Matthew Maschler:
Welcome to the Real Estate Finder podcast. I’m Matthew Maschler, the real estate finder@realestatefinder.com. And with me, the co-host of the Real Estate Finder podcast,
Staci Garcia:
Stacey Garcia.
Matthew Maschler:
And for the fourth week in a row, we have
Staci Garcia:
Jill Glanzer.
Matthew Maschler:
Jill has been my real estate partner for 37 years here in Boca Raton. We started, uh, with Herb Gimel Stop. We took his, uh, real estate class back in 1977.
Staci Garcia:
That’s when my mom took it. That’s when your mom <laugh> With Herb?
Matthew Maschler:
With Herb, yep. Someone brought up, uh, herb Gimel stop’s name, uh, the other day, and I don’t know who he is.
Staci Garcia:
That’s who my mom used to work for.
Matthew Maschler:
That’s who everyone used to work for. And, uh, he, um, but someone brought, brought his name up and said, Hey, Matt, do you know Herb? Do you remember Herb Gimel? Stop? I said, oh, sure. I took his class and he was my first real estate broker when I got started in the business, <laugh>. And Wendy was looking at me. We were out for dinner on Friday night. That’s so funny. With, um, with the Doyles. Yes. With Dale and, uh, Lori Doyle. And, uh, and you know, Wendy Dole doesn’t always like going out with, uh, real estate people. Mm-hmm. <affirmative> cause topic tends to get onto real estate. But it No, no, it was fine. Lori’s a good friend of ours and, uh, but <laugh> then start going on about Herb Gibb. Stop. That’s so funny. And then, and then I eventually have to admit that I had no idea who he is, but
Staci Garcia:
That’s funny. Now I’ll have to ask Lori about
Matthew Maschler:
Herb. How about her gml stop. Yeah. Yeah. So we, you know, that’s actually, we should have Lori and, and Dale. Mm-hmm. <affirmative>, come on to the, uh, that would be fun. Come on to the show. Yeah, that would be, that would be a blast. Dale, Dale Doyle has been a real estate instructor for, I don’t know, a hundred years. And, um, <laugh> and, uh, he was with, he was with Gold Coast, and then he was with Herb Stop and they started their own school. And, and that’s how Herb’s name came up
Staci Garcia:
In there. My mom knew Dale. Yeah, sure. And, uh, um, and when the market crashed, I believe it was mm-hmm. <affirmative> Dale used to drive for us. Oh, yeah. Yeah. And I, so I didn’t know anything about real estate with that. I just knew Dale separately. Yeah.
Matthew Maschler:
He taught thousands and of, of mm-hmm. <affirmative> of, of students. And, and I actually looked at him and I looked at Lori and I said, I’ve never taken Dale’s class <laugh> on anything. Ouch.
Staci Garcia:
Burn. Is that a
Matthew Maschler:
Burn? It just, it just happens. It just happens to be like, he taught thousands of real estate students. And I’m sitting there, I’m like, you know, I’ve actually never taken Dale’s class. <laugh> have you, Jill, have you ever taken one of Dale’s classes?
Staci Garcia:
I believe I have, yes.
Matthew Maschler:
Yeah. So, um, he’s good. He is good. We’re actually starting a new, uh, a new class soon. Um, actually, some of these episodes are, are recorded in advance because of summer plans. So probably the class has already started by the time, uh, this episode drops. But, uh, if you are interested in getting your Florida real Estate license with the absolute best real estate, uh, instructor in town, go to signature RSVP signature r rsvp to get more information about our real estate school. And, uh, just where it says, how did you hear about us mention the Real Estate Finder podcast. Uh, so that way, um, you routed to me and, uh, get your real estate license because there are not enough. We are desperate shortage, supply chain interruption. We are in desperate shortage of realtors here in Palm Beach County. There are not enough. We need a few thousand more by the end of the year. So if you’d like to get your real estate, uh, license and join my team, we would love to have you. If you’re already licensed. Um, also reach out to me. Uh, we’d love to have you on, on our team if you’re already licensed, but if you, uh, don’t know real estate, and we’re happy to teach it. All right. So, uh, so today, uh, this is gonna be episode two, a continuation of last week’s episode, uh, where we talked about the buyer’s side of the transaction. And, um, I don’t remember where we left off.
