. And so what we did what we did. He had a tenant and there's Will at that point, they stayed for about 30 days and after the closing and then they vacated, but it allowed him to go ahead and start his new project, his new investment, and we actually went in actually I won't say monitor, but definitely with hands on a little bit during this process and went inside and remodeled the home and actually it's going to be released soon, but for this one it's going to be listed soon. So I'm really excited for him and it does. It helps investors. Like a lot of times people go with subject to and they have to go inside and do these things and upgrades on their own.
Speaker 2:However, with this talk about what subject to means, because a lot of people out there listening people listening all around the country talk about what subject to means. So a buyer thinks about buying a home and then well, well, well, subject to.
Speaker 3:Actually it is basically it's like a private money line. So basically an investor comes in and they'll actually help with the mortgage right, take it over, make those payments, but then they'll take this money and they'll go inside and flip the home and they're not able to pocket any money or any proceeds. And you're not able to pocket any proceeds or anything until again they sell the home, sell the home. So, with that being said, yeah, this program allows the investor or the client or the seller to actually, hey, get the money, get the proceeds, most of the proceeds, up front so they go inside and remodel, and then again they get to wait for another payout.
Speaker 3:I think that's awesome.
Speaker 2:I think it's awesome too, and I'm not just saying this because we just started this program, because we didn't. We started Certified Pre-Owned Homes back in 2007 and I've been preaching it for all of that time. In fact, randy, our producer here, used it for his mother's home in a different area. We had agents all over the country asking sellers to pay for the inspection, pay for the appraisal, offer a home warranty, because it's just a better way to sell a house. I've always thought it's the evolution of real estate, because why wouldn't you prepare your home properly for sale? Now it may be that you don't have money to fix anything or fix anything up. That's not a problem either, because with Certified Pre-Owned, forget cash CPO. With Certified Pre-Owned, you need the money for the inspection is the only thing. So that's going to be $400, $500 and that will give you a list of things that are issues with the home. You don't have to fix anything, you disclose it and sellers say, oh my gosh, if we disclose all that, then people won't want to buy a house. That's not true at all. Actually, it puts a trust factor in it and you have to trust me.
Speaker 2:I've sold over 3,500 homes. I've been doing this since 2007. The vast majority of homes that I have are Certified Pre-Owned. What we do is when a buyer has really interested and they put an offer in, we say, hey, we want you to look at the inspection before we go under contract. Because if we go under contract and then they do the inspection, what happens to Coy? You've done lots of deals. What happens in that period with an old-fashioned real estate sale? Your buyers are under contract and then a couple of weeks later they have the inspection. What happens next? Do people sleep the night before?
Speaker 3:Actually, what happens, to be honest is, to just jump to the point, the deal can obviously fall through. It could fall through Whatever's found. Now there's a point you can actually do repair agenda. We have to wait for it to be approved and both parties have to agree.
Speaker 2:You mean the buyers ask for repairs.
Speaker 3:When you say repair agenda, you mean the buyer asks for repairs to be done or they ask for money. Yes, they ask for money or for repairs to be done, and a lot of people aren't in the position to do those repairs before or actually selling the home. With that being said, a lot of deals can and will fall through due to that fact, due to that fact alone, right there 33% of that.
Speaker 2:Most agents don't tell you that. We're here telling you that now With an old-fashioned sale 33% of them, 32.9, almost 33% of them fall out because people get scared To Coy. Do you have people coming in from New York and North Carolina and Texas and California? Where are they coming from in your market?
Speaker 3:Yes, actually up north New York, I will definitely say California as well, but mostly up north. They like the warm weather down here. To me it's cold. They're like you're crazy, I'm like where's my coat? A lot of northerners are actually moving down here. They enjoy the weather. Yes, same here, because we're temperate and you get the call of summer.
Speaker 2:I hear you Think about those buyers coming in. It's probably 70% of your buyers are probably coming in from somewhere else because you've got great pricing as well city. So those buyers that are coming in are not familiar very often with Columbia or South Carolina, so they're going to be more nervous than somebody that's used to Columbia or South Carolina.
Speaker 2:So, when they get that inspection report, they're even more likely to go. Oh, people here don't maintain the houses because they haven't bought a house for a long time. In many cases it would be the same in New York or Texas or California. It's always the same way. There's always going to be those 30, 40, 50 items on the inspection report. I defy anyone to tell me anything else. I haven't ever seen one with less than 22 items on an inspection report. Most of them have 40 or 50. Some of them are nitpicky, but it's still scares people because, like honey I thought you know, you get all excited when you first find the house Finally we've got one.
Speaker 2:It goes in the contract. Everybody's so excited. You're looking at the, you know. You're going to visit the schools that you're putting the kids in. You're going to look at horses, you go in to breeders because now you can get a dog. Everyone's excited. And then the sellers are doing the same thing. They're packing up, they're packing up their boxes, they're, you know, getting everything ready to go. And then comes the inspection report. But, randy, come on, we need some sound effects. There we go.
