West USA Weekly Podcast | Ep. 81 | Featuring Kyle Fouts (12.16.24)

In this holiday edition, the hosts delve into the current real estate market trends, emphasizing the unique opportunities for buyers during the holiday season. Topics include the importance of trying seasonal McRibs, the implications of National Association of Realtors (NAR) changes for agents, and tactical advice for working with December buyers. Additionally, the episode covers market statistics, the intricacies of cure notices, appraisal contingencies, and the resurgence of short sales. Engage with expert insights to close deals effectively during the festive season.

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Transcript

West USA Weekly - The Podcast 12/16/24

[00:00:00] Good morning, West USA. Welcome to another edition of our Monday morning podcast. I know tis the season. To be merry, it's the holiday season, Christmas season, New Year's season, but more importantly, it is McRib season. They are back, and I've pounded down my share already. That makes me sad for you. That's all I got.

You know, that's all I got, but you know, I get, I know the McRib is people get really Feisty about it, but I don't appreciate people talking about how gross McRibs are when they've never tried one The problem is is McDonald's shared a photo of what a pre cooked McRib looks like and it's it's not that's not okay That's for censored crowd.

Yeah, correct All right. Anyways a little sneak peek coming up today Of course We got Tom and R to give us a look at the numbers Matt Baker with the book spend Baker team gonna give us our mortgage Minute and I'm gonna share three things today December buyers should know what we should be telling our [00:01:00] buyers to get them under contract in the next couple of weeks.

And what's up buttercups with Kyle Fouts. So that should always be fun. My favorite segment. We do as always have got any comments or questions, please feel free to email us at podcast at westusa. com. All right, let's jump into our two announcements. Uh, We don't have a lot. Obviously we got a lot of, uh, we still got some office, uh, holiday parties this week, Mesa's tomorrow, Chandler's Thursday or Wednesday.

And you were supposed to have RSVP'd about two weeks ago. So that's why we don't have slides for that. All right. We're sold out. All right. Well, Todd's is this your last one of the year? This is the last one of the year. All right. So this is Todd's last, uh, virtual CE class of the year. This Wednesday, three hours of legal issues from nine to 12.

As always, you can jump on the WestUSACalendar, just go to WestUSACalendar. com or go to your dashboard. It's nice to have the bell back. And [00:02:00] all the secrets. All righty, and then uh, we've got this. Nick, I'll let you uh, I'll let you run with it. Wow, great introduction. Yeah, it was fantastic. So we, uh, we did notice a couple other brokerages were making theirs and their announcements regarding their non NAR affiliated brokerage We wanted to make sure that all of our agents saw that we were also doing the same So no one felt like they needed to go elsewhere if that was something they wanted to look into for their brokerage business.

So coming January 2nd 2025, agents will be able to make the move over to West USA Choice if they would like to. We did a pretty great podcast webinar zoom call last week, Tuesday. We had about 800 agents, 700 agents live in attendance, and then a few 100 have listened after the fact. Go ahead and take a listen.

If you haven't had a chance yet. Call the brokers, talk to the branch managers, give us a call here at the corporate office if it's something that you're interested looking more info into. Also go ahead and check out, open up the Google machine and type in MLS choice. There you'll find a lot of good information on what the [00:03:00] options are going to be for those agents that choose to make the move away from a NAR association to a non NAR association.

Todd, did I get anything? No, actually I thought it was really good. I think the big thing here, and Nick, you, you actually were the one who birthed this comment was, you know, We want to make sure you have choices. We, but more importantly than just the choice in itself is we want you to have the right information to make the right choice.

Um, you know, there's nothing that you have to do today, but it is getting to the ninth hour. So I would recommend highly that you, uh, go and take a look at it and it's going to be good for some, and it's going to be, and people are going to stay where they're at for others. Where does one go to find this zoom recording from last week?

Good question. All of the, uh, closed Facebook groups for West USA branch offices. Okay. All right. And our last announcement, this is the last podcast of the year. So we're going to be taking off, uh, the next two Mondays. I think it's January 6th is the first one back. So, uh, so there you go. This is a pretty nice slide I put [00:04:00] together.

You did not make this. I did make it. You did not. How much do you want to bet? Two McRibs? No, I won't bet. And if I, and if I win, you have to eat two McRibs. When you get food involved, I know you're not going to lose. Alright Todd, what's going on in the market? Good call dude. Alright everybody, thanks for joining me today.

Uh, today we're going over the weekend, weekend? The week ending, uh, December 16th, market statistics for the Greater Phoenix Metro Market. Uh, we'll have the White Mountain stats out later today. Uh, also, there may be a possibility, but I'm not promising it, Uh, that there will be some stats next next Monday, but I honestly, I'm on vacation.

If I can have the connectivity and do it, I will. Otherwise, unfortunately, we'll wait until January on then we'll do in not only a December recap month end, but we'll do a whole 2024 and a forecast for 2025 that will come within probably the 1st 10 days. So the 1st 15 days of in January. So look forward to that.

So here we go. December 16th. 68 days closed on market this past [00:05:00] week, a 4. 22 months supply. Absorption rate was at 23. 71. Average list price this past week dropped to 757, 480. Average sale price dropped to 604, 818. And our list price to sale price retention at 97. 49. Active inventory dropped a little bit.

21, 493 pending is at 3, 086 and closed units month to date at 2466. Basically, the reason the active inventory dropped was because new listings dropped to 1423. As you recall, we always want to try to get over 2000. Our days on market for active right now is at 115. 7 and close at 68. 2. Looking a little left hand side where we have our price ranges, every category third week in a row has had a drop in unit volume.

So that is the contraction obviously in the inventory itself. The active inventory currently under 600, 000 represents 67. 13. percent of the entire MLS market from 600 to a million is [00:06:00] 19. 87 and for a million and up at 13%. So looking at the spreadsheet, uh, taking a look in the center, which gives us our two year year over year comparison to the left of that, the year over year.

And then of course, last week and this week, so 1612 last week, 1423. Why is it yellow? Even though it's got a little red ticker because it's, you know, pretty close to what we did last year and more than we did two years ago. So, you know, you got to give credit where credit's due. Good job. You know, you, you kept up with last year and, and I say that meaning, you know, how did you keep up with it?

You kept the listing life alive. Uh, and, and that's the way I like to look at it. You did not tell people, Hey, put your head in the sand, but. Unfortunately, we are in that seasonal market, um, so you can only do so much. 21, 493 is our current inventory, down 1. 4. 582 of those were coming soon. 16, 305 single family detached.