Jill Glanzer:
Yeah, I think we were talking about, you know, once you get a contract and you, and you, and you’re under contract,
Matthew Maschler:
All right? So as a buyer, uh, you, you, your, your bid has been, uh, been successfully, uh, accepted. It’s been negotiated and counter negotiated, and you foot off all the competitors. And, uh, now you’re under contract. Now, what is it? Time to panic? No, <laugh>, don’t panic. You should
Jill Glanzer:
Celebrate. Actually,
Matthew Maschler:
You should celebrate. Well, there’s a lot, there’s a lot of, there’s a lot of work to do now. So, um, there was an initial deposit, uh, when we wrote up your offer. Uh, it generally is due within three days of contract acceptance. Uh, back in the herb Gimel stop days, uh, what you would do is what, uh, you would actually write a thousand dollars check and we would attach that to the offer. So when we submitted the offer, the earn the earnest money deposit, and it’s not the main deposit, it’s only a first deposit, but, um, just a little bit of money would, uh, would transfer with the offer. And I remember starting out in real estate and always having to include that, that, uh, that thousand dollars check. Um, it almost seemed like it was a rule, like it had to be a thousand dollars.
It was never more, it was never less. A thousand dollars check with the offer, uh, gets submitted to the other agent. Uh, the problem is, in this technological world, uh, you can’t submit a check with an offer because offers are being emailed. Um, so, uh, a contract revision, um, uh, allowed for, and, uh, and most people choose, uh, to send that offer within three days of acceptance. Uh, there’s a second deposit, a larger deposit, uh, generally crafted into, into the contract. And, um, and that’s, you know, sometimes 1% or 5%, 10%, even 20% of the, of the contract price. Uh, obviously the larger the deposit, the stronger your offer is. Um, and, and we generally make that deposit due. Sometimes it’s 7, 10, 15 days. Uh, my, our practice, uh, Jill, Jill, I think Jill created this, unless it’s industry standard, um, is to time it for after the inspections. So, yes. Yeah. So if during, did you say yes, that you created it or it’s an industry standard?
Jill Glanzer:
Um, no, I think it’s something you and I talked about. Yeah. Because a lot of people don’t think about that. They make it on the day of inspection, which I don’t love. I like to give the buyer extra time to, cuz they may have some issues that they need to negotiate. So then give them the day of the, for the last day of the inspection, and then they can make their deposit the next day. Right?
Matthew Maschler:
So if it’s a seven day inspection, you make that second deposit due on the eighth day, you let the inspections happen. Because if the buyer decides to cancel during the inspections, they gotta get that first deposit back. But why should they have to go get a lot more money back? And if the contract is subject to the buyer’s, uh, ability to cancel, it really shouldn’t negatively affect the seller that there’s not a lot of money in deposit yet because the buyer has that absolute right to cancel. So if your inspection is seven days or 15 days or three days, uh, just add one more day for that second deposit. Um, caveat though, sometimes when the inspection ends on a Sunday or holiday, when, when, when the time period, that’s, so if, if you, if the offer’s executed on a Tuesday and it’s a five day inspection, the inspection period ends on Sunday, uh, the buyer’s right to cancel is extended to the next business day. That’s Monday. So always calculate, um, the number of days, uh, to make sure that your inspection doesn’t actually go a little bit longer. What happens if an inspection ends on Saturday? Does it go to Monday off
Jill Glanzer:
Goes to Monday, Saturday also 5:00 PM Yep. That’s the difference. It goes to Monday at five.
Matthew Maschler:
Did they get away with the 5:00 PM I think,
Jill Glanzer:
I think
Matthew Maschler:
They changed. I think they changed it up. Did they
Jill Glanzer:
Change it till midnight? No, I thought it was brought from midnight to five. I think what it is, is if it ends on a weekday, it goes till midnight. If the inspection period ends on a weekend, it goes to 5:00 PM the next business. You should check
Matthew Maschler:
On that, I think.
Jill Glanzer:
But I’ll, but I’ll look at the contract.
