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Suit Up With Baez
Level up your real estate, mortgage, and business game with the 'Suit Up with Baez Podcast!' Tune in for bold strategies and expert insights to fuel your success!
Suit Up With Baez
Navigating New York's Market Surge: Essential Advice for First-Time Homebuyers
Is the real estate market on the brink of a crash, or is there still hope for buyers in New York City, Connecticut, and New Jersey? Join us as we dissect the latest trends and updates, including the welcome news of mortgage rates dipping from over 7% to 6.9%. We’ll explore the resilience of the market despite ongoing rumors of collapse, especially during the bustling spring and summer seasons when families hustle to settle before the school year kicks in. Plus, we share a heartwarming anecdote about our team’s recent barbecue, illustrating the unparalleled joy of community bonding over a good backyard space.
First-time homebuyers, this episode is tailored just for you. We know the rollercoaster of emotions you face, from anxiety to excitement, and we emphasize the irreplaceable value of firsthand experience in the buying process. Learn why transparent communication with your realtors and mortgage brokers is crucial in alleviating doubts and reinforcing confidence. We provide practical strategies to navigate your nerves, ensuring you’re well-informed and ready to make those significant financial decisions.
Think you can take any chances during the home-buying process? Think again. We highlight common pitfalls that could jeopardize your purchase, such as opening new lines of credit or making undocumented large deposits. Hear real-life cautionary tales about buyers who faced setbacks due to job changes or inconsistent documentation. We unravel the importance of thorough title checks, stable employment, and choosing experienced agents. With our tips and advice, you can avoid unnecessary stress and ensure a smooth, successful real estate transaction. Tune in for a wealth of knowledge and strategies designed to bolster your confidence and decision-making in today’s competitive market.
the real estate market update. Hello everyone, welcome to suit up with bias podcast episode number 10. I'm alex bias and I'm here with my co-host, angela bias, and we're excited to talk about some things that's going on in the real estate market more than anything right in new york city, connect, connecticut, jersey. So we got some updates for the public guys, so we're excited to share with you guys. Talk to me, angelo, yeah.
Speaker 2:Give it to us. One of the updates is that our lender has informed us that rates have gone down. Ooh, that's good.
Speaker 1:Right At the right time too, so rates are coming down guys.
Speaker 2:What were the rates before? I believe they're down to 6.9, from what I heard, and they were above seven.
Speaker 1:So pretty good little change, oh yeah because last week, I think, was like 7.4, 7.5, so it's definitely been a decrease. At least we're getting decreased, right? That's what matters, right, guys? The rates are starting to go down. So that's a good sign, guys, the rates are going down, right. But guess what, guys?
Speaker 2:it's a hot market still it is still, it is people been thinking like the market was gonna go down.
Speaker 1:Angelo right. We've been hearing this for since covet oh, it's gonna crash, it's gonna crash and since colby been around almost three years and nothing has happened. What I have seen is the market has been stronger and been stable and I've been seeing the prices going up and I'm seeing a lot of competitive buyers out there.
Speaker 2:Oh yeah, without a doubt. I mean, we've been getting so much business as of lately, but it's also because we're in that time of the year as well. What?
Speaker 1:time it is, guys, it's springtime summer. Springtime summer, guys is actually one of the most busiest time for all realtors um helping all these buyers and sellers. Tell me why, angel? Why do you think it's more?
Speaker 2:busy in this time. I think it's because the weather has calmed down and you don't want to be moving right when it's too hot or too cold. So right there in the spring is a nice little segue, because yeah you start preparing for the summer. Like you try to get a home in the springtime, you move into it, hopefully by the end of the springtime, and then you get to enjoy your house in the summer and yeah yeah, I'm with you, but yeah, I think, more importantly, those parents that are out there.
Speaker 1:Like myself, when I moved from bronx to westchester county, um, one thing that was made for me was my son's school, so one thing most parents are buying around springtime, summertime, so when September comes they already have a place of school, wherever they're located at.
Speaker 1:So it becomes very competitive for buyers to buy in this time, right now, because a lot of parents, a lot of family, are preparing to find their child next school. Also, the weather right. You want to do barbecue? You want to enjoy the backyard of your house? We just had one yesterday. We just had a beautiful barbecue yesterday for the team was a great, a great month for us, so got some steaks for the, for the guys, and what kind of sauce do you use on on that steak, because it was really I can't put that out there, man, whenever you guys come to my barbecue.
Speaker 1:It's good steak, it's a good steak sauce that I created.
Speaker 2:Yeah, I ate pretty much the whole thing. I only left the bones. I even ate the little in between, really, yeah.