New homes represented 2, 537. And 21, 326 are [00:07:00] not, or I should say, non distressed, which means we still are at that 0.

7 market. Taking a look at pending, 3, 086 people in escrow this past week. That's more than was last week. That's why, again, another reason why our inventory is a little slower. But we have 600 people, almost, more in escrow right now than we did last year this same time. Uh, in both categories. So, again, people are coming back in the marketplace.

And here's the myth that's now been debunked. demystified, uh, is that people are buying and selling homes during this marketplace. 2466 is where we're at, closed inventory month to date. We were at 2474 last year, so we're right in pace, uh, and 2684 the year before. Taking a look at month's supply, you know, some of these numbers really this day, time of year don't mean a lot to you because you know, yeah, they just are what they are.

Um, but when you're talking to consumers, this is good stuff to have just because, you know, uh, you know, you, you, we [00:08:00] aren't in a very strictly strict brisk market. Um, you know, showing that, you know, what's going on will give you the. edge in the opportunity to do business between now and the end of the year that the other agents don't have.

Then I'd also like you to take into consideration there's been an upward trend, right? I mean, that's what we've been talking about the last two months. It's been upwards since the election, a month and a half. Well, let me ask you to go back to last January and look at last January's numbers and anticipate the same 0.

8 percent or 8 percent of 0. 8 percent this, uh, and anticipate an 8 percent increase. increase, uh, in last year's numbers for this coming January. So, you know, yeah, we're not going to do the forecast till January. Unfortunately, that's probably a month behind, but at that same token, you now still have statistical information available to you go back to last year, take a look in the very beginning of this year, just go back to January's numbers and add 8 percent increase [00:09:00] in production.

to those numbers and I think you're going to be really close to see that's what's going to come out in January. So again, average list price or I should say median sale price this past week at 465. You know, again, slide your eyes way over to the right. I think the highest last year was about 450, 000. So our median price has increased about 15, 000 over the year.

Um, again, yes, that means everything went up. That middle stick did go up. But it went up 15, 000, not 50, 000. So again, the market is, uh, difficult. People are having a difficult time. People aren't buying houses right now because they're spending money on their credit cards for Christmas. Um, but the same token, uh, it is still, there are still people out there.

Uh, average days on market is 68. That shows you right there. 70 is normal. That's to 70 is what we normally get in the middle of the summertime. Um, so when you're sitting at 70 during the middle of. December, [00:10:00] uh, when you should be somewhere in the fifties, uh, that's a pretty good thing. And then list price to sale price retention, are the sellers giving up more right now to make those deals happen?

Well, if 97. 8 percent is the average historical, you know, which means that in our typical markets, but average overall, they're giving up a 2%. The, the difference between the list price at the time they accepted your offer was about 2%. Well, uh, It's about the same, 97. 5. Um, so again, people aren't giving away the farm to sell their homes.

So buyers aren't going to walk in necessarily and get some screaming deal, but here's what they're not doing. They're not overpaying. They're not paying for more. They're not in multiple offer scenarios. This is a really good time. If you have a buyer that's been having difficulty getting and closing on a home to do it.

So that's the numbers for right now. Thanks, Mike. I appreciate it. As always, Todd and Matt, what's going on, buddy? Well, you know, market opened up, uh, you know, well, a little, a little worse, a week, a week, it's been a couple of [00:11:00] weeks since you've seen these, but they've really hovered right in this low seven range without a lot of costs.

So that is where, you know, kind of, kind of the trend you can see how we, we had a nice little run, you know, late November into early December, but we've Pair it off of that a little bit. Big news is inflation week was last week. Uh, and you can see, uh, well, this is actually shows the October number, but we replaced that November, uh, a 0.

2 with a 0. 3. So it raised, it raised it up and that's really not a good sign headed into. Fed week. So what's fed week? Well, Wednesday is when the fed's going to be talking. Now there's a 97 percent chance. The last I heard this morning, 97 percent chance, the fed's going to lower rates, but member that's already been priced in there and it's been priced in that way for a while, but here's, what's going to happen.

We haven't had a September, a dot plot. Which is the feds way of saying what they believe [00:12:00] the forecast is future rates since September and in September. It was 1%. Uh, and that meant for potential rate lowerings. Now they're talking about maybe only two. So if that projection is out, we could see A spike in rates because they're looking again, but down the line, it's not what the fed's doing today.

It's what they're doing, you know, the next six to 12 months down the line. Cause that's how the market sort of gravitates it. Maybe there's some other economic news. I mean, obviously we've got PCE, which is fed's favorite inflation measure on Friday. We've got Thursday, which is the, the final Q3 GDP number.

So there is some other things that could, what I would call create a Rocky market. Like you could see some spikes ebbs and flows, but I pulled this up and I'm like, I really like this slide because it talks about. The balance and the fact that we are in a buyer's market, anything under that line is a balanced market.

And I just like little taglines and we're at [00:13:00] the longest buyer's market since 2010. Right. When you look at it from this chart, like we touched it maybe a month in 2022, and then it's been pretty much hovering right there in 2013, 14, we got a little bit into a neutral buyer's market, but now we have to track back.

So if you're going to, you know, next month, you're like, Hey, 15 years, we're at. The longest buyers market we've seen in 15 years could be a nice way to get your renters and first time homebuyers Motivated to buy now and not to mention Todd's numbers that talked about price They'll sell list price the sales price and more negotiating power and all of that stuff the buyers now actually have some power Which is a cool thing for buyers To, uh, now I put this out here because we get a lot of questions and I'm helping a client right now with the Fannie Mae home ready.

First, they're getting 6, 500 credit. All they have to do is take education, but it's all based on where you're moving from, like where you live currently. Um, not necessarily where [00:14:00] you're buying, but you know, uh, Guild came out with this promise of home concept, and I think we have more down payment assistance than any other lender around.

We've got about seven or eight. And then inside of each of those is like forgivable, non forgivable. There's all these variables. So you definitely want to reach out if you have specific questions, but there's cool zero down programs. Obviously Fannie and Freddie both have programs. And then we've got this other home plus in addition to all of the All of the other home pluses and home and fives and all those other programs that are out there.

So just think about that. Talking about first time home buyers in a buyer's market. Now you can get some seller paid closing costs. Gosh, you know, you could put yourself in a position. I have one client last month, literally a thousand dollars. They bought a house for it because they got a good credit.