Matthew Maschler:
When they did the change in December, I believe they changed that. Okay. I, I believe the concept of 5:00 PM is, is, is no longer a part of the contract. Okay. Yeah. Um, so anyway, let’s, let’s not talk about the time deadlines. Let’s talk about the number of days. If it ends on a, on a Saturday, Sunday, or holiday, it’s bounced to the next business day. And that I also want you to confirm if it ends on a Saturday, Sunday, or Monday, it, um, it bounces to the next business day. So when you count five days, now, sometimes you do seven days, right? And, and you know that, well, you set the offer on Monday, so you give that seven day inspection, right? Um, but the offers countered, negotiated back and forth, back and forth, and it’s not executed until a few days later. So if it’s not executed until a Thursday, and that Thursday happens to be the week before July 4th, well, okay, seven days, July 4th bounces to, uh, Friday, July 5th.
Um, so you just wanna make sure that you’re, uh, in that case, your, uh, second deposit’s not in due until Monday. You don’t wanna put, make the deposit due on a Saturday or Sunday. So you wanna make the deposit then due because you can’t wire on a Saturday or Sunday. So, so you want to always calculate, uh, the number of days, make sure that the inspection period, um, uh, doesn’t end on a, on a, on a Sunday or a holiday. And then, uh, make the second deposit due on the next business day, um, after that. And make sure you do all your calculations and redo your calculations. If you’re writing, if you’re drafting a new offer and now it’s, you know, it’s a different day, double check. You have to do that process again because even though you did it once on, and, and you gotta be careful, sometimes you send it out at three o’clock and one party signs, and then there’s a small chains that has to be made and initialed, then it’s not, it’s not, um, it’s not, uh, uh, executed until the next morning.
So you have to be careful in those situations that you’re always, always, always double checking, uh, your dates. And when, uh, when contract dates, uh, expire. So we were talking about the first deposit. You’re under contract. Get that first deposit in. You’re, you’re under contract. Write that thousand dollars check, 3000, 5,000. Some of these bigger houses, you know, we’re dealing with a million dollar house. You don’t wanna do a thousand dollars for that first deposit. Maybe we, we wrote 5,000 for the first deposit. So the first thing you do when you’re under contract is, uh, get that initial deposit, um, out so you don’t have to worry about it. And then you wanna schedule your inspections. Uh, we have a lot of inspectors we can recommend. Uh, right now our preferred, uh, inspector is Sherlock Holmes. Uh, shout out to Jamie Riley. Um, but Sherlock Holmes is, uh, all, all over Florida.
One of the reasons that we like them is that they’re in, you know, they’re on the west Coast, they’re on the East Coast, they’re all over Florida. So since we sell all over Florida, Sherlock, um, can send an inspector out, uh, anywhere, um, anywhere we sell, uh, because they’re a statewide company. And, uh, and I think it’s funny, uh, a, a fun name Sherlock Holmes, right? Like <laugh> all about the name. It’s cute. It’s cute. I like it. It’s cute. Um, so you get your inspection. Um, Stacy, Stacy, do you send the inspection report to the seller? Never. Never. I, I had not to, um, send the inspection report to the seller. Um, because it’s something that we discussed, uh, once before. Um, if the seller has knowledge about a particular defect, um, that, that they have to, they may have to disclose it. So I, I think that’s a courtesy. Um, no, don’t, uh, send the inspection report to the seller. It’s also
Staci Garcia:
Worth money. You just paid money and you, you’re hoping to use it. Obviously you don’t wanna give your money away to the person who it definitely is worth money to,
Matthew Maschler:
Right? But if the seller, so when I make my inspection demands, I say, Mr. Seller or Mr. Seller’s agent, we, we thank you for the opportunity. We, we, we had the opportunity to inspect the house. And, uh, you know, based on the condition of the house, things we didn’t see at the, at the first, uh, you know, we’d like a credit. Uh, I like to, uh, Joe mentioned last week that, uh, we asked for a credit, not the actual repair, because I don’t want the seller to do some makeshift repair or use some inferior parts just to get it over with and, and, and get the house to move on because it’s, seller doesn’t care so much about the house anymore. If they’re not gonna live there, the buyer cares more. So let the buyer, uh, get the credit and do the repairs that the buyer, uh, the buyer wants.