Speaker 3:Well, good job. Well, listen, that's the interruption. I will say this, though I do encourage all my clients to even get inspection reports, inspections done, even on a new build, and because anything you know, you can find the smallest thing. Anything can be wrong, and that's why I think again, this program is awesome, because guess what it's done for you, you know, and it's been ahead of time you have to do anything.
Speaker 2:I mean, it's not like you don't end up paying for it.
Speaker 2:Of course you do, but you pay for it at the end, and not only of that remember, two thirds of our sellers get more money two thirds than with an old fashioned real estate sale. But they get them. They get a big cash advance right away. You don't get that with a traditional set. Even if you sell it in a week, you've still got six weeks waiting for your money, right? So that's still seven weeks and that would be a very fast sale.
Speaker 2:Right now we're going into the winter. The market's crested, as we mentioned. We're seeing lots of expired listings. That means they didn't sell. We see lots of listings with price reductions and you may be thinking about selling your house. Or you may be selling your house right now and saying, well, we don't need to sell, so it's not a problem for us. Yes, that's the case, but there are people out there, so I had one yesterday. Is it a couple who have already moved out of their house? They're selling the house. I said this is prime for cash, cpo. They've already bought another house. They're not renting. They're actually in South Carolina, not in your area. So to send them to you, they've already bought the other house.
Speaker 2:They've got this house sitting there. They can pull 70% of the equity out in 12 days. We can go in, do a deep clean, you know, make sure everything's spickety span, get it sold and then they get the second check and they'll probably get more than they would with a traditional listing. With people traipsing in and out of a vacant house. Who wants that Urg? You know snow or rain on the ground marking up the floors. You've got to keep cleaning it and maintaining it. You've got to keep the heat on. You don't have to do that anymore. You don't have to pay the insurance anymore. You're done. But you still remain in control of what's being done to your house. You still remain in control. I mean, it's just a remarkable program. Let's come back to your investor for a second.
Speaker 2:When we were first in coaching, because we do some pretty in-depth training, don't we to Koya on this? We have the Elevate program. We have a non-boarding program. We do pretty in-depth training on this because we want to work with agents all around the country. To Koya wants to work with agents all around the country that know how to help people.
Speaker 2:At a higher level, we have more tools in our toolkit. We can help people at a higher level and we're out there trying to help you and talk you out of selling your house. If you've got a great interest rate and that house is going to work for you for 10 years, that house will be worth more in 10 years, most likely, and you'll keep your great interest rate. However, if it's got five bedrooms and there's one or two of you, that might not be the case, because it's huge and you're heating all of that and paying insurances and taxes and everything else on all of that. So you know, it's like being a house doctor, basically for lots of different scenarios. The investor client you're talking about is that one that when we were first in coaching you said I've got this investor, so I don't think it'll be worthwhile for him because it's all clean, it's all done and it's just ready to go. Is that the same investor?
Speaker 3:Actually no, so it's another investor and that's another investor. Actually, I'm surprised. I was definitely going to speak to you about him. Yeah, no, so so no, I haven't met the person actually invested that's interested in the program even though it's yeah, but I will say this though this investor, the one you're talking about, he actually, and it did look as though it didn't need any work initially. However, again, once you go into inspections, that's when all they're saying you find things oh yeah, and that's what happened, so it went into contract.
Speaker 2:Am I right? Yes, okay, so it went into contract. Yes, are you found things in the inspections? Did the buyers continue with the contract?
Speaker 3:Actually. Well, so he did the CPO program obviously. So yes, Good Okay. Yes.
Speaker 2:Oh, he's the one that did cash CPO.
Speaker 3:Yes.
Speaker 2:Yes, yes.
Speaker 3:Yes, yes, yes, I got you Obviously. Yes, yeah, you're talking about different. Yeah, I have. It's okay, we talk about a lot of things, but, yes, the other one, I guess, which we're talking about, who's deal failed through? No, they did not. They did not go through with the contract. But, yeah, that's a shame.
Speaker 3:He's an investor. He went through, yeah, he went through the cash CPO program. They obviously it did go through and things where again upgraded. So there was it could have sold, sure, but now it could be sold at a higher price point, yes, at the maximum price point, because, again, because of this program, we went in and just transformed the home.
Speaker 2:So you did. How many things did you find on the inspection report with the cash CPO?
Speaker 3:investor Probably 30, 40. About 30, yeah, 30 or 40 to be honest, that's normal. That's normal it could be the small things. Yeah, of course it could be small things, it's just it scares people. It makes a big difference in a home. It does scare people and these little things turn to big things, so it's really important yeah.