They use this, they used a grant. Pretty cool. As always, we do our economy, housing and rates deep dive, your housing market pulse. And that is the second Wednesday of every month. So next month, January 8th, and as always, there's my contact [00:15:00] card. I have a great happy holidays. We'll see you next year.

Appreciate it, Matt. Thank you for a great year of content. And good looks and charm. That's it. Yeah. Yeah. You Nick, not so much. Yeah. Oh, wow. Gosh, I don't know. I don't know. It's what we do. It's what we do. All right. All right. So it is it is December Todd Yes, it is. Yeah, we've got a few weeks left and I, as a, as an investor and as a buyer, personally, this is my favorite two weeks of the year to make a play on a home.

And this is a conversation over the last couple of weeks I've been having with my buyers of this is, this is where I think this is when you're going to get the best deal, best deal out there. Um, and for a variety of reasons. And so let's, uh, jump into December buyers. Sellers are more [00:16:00] motivated. Now, I don't think, I think traditionally in December, we don't see as many new listings hit the market.

Uh, sellers are like, okay, I'm going to wait till after the holidays, but we've still got a decent, Number of homes on the market that have been on the market. We know that Activity drops in December. We don't have as many buyers Looking and so what that means is the buyers that are buying they are working with Sellers that are more motivated, and so less buyers equal less showings and more days on market.

And, and that means to me that a lot of sellers are becoming desperate. And I love it when I talk to a listing agent and they tell me, my seller is desperate. Like, don't tell me that , okay, just what are we thinking? Don't, don't tell me that, but. I, as a buyer, I love desperate sellers. [00:17:00] They feel a tremendous amount of pressure.

Uh, they, they feel like the end of the year is a deadline for them. Um, and they want to, they would love to wake up on Christmas morning, at least having that, that stress relief. of knowing at the very least that their home is under contract. And so they, they tend to make more deals right now. Absolutely.

Yeah. And everything that we're seeing in the statistics are saying exactly that they're saying that, um, you know, now I will say that there are a few more buyers in the marketplace than there, than there has been, uh, probably just again, cyclically because of an election year. Um, but. Mike, you know, we've been dealing with investing in real estate for a very long time, you and I.

A couple of decades. It, well, depends on her age, but maybe we don't say that. But anyway, um, Decades for me, centuries for you. Ooh. I'm just, I'm just bringing them today. Me and Marge. So, [00:18:00] uh, But the point that I'm trying to get across here is just simple, you know, what you always want, cash is king. If you can, if you can close immediately on a property, um, this is your market.

If you are an investor, if you're working with people and you're wondering what the heck to say to people, they don't want to move their kids during the holidays. They don't want to think of moving their kids in January. They don't want to think about relocating. But they're all maybe willing to think about investing.

And so from that particular point, you're talking to, this is where the deals are. This is the, this is where the deals are. That's a good point. Um, so generally what we see, uh, with the last couple of years is January 1st, January 2nd, that first business day after the holiday, everything ramps up to a thousand because everybody's been taking the last couple of weeks off and those agents that have been consistent with their business, consistent with their marketing, consistent with their conversations, talking to their sphere of influence, they were closing deals through the [00:19:00] holidays and they're going to end the year.

That much bigger than those agents that have a lot of things that are going to pull them away from their focus of their business. We talk about it all the time, Todd and Mike. If you look at your March from 2024 and it looked a little bit lower than you would like it to be, what did you do in November and December?

And that's the conversation you should be having with yourself right now. How many days? So let your buyers know that you are open for business, and this is a great talking point. That's a really good call. Alright. In fact, actually, that's a good graphic, too. Yeah, Nick, jump on that. A little open sign. Yeah, jump on that, Nick.

Graphic. Graphic. Canva. I didn't know why it was a graphic designer. No, hey, ChatGPT on, it's, uh, it's, yeah, it's open, open stuff. Yeah, we could have, but yeah, we purposely keep your microphone off. Kyle, you can do it for the next half hour. Can you scoot to the left there, Kyle? All right. The other thing that I find in [00:20:00] addition, besides a little bit of stress that sellers are experiencing, and one of the things that I explained to my buyers during December, because it is the the holiday season, sellers tend to be a little bit more jovial, um, and they're a little bit more cheerful, um, because they're around families and, and it's Christmas time, it's the holidays, everybody, you know, I mean, outside of the stress of buying presents and, and all that crap, uh, they tend to be, and I find they tend to be more willing to deal this time of year.

And one of the conversations that I'm having with my buyers is this is these, these next two weeks, if, if we get our butts off the fence and get into the game, uh, you're going to see, I think a lot more opportunity for seller concessions. Um, and especially, I, I can't tell you how in the last 20 years, how many times I've written contracts on Christmas Eve.

and New [00:21:00] Year's Eve. I mean, they are, I mean, we've, and when you're dealing with a listing agent and you take a look at a house on Christmas Eve morning or New Year's Eve morning and your buyer wants to write, nobody wants to get into the next day and everybody wants to lock in the deal that day. And like I said, sellers tend to be just a little bit more giving.

And so, so outside of desperation, uh, I think just taking in the mood of the holidays is again, perfect, perfect thing, uh, for buyers. And this is one of my selling points to my buyers. And, you know, and we'd be a mess if we didn't. Remind everybody that, you know, if a seller can enter the new year knowing their property is already under contract, that's comforting for them as well.

So, you know, you're playing their emotion as well as you're playing the logic of strategy. But let's talk strategy just for a second because that's something that I think that maybe we've stopped teaching, I don't know, along the line. But it does not, you know, if you [00:22:00] know that the average list price to sale price retention is a 2 percent right now, it's about two, two and a half percent, uh, reduction.

Um, and you're also planning to add, ask for concessions. You might be pricing yourself out of the market. You know, you, you, you, you have to consider what your buyer needs. And, you know, we've been saying this all year with the buyer broker compensation concepts, um, you know, is that, you know, If price isn't the issue, they're not really paying the price.

They're paying monthly payments times the number of months they live there. That's what the house costs them. But if you can turn around and you can negotiate the price to get them the concession, so I'm picking up on Mike's words there. Great time to focus on concessions. You know, if you can focus on, you know, if you have to pay, market value for a home, uh, and get additional concessions because that's what your buyer needs.

Now is that time! Well, then also, Todd, and one of the things that we have to explain to our buyers, concessions is a great way to buy down the rates. Oh my gosh, yes. Because the biggest objection that we're [00:23:00] having with buyers is high interest rates and when we say, well, okay, we're going to really make a play on concessions, I'm going to take that six and a half percent interest rate or whatever the lender is quoting on that day and the goal is to actually get that interest rate lower.