Uh, if the seller asks for the inspection report, then I’ll go ahead, go right ahead and send it. Uh, but I, uh, when you don’t look at these deals emotionally and you realize it’s just a, a renegotiation, I said last week, we call it as is with right to renegotiate. Uh, if the buyer’s asking for 10,000 or $30,000, sometimes it doesn’t truly matter what it’s for. It’s just a renegotiation. Uh, we don’t see it so much in the last sellers market. Um, but obviously, um, it’s, it’s no longer the crazy sellers market. It’s still a sellers market, but it’s not the frenzied sellers market that we’d seen, uh, last year in the beginning of this year, um, with people just, uh, bidding with wild abandon. Um, uh, and, uh, and I think sometimes, sometimes the seller really needs to know what, why the buyer’s asking.
Because, uh, you know, if they’re just asking for a number in a, in a cold vacuum, maybe the seller’s not as willing to, uh, to, um, to, uh, credit them to credit them. But if the seller it is, it, you know, finds out that there really is some kind of deficiency that they didn’t know about. Most sellers are, are, are proud of their houses and, and responsible, uh, homeowners and the, and okay, well we, we, we didn’t know about this thing. And that’s not fair that the buyer should, should have to get that. Um, you know, I do find, like with new roofs, um, you know, most sellers don’t wanna pay for a whole new roof for a buyer because, you know, if the house is, is 17 years old and the roof is 17 years old, you know, it seems inequitable to have the buyer get all the amount of a whole new roof.
So generally the amount can can be negotiated. Um, so yeah, so we get the inspection done. Um, if the buyer is getting financing, um, we need the bank to do their financing. And one of the, uh, new provisions of, of the contract from the change that was made in December 21 is that the, uh, appraisals all have to be done within the mortgage contingency period. So if there’s 30 or 45 days for a mortgage contingency, you have to make sure you’re, you’re riding your bank and make sure you get that appraisal in. Uh, even if you make a cash offer, you’re still allowed to, uh, get a mortgage from the bank. So you want to make sure you work on getting that, that appraisal done, getting the mortgage done. And, um, and working with the title company, uh, in Palm Beach County, generally the seller chooses, but, uh, the title company, but the buyer’s the one that write the wrote the offer.
So the buyer’s the one that’s writing down, uh, who chooses and pays for title. So you wanna make sure you’re, you’re working with the title company, uh, that they have your name and phone number and email address, uh, so that they can start their file. And then also you wanna make sure that, um, you, you’re in communication with the title company to make sure that there’s no, um, title issues, open permits, um, open permits. You really wanna make sure that you discover it in the inspection period. That’s one of the risks of, um, that’s one of the risks of having a very, very short inspection period, or, or no inspection period, is you find that there’s open permits. Uh, you want to resolve that in the inspection period because if the inspection’s over and the title company reveals open permits, uh, there’s really very little that the buyer can do unless there’s something in the contract that says seller shall close out, um, open permits and, and the standard contract standard, I didn’t mean to say standard, um, cuz there’s standard in this contract, but the regular form contract, uh, doesn’t usually say, uh, what happens if there’s open, uh, permits.
So we try to add that in. Uh, that seller shall close out all permits. Uh, and even though we’ve been adding that in for the 37 years that Jill’s been working for me, um, in this market, in this frenzied uh, seller’s market, a lot of times I’m having my buyer. I’m not, a lot of times I’m not including that language because I’m, I don’t wanna spook the seller, um, and scare them. And, uh, and some of the buyer protections that we’ve traditionally included in contracts, um, sometimes we are, uh, not including, uh, just because we want the buyers offer to be accepted. Make sense? Yes,
Jill Glanzer:
Absolutely. Should we, I know this is kind of going backwards, but should we talk a little bit about in this market, when we, when we make an offer as a buyer, like the post occupancy offering, a post-OC occupancy, is that something?
