I've "turned" an appraisal but it's hard & uncommon. In one case I prepared comparables for the appraiser to lead them where they should be looking. Appraisers have to use Sold comps which can create difficulties in a competitive market where prices are rising quickly & sold comps can't quite keep up with that. There's a month or two of lag time.
@MaxKito2
4 жыл бұрын
Thank you so much for these amazing tips👍
@TheMattLeighton
4 жыл бұрын
Thanks Max! I appreciate you watching 🤙
@MaxKito2
4 жыл бұрын
@@TheMattLeighton Actually thank you... I always appreciate your videos and very useful information. Keep up the great work. 👍
@clallen2000
4 жыл бұрын
Some of these problems can be overcome with creative finance or owner finance and that is what I learned as a real estate investor. Often if there was no equity, too many repairs, or credit issues I would structure a lease-purchase deal with the buyer putting down at least $10K and we would temporarily finance the deal for 3-5 years. This would allow the buyer time to fix their credit issues, property repairs and the property to appreciate.
@TheMattLeighton
4 жыл бұрын
Very creative! And a great way to save the deal
@loganmchugh3375
3 жыл бұрын
I am on a backup clause in case the first offer doesn't get the finance approved. These are good tips.
@TheMattLeighton
3 жыл бұрын
Thank you!
@sorourkhatami3092
4 жыл бұрын
Thank you , Before I put my first listing in the market I watch your video to get more information, its very helpful and understanding , thank you Matt
@TheMattLeighton
4 жыл бұрын
Thank you for watching! Best of luck with your listing!
@youngbelieversglobal
3 жыл бұрын
Solid content
@bruninhamrso
4 жыл бұрын
Always great video, script and gold information
@TheMattLeighton
4 жыл бұрын
Thank you so much! 🙏
@2FlyCaptain
4 жыл бұрын
Could you do a video about buying a house that had modifications such as a DIY finished basement with no permits.
@TheMattLeighton
4 жыл бұрын
Good suggestion! I'll look into that
@JeffLeighton1
4 жыл бұрын
I’ve had just about all of these. Or the buyer wires their downpayment to a phishing scam which I’ve also had. Always get 2 step authentication...
@TheMattLeighton
4 жыл бұрын
Yeah I bet your list of why deals fall apart could be like 20 items long! You've seen some crazy deals go sideways
@m.j.golden4522
4 жыл бұрын
Ultra useful. Thanks!
@TheMattLeighton
4 жыл бұрын
Thank you MJ!
@missbnatural4384
4 жыл бұрын
What about the appraisal on new construction
@sondersrn8061
Жыл бұрын
Can you pay closing closet cash or credit card ?
@TheMattLeighton
Жыл бұрын
Straight cash
@sondersrn8061
Жыл бұрын
Your videos are outstanding, thank you 😊
@carolinadiaz2239
4 жыл бұрын
Great Video! What about if a buyer finds out that the well collapsed in the condo building & the entire bld had no A/c & listing agent did not inform buyers agent. Buyer wanted for seller to pay for costs or assessments before closing. Seller said no & buyer backed out of contract?? Can buyer get their deposit back?
@TheMattLeighton
4 жыл бұрын
Buyer can get deposit back if the seller is in default of the contract or if the buyer backed out during a contingency period (home inspection, condo Doc review period, etc)
@carolinadiaz2239
4 жыл бұрын
Matt Leighton but this issue occurred a week before closing. The president of the board is also the listing agent & listing agent said she did not know how this was going to be paid. An addendum was given to seller for the expense to be taken care of before closing & seller refused to sign & buyer decided not to move forward with the closing. Can seller keep deposit? Or in this very special case buyer get deposit back?
@TheMattLeighton
4 жыл бұрын
Good question. The property has to be delivered in the same general condition as when the offer was written (check your contract to be sure). If the property is not in the same general condition, then the buyer can request the associated repairs. Seller doesn't have to fix it, but buyer doesnt have to sign either if the property is not what was advertised (i.e. AC not working) or property was damaged (i.e. well collapsed). Would look into getting a real estate attorney
@carolinadiaz2239
4 жыл бұрын
Matt Leighton thank you!!
@encryptorEJ
4 жыл бұрын
nice video!
@TheMattLeighton
4 жыл бұрын
Thank you Mr. Z!
@shawnbattle
4 жыл бұрын
Great video Matt! We are going through a low appraisal right now :-) the right lenders are key, make sure if you were buying that you are using a local lender With local appraisers that know the market.
@TheMattLeighton
4 жыл бұрын
@@shawnbattle local lenders make all the difference!
@edelquinn9857
3 жыл бұрын
I hit the like button
@TheMattLeighton
3 жыл бұрын
Thank you!
@JJ-nw7nu
4 жыл бұрын
Aren't deal killer or independent inspectors good for buyers?
@TheMattLeighton
4 жыл бұрын
Yes and No. You definitely want an inspector who will tell you all the negative things about the property. I'm referring more towards inspectors that exaggerate, stretch the truth or just plain don't know what they're talking about.
@tfran235
4 жыл бұрын
What if buyer starts new job in middle of closing you didn't cover that
@TheMattLeighton
4 жыл бұрын
That's a good point. And not advisable for the buyer to switch jobs in the middle of closing
@tfran235
4 жыл бұрын
@@TheMattLeighton why
@TheMattLeighton
4 жыл бұрын
Lenders approve you based on your current job and pay stubs that show you have been at that job for a steady period of time. If you switch jobs during the loan process, that may have a negative impact on getting approved. Further more, if you switch from a salaried position to a commison-based position, or if you go from being a W2 employee to being self employed or a 1099 contractor, that could causes issues as well. If you get a raise to a new position in your company or if you change to a similar position with a similar pay structure, you may be in the clear.
@tfran235
4 жыл бұрын
@@TheMattLeighton I've been struck in underwriting for over a month to no fault of my own. just got a great job offer making way over my current job salary I'm starting in a week. My life's been on pause waiting on this lender to move the needle to clear to close
@TheMattLeighton
4 жыл бұрын
Sorry to hear that. Hopefully your lender will be able to close soon
@kansas8152
4 жыл бұрын
I am buying my first home right now and it’s so stressful. We just had the appraisal but not having that definitive answer yet is killing me.
@TheMattLeighton
4 жыл бұрын
The appraisal is one of the most stressful parts of the process. Did they tell you when you expect to receive it? It should come back within about a week of when the appraiser goes out to the property.
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