And that could even be, you know, Mike, that's a good point because that can not only be temporary buy downs, which is what we're typically used to, you know, subsidizing the payments over the next couple of years, uh, it could be a permanent buy down of a percent. Nick, are you more jovial this time of year, or are you just your normal angry little elf?

There it is, there it is. It's one. We're still a little less than last week. I was gonna say, if I had the clicker. Don't give Kyle the bell. Calm down, buttercup. So with the jovial times of December, do you feel like those golden ticket letters, those letters to homeowners that say, Hey, I'm I have a buyer potentially interested in your house, would you be willing to sell?

Would that be something you'd be hitting up more this time of the year? I, I think, I don't know, that's a great question. I think a [00:24:00] seller who is, does not have their house listed is definitely gonna be, I'm gonna wait till after the holidays. I'm gonna also make sure that we think about the fact of what's included in those golden tickets.

Well, I'm not saying include your kids. No, but I'm just saying, if you are talking about families, that could fall into a fair housing complaint. Oh, for sure. If you, you know, if you're, if. All different types of things Kyle. Yeah, you got yeah, I mean with those types of letters. You certainly got to be careful Honestly, why do you got to ruin everything Nick from a I didn't know we're a stand because it's a brokerage area well, this is yeah, that's what I talked about all day every day, but From a seller standpoint if you're receiving those types of letters, you have to be very careful with with what you're using as a means of determining the suitability of a buyer, right?

It can't be anything that would fall under fair housing. So while they're great to get as a, as a listing agent, I probably wouldn't pass them along as buyers agents. You know, it doesn't hurt to write them, but again, to Todd's point, you got to be careful with the content. All right. And then the third thing, and so this is the other thing.

Now this is really kind of getting into [00:25:00] what I'm explaining to my You want your, you want your buyer to talk to your lender as soon as possible. And try to motivate them to, hey, let's just do it now. Let's not wait after the holidays. Um, and so your buyer should talk to your lender now. And this is, this is what I'm trying to explain, uh, to my buyers.

You don't have to buy this month. If you talk to the lender, okay. You're not committed to having to buy a house, uh, but you now know what your options are. Um, you should know if you can buy a house, if, if we find that perfect house with those perfect terms and with those, you know, you know, a decent number in seller concessions.

Um, you want to be able, you want to be able to just pull the trigger, but you can't pull the trigger if you're not pre qualified. [00:26:00] And the worst thing, and I always tell my buyers, the worst, the worst thing in the world is you want to wait till March and March comes and And you're ready to go and Mike, I got this great house.

Uh, now I'm ready to talk to the lender. And then the lender pulls a credit and goes, Oh, well, you need three to four months. So it's really not only knowing what your current options are, but it's really building that strategy. And I know it's just, you know, Christmas is next week. Um, yeah. But this is a business, right?

Your family is a business. Home ownership is a business. And what if waiting, and I like to explain to them, what if waiting costs you thousands of dollars? I'm telling you, uh, a home on the market, we're gonna get a better price in the next two weeks than we are four weeks from now. And when interest rates do drop, that house is gonna cost you more and more and more.

So I'm talking about a better deal on the house, and I'm talking about you. in possibly increase concessions and is thousands of dollars worth [00:27:00] getting off your butt and getting online and filling out a loan app. It's a, it's going to take you, you know, 30 minutes. I'm telling you it's worth it. And this is the conversation I'm having.

It's even more because you have to think about, you got to earn the money, pay taxes on it to be able to pay your mortgage. So you almost have to pay 150 percent or whatever your mortgage is just to pay it after taxes. So yeah, now's a great time. time to deal with those concessions, but you know, Mike, in the art of negotiating, uh, I think the funniest thing that I've ever heard or seen is when somebody comes in and tries to negotiate and they don't have all their ducks in a row.

They don't have their financing. They're going to have to go. It's a speculation on whether they're going to get down to three full days prior to the close of escrow before they have to issue an unfulfilled null contingency. Oh, and Kyle, what do they get back if they issue that three full days prior to the close of escrow?

The unfulfilled loan contingency. They should get, in theory, their earnest money. That's why I asked. That's why I had Kyle say that, because, but again, these are things, you know, if you want to [00:28:00] negotiate, you can't negotiate and say, well, we're going to get our loan up in 72 hours. You've got to get, got to know where you're at.

And not only that, you've got to be brisk. You've got to, anyway, I think the clients are unaware. I think you see the point, but they need to, the first step is first things first. Go talk to the lender. So be prepared. Get all your ducks in a row. Go ahead. Oh no, you were, you were charged up. I just didn't think you were going to have anything great to bring to the table on this one.

So I was just moving on. You guys are going to miss two weeks of this. Oh my gosh. If you want to show up to the West USA parking lot in about 20 minutes, Mike and I are going to fist fight. Um, I, I honestly, you, you as an agent need to have your team of people that you're working with, your lenders, your, your title, escrow people, your home, home inspectors, you, your lender needs to be one of the first.

Conversations you have with that buyer. It, it almost happens at the same time. If you have a buyer that's concerned about signing any type of employment agreement with you before they tour home, and you don't know if they can pre qualify, you're getting yourself way out ahead. You need to have them pre qualified with your lender.

You need that lender to be, uh, number two [00:29:00] in your conversation. You are one and two in the same when you're having these business conversations. buyer consults and that's, if you're not doing that already, you don't have a lender you can trust. You need to take a step back looking at 2025 and find that individual that you trust with that business.

All right. So that's the three pack. I hope that was up to your standards. Be open for business. I'm telling you, if you're open for business and you have these conversations, you're liable to put one or two under contract between now and the beginning of the year. Mr. and Mrs. Byer, are you open to saving thousands?

Mr. and Mrs. Beyer, do you like money? Then get Kyle to give you a disclaimer on that comment. Alright, speaking of Kyle, uh, what's up buttercups? So, Nick, do we have the ability to put in jingles? We need a jingle for when Kyle comes on. If I go, what's up buttercups, we need to have a jingle. Correct, so HR's already, uh, Documented that anytime Kyle Fouts is answering a broker call, he needs to answer, uh, This is Kyle Fouts, what up buttercup?

So please be prepared for that moving [00:30:00] forward. Yep, that's, uh, starting today, that will be the way I answer that. Alright, so, um, first question for you, Kyle. Um, I, um, had a client this weekend. Wanted to go out look at home. So I went on the MLS put up some listings and I couldn't find where the commission numbers were Where like how much am I getting paid?