Matthew Maschler:
So, um, in general, when you have a closing date, and that’s the date that the buyer buys the house, and that’s the, the, the property has to be vacant on the closing date. Cause the buyer wants to move in. Um, in the last year or two, uh, we’ve been seeing a lot more post occupancy agreements, uh, allowing the seller, uh, to stay after the closing for a period of time. Um, we talked about that on, you know, on my top 10 ways to get your offer accepted is offering the seller, uh, sometimes to stay in the house. And, um, and I have a, I have a listing that, uh, I’m gonna be go be putting on, on online, uh, in a couple of months where the seller, actually, actually, it was one of one of your listings that already closed. The seller needed the money from the closing to buy their replacement residence. So they needed that 90 day postoc occupancy because they needed to close, they needed to put the money in the bank and use those funds to buy the replacement residence. And without a postoc occupancy agreement, uh, they wouldn’t have been able to close and then buy something else. So, but what do you wanna say about the postoc
Jill Glanzer:
Occupancy? So, no, I just thought it was, uh, so I was also thinking about the walkthrough, which is right before closing uhhuh, right? So you have a walkthrough and if you have a post occupancy, you should still do the walkthrough because you wanna make sure the condition of the home is in the condition that you agreed with the seller to purchase it in, um, is in that condition when you close. Okay. So yeah, I was just, I wanted
Matthew Maschler:
Was that thrown into the walkthrough? Exactly.
Jill Glanzer:
Would that be two times? Yeah. You would do, you would do a walkthrough prior to closing and then another walkthrough prior to taking possession? Correct.
Matthew Maschler:
Okay. Yeah. Correct. Yeah. Um, and, and the reason, so the, the purpose of the walkthrough prior to closing is to make sure that the property is in the same or similar condition as when you had it inspected and as, as when you had, uh, viewed it. Because what if there’s a fire? What if there’s a roof leak? You want to know those things before you close and exchange a lot of money. Um, so it doesn’t change just because the seller’s staying there. You still want to check the condition of the property. Uh, you wanna see, you know, did a lot of people move in? Um, and is the property in the, in, in good condition is, um, you know, you, you, you wanna make sure that the seller didn’t like take all the appliances, but you won’t see that if the seller’s remaining there. All right, so going back to the contract we had on the inspections, we had our mortgage financing, we’re staying in touch with the title company. We’re, um, we’re speaking with our movers, we’re getting it in our, our move in date.
Jill Glanzer:
Utilities.
Matthew Maschler:
Utilities. It’s very important. Uh, and, uh, and the walkthrough is a great, uh, time to talk about it. Uh, you wanna make sure the buyer wants to make sure that they put the utilities, gas, water, electric, et cetera, into, uh, their name. They wanna speak to the hoa, uh, to find out how to get gate access. Um, once they buy the buy the property, they wanna set that up. Um, if it’s in a gated community, uh, we like to ask the seller to, uh, to put the buyer’s name on the gate list, uh, for the day of closing. Um, because there are just times when the buyer shows up to their house and they can’t get into the gate. Um, and, and the person that they have to bring the documents to is inside the gate. Mm-hmm. <laugh>. So, um, so they, they, they have those issues. And if it’s after five o’clock, uh, when the buyer shows up, maybe the HOA is not there anymore. So they, um, they, they, the buyer should be on the, on the, on the gate list to come in. And, uh, and what else, what else does the buyer need to know?
Jill Glanzer:
Um, they need to know the h obviously the hoa, if they’re, if it’s a club membership, they need to know how to gain access to the club mm-hmm. <affirmative> and the activities, and then really reviewing a draft settlement statement Yeah. To make sure they know how much they’re bringing to closing, how much they need to wire, right. And making sure that that’s explained to them by the title agent. And you know, it’s strange because before the, before everything kind of went crazy. It used to be that everybody met, you know, prior to, and either signed prior to in the office or got together at the closing table, and then you would understand your closing statement. And now what I’m finding is a lot of title agencies will just send that to the customer and they’re, they don’t understand it, it’s not being explained to them.
So I think it’s really important, a as a buyer for you to understand what you’re signing mm-hmm. <affirmative> what your closing statement says, why you need to bring the amount of money they’re telling you you need to bring. Don’t just take it for granted. Have that explained to you. It’s very important. So a draft settlement statement so that you understand what the fees are, what all the pro tax probations are, and you totally understand what you’re bringing to closing. And then you have to wire the money prior to closing. You also have to make sure that if your escrow was held with someone other than the title company with your own escrow agent, that that money is transferred mm-hmm. <affirmative> prior to closing. So now all the money’s at the title agent on closing day.
