The Savvy Synopsis

Like any life event, buying or selling a house can be incredibly stressful! But there are ways you can limit the amount of stress it brings, so that you can transition smoothly into your new home.

Did You See This?

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Angie Cole - Contact - Call: 919-538-6477

Show Transcription:

Note: This is an automated transcription. Please forgive the robots as they tend to make some (a lot of) mistakes...

Speaker 1: It's time for the savvy real tour podcast I'm Walter Storholt alongside Angie Cole, the owner and broker in charge of acole realty serving you throughout the triangle, teaching you about the ends announced When it comes to buying or selling a home, you can find the team online by going to a coal realty dot com. That's a c o l e realty dot com or by calling 9195783128. That's 9195783128. And now it's time for one of the top rail tours in the Triangle. Angie Cole and the savvy real tour podcast It's time for Did You See this? Where we uncover the wacky and bizarre and interesting elements of the real estate world throughout the country. We're heading down to Florida for this week's edition of Did You See This? Angie? And this is actually one that you sent me to make sure that we highlight on the show. And, ah, what caught your eye about this? This Florida man who bought a villa that came with some, I guess, um, some unknowns or had a bit of a twist on a surprise for

Speaker 2: Yeah, yeah. Um, so I mean, poor guy. So he thinks he's actually buying a home home, but instead he's buying a like, one foot strip of land in between two humps.

Speaker 1: This was at an

Speaker 2: auction. Truly? Yes, yes. If he is truly buying grass, he and paying $9100 you know, for it at an auction like you just said and he thought it was a full villa. But it turns out it was just a one foot by 100 foot strip of land, and it was worth probably about $50.50 dollars, and he spent $9100.

Speaker 1: The interesting thing that I that jumped out to me about this story is it's not just a random little piece of grass or something like that. It actually cuts between two to actual villas. And so they have. They have a garage ascent essentially built over top of his land. So if he wanted Thio, he could yeah, literally sliced through their charges. You're encroaching on my space, and he could slice through their garages if he wanted to, but he doesn't sound like he's vindictive in that way.

Speaker 2: Yeah, I I just don't understand how something like that even happens now.

Speaker 1: It seemed like they were pointing fingers. Maybe it whoever developed the property's about yeah, yeah, didn't join them properly, or the paperwork was messed up, and somehow it left this slice of 100 foot land, but he wants to return the land. You know, obviously he's like, Okay, well, this is it

Speaker 2: is money back?

Speaker 1: I was sold of, you know, a bill of goods that was worth nothing here. And so, uh, but they're saying, I know all sales are final at an auction. Sorry, but it sounds like there's gonna be some legal action there. I would imagine Crazy. It got me thinking. Have you ever seen a listing that ah, you know, seemed too good to be true or at least turned out to be too good to be true when you went and actually looked at the home or went to sell it or anything like that?

Speaker 2: Yeah. I mean, I feel like there has definitely been some cases that I can't say that I've personally been particularly involved in, but I have seen some situations where it's like okay. That price is too good to be true. Well, come to find out the whole entire homes taken over by mold. You know, there's always there's something about it that if it's too good to be true, it is. I've seen a couple of times where a real estate agent has made an error in the MLS database and forgot to add an extra zero. And so you have a home. I remember there was one, and it was priced like 17,600 should have been, you know, 176,000. And I have never seen so many Just Zillow and rude realtor dot com enquiries come through on this land or this. It wasn't laying. It was a, you know, a nice home. You know, you would think people would be smart enough to know that something's weird here. You know, the home is not a $17,600 home, but there was sign up after sign up after sign up. So yeah, typically, if it's too good to be true, it probably is.

Speaker 1: Yeah, it's like all the pictures of the home were taken before the tree fell on top of it. And then you go, you know that it's got a big hole and tarps and it's It's like oops, a little bit different than what was advertised. I feel like you see that with some foreclosures to where it seems like an amazing home. And then so you know, inexpensive and cheap. And you don't realize it because they just didn't put the pictures up there that showed the rooms that have, you know, black carpet from stains and dirt and all sorts of yeah, anyway,

Speaker 2: my am I saying is always of It's too good to be true. It probably yes,

Speaker 1: And it should have jumped out to this guy in Florida because I think they had said the value of the hay thought the value of the villa was like $200,000. And so you get that 1000 bucks that should have raised the bills anyway.

Speaker 2: You know, when I grew with that, it's kind of like OK, once again, like you thought you were getting some major still, but that's a really big steel. So you should have figured out like, what were they truly selling? Yeah, so I feel bad for you. but I don't know, probably a little

Speaker 1: bit of fault on both sides there. That situation? Yeah, in any of an interesting story for sure. Well, that would. It's a stressful event for that gentleman to have to go through that situation. Hopefully, you're, you know, home buying or home selling process isn't that stressful? But there are all kinds of surveys out there that do put buying and selling a home as one of the most stressful life events that you can experience, and it really shouldn't be that way. I mean, yes, it's a lot of upheaval and moving parts and boxes to check and paperwork to file in that kind of thing. But there should be a little bit better way of making that less of a stressful experience. I want to look at some of the things that you do and you to help make the process of more positive one and what you encourage people to do it. So I've got kind of a list assembled here. I'm interested to get your thoughts on these different things, and I think you know, and we talked about this on the show all the time, knowing the process. Having an understanding of the process is so key.

Speaker 2: Yeah, and that's why you know, we love to share that material, that we have our home buying process guide with you. Just to make sure that you know, you understand the steps of buying and selling a home. You know what time it is certain monies do. When are they collected? You know, at what phase do we do inspections? What's kind of typical closing date timeline. So really, truly understanding the process. You're always one step ahead and you're aware of what's coming up next is important just to, you know, alleviate any you know, stress or concerns you have. If you always know, Hey, this is going to be the next step. Well, there's no fear in the whole process. And you know, of course you know, buying or selling a home.