Special listing conditions Kidding anybody who's new and hasn't been listening. No, not there. Thank you for that It's not it's definitely not on the sheet. All right, so Kyle has given me a sheet I gave you typeset Eight points. Yeah. I can't read this without glasses. Well, yeah, I, I, I, yeah, like I said, I dropped the ball.

I didn't send you things for slides today, but I did promise to bring you a sheet of paper, which I have done. Um, today. I, I love marches or Mars, um, segment that she does with you guys, and I was gonna do something similar and, and I thought, you know, today, we'll just. I'm not, I'm not trying to stump you two.

You guys, you guys both know what you're talking about. I think today I'm speaking, you are not my target audience [00:31:00] today. It's kind of back to the basics, things that we as brokers get questions on and confusion on that you that for, for many agents are, are fairly straightforward, but it's not always intuitive.

Um, and I just like to clarify some points that come up fairly consistently for us as brokers. I think we 10 years, talk about cure notices. I'll be on it. We can do a secure notice segment every podcast. I just want to go on record really quickly before we get started. I can read the page no problem for it's currently sitting without any glasses.

So, uh, just so we're on. Broker. Broker, can you answer the questions as well? No, I can't do that, but I can read. Mike can't. I have confidence in him. I think he probably could. Well, I mean, yeah, I, I wish I was like Nick turning 21 next week, you know, I mean, all right. I think we're going to lose the audience if we don't get going.

All right. So let's talk about cured notices. Uh, Kai, I know you get a lot of, a lot of calls on this. So let's start with having to count cure notice. I don't know if you've seen me do this, but [00:32:00] I do it at the office meetings and I've done it. So if. If you've heard me do it, uh, I apologize for maybe reiterating a point, but I know not everybody has and we get confusion on a cure.

Notice is a three day window, correct? But how do we count those three days of today being Monday? If we issue a cure notice today, how do we count those days? Is today day one is Wednesday, day three, the easy way that I. Do it using, uh, this is great for podcast content because none of you can see me. Yeah, we got a camera on, just get real close to it.

Okay, alright, so for those of you watching online, um, use your hand. Look at your palm, spread your fingers out. The day that you issue the cure notice is your thumb. That's day zero. Always. Anytime something, anytime, anytime something is issued, it's day zero. Okay? The three days are the next three fingers.

Your pointer, your middle, and your ring. Those are the three days. It doesn't matter if you issue it, uh, at 10 a. m. on your thumb or at 1158 on your thumb. It doesn't matter what time of day. That is day zero. The three days are your pointer, middle, and ring. The day that [00:33:00] you can take action after that cure has expired is your pinky.

So it almost feels as though the three day window is five days. It's not, okay? But know that when you're counting, if you just look at your hand, spread your fingers out, and say, I'm issuing it today. What day is today? Monday, Tuesday, Wednesday, Thursday. The day I can take action on that cure is Friday. It is three full days.

They get all of the days. Your kids are so lucky. Aren't they? I I can just I ran this by them. You're doing homework with them? Oh, that Yeah, fifth grade math is, is fun. Let me tell you, like, they don't teach it like that. What if I try to send the cure on a Sunday, Kyle? That still is your thumb, Nick. It counts as day zero.

It doesn't matter what day you send a cure, okay? So, sending a cure can happen on any day. Whenever the other party is in non compliance, do you have to issue it that immediately the next day? No, you can issue it at any point if they still remain in non compliance. Okay, so I think we're, some of the confusion sometimes occurs.

is the curable offense. Let's say it's actually [00:34:00] close of escrow. Okay. So Monday, we are to close escrow. Okay. Okay. It's now 5 p. m. Yep. Get this one a lot. Alright. Uh, recorder's office is now closed. Yep. Uh, money is not there. We know. Yep. 100 percent we are not closing today. Uh, can I, do I issue the cure notice today, uh, at 10 o'clock knowing that we can't close or do I have to wait till Tuesday?

And now Tuesday begins with a T and is the thumb. Where are we going with the T? I don't know, but that just confused Liv and Hector and the whole audience. All right. All right. So to Mike's point, and this one, actually, this one comes up quite a lot. Um, when we all know. The day of close of escrow that really nothing's going to happen after title closes five between five and midnight You're not gonna the deal's not going to close that day.

So it's common to think well, we're not closing So i'm going to issue a cure they have a contract defines what a day is so it doesn't matter that [00:35:00] it's 5 p. m. and we know nothing's gonna happen. They have that full day up until 11. 59 p. m. on Monday. So, even if you don't close by 5, you still gotta wait the rest of that day.

The earliest you can issue a cure notice for failure to close escrow is the following day. Okay. Okay? And so, so, so then if I do, but let's just say I don't know that. Okay. And I submit and issue the cure on Monday and it was supposed to be on Tuesday. Yeah. Is the cure notice just null and void, or do the days just automatically get extended by one?

You're throwing some mud into the water there? I would, I think the best practice would be to reissue a secondary cure on the appropriate day. I think there's an argument to be made if I. If we were supposed to close today, Monday, and we issue a cure notice at 7 p. m. because we know we're not closing, you can make an argument to say, well, yeah, it was issued too early, but it starts, it goes into effect tomorrow.

Although I don't like that argument. I like to play in very black and white areas because as gray as things get, it's tough for a broker to So that's [00:36:00] a good question. I'll tell you why. the hand again, right? You issue it on Monday, then you'd have Tuesday, Wednesday, Thursday, and you could act on Friday. If you issue it on Tuesday, in this case, you've got Wednesday, Thursday, Friday, action falls on Saturday, right?

So that actionable requirement falls on a non day, non business day, a calendar day, and there's even a holiday in the week like there is next week, I'm sure I'm setting you up for that t ball. You are, you are teeing me up with a softball. So TV, thumb begins with a T, there we go. If you issue a cure notice.

Let's say on a Wednesday, and it is for failure to close escrow. So Wednesday is your thumb. You got Thursday, Friday, Saturday are the three days. The day you can take action is technically Sunday. But, but, big, big but, what is the one cure that cannot [00:37:00] end for you? on a day that is not a business day. Close of escrow.

The close of escrow. Thank you for saying that. Cause that's one that we, we get that commonly as well. And it's something to consider when you're structuring your contracts and also informing your clients of their permissions, because If Monday is a holiday, let's say, and the cure to close escrow ends on Saturday.