Matthew Maschler:
That make sense? Yeah.
Jill Glanzer:
And that you signed all of the documents that need to be signed and you understand what you sign. That’s very important. Mm-hmm.
Matthew Maschler:
<affirmative>,
Staci Garcia:
Some people don’t really pay attention to what they’re doing cuz they’re so overwhelmed with stuff going on. So if you have an agent that rushes you through everything, you should really ask a lot of questions too.
Jill Glanzer:
Definitely ask questions to your agent and also make sure, you know, I’ve had times where the, like I said, the title agent didn’t explain, they just sent these documents via email expecting the buyer to just sign. And this is usually in cash deals where they’ll just sign they don’t really need a notary necessarily in a cash deal. And now they’re just, they’re, they don’t understand what they’re signing because no one explained it to them. They just took for granted that these documents were sent. So call the title agent, ask questions. If you’re doing it all via email, make sure you understand what you’re doing. It’s so very important because after the fact is too late.
Matthew Maschler:
Okay.
All right. And then after you move in, you want to give us a call and we will come and list your property and we can see how much more money you make <laugh> or we can go look at new construction communities if you wanna move in and then get yourself registered at Lotus Palm so then you can live there while your house is being built. And we can take your lotus palm, have you pick out a nice house there and we can, uh, it’s, it’s very important to remember, uh, you’re not committed forever. Right. If you don’t like the house or if you like something else, it’s it, you don’t have to stay there and suffer. You just call us <laugh>, sell the house, buy another house.
Staci Garcia:
Absolutely. So on the, on the buyer’s list, the second part, number 11 would be, um, list your house with us. List
Matthew Maschler:
Your list, your house. I, I, yes.
Jill Glanzer:
Close. And then list. Close and
Matthew Maschler:
List <laugh>. Do it again. So, um, so yeah, so if you have any questions about, um, what it’s like to be a buyer, um, in, uh, in real estate, uh, in the state of Florida or in, in this market, feel free to give us a call, um, at, uh, reach out to us on real estate finder.com. Uh, or on Twitter, Instagram, Facebook, smoke, sales, pigeons, whate, whatever you like. Um, we’d be happy to help you and guide you. Um, you know, we’re in the people business. Don’t, it’s a, you know, don’t think, oh, my house isn’t good enough. Where my budget isn’t, isn’t high enough. Um, we handle all price ranges, all types of houses. Um, anything that you need, we are happy to hear from you. That’s what we, we do. Uh, we love looking at houses. If you want to just, if you’re just dreaming and you’re just thinking, um, hey, I need to, uh, you know, I wonder what this house is like, give us a call. We’ll come, we’ll, we’ll, we’ll go look at that other house. No, no pressure.
Jill Glanzer:
Yep. From $1 all the way to millions of dollars.
Matthew Maschler:
Absolutely. All right. Well, um, thank you for joining us. Um, this was a great, uh, four week, uh, session on, uh, the seller’s transaction and the buyer’s transaction.
Speaker 4:
The future looks bright and the pass by the blue when it’s almost that time, light shows cameras flash when I pass living in the moment, forget about the past. They saved the best for last. Matthew Mania. We about to make a splash. Life is a marathon full of sharp terms. Gotta keep pace while hands on the clock. Hot stakes. Five star real. I run a show, you can tell the plate. Electricity, energy, vibrate. I’m always on time. Even if I’m late, I make dreams come true. Living my life. Hope the same for you. Success in my sights got a real clear view. If you dunno the time, I’ll give you a clue.
Speaker 5:
You know what time, you know what time, you know what time it is. You know what, you know what, you know what is, you know what, you know what you know what time Its, you know what, know what, you know what time it is.
Speaker 4:
You know what time. Its, you know, time. It, you know what time. It’s Matthew Mania. The time it says, you know what time it’s, you know whose time it’s, you know what time Its Matthew Mania. The time it says, yeah. Got him shook, scared. Can’t look. We’re not afraid of the big bad wolf. First comes the right.