Speaker 1:That's the good thing. Right, I did a barbecue for the team. I mean, this guy's been doing a great job helping out these clients and I think they definitely deserve the big, nice steak for everyone.
Speaker 2:Yeah, it was good. Right, it was really good.
Speaker 1:And the smell was really good right.
Speaker 2:Yeah, yeah, I'm telling you, I only left the little bones in there. I ate in between the thing.
Speaker 1:Yeah, yeah, it was really good, I got you guys again, don't worry about it.
Speaker 2:Coming soon.
Speaker 1:But yeah, it's always good to buy your home right, especially with a nice backyard. In this Right you want to do nice, don't go crazy. Don't go crazy, guys, because then you don't want to come into that neighborhood, especially if it's peaceful, quiet. You don't want to bring that noise over here. Wherever you decide to move, but as long as you speak to your neighbors respectfully and ask them permission Not ask them permission, but let them know out of courtesy, like hey, I, to build a nice relationship in your neighborhood, especially if you got neighbors, and when you you want to have that relationship because you don't want to live at a place that your relationship is not the best with your, with your neighbors, you should invite them as well yeah, why not invite your neighbors right now?
Speaker 2:just let them know, and let them know that, hey, you're here if, uh, you want to come, open invitation for them.
Speaker 1:So in my neighborhood. I'm actually the only one that I see that I have. My kids are small. Everyone in here is like mostly elderly, retire, yeah, so that's why it's extremely quiet in this area where I'm at. So you really don't see kids, right, when you come here, you don't really see kids.
Speaker 2:I do see kids just because there's a school down there, but it's not for the neighbors.
Speaker 1:My neighbors don't have kids. Because that's the first thing I looked, because I was like you know, I want to leave it to have his little friends around here. So I was like let me look around and I noticed that all my neighbors are just elderly. They're not really. They don't have no kids. I guess they're done already. Yeah Right, so me and Heidi are not done. I mean, we're not having no more kids.
Speaker 2:Right, I mean the only kids that I see around here are driven from the far west. That's why it's a little bit congested. When you come here you kind of see all these buses going into that school in here.
Speaker 1:So most buyers love buying this area Not this area, but like buying this type of weather spring, summer because you want to enjoy the backyard, you want to invite your family over, you want to have a great time and you also want to make sure you find a school for your son or daughter on time, because that's one thing. When you moved out like, for instance, I moved out around, I bought the house and I moved out, I think in September Honestly, my wife, we had so much going on. We had to find Levi's school in Yonker and then we had to take him out of school to the Bronx and he didn't want to leave and that was a bad experience because that transition for a child was big from the Bronx bring him to Yonkers. And I'm like yo, this is not good for Levi. So he was always crying, he was upset, um, he missed his friends. So we had to figure it out, but eventually, you know he had no choice yeah, I mean, change is hard.
Speaker 2:Yeah, the change is hard for kids. Yeah, I mean, you're leaving something that you were so adjusted to, had a lot of precious memories with, and now you're going into something completely new that you don't know whether it's going to be good, bad or whatever, but you already knew there was a good thing back there.
Speaker 1:I've been noticing that more buyers are starting to accept and understand. We've got no choice about the rates and I like that a lot, because the reality is like am I going to continue paying a hundred percent of rent or I'm going to pay a six 7% of interest? Right, and remember, guys, all about your credit score. Your credit score is best. You're good right right. You got the best rate as the market's offering.
Speaker 2:It's honestly, like we've talked about previously in podcasts. It's like um, you really just want to pay attention to the monthly payment that you're making and if it makes sense for you and your family, then go for it.
Speaker 2:I mean, the only reason why you should ever be buying a home is not because you want a home, it's because you need a home. Yeah, good point, right, because no one is out here just wanting to spend what? $500,000 for a home because they just want a home. No, no, no, it's because they need a home, they're growing a family, they need more space, maybe need a home. They're growing a family, they need more space. Maybe they need an office space along with the kids and all of that on the side.
Speaker 1:So, yeah, I mean, home is actually good. You know, I'm happy you mentioned the topic about office. So most members since covet a lot of people working from home. Yeah, so, guys, a lot of people. What they do is that they grab the basement and do they do an office space completely. I'm one of them. Right, a lot of people do that and you could be working from home. Right, some people got of them. Right, a lot of people do that and you could be working from home. Right, some people got used to it.
Speaker 1:Since COVID happened, a lot of people adapt to work from home and people are used to working from home. So, buying a home you could always do, like one of the rooms in the office for yourself or the basement for an office. So it's beneficial to own a home. Yeah, in that case, because for like, especially Especially if you work for yourself or if you work from home or your job allows you to work from home, you want that space and you need the spaces. Having a basement, having an empty room for your office space, I mean that's a plus.