Well, you can't do it. You can't cancel Saturday. Can't cancel Sunday. Can't cancel Monday. They will have all day Tuesday to do whatever they need to do to remedy that knock to close escrow, essentially. So the per party issuing the cure couldn't act until. Wednesday. And that's oftentimes that is not something that a client understands.

It's not something when they issue a cure for failure to close, they're often at a point where they want to be done and it's hard. I don't, I always tell agents, I don't want the first time you talk to them about this to be right now. Cause right now they're emotional. They're frustrated. This should have been a conversation when we were discussing our options.

And here's what's going to happen potentially. So yes, the moral of the [00:38:00] story is every cure or every non compliance that happens within a contract that you issue a cure for, every one of them can end on a non business day with the exception of a cure to close escrow. That one has to end on a business day.

Alrighty. Very, very helpful. All right. And, uh, you, you have an abacus in your office, right? I do. Yeah. I use it all the time. Religiously. Alright, hold on. Last point. There's three points on there. I'm just looking at time. He's trying to see because he can't read it, it's too far away. These are fairly non consequential, so if we don't get to everything.

The last, uh, I accuse people on the podcast. I broke their agreements last though. Actually the last point's riveting. If a cure notice, a three days come and go, does the contract automatically cancel just because the three days have expired? I'm gonna go no. Correct. You have to issue something. Make sure you issue the notice disclosure to cancel.

If your client wants to cancel after the three days have come and gone, it doesn't just automatically happen. You must proactively go out and cancel a contract. All right. And then I think for [00:39:00] the important thing of having the cure notice, so it comes and goes. It does. Now I, my, my seller, let's just say, let's say if they're the ones that issued the cure notice, now they're in the driver's seat.

We can, we can still let, let the transaction go for another week, but we now at any time. Yes, I would have said, so we had a situation where an attorney opined on that, where, cause I, I would always have advised that once a, once the three days have come and gone, you don't have to recure for something that they're still in noncompliance for.

Okay. We had an attorney send us an opinion, uh, that was contrary to that stating that if enough time went by after the three days and the party that like the seller in this case didn't take action by canceling, you would have to reissue a cure. Let's say a week went by or 10 days or two weeks and now the seller's like, okay, I want to be done.

Do I have to recure? Well, by not canceling initially, potentially the answer is yes. So I, I know that again, that throws mud in the water, but, um, probably [00:40:00] best practice to go down that road. All right. And then my last thing I'll just say about cure notices, if you're an agent and you're on the receiving end of a cure notice, don't take it personal.

It's not an act of war for crying out loud. It's just, it's all protecting interest of clients. Yeah. We got one a couple of weeks ago and we're like, okay, it's just part of the, yeah. And if you're a really nice agent and you don't want to issue one because you like the agent on the other side, that's a problem.

Also, yeah, that's the flip side of the coin. Or just send it with a bottle of bourbon or a couple of McRibs and I'll be fine. Alright guys, send it in the run. Always, always. You can buy Mike. You can buy Mike. Alrighty. Moving on, and I have, uh, I've been saying this for a long time this year, um, that I think, uh, short sales are coming.

I've been predicting it. Um, and so you as a broker and a representative of the broker team, we are seeing more and more short sales. Yeah, we're having, it's just, I mean, It's not, it's not hard to say we're seeing more when for so long we saw zero. [00:41:00] So that, but there has definitely been an uptick on conversations where we've had to kind of brush up on our short sale, um, knowledge again, you know, we just haven't had to deal with the forms that come with it, um, or the conversation.

So yeah, there's, there's certainly been kind of a consistent, uh, A few questions here and there about short sale. So I wanted to touch on it. What is a short sale? It is, doesn't mean that the, it's actually the, it's doesn't mean that it's a quick sale, not short as far as time goes. It's actually the opposite of that.

Uh, it'll likely take, you're welcome, Nick. I'm not, I'm not making any jokes right now. I'm not making any jokes. I don't go down that road, Nick, you know that. Um, but it's, it's usually, lengthy in nature. It's it can be several months. So make sure you're preparing your clients, especially on the buyer side when they're unaware if they're going towards a short sale.

This is gonna take some time. Okay, it's kind of submit your offer and let's be patient. Okay, hurry up and wait. It's kind of how that process works. So, I think, I think the, the, the two things that bring up the most questions when agents are, are doing a short sale for the first time, uh, [00:42:00] really comes down to when does earnest money get deposited and how, what do you put on page one as far as close of escrow?

Because you don't have, you don't. Cause you don't have a close of escrow date really because you haven't negotiated with the bank yet. And then the third thing is, when does the inspection period start? Do you want to define a short sale for any new licensees that have never heard or seen? A short sale, yeah, thanks for saying that.

I, I, I kind of glossed over it. A short sale is when the owner of the property is selling the property for less than what they owe to the lender. So the lender has to approve the sale in order for the transaction to work. So the, the seller is going to have to do some legwork. Uh, along with their team to try to get the lender on board, and then hopefully the lender approves selling the property for less than what they're So that's where the short comes in.

That's, that's the short. Yes. Correct. Uh, as far as earnest money goes, and close of escrow, uh, those are both Note the forms that you use. There is a form specifically for the purchase contract called the [00:43:00] Short Sale Addendum to the Residential Purchase Contract. That document is, is very necessary and it lays it all out for you.

Earnest money, so you submit as a buyer, you submit your offer to the seller, it's negotiated in the same way any other offer is submitted between you and the seller. If you get it accepted, then the seller, then they go to work, with their lender, trying to figure out if the lender will approve it. As a buyer, that short sale addendum says that the earnest money does not need to be deposited until they receive the agreement notice from the seller.

Um, and I'll explain what the agreement notice is here shortly, but that's when the earnest money and the contractual timeframes begin upon receipt of the agreement notice. As for close of escrow, it defaults. On that document to 30 days after receipt of the agreement notice and so it it lays it out for you It says this is when these time frames are going to begin Um, so that's why I say it's a hurry up and wait you do the negotiations like normal But then once acceptance happens from the seller that is then now you're waiting for [00:44:00] lender acceptance.

They may or may not Yeah, and I would I'd also say I think especially for an agent that has never done a short sale Uh when we're talking about lender approval You When they take a look at the, the line on, on the contract for seller and who's actually um, accepting and executing the contract on behalf of the seller, I think there's sometimes confusion because we're thinking, okay, we've got to negotiate with the bank, but you treat it the same, the, the owner of the property.

is the seller, you submit the offer and you negotiate with the seller like you would in any other transaction. And then from there, now it gets submitted to the lender and then the real negotiations begin. That's correct. Yeah. Your negotiation as a buyer is with the seller, just like any other home you're submitting on.