Speaker 1: Yeah, knowledge is power, and it's true in the real estate world for sure. When it comes to deadlines in the real estate world, there are a lot of them. So some simple advice that helps you, you know, stay away from some stress building moments is to just stay ahead of those deadlines. You can. You don't have to wait till the last minute to file certain things, right?

Speaker 2: Yeah, I would say, you know, if you're getting financing, assume is your mortgage lender you know, ask for a piece of information to be handed over. Be on top of it, you know, just at quickly. Because with real estate transactions, time is of the essence that is written into the contract several times. So that means that truly, time is of the essence, and you need to hit deadlines. You know, a very important deadline from the beginning is delivering of, you know, good faith money. So your due diligence, your earnest money. And if you don't deliver it within a certain deadline, actually, your contractors in now, Nolan voided. And so hitting that deadline is important. And then, you know, due diligence state that is super important, especially for the buyer, because, you know, during due diligence is a time that only your due diligence money is at risk. And so you need to make sure that you do all your investigations, all of your inspections. You know any type of negotiation of repairs during that window of due diligence, because should you past due diligence. Now you potentially have your earnest money at risk. And so that's a lot more skin in the game at this point. So making sure that you meet your due diligence state and, you know, wrap up anything and everything you have to do well in advance. Don't wait until five o'clock at the end of the diligence date to try to bring everything together, because then you could have hiccups. Of course, closing date is very important to hit that deadline. In our contract, we have an actual closing date is in there. And so you know what the closing day is As soon as you have an executed contract, and once again time is of the essence, you need to make sure that you're closing in a timely manner. So, yeah, staying ahead of deadlines would just make the process stress free or less stressful because you're wrapping up those time windows and you know well in advance.

Speaker 1: It's a great point that you make their Angie, so stay ahead of deadlines. No, the process. Those air two big ones. Also, at the very beginning of the process, you can manage your expectations. This especially if you're a buyer, manage expectations for how much home you can afford.

Speaker 2: This is super important and the reason being, you know, if you start looking at homes that are in the 300 price point, but then you speak with a lender after the fact and find out that you're Max Budget is to 50. You know, a 300 numbers is a 2 50 home. There's a big difference with all the bells and whistles, and you know how much square footage, maybe location. And so make sure that you are definitely searching within where you feel comfortable and the amount that you can afford. And so the way to go about that is always speak with a lender first. So after you connect with a cool reality, we would love to connect you with one of our preferred lenders. Speak with them and talk about your budget. You know, find out how much you can afford based on your income. Your debt to income ratio is your credit score, and then from there, start actively looking. You don't want to put the cart before the horse because you know it's gonna be a bummer when you can't. You know, get that beautiful home that you had your eyes set on because it's out of your budget. Or maybe you're not approved for that budget or price point.

Speaker 1: And I'd like to throw this in here, too, and we'll make sure we parcel out enough time for this. And that's to be communicative and untimely with your communication with your agent. The I've heard from lots of friends before who have worked with agents and they say, Well, eh, wish I would have heard from my agent sooner. Or I don't know if when we'll hear back. I think they're on vacation and and so sometimes on the agents I would. Sometimes it's on the client side, too, you know. I know. I know. The very first time we ever bought. I was a little skittish on the one particular home that we'd said, we'll put an offer in on, but I kind of had this feeling that it wasn't the right home. And so I was real skittish and almost before ghosted became a term I kind of ghosted the agent a little bit. And so there was some miscommunication between between us. There ended up working out, and he was actually really good at the time because he said, Look, I I can't be a good agent for you if you're not gonna communicate. So if you don't like the houses, tell me, don't let the house You're not hurting my feelings. And that was that was good. Push back. Good feedback.

Speaker 2: That's Yeah, that is really good feedback. You're right, cause that can go both ways. You know, not being up front, not being open about how we can help each other out. That can really cost some hiccups and just, you know, cause the process and not be as fun and as enjoyable. You want to make sure that also, you have an agent who you know, is communicating everything in a super timely manner. The agent should always be pushing the transaction moving forward. So, you know, oftentimes there are parties that we deal with on the other end that might be dragging their feet. But it's our job and our role to really, you know, Bug. Um I say bug the crap out of him until they respond to us. Right? Because, you know, it's my job to make sure that I'm protecting my client. You know, even if they're dragging their feet, I need to keep pushing things along. So, yeah, just communication is definitely important for, you know, all parties to keep everything just smooth sailing.

Speaker 1: Yeah, it's a great point. Unless, but not least, Angie, this one's an easy one. A softball to throw at you, if you will. If you want to try and eliminate stress from the process A good takeaway work with an experienced real estate agent who has a great track record in the area where you live, which here in the triangles that somebody like you. Angie.

Speaker 2: Yes, Yes, we would love to be your go thio. Definitely a cool reality. We have in a whole team of top notch agents and admin staff who do an absolute amazing job and working with a great agent who understands the process. You know the urgency who just can give you the guidance that you need and who also is fun. You. Now you want to make sure that you work with someone who has a wonderful personality that matches with yours and said the process can be, ah, fun and enjoyable one as well, but, yes, make sure that you're working with a great real estate agent because that will make the world of a difference on how stressed out you are or not. And we want to make sure with our team that that is a stress free process.

Speaker 1: You've been listening to the savvy real tour podcast on Walter store Holt alongside Angie Cole. She's the owner and broker in charge of a co realty here in the triangle. And if you have questions for Angie Wei, invite you to go online to a coal realty dot com. Listen to past podcast episodes on the website. Read the block and all the great information, including the option to find a home right there on the Web site. That's a coal realty dot com, and you can also call Angie with your questions. 919578 31 28