Speaker 2:Yeah, because you need to be able to separate your living environment right up there to another floor or just another room. That's just for you and your business. No one can enter this place Like this is just you, your work and that's it yeah.
Speaker 1:I do want to reach out to people. Let them know that, right Angel, feel comfortable, reach out to us. We're open to hear questions, calls, texts, emails. We're that team that we love giving as much information out there to the public on real estate.
Speaker 2:Especially if it's a really good question that we don't know the answer to just yet. It widens our horizons and we're kind of like, oh, we don't know, let's figure it out, let's see how we can answer. We have all the sources, though, to get you guys to answer.
Speaker 1:We have one of the best referral bases so we'll finance it. We'll get you guys to answer we have one of the best referral bases so we'll finance it. We'll get your best referral. If you need contractors, plumbers, electricians, anything that rolls around real estate, we have it for you guys. We have all those contacts and make it easier for you to be stressed, because being a realtor, being in real estate, you need a realtor. I think that's something that's very important for the public to know you estate, you need a realtor.
Speaker 2:I think that's something that's very important for the public to know. You need a realtor. You, you don't just need a realtor, you need a realtor that has the connections in the industry, because if it's some, you could, you could hire a realtor and they know what to do, right. But if they don't have the right people, the right contacts, then it's very hard for them to get stuff done, because then they have to be reaching out and making calls to see, hey, does this person know their stuff, can I trust them and whatnot. And that's something that you provide right.
Speaker 2:You've talked to so many professionals around the industry and you've basically vetted out which ones are probably the best for each category. So now when you have any questions, you know that you're getting an answer from pretty much the very best of those people. Title we have a wonderful person named maria, and so on and so on, heidi being um mortgage broker, mortgage broker, a lot of different people in our industry that you've personally kind of met and know like they know their stuff, they absolutely know their, and if I need any question whatsoever related to those things, I can count on them because they've never failed me Never, yeah.
Speaker 1:I got a big topic I would like to talk about. I think a lot of people don't talk about. In the process of buying right, there's a lot of emotions.
Speaker 1:Oh, there is A lot of emotions and I want to get in detail with the emotions for buyers when you're purchasing. It could be scary because, I'll tell you something, when I first bought my property, I was scared, right, because you're putting almost all your savings into this property and you hear all these, um, sad news of people going through foreclosure, short sales. Right, you want to prepare yourself not to go through that, right, so you got to be financially ready to buy a house, because buying a house, you know, I know there's people out there they all wish they could buy a house, but they also have that second doubt, which is the finances, right, which is very important, right. So I want to talk about angelo, with you, about the buyer's emotions and sense, like, how can we help the public to understand that it's a lot of emotions when you're purchasing? Right, and it's very understandable because it's your life saving most, most people with their life saving.
Speaker 1:It was my life saving when I purchased, exactly it was like yo, I'm buying this house and I'm not staying with nothing in my account, but I, you gotta sometimes sacrifice, guys, and I and I say it to everyone if you don't sacrifice, you're not gonna see the results. You have to sometimes sacrifice. Throw yourself out there and I'll tell you something. A lot of buyers, they go and call the neighbors, they call the next door, they do this. I'm gonna tell you something A lot of buyers, they go and call the neighbors, they call the next door, they do this. I'm going to tell you something. You guys can hear all the stories you guys want from every neighbor, every realtor, every friend that you guys might know. But one thing I'll make it clear to you until you don't experience it, you don't understand it.
Speaker 2:Yeah, I mean this goes back to like something that came to me when I was first joining real estate. It's like I had so many worries about like how am I gonna learn this? And it's just so much information. But once you're actually in it, it's fun. You, you started experiencing like the real things that you should be worrying about and how to solve them. Yeah, and you learn around. Uh, you learn through the process a lot of the time. You try to do so much studying so much, like you know, homework to kind of get yourself ready, and that's good, but the problem is that you're not actually there.
Speaker 1:Uh, you actually I'm happy you mentioned that, so I feel strongly about that. Yeah, you guys could read, you could watch youtube video, you can educate yourself. Those are good things to at least get an idea abroad of what you're getting yourself into. But till you experience it, that's when you learn the real deal oh yeah that's the only way you're gonna real, the real deal.
Speaker 2:Yeah, because I've heard a lot of things that I shouldn't have done right, like prior. But once you're in it, you still make the mistakes and then you learn from it. You're like, okay, now it's become real to me because I've experienced it right, and it's like you really don't. Nothing can really prepare you for anything until you're in it and you're really like you're in the process and have a home.