And then they go to the lender and try to get that contract accepted by the lender. Um, and hope that they do. Uh, if they do, there is a. [00:45:00] specific form called the agreement notice. It is an AAR form. It is on transaction desk. It is there for you. I can't tell you how many times with short sales, um, the, there is confusion amongst the agents and parties about what constitutes the agreement notice.

Well, they sent me an email saying that the lender said this, or we, we discussed back and forth, the lenders approved it, quote unquote, are we going forward now? The answer is, That AAR agreement notice needs to be delivered. That is what triggers everything. It's not an email, it's not a conversation, it's not a text.

Make sure that form is utilized. It's just, so nothing changes. You always gotta, you always gotta have it in writing. Always gotta have it in writing. Right. But it's that nobody really is aware of what the agreement notice is. And you'll, and sometimes from a seller side, likely you'll get a. Pretty big package of documentation saying whether the bank approves it or not.

That also is not the agreement notice. That may be between the bank and the seller, the agreement, but between the seller and the buyer, there is an AAR form that does this. There's two check boxes. It's a fairly straightforward process, but you have to [00:46:00] know the documents that you're getting yourself into.

All right. So if I'm with a West USA choice, will I be able to find those forms? You know, what's funny is that as I was saying that it's an AR form, I'm thinking choice doesn't have that form yet. So, but we're not there yet. We're not there yet. That's exactly right. All right. One other, one other thing to note as a, So from a buyer standpoint, it is hurry up and wait.

You get your contract accepted by the seller. You're waiting for the bank to approve it. It could be months, right? And so maybe the buyer gets antsy and they want to go out and see other properties. And so you're like, sure, let's go look, understand, make sure you read the short sale denim. That addendum allows for a buyer to cancel the contract unilaterally at any point prior to receiving the agreement notice back from the seller.

So even though you and seller are under contract, if they're still working with their bank and the buyer says, you know what, I just can't wait anymore. I need to move on from this. You can do that. You just submit a notice disclosure saying you're canceling based on these lines and and off you go So that is the special remarks in each listing.

Yeah Yeah, and so then so then the good news is when you're representing a buyer [00:47:00] and or if you're investing yourself Is you yeah, you have an executed contract, but you really don't have executed terms, right? But you control the property because the seller now just can't go out and sell it to somebody else because you have an executed contract.

They actually can. They can. They can, they can accept other offers or they can submit other offers and this is noted in the short sale addendum as well. They can submit other offers to the bank. So your offer, even though you're accepted by the seller, could be competing with multiple offers with the bank.

I just don't tell the sellers that. Ah, well. Ha ha ha. Ha ha ha. Let's, uh, let's, uh, move on to appraisal, appraisal, contingencies oftentimes. Uh, this, this is a one that always, I think for every agent, it's good to be just to clarify. This is an easy one to lose the earnest money on. And I, I, I would hate for that to happen to one of our agents.

Alright, so let's talk about the appraisal contingency. What do you want? Yeah. I mean, ultimately just how long [00:48:00] does a buyer have? Uh, and I had this conversation with an agent last week. In fact, um, it's, it's clearly stated in the contract that the buyer has five days from notice of the appraised value to essentially cancel.

Um, now are we on the five days? Is the thumb zero? Thumb is zero.

You know what, as I said when I was describing the cure notice, the thumb is always zero. The day that something is delivered or provided to you is always day zero. The day you submit something is day zero. So you start counting from the next day. Thank you for that clarification. But I don't use the hand, the analogy for appraisal.

It's only a cure notice. It only works for cure. Okay. Um, but you have five days. And, and the biggest. So what I'll tell an agent who's on the buyer side is keep the five days in the forefront of your mind because that is Your buyer's free window to say this isn't working. I'm moving on no matter what happens in those five days They aren't extended by you know, because [00:49:00] oftentimes agents will be okay.

The appraisal came in low Let's have a bunch of dialogue around or what are we gonna do? Are we gonna reduce concessions and also reduce price? Are we just gonna reduce prices? Right. Yeah I'm on vacation. Uh, is buyer going to just bring in the difference? So there's a lot of dialogue around that. There may even be an addendum that's submitted that says, you know, purchase price to be in the, at the reduced value, whatever that number is.

Nothing Matt, like whatever's going to happen has to happen in those five days. So even if you on day five, if you submit an addendum as a buyer's agent to the seller saying the price is reduced, if you don't get that addendum back signed by the seller, you better be having a conversation with your buyer.

Like if we go past today, you no longer have the leverage to say I'm walking. Okay. So that's a, that's a big one. Another one that we get commonly is appraisal comes in low and now we want to do a reconsideration of values. So there's some sort of a review process that the lender will have. to see maybe if the appraiser made a mistake or, or just came to a value that maybe wasn't quite correct.[00:50:00] 

The reality of that process is it very rarely results in the appraised value being significantly increased, but it happens from time to time. That process in and of itself is not perfect. Detailed in the contract and it rarely, if you go down that road, it rarely gets resolved in those five. Correct.

That's a good point. It often takes much longer than the five, several days longer than the five days, but it's easy. I can see how an agent could look at the appraisal contingency and think, well, then my five days don't start ticking until I find out what the reconsideration of value is. That's not true.

The contract says upon notice of appraised value, So we found out the appraisal is low. That's our notice. The reconsideration of value is not an additional appraisal by the lender, which is also noted in the appraisal contingency. It's just a review of the current appraisal. So don't fall into the trap of we're going to, we're having it reviewed, so I don't have to make a decision yet.

What you need to do as a buyer's agent is make sure you do an addendum that extends your appraisal [00:51:00] contingency To allow for the review to happen and then if it comes in low still or it remains low Then you can make your decision at that point, but just don't think that it's nothing automatically extends anything, right?

You got to have something overtly done. Does that make sense? It makes perfect sense I feel like you've done some homework like you've like recently like you're bringing it today Thanks Mike. Is that a compliment? I'm not sure. All right, let's talk about the Bin Xur. What are the standard contractual time frames for the Bin Xur?

Uh, so 10, 5, and 5. I mean, it doesn't bear much, much conversation, but we do get a lot of confusion on that last 5. 10 days, obviously, is your boilerplate inspection period, unless it's changed, but boilerplate contract is 10 days. Seller has 5 days to respond. There is, there's confusion on the next one. Once a seller responds, Is it five days or is it three?