Speaker 2:It scares a third. What would you say? So there's people out there going, so what? It scares a third of the buyers off. I'm not reducing the price of my house. I'm not doing this, I'm not doing that. First of all, we're not asking you to reduce the price of your house. And the second thing is when a buyer decides not to go for you just heard it. She's got two investors. One investor has it listed and it fell through an inspection. The other investor went cash CPO. It never falls through. This is a guaranteed sale. Our investor partner hasn't. The cash CPO team have not sold a house since 2017 with our Fending Partner 2017. They bought a thousand last year. This is a guaranteed sale. So Chacoia has two investor clients One listed without this program.
Speaker 2:It fell through because of the inspection report. The other one had probably a similar inspection report. They found stuff, even though the person is a builder and able to remodel and everything else, and you know, knows everything about building. We did find stuff. However, they're still continuing to purchase it and they will put all of that right to talk to. Chacoia will list it and it will fly off the shelf. Am I correct?
Speaker 3:Yeah, correct.
Speaker 2:And he'll make more money or she'll make more money. So here's the problem with the other investor which we're not talking about. It's this thing called stigmatism. So when you have a listing that falls out which it does in old-fashioned real estate a third of the time a third of the time, guys it falls out A little over a third actually. That's what we call a stigmatized listing. So it drops out on Zillow, it drops out on thousands and thousands of Realtor websites. It drops out on Realtorcom. Have you been in that situation as a listing agent to Chacoia? What happens?
Speaker 3:Do you get?
Speaker 2:calls. So have you been in the situation whereby it's your listing and the contract falls out and then you put it back on the market? Do you get calls from buyers who look you up on whatever and say what's wrong with that?
Speaker 3:house. Yeah, exactly what happens. Honestly, we do try to put on there no fault to seller, no fault of the seller, or if it's not the fault of the seller, if it's due to a buyer finance or something like that.
Speaker 2:Do people believe that.
Speaker 3:If it's due to repairs, well, we shouldn't put out lies, but if it's because of the inspection report or something like that, which is basically the fault of the seller because it's at home, a lot of times, especially with my team, try to make the report available in case, whenever one my client cannot afford to fix the home and provide concessions or definitely provide a list of the things that was already repaired.
Speaker 3:So it does cause some kind of stigmatism. It does cause them to look twice and say, hey, I don't know about this, even though these items were already repaired. It does sometimes make things difficult.
Speaker 2:It reduces the price of your home. It also means it's been on the market four to six weeks longer than it needed to be. So now you've got days on market and people go. Why is it been on the market for so long? That's because it fell out. Why did it fall out? What's wrong with it? It reduces the value of your home. So here's the thing and I can.
Speaker 2:People don't believe that when you share that inspection report, even when, when nothing has been done, guys, you don't have to spend any money fixing anything, I promise you it doesn't matter if it's cash, cpo or certified pre-owned. We do certified pre-owned every day. I did 52 listings last year and only two of them chose not to do CPO and I can tell you the horror stories. One lost 100,000. The other one took six months longer to sell and dropped out three times because they didn't certify pre-own it. When you do that inspection, yes, it's an investment of 500 bucks. I would actually I never tell people to put things on credit cards. I would put that on a credit card. Here's why we can use that inspection report. This is hard to believe, but you have to look into how people work.
Speaker 2:When your buyers come in with an offer. What we do and I've been doing this since 2007. I didn't just start this yesterday when your buyers come in with an offer, we give them the inspection report. We notate anything you have fixed, maybe nitpicky little things, cork behind the bathroom sink or something like that. Or you know a door sticking or I don't know a new light bulb in, because they couldn't test the light bulb fixture because the light bulb was out. Yes, that's a true story. Many times so it could be you fix nothing because maybe you're elderly and you don't have any money and you're about to go into assisted living. Whatever the case, it doesn't matter. There's no judgment on our parts at all. We give that inspection report to the buyer's agent and they're not under contract yet and we say please take a look at this, because the price of the home took all these things into account and should you decide not to go ahead, that's not a problem with us at all.
Speaker 2:Sellers get really scared by that. How many sellers in my experience because I do this every time to call you what percentage of buyers do you think would say, well, okay, no, we'll move on to the next one. How many do you think that would be Give a, give, a guesstimate. How many? How many do you think it would be? You know what, randy? How many people? So some of those buyers would get scared off by the inspection report and they'd move on. What percent? Yeah?
Speaker 2:we're wrapping up to Coyer, I'm a set.
Speaker 3:It's zero Maybe over all that time, absolutely, who's afraid to do it?
Speaker 2:Yeah, absolute zero. Nobody has ever said no. I know it's hard to believe, but people trust you because you put it right To Coyer Beals. You're amazing. Thank you for being on today Columbia, south Carolina and we'll see you next week on the radio Get.
Speaker 1:Rowena and post your questions at radioashvillecom or call her at 828-210-1648.