Speaker 1:Yeah, I'm with you 100. So, guys, it's a lot of emotion, but let's get into the emotions, angela, the emotions Talk to me. Give me at least one I'll start off with. When a buyer is purchasing, they get nervous and what they do, and it's normal, guys. I'm going to tell you guys something when you feel like that, the best thing you guys should do is reach out to your broker, your realtor, and let them know how you feel and let them explain to you where we at, because it's very important that when you're feeling like that, speak to your realtor. If you're feeling that, I think it's more of the communication of the realtor, because if I explain to you everything that's going on, angelo, you know you can feel a little comfortable and confident that my realtor is going to get this done for me and he's going to, you know, provide the service the right way and guide me the correct way, most importantly, right.
Speaker 1:So I got I got clients that they get extremely nervous and what they do when they get nervous. Right, they start talking to their neighbors. The neighbors start telling them more stuff, getting them even more anxious, more nervous. That's what I notice. They start getting nervous, um, they start doubting it tremendously. They start thinking about backing out and all these things. But because they're giving their license and I get it because I was there I was going crazy when I first gave my person and I about backing out and all these things. But because they're giving their life savings and I get it because I was there I was going crazy when I first gave my purchase and I was just worried about those payment monthly. I was just worried about it. But you start seeing, like man, this is worth it when you do it right, because I'll tell you guys something.
Speaker 1:When you start feeling like that, also speak to your mortgage broker. Talk about your numbers, your payments, your like that also speak to your mortgage broker. Talk about your numbers, your payments, your, your closing calls. It's very important for you guys to know your closing cost, your monthly payments, all this stuff before you sign the contract, guys and our team, we'll prepare you and we'll let you know what's your monthly payment. We'll let you know your closing costs and we'll go over every number with you so you can know exactly what are you going to be paying at closing angel. So all that before you get signed the contract. You know what you're getting yourself into. We disclose every bit that we can when you're purchasing. So what do you think about that Angel, about these emotions of the buyers and how to avoid them?
Speaker 2:Yeah, I think that, just adding on to what you said, nervousness is definitely one of the biggest emotions that we encounter, especially on first-time homebuyers First-time homebuyers that don't know anything about the process whatsoever. That's where you really have to be a teacher and just be explaining everything, um, and they're always. I don't think I've seen a first-time home buyer who wasn't anxious, you know, because it's like, like you said, I'm spending all this money, right, I want to make sure this is perfect, like I want to make sure that I'm not making no mistakes or anything like that, right On point and all of this. So that's why it's our job as realtors to assure them that we're here, this is what we need to do for the next step, and so on, so on, so on. Always clarify what is being done and what needs to be done, and that gives people more assurance and stuff.
Speaker 2:Because if your agent is not guiding you the proper way, then that's when you would feel nervous. When they're not communicating with you, when they're not telling you what's going on. That's when I've seen things happening like that. For instance, I had a seller once tell me that their agent was essentially a little uncommunicative with them, and the only reason they told me this was because I went to a final walkthrough, basically see the property and the seller was essentially there and they were like you know, I really wish that my agent was a little bit more communicative, because I didn't know this was happening until the last second and this made me have to fly over from another state over here. Oh my god, last minute and it just caused a lot of like anxiety and that's huge, guys, is make sure you're in communication when you wrote about about every little thing.
Speaker 1:When you're in the process of purchasing, guys, make sure you're in communication with your realtor and your mortgage broker or your banker. Yeah, right, in every step that you do and then you got doubts. Make sure that all this is done the right way. All right, I want to talk about not to do when you're purchasing. I think that's huge, because most of these buyers are nervous and anxious. They do things they're not supposed to do. One thing I think you're supposed to do is be in communication at full time with your realtor, your mortgage broker, your attorney and, of course, your banker. If you work on a bank or mortgage broker, I recommend always brokers, guys. It's faster to process, less stress and less closing costs.
Speaker 2:Angela, what do you think a buyer should not do? Things that a buyer should not do. I think your lender would probably be saying these things but do not open up new lines of credit. Do credit, do not? You mean lines of credit? Uh, you mean like credit cards, credit cards, correct cars, cars, like anything that you finance. Well, all money on exactly, financing. Don't do that. Also, don't put so large of a sum of money in your bank account in one single day. Spread it throughout. I'm not sure how much is the limit that you can put per day, but if you reach a certain threshold per day, then the bank has to kind of settle the funds and that could take a while.