We often get like, Oh, I thought it was three days. That's because the next number in that [00:52:00] section is a three, but that just means this, what it says is that the seller has to have their repairs done no later than three days prior to close, but an agent will just see the three and think it's okay, 10, five, three, it's not, it's 10, five and five.

Yeah, right. Agreed. So just make sure you're aware of that. I mean, so, you know, in theory it could take up to 20 days to get that whole process. But if the buyer wants it, this is what I usually see. The seller says, well, I really don't want to do it. And then the buyer, seller get into it, or at least the buyer's agent and listing agent get into a dialogue and they're trying to work it out.

Maybe they're trying to now get estimates or, uh, values and invoices and, and they still think that, oh, well, we can continue this. They can't. Dies. Just like we mentioned in the appraisal, it's over. You gotta respond within those days, don, or change some terms if you don't. Correct. And if you don't respond within those days, the contract says that's the same as a no response.

Like if the seller said, if the buyer asks for repairs, yeah, you're right. From the buyer standpoint, if the seller or buyer asks for repairs and the seller doesn't respond in those five days and there's no addendum extending that or anything like once the fifth day comes and goes, [00:53:00] that means they've essentially, they've responded no.

Right. They won't do anything that you've asked, so you have to take that as their answer. Mm-hmm . Even if they come back. There are, I don't want to get too far into the weeds, like if they come back on day six or seven, can your buyer still approve of that? Sure. I mean, as long as the parties are on the same page, they don't have to.

They can take it as a no response, meaning no. Alright, uh, the ER. Hold on. No, I want to get one more, one more thing on the Binzer. You know, you've heard me say at the office meetings to be terrific. Be specific. The, the, the biggest issue that we see with Binzers or the biggest point of conflict is ambiguity.

What is the buyer asking for? Are you asking for something to be repaired? Are you asking for something to be replaced? Are you asking for a defined concession credit? What have you? Be, yes, that would have to be on an addendum as well, but just be specific. Just like, you know, Ambiguity is our enemy in this business.

Be very clear on what you're asking. I had a, I had a [00:54:00] situation come up this week that could have gone either way against our client. And I, and, and the agent is a great agent, just wrote something a little bit ambiguous that could have been used against us, luckily that situation worked itself out. It was great.

Um, but it, it concerned me and I, I don't want our agents or our clients to be in that position. So, uh, we'll just stay on that. We're not going to get to the ER or to stay on Binzer. That's fine. Okay. So I've seen it. Where. Like when you take, when you take a look at an inspection report, the inspection report is not written that the seller is to repair anything.

It's just outlining issues. This is the issue. And so I've seen buyer agents basically Copy and paste what's in the inspection report into the BINSR, and then I interpret it as, I mean, I know, I know the intention, but I could make the case that all that agent is doing is just making a proclamation of this is what's wrong with the property.

You're not asking me to do anything. What are you saying? That's right. So I could just say, [00:55:00] Hey, I accept all of them. I accept, I accept all of your statements. Yes, exactly. The roof is about to fall off. But so, so where does intent, um, come into play on this? Uh, I think we all have the same goal of getting the transaction across the finish line.

Right? Like there, as far as. I, as a broker, I like to play nice in the sand. You know, if, if, if you sent me a Benzer like that, uh, I'd discuss it with my client, but I would, I would take those to mean, or I would call you and ask for clarification, right? I mean, do you have to do this? No, of course not. Cause it puts our, our, our seller potentially in an advantageous position.

If you just leave it as is, I think to that point, the moral of this conversation is. Don't do that. Okay, like like Bob would say don't do that It's one of those things where we see that all the time copy and paste copy and paste and I know that you're asking there You're disapproving of those items But say [00:56:00] seller to repair seller to replace be very clear in your statement Even if you're copy because you're right the inspectors are gonna say Go have a professional evaluate this, right?

Well, what is, okay, you, you're giving me the information. Like what am, what am, what am I supposed to do with that? Be clear. So that leads to my, my other point is when I read the purchase contract, the way I interpret it is, Basically, all inspections or evaluations are on the buyer. Good point as well. And I can't tell you how many times I get a binzer from a buyer's agent saying, Seller to inspect or evaluate HVAC system or roof system.

Because I'm just going to tell him to have his cousin Joe go up there and give the thumbs up. Don't, yeah, don't, again, don't do that. Like, that's exactly the point I would make when an agent calls me is that, I know a buyer doesn't want to throw out extra money. I get that. They don't want to spend the money, but it is their obligation to [00:57:00] evaluate the condition of the property.

It's not, Hey, the roof may be, you know, may, may, may be a problem, have a license. So the seller to have a licensed roofer evaluate and repair any issues, like whose opinion of any issues counts that like that just leads right back to the ambiguity situation. Like now that we're arguing over this, Who wins?

I can't tell you, right? All right, last one, because we got, we got about two, two minutes for this one. So let's just handle, uh, uh, X amount of dollars in lieu of repairs. How, because, uh, for, for the newer agents, you can't put that on an addendum in lieu of repairs, because the lender is going to freak out.

So how do you use in concert? How do you use the bins are to? Express what you're wanting to happen and use the addendum at the same time without alarming the lender. So the Benzer can say, you have to, so point number one, Benzer must contain [00:58:00] items disapproved. It can't just ask for a credit, right? That's true.

So you're going to put your items disapproved and then underneath that you can state, or in lieu of repairs, Buyer would accept a credit of X. So whatever that number is. So on the Benzer, you can say in lieu of repairs now on the addendum, that's going to come next, you would just say seller to credit buyer X.

So we all, what I, you know, we all know why this credit is happening. We just don't say it on the addendum. We just, the addendum is just very black and white. There is a credit happening from seller to buyer. That's it. Period. The end. The Binzer is where you can say in lieu of the repairs I've requested, I would be willing also to accept this if that's easier for your seller, which it often is.

Yeah. And then, and I always add like the additional language, you know, per addendum one or per addendum three so that they're all tied together. Yep. Agreed. Very well done, Buttercup. Alright, as a reminder, uh, no podcast the next two Mondays. Gentlemen, I use the term loosely, Merry Christmas, Happy [00:59:00] New Years, and Happy McRib Season.

And, um, I leave you with the quote of the day. I just can't read these, man. I'm just gonna let it sit there.

Spread cheer and close deals because there's no place like sold for the holidays. Go out and sell a home. Good job.