Offer acceptance is not like a being a little pregnant

    Computer Transcribed:

    Speaker 1: 00:01 Good day everybody – Connor T. MacIvor here with the Gear.

    Speaker 2: 00:04 People ask where we get the content where we get the ideas for the various radio shows we do on housing radio and it’s simple it comes directly from the experiences of either our clients or other real estate clients out there. I do a lot of reading via my RSS feed engine on Feedly which gives me all the information I need with regard to real estate what’s going on. Plus of course being a local market expert here Santa Clarita Valley Seanie Greater Los Angeles areas does not hurt.

    Speaker 3: 00:40 So that coupled with the experiences we’re going to talk about some of those today that coupled with those experiences is white gives me the content for all the radio shows we’ve done. You can see many many episodes housing radio dot com seven YouTube channel me moves you to check that as well as you can probably tell via the audio in the background I am on the move this morning headed to appointments. And thank you for tuning in. I hear something interesting that you might not know of real estate especially if you are a real estate buyer so I do believe this is useful information and information that business splain very well buy. I would say 95 percent of most agents and used to be that real estate was handled a little bit more.

    Speaker 4: 01:36 It was more complex. There were more moving parts that weren’t so automated as it is today. This

    Speaker 3: 01:43 is what I mean. Technology has advanced so much that you don’t realistically need the assistance of a real estate agent to find a house to buy.

    Speaker 2: 01:55 You can just go online. Or as they say in that movie on villein but you go online and you can search for real estate ad nauseum all day long and for the most part you’re probably going to be somewhere between 80 85 percent accurate because and the reason why it’s not a 100 percent. Some of the Web sites some of the big boys on the block they are actually gaming you. So that’s how they work. That’s how they pay for themselves. Basically if they can give some cool looking property looks like it’s a super awesome deal by the way this is a newer member of the real estate magazines that were out there one point there was nobody enforcing them whether or not an agent put in a fake listing that that made the picture of a house in a depressed economy but a really nice house saying that it was located in a different city to get a person to call their toll free number and enter an extension thereby that being your number drop and so on.

    Speaker 5: 02:51 That was the real estate magazines for the most part. There were real listings there. But on the other side there were trick listings to get you to call. So now this you could attempt to convert you. So there’s nothing new under the sun these large syndication sites are doing the same sort of thing. So that’s why you’re not in a 100 percent accuracy with them because they have to monetize themselves somewhere. And on the other side of that real estate agents are paying a lot of money to get your information so they can use that to contact you and convert you and make you their client. My voice told every one that reaches out to us because most people are finding us via referral or they’re also finding us via google organic.

    Speaker 4: 03:36 That’s a search that we’re not paying for it’s just our content is so good on a local level with the radio show and the YouTube channel.

    Speaker 6: 03:43 All the other things we’ve put into play you know do some googling saying you know who is caught in a kiver and then you can make decisions as to whether or not you’re going to utilize Connor Macliver or you’re going to move on to someone else.

    Speaker 1: 03:59 It’s important that content your agent is creating. Now this is a real world problem in real estate as we were starting to discuss and what happens is you’re searching online you find a property your agent verifies that that property is yes indeed active. And that’s kind of a precursor that’s before your agent has the ball. Right. This is kind of at the beginning when you’re first starting to contemplate looking for real estate.

    Speaker 4: 04:26 First best stab you might know this. Want to sit down with this consummate real estate professional and go over how it all works.

    Speaker 2: 04:36 And part of the presentation that we give our buyers has to do with identifying properties and making offers. And when that property actually is the buyers. When does that happen. Back in the day like I said real estate used to be a little bit more complicated. So when an offer was written typically it was presented to all parties. So yes real estate moved a little bit slower.

    Speaker 7: 05:01 Not as many transactions able to be closed during the year but I think that respect and the time invested was a lot more important. Instead of just relying on a computer system to let you know in a text message from your agent stating Oh yeah it’s done congratulations on and so forth. Back then we actually used to sit down with everybody at a table.

    Speaker 8: 05:22 Yeah the buyers and sellers are the sellers agent who the buyers agent and we would all sit down a lot of times the lender would be there as well and we work it out. And back then property prices aren’t nearly as expensive as they are today. So hence the commissions reducing and the real estate round in some markets. We see that also. So we would all sit down and we would come to an agreement made the buyer offered three thousand dollars last May maybe the sellers not way to that so it would all be negotiated at the table and it was kind of cool because it was all finished. So at that moment it was unknown whether or not that buyer was actually the buyer and actually was the accepted offer for this particular piece of real estate. That’s when it was known when everybody got up and left after a 30 minute or hour long meeting.

    Speaker 7: 06:20 Well this is somewhat pre fax so you can kind of I’ll do it myself a little bit. Faxes really weren’t trusted very much so it wasn’t really something that was utilized. Of course faxes became very trusted and then we have these certificates remember the faxes used to spit out some kind of a completion certificate stating that the fax session went through but that of it’s that in of itself was not enforceable. Well whenever we still we still use that piece of paper as if it was straight out of the Bible right. We would use it like it was can we say oh no i sent you that fact. I don’t know if you remember those days but that’s how it was moving into the new world. It’s not that way. We have confirmation of acceptance. We have deposits that aren’t really real money during the offering process. You do have verification of funds which is something that cemented.