Speaker 1:One thing that's huge the account that you're using to purchase. Right, make sure you're not doing no transfer, large transfers of money or depositing large transfer without having the evidence where you got the doing no transfer, large transfers of money or depositing large transfer without having the evidence where you got the money for proof, right, don't withdraw so much money as well, right, when you're in the process of buying, you got to be very limited with your accounts, very limited on what you do with your credit, right, you're not supposed to do anything with your credit until the purchase is not done, right, because you don't want no hiccups in it, right? So one thing I would say don't do that Also, guys. More importantly, angelo, let's talk about what happened to one of your clients, but I'll share.
Speaker 2:Definitely, do not leave your job while you're in the process.
Speaker 1:Angelo share that story that we actually went through recently that buyer, that she, actually they were in the process of purchasing a property right and in the middle of it, just he just changed jobs yeah, I believe there was also another thing on top of that.
Speaker 2:the family um had essentially been very ecstatic for purchasing a home and they were all good to go. We had an accepted offer, we were going through the process, they were going along doing everything that we told them to, and then we did specify to them the do nots, because that's very important. We always try to tell them, like do not do this, do not do that, but it's up to them if they want to listen or not. At the end of the day, we can't force them to do anything. We could just give them advice and try to guide them as best as we can. What ended up happening is that throughout the process, they said that they wanted to put a bigger down payment in there, so they were contemplating putting a bigger amount, but it was all cash into their account this client actually had the, the business that we're running.
Speaker 1:It's mostly cash flow that comes in the business right, yeah they were running a business with mostly cash.
Speaker 1:We had, like a smoothie business where it's mostly cash flow that comes in and business right. Yeah, they were running a business where it's mostly cash flow, like a smoothie business, where it's mostly cash flow that comes in, and I'm not sure how her taxes were, but it seems like her tax return wasn't basically showing all that cash flow that she had going on in her business. And that's all red flags to the bank, right, because they got to verify this money is being IRS Correct and that's an issue, a big issue. Guys also don't get fired while in the process. Yeah, they change jobs in the process.
Speaker 1:Oh, they also change jobs in the process.
Speaker 2:Yes, I believe they changed.
Speaker 1:Well they had so much going on, guess what happened? They got a denial letter. But have in mind, guys, all this that we're saying to them we have a buyer consultation before we come in and show you property, before we teach you everything, we give you, guys, every details of what not to do, what to do and basically the whole process of purchasing. We explained to her not once, not twice, not three, like three, four times, because me and you, andrew was working with her we explained both, her was explaining her, uh, the whole process and she still did what she, she thought she could have got away with it.
Speaker 2:And even then, right, even though they put the large sum of money in there, we were still trying to work with them, talk to the bank, see if we can kind of get this a little bit situated. But the nail on the coffin was when job transfer, job transfer. We were like there's so much we could do. Right, we're still helping, right, we're still trying to figure it out. We said, don't do this. You did that. Okay, it's no problem, we'll try and see what we can do. We're working it. And then you hit us with another nail in the coffin.
Speaker 1:It's like ah we are definitely guys problem solvers. That's what we are. We're very creative and problem solver, but it's to a limit. Yeah, Like you said, angela.
Speaker 2:Yeah.
Speaker 1:We can only do so much. We can only do so much. One of the big things that I did see, I experienced one. Guys do not get fired while in the process of purchasing. I'll tell you why. The bank is called Verification of Employment. They're going to reach out to your employee to make sure that you're working. And guess what? Even at the closing they're going to call in. So guess what happened? We were in contract for, I think, two months. We had our schedule, everyone was set, we had the clear to close. We were excited, we all at the table at the closing. Things happen, guys. Don't think that you're at the closing, things don't happen. Things happen at the closing right.
Speaker 1:My only time that I experienced that at a close did you say when we take you to the closet, you guys are very well prepared and well informed what you need to do, what not to do. This client this client was not my buyer, by the way. It was on the other side of the buyer agent. I was the listing agent. So we go to the closing angel and we excited. They're about to start cutting checks out. Everybody's excited. I'm there with my gift from my seller. I'm super excited, dude. So, as we are there, the bank attorney gets up and says like that, like cut this off, and I was like wait what? He was like that's it, it's been adjourned, disclosing I was like wait what? And I was like wait what? I thought it was a joke, right. I think it was in April too, so I thought it was probably April Fool's, I don't know.
Speaker 1:I looked at the guy like what and client.
