The Troubleshooter 6-3-25

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Six is the Troubleshooter Show. No Tom Martino, Hello Tom Martino.

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Frank Durant, the real estate man, Stephanie Thomas and CMG in the house.

One of the largest lenders in the country.

So we're talking about real estate and real estate loans. Really, do you remember there was a time? I mean, obviously it was a long time ago. Most listeners won't even identify with it, But there was a time literally house was once maybe twice in a lifetime. You never saw a mortgage person except maybe once or twice, and you didn't shop for homes. Uh, Frank, let me ask you them real quick. It's not uncommon for people. Probably you have repeat customers in real estate, which was unheard of.

What do you think you know? Tom, that's very true and good morning.

By the way, you know I have another In fact, I just came from a closing this morning from a repeat client.

Of mine.

This is about the third or fourth home I've sold for him in the last what fifteen years?

So I see a lot of that these days.

Yeah, and so buying a home isn't a once in a lifetime thing right now, though, I'm told that the market is slowing down. Mark or Stephanie, can you weigh in on that? Stephanie Thomas by the way, Stephanie Thomas is from the all about A Springs area, Pice Peak area real estate. Frank is in the metro area. So let's talk about the market right now with real estate because I'm sure there are a lot of people wondering should I sell? Is it a good time to sell?

So in Colorado Springs, we've got a reasonable number of actives right now, just a little under twenty five hundred total, which is, you know, fairly in line with what we've been seeing our average days on market for single families is at sixty five and.

Multi What does that mean? What does that mean? So is that high low?

That's definitely increased from you know, the last several years when things were moving at a significant pace. So I would definitely say we're definitely seeing things have kind of softened a little bit.

Homes are still selling, so that's a positive.

But in this type of market you might just need a little more patience, you know.

So what's going on when you say this type of market, Frank or Stephanie, what is actually going on? Is our interest rates influencing things? Is at the time of year? Is it's the number of homes available? I mean, what are the factors right now in the real estate market?

You know, Tom, all of those factors come into play. But I will say this, it is all area to area from what I've seen, because in certain areas, especially the condo market Tom right now has flooded with a lot of inventory. So in some sections that has actually converted into more of a buyer's market than a seller's market. Other areas, we're still seeing prices remain strong and still on some properties getting bidding wars.

Okay, So what I think is I think that real estate in general, though in general, it would be accurate to say it has cooled down a bit. I mean it's nothing like, of course just a few years ago, but it's cooled down a bit. But are you saying you can definitely get that house sold and it's not going to sit for months?

And in that springs it's kind of the same. It's really going to be area dependent. Our multifamily market definitely seems to be moving more slowly than our single family homes. But ultimately the real estate market's a direct reflection of the economy, all right.

So well, yes, yes it is. It is.

And if we had to give us a profile in the Denver metro area of swift selling category, a swift selling category, what would it be, Frank, give me a bracket of pricing where homes move like Creation.

Tom, the sweet spot is between five hundred to seven hundred and fifty thousand dollars. That makes up about forty percent of the market. So even in this market right now, we're seeing those properties move. But I will say this, I've had about four properties now over a million. We had multiple bidding wars and sold over the asking price. So certain areas the million dollar market's also very hot.

Okay, so now let's get to the spring. What would the sweet spot be in the Springs.

You know, I'm seeing really kind of random numbers. In the Springs.

It's more home condition driven right now, not necessarily just price point. So those more moving ready homes definitely seem to be moving at a more swift pace.

But even in the Springs, I'm seeing a lot.

Of that million dollar plus seems to be moving pretty well.

Goly, all right, let's uh and and John Clayce with CMG Financial. Uh he does mortgages, John loans, What what are the what are the loans coming? Well, what's the category of loan? If you had to pick a little bracket.

Yeah, you're still I mean thirty year fixed because the adjustable rate mortgage, the arms, you know, are really not computed.

I'm talking about the amount, the amount, what are people borrowing about?

You know, you're usually looking about five to seven to eight hundred thousand right now and trying to stay below that conforming market. And then a lot of cash buyers as well. I'm hearing out there on the hire and stuff from selling a house to buying a house.

But it's right right, So they're not they're not needing to borrow a lot necessarily. Correct if what is considered a jumbo loan nowadays?

Did that change? Yeah? It did.

You can go all the way up by then, cud balance, I mean you can go all the way up to like eight to eight twenty six now, so above nine hundred is kind of jumbo jumbo market.

Now, okay, let's let's talk to Kara. Kara wants to talk about a used car warranty, so we'll switch gears here pun intended. Okay, Cara, what's going on?

Hi?

So we purchased the car about nine months ago and we had our first what did you buy Hyundai Palace?

Aide a new one?

It was used?

It was a twenty twenty two.

Okay, got it? And what happened?

So when we purchased the vehicle last year, we were talking to an extended warranty at the dealership basically stating it was bumper to bumper, that it was going to cover everything except standard maintenance, which we understood like oil changes and stuff like that. So we were super excited, thought it was an investment, paid the price, and then we had.

Our first how much was how much was the warranty?

Four dollars?

Man, that's expensive.

And I just want to ask something really quick that this is something that always comes up.

Okay, and let me explain this and Mark will tell you this too.

It's the side conversations that people have while buying cars or buying something, their side conversations.

And I always say, well, they said or I made.

It clear, or they made it clear, or we needed this or we needed that. So, Karm, I imagine you're going to start telling us about the things that you think thought it had that it didn't.

So so continue now.

By the way, just so you know, Kara, no matter what they said, it doesn't matter. It doesn't matter what they said, It doesn't matter what you thought. What matters is that contract you have, that extended warranty. So tell your story what happened with that warranty.

So when we talked to the agent, you know, we obviously got talked into it. We thought it was a great thing, it was a good investment. It got rolled into the loans so it was easier to pay for that high amount. And then yes, today when we went to go get the car service, they weren't able to do it. So we went to another dealership.

Well, you didn't say what the problem is when you went to get the car service, what issue came up that you thought the warranty would cover.

So the car was.

Kind of lagging, and especially when you turn, it just was driving really rough. So we thought it was like the back end tires. But when we ended up getting it taken in and having the second dealership look at it, it was the shocks and the struts had went out.

Okay, hold on, we'll come back to this. We'll come back to this. That's that. That's that's an issue that I want to talk about. Struts, tires, shocks, brakes, all of those are usually never covered by extended warranties unless there's some kind of a defect. But we'll talk about that coming up. I'm Tom Martino three oh three seven to one, three eight, two five five. Go with a sure thing Denver's Best Roofer Excel roofing dot com. You don't pay a cent until you're content, wait time for

Help.

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Three oh three nine two zero sixteen twenty two.

Hi Tom Martino here, Welcome to the show.

Three oh three seven h three eight two five Carabody used cars. She paid a lot of money for an extended warranty. We're going to agree on that. She paid forty three hundred dollars