    Speaker 8: 07:13 So that would show that you posit a down payment in some account somewhere. But when you are having that offer written on a particular piece of real estate the buyer really doesn’t know and sellers embrace this virus don’t know whether or not they got the property intel that executed contract is signed and the confirmation of acceptance is rendered by the actual seller of that property. This

    Speaker 6: 07:40 is after negotiation of course. So I can’t tell you how many times I have been given the news by another agent. Oh yes your buyers the one they’re going to be the ones chosen don’t you worry. And you know being in a jobs since 1998 I’ve learned don’t call that shy intel you have in writing because then the next phone call is he kind of you know got a feel so bad.

    Speaker 7: 08:12 So sorry to do this for you. The sellers just received another offer is twenty thousand dollars more than your offer from your buyer. So they want to talk about that and that’s horrible. So I go back to my buyers after Eveready told them if I’m doing it correctly. After all Yeah you guys have the offer to worry about I trust the agent. Now all of a sudden they have to go back. Well you know I’m so sorry I made that phone call a little premature. And that’s really the only one feels a little premature and I shouldn’t have called I should have waited until I had the executed document. That’s that’s not good for a buyer. That’s uncomfortable for all parties and something that is worth addressing on today’s show.

    Speaker 9: 09:01 So we have the executed contract. We have a confirmation of acceptance. We have a deal without those items verbal or not. The agent could be saying all day long. Oh yes you’re the one we’re going to select you but they’re right. Zero hour. That last offer is submitted. Now of course there are time delays right. What is the the recourse for a buyer that gets told by their agent verbally that another agent told them that they’re the ones that have been intercepted when in fact the scenario changes you might be able to get a judge to listen to it. Probably not. You might be able to get an attorney to potentially listen to it and maybe fire off a letter. But at the end of the day the sellers is going to be able to sell the house to whomever they want. Of course putting aside gender and sex and religion and age into the protected classes of course. Putting

    Speaker 10: 10:00 all that aside the day they’re going to be able to do what they want.

    Speaker 11: 10:04 Plus it wasn’t fulfill the Exeter contract wasn’t received. On the other side of the coin when it comes to acceptance an offer submitted. We talked about the scenario with an agent telling you oh yes it’s all done we’ve had at work the other way as well. Where Well we don’t know what the sellers are going to do. They do multiple offers and we’ve had agents actually send over a confirmation of acceptance prior to those other offers being negotiated and we’ve had to enforce that because now we have a confirmation of acceptance and execute the contract and for whatever reason and the way that it played out is the agent sent that prematurely.

    Speaker 9: 10:48 Not really knowing what they’re doing. So that’s something to be aware of. If in fact you get in the scenario but at that point your agent should be able to stand there and not try to represent you. If

    Speaker 11: 11:01 an agent is going to make a rookie mistake like that. And send out the confirmation of acceptance when they’re still working on it maybe responding or having multiple offers together and this has happened as well. There’s really nothing you can do as a homebuyer because your agents already told you already sent you these offers for this summer to come back and try to pull the deal. It’s that that when there will end up in front of a judge. If a seller is being very strict this is something the agent needs to explain to the sellers as well of the world how that process works. You agree to this and you’re locked in as a seller. Buyers of course have a lot of contingencies and reasons to cancel if in fact things go awry within whatever the timeframe is that was allowed by contract sellers not so much.

    Speaker 11: 11:55 Sellers get a chance to respond to what the buyers will ask them to do potentially repairs modification of price if there’s some kind of a credit it’s supposed to be given. Maybe a buyer goes into the house and sees some electrical issues when the home inspector looks out the vibe of the seller and say listen you know Jacqui we would want this brought up to code because it’s a safety reason. Ultimately the seller can refuse. So depending on the type of market if it’s a huge seller’s market which is less than 400 units of inventory then more than likely sell is probably not going to step up to the plate just depending on how much activity they had in the home and the advice they’re getting from the agent and then Mr. or Mrs. buyer that’s your choice your time to pull out if in fact you get upset about it but the other thing had a couple of clients wonderful going into new housing.

    Speaker 11: 12:52 We went in there to represent them and there were some choices to be made about what type of home and so on. I look at everything from a business perspective in the future. What is going to be able to have the most value added As far as the property that they’re purchasing. Is it something that’s kind of unusual as far as the track goes. And we actually found something. Number one it’s a single story. Then number two it’s got additional square footage and additional bedroom which isn’t normal because the lot itself has to be larger to to accommodate that particular property with wise. I was jazzed and excited. And I share that with him.

    Speaker 11: 13:37 I said I appreciate you like that three bedroom but as far as future goes looking for resale and looking for rent ability or whatever it is you’re going to do with this property is paying a 10 ring on every single advantage that is showing us that this is the one personally that I would select expert advice. I think it does help and in fact they did decide to go with that one and I know that is going to be an excellent choice just because a few reasons and I’ll give you the top one very rarely at least in the Senate creative Valley. You’re not going to find a whole lot of single storey residences that are newer they’re going to be older back in the 60s 70s. Nothing wrong with those homes. But some people liked the look of something that’s been built from the 2000s to 2015. We’re talking New construction folks. Very few. So this was one that we were blessed to get for our clients.

    Speaker 9: 14:38 I’ve got to make everything so much for tuning and this is some of the things you might not know about real estate. Interesting. And for you housing radio dotcom please share when you’re ready to start searching for real estate SCV nest dot com and of course housing radio as well. Dot com will also give you that information. I’m calling MacGuyver be safe. You can search on our systems and be protected. They’re all SSL encrypted. In addition to that none of your personal private information ever goes anywhere except to me Connor T. I have a great day we will talk to you soon. We can. Coming up we’re Thursdays. Be safe with that and we’re almost to Christmas. I

    Speaker 10: 15:22 won’t tease you with how many dates his expertise to figure out today. Have a great day we’ll talk to soon.

     

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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