Speaker 1:Because it's kind of embarrassing, they went outside and spoke to attorneys and the attorney came and told this close to the seller, that the buyer actually got fired 24 hours prior to that closing. Wow, so they call. They call to verify the employment. They call the employer, employment and they found out that the client actually the buyer actually got fired 24 hour. And guess what? The bank, right there, dead deal. She got fired. She thought she was going to get away with it, but I mean, anyone would think that right, because it's a day before closing. So we already scheduled everything. Everything's set. The bank had already passed the funds to the bank attorney. Now it's not how it works, guys. The bank is verifying man, just think about it. They're going to come and give you five hundred, seven hundred dollars. New york, you know the prices are nice. They're going to give you this amount of money. Do you think they're going to have to verify this? If you're lending someone so much money, angel, what will you do?
Speaker 2:Exactly. You got to make sure that everything is perfect Nothing, for example, a recent closing that we went to. One of the things that you should always bring to closing right is, well, of course, the certified check that your attorney tells you to write, and also your photo ID a government photo ID, right, and also your photo id a government photo id. What ended up happening is that this client they didn't tell her to bring a government photo id, but they told her to bring the certified checks and what ended up happening is that in the loan it states her middle name, and when they were going through all the documents, they were like, okay, we see this name and this name, but we don't see that middle name. And they were like do you have any certification, right, like any identification that?
Speaker 1:shows her full name the way it is on the right on the loan and all of that.
Speaker 2:They basically said, no, I don't. And so we were there 30 minutes trying to discuss how we would be doing this. Oh my God, yeah, and it was just such a headache.
Speaker 1:You know, right now people don't even understand that With your name, it needs to make sure that every document is correct, like your ID. One thing, guys I did notice at a closing, angelo, that now you're talking about IDs, guys, you need to verify that your ID, the date is not expired. Guys, if it's expired, you cannot close. Just know that because it expired means it's no good, right, even though your name and everything is good. But if your ID is expired, angelo, you can't close. I didn't know that, yeah, so you need to always verify that it's not expired, your ID, gotcha. And when I tell my clients I always say bring your ID, make sure it's not expired, or bring a password. It's not expired, right, just make sure it's nice, like if it's expired, you're not closing, like you need to make sure.
Speaker 1:And also, your name needs to match with your docs. So when you're working with your lender, when you're working with your attorney, every, every letter matters in your name, right, because just one letter, it's a big difference, guys, exactly, you might see a small, but it's not especially middle names. Guys, at your middle name you have a middle name. Add your middle name. That's what happens. She was missing. Her middle name correct, correct.
Speaker 2:Middle name and you need identification that shows your full name, you know. Yeah, whatever it's on the deed or on the loan, whatever, you have to make sure that you bring some form of identification to make sure, because, remember, this is a really big transaction. Every need, everything needs to be perfect, needs to match. Yeah, it's not that scary your process, just make sure that everything you know why, though?
Speaker 1:because then, when you're in the process of you know, you know, especially with this, that for all with where identity, you have to be like that, so title company has, has no choice bank, have no choice to make sure every, even your, your date of birth, everything needs to be exact the same, because it's not a deaf identity in this world, unfortunately.
Speaker 2:I believe one of our previous guests either it was Maria or Franklin yeah, that she mentioned that he had the same name as his father.
Speaker 1:His father was alive and the son was trying to sell the house. But you know the only reason, title company caught on in it because of the age. It was like literally the year he was born, the year the house was bought. So that's the only reason they got called. He almost sold the house because he had the same name as his father. So, yeah, he almost got away. I don't know. I've seen some stuff Like, for instance, my first closing was like five hours and I didn't know what was going on. I was having a hard time. I didn't know what was going on. I was like what's going on here? I was like, damn, real estate is hard, but damn, I didn't know it was this bad.
Speaker 1:The only reason it took five hours, angel, was because the person that was selling the house, his grandson, had the same exact name as him and guess what? He owed to the IRS. So they, you had to get an affidavit. He was in Florida, by the way. You got to get an affidavit signed, sent, mailed and everything Stamp and notarize that he was actually the grandfather. He wasn't the grandson.
Speaker 2:Because one owed money to the IRS, the other didn't.
Speaker 1:Oh guys, you owe money to the IRS. Buy or sell it, you're not closing. Oh yeah, I'm telling you that right now, irs anything with the city so guys know this Anything with the city, for instance, tickets violations, all that stuff, guys IRS especially. You won't be able to sell your house especially, or buy. They need to collect their funds or they won't be able to give you guys a loan.
Speaker 2:Oh, we had a file like that. Had a lot of files.
Speaker 1:People owe money.
Speaker 2:Tickets Parking tickets.
Speaker 1:I don't remember how many tickets he owed, I think like six, yeah, I had one that owed like six. I had one client owe $150,000 to IRS.
Speaker 2:He thought he was going to get away with it, but he got caught. What was most of it for?
Speaker 1:Reality. We don't know the detail. You know it's the amount, gotcha, you know, and I really don't want to ask you too much detail because I don't want to make them feel uncomfortable. But I'm like damn, I feel bad for you, but you have to pay it, guys. So you can't run away from the city violations, city fees, city on fines, irs, especially any tax, old property tax, anything that's old Title won't be able to close without all these things being paid off, either buyer or seller. So when you're buying, guys, have in mind that if you owe money to the city, just know it's going to be charged, all right, or you won't be able to sell or buy or sell.
Speaker 2:Yeah, be charged, all right. Or you won't be able to sell or buy or sell. Yeah, usually the the. The greater balances are usually from the sellers, like issues with violations and stuff that accumulate to like a hundred thousand. Those are usually the ones that hit like a hundred right, usually a lot of violations on the property hitting like very big amounts. Yeah, yeah, what was the biggest that you've had on violations on the single property?
Speaker 1:I got one right now he owes. He got like 20 violations of the city $190,000 he owes.
Speaker 2:A hundred and ninety A fee.
Speaker 1:And guess what? He can't sell without paying those fees. Oof you know, but you know the thing about me. So one thing I'm happy you mentioned that. One thing about us we run title and we buy or sell before we even go into contract, right before we even go in contract right.
Speaker 1:So I got a great friend of mine that's entitled, so we usually send it to her and she takes care of it. She sends it out for us. Before you go in contract, we've got to at least have an idea what you're getting yourself into, right? And to just make sure this deal is going to go through, we send it out. We do that just so you can be aware of what's going on, right?
Speaker 2:We like always say one for any questions a seller might have. We're already ahead of it and trying to. If we don't have the answer right there, we're gonna have it in in a few moments.
Speaker 1:Yeah, I mean experience, guys, believe it or not, is real. You need experience, guys. I got close to a decade in the business now. I love what I do, so I'm like a sponge. I'm always trying to get more information, learn as much, because I want to give my clients the most knowledge, the most best information, right? So I'm like a sponge. I'm always learning everywhere. I'm always talking to other business partners that we have. I'm always getting educated in this business, but it's to provide the best service to our client.
Speaker 1:To keep you guys a step ahead, one thing about us we will tell you exactly what you're getting yourself into, very detailed also. What you're getting yourself into, for instance. I'll give you an example right now. We actually got a buyer that's winning contract this week. The listing agent did not disclose this to us, but I actually checked the ceo of the house to make sure what was legal, what was not legal. We actually realized, angelo, that most properties in the bronx I'll be honest with my percentage like 95, 90, 95 percent they most of their decks are illegal illegal.
Speaker 1:Yeah, most of them and I'll tell you something you always buy the property. You will have no problem getting the finances. But it's good for you to know that your deck is illegal, because if the city finds that the deck is illegal, they could come and put a violation on your property.
Speaker 2:And you need to disclose that to the buyers.
Speaker 1:So what happens is that most listing agents in the Bronx they don't disclose this to our clients. So when I see the deck, that's the first thing I check because, bronx, I've done something. So most of them, all of them is illegal. But I disclosed it to the buyers and the agent and let them know. The seller's selling it, as is everything in the ceo is up to date is just an illegal deck, but you can legalize it. What they're selling as is, but as they're selling as is, guess what else it reflects on the price, right? So I I found out that they had an illegal deck. I disclosed it. It before the buyer signed. I disclosed it to him. Let them know, listen, you got an illegal deck, you will know. Just for you to know, this is what can happen. Chances are kind of low but it could happen. Just know that it's an illegal deck, but I disclosed every detail Because I don't Agents out there understand this.
Speaker 1:Guys, it's going gonna come out sooner or later. What if she gets a violation? What happens to me? Now? You get what I'm saying, but now alex told me. Alex also told me he will help me get this done if we ever got. You know, but she's at least understandable that she has a lot like she. She has an illegal debt, the the bar. The listing is not disclosed at all, so just want to let that know out there that you know you need to verify all these things. Make sure you know that your CEO is everything that the CEO says what's legal in the house, guys.
Speaker 2:Exactly, and if there's something illegal, you just have to disclose it and you have to make aware the other party of what's going on, or your own party if you're the buyer.
Speaker 1:Yes, a hundred percent. So, guys, we disclose everything to them.
Speaker 2:I do want to share that right now the demand, angela, is big. What you've been seeing, oh yeah, uh, demand for homes has been skyrocketing inventory is low, guys, and guess what happens?
Speaker 1:interest rates nothing has changed with interest rates as much, right, they are going down, but the demand is big. And what happens when the demand is big, guys? Yeah, prices go up. Prices go up. And guess what? Bidding war starts.
Speaker 1:So if you get an opportunity to buy a house, buy it. Don't sleep on it. Be prepared. But it's good to have a very knowledgeable agent next to you, right? Not saying you have to choose us I wish you do, but have in mind it's good to get an experienced agent. Do your research, check their zillow, check their reviews, check stuff at Google, check all their stuff and see where, because every agent particularly sells in one area specifically. But you know, see their sales, see their history, see how long they've been in the business. This is very important, guys, for the buyer to definitely do your homework as well, right? Because you're hiring someone to help you buy one of the biggest asset of your life, right? So make sure you do your homework, guys, make sure you are out there searching your right agent.
Speaker 1:We also speak fluent Spanish English. Hablamos Español. Estamos aquí para ustedes, right, angelo? Por supuesto, estamos aquí para ustedes para ayudarle Si necesitan ayuda en comprar o vender una casa En Español, right, so we're fluent in spanish and english, right, and our whole team is as well. So we will assist if you're interested in buying or selling. But it's very good for you guys that, as the public to know, that you should definitely do your research on the agent you hire I'm so.
Speaker 2:I see that little plaque there in the in the table. What is that?
Speaker 1:oh man, I gotta buy. I got an icon for our team on exp. I'm an icon, so it's really good to become an icon. You got a good amount of sales you basically cap, and now you became an icon as a team. So I have that there. I did it for the team and we're definitely going for the repeat.
Speaker 2:Yes, for sure. We're definitely going for the repeat. Nice, we're going to have a bunch of them, right?
Speaker 1:oh yeah, I'm gonna do every year, every year, we're gonna have one for sure. Yeah, I'm very committed and helping all those buyers and sellers out there. I'm very committed in helping the public, you know, achieve one of the biggest goal, because I think I don't see myself as a salesman, because I feel like I'm helping people more than anything. Because you're purchasing a house, you know it's helping you build what we're helping them build Basically equity in their home. We're helping them build, you know, a nice portfolio for the kids. Like it's so much benefits Owning a home is like everything I'm telling you is just facts, right, it's also good for tax purposes. It's so good in so many different ways that it's more beneficial yourself buying a house than a car. We're not selling you cars, we're selling you houses buying a house than a car. We're not selling you cars, we're selling you houses. So it's more beneficial in buying a house than going out there and buying yourself a car of the year.
Speaker 2:Yeah, but if you have a car, buy a home with parking, because New York is notorious for not having parking.
Speaker 1:Yes, new York is all about the parking right New York City.
Speaker 2:I just got a ticket because I couldn't find parking.
Speaker 1:You know I'm happy you mentioned that. So you got a ticket where at?
Speaker 2:I got a ticket at my blog. It was just a little bit further down. It's because I didn't put coins in the meter thing.
Speaker 1:Oh my, I'll tell you something I've been noticing they're giving tickets. You know what it is to me. I went to Manhattan about two weeks ago. They gave me two tickets. Oh my God, they're like you know. But you know, if you do the wrong thing, you got to pay for the resource, right? I forgot I put the car in a pump, so I got what I got right, and then I had an inspection to do to the car, so they got me two right there. One shot. I'm like damn, they killed me. I almost got like $1 and then a couple of days later I got another ticket of double parking, oh my God. So that week I got three tickets.
Speaker 2:The worst thing that can happen is the ticket and the boot. Oh my God, the boot is the worst, it's something else.
Speaker 1:Yeah because you can't even leave. So get a house, guys, with a parking. Most houses have parking, but you still come across something that don't Right.
Speaker 2:So just make sure that you know you pick your, whatever is more better for you and what features are good for you yeah, I mean, if you're looking in the bronze right and the property doesn't have parking, but you're in an area like throgs, neck, like on on on the deeper end and you're gonna find parking in the street no matter what, because it's mostly like residential houses, it's not really buildings. Yeah, so a lot of the properties will have parking in them, but if you don't, and you're probably going to see parking all over the street- yeah, yeah, guys.
Speaker 1:So guys want to tell you guys, thank you so much for watching our podcast. Please, like, subscribe and please, guys, reach out to us. We're here, don't be shy. You know we, we're easy to speak to, we're easy going and one thing more importantly, we're transparent. Right, speak to, we're easygoing and one thing more importantly, we're transparent.
Speaker 2:Right.
Speaker 1:We give you the honest answer, even if you like it or don't like it. I'm that guy. I prefer you to know the honest truth from my end and let you know exactly the process of buying or selling and what are the consequences in buying and selling. All right, guys. So we're here for you guys and I'm happy you guys joined this podcast. Angelo, my co-host, angelo's here with us. See you guys the next time. Thank you guys. Bye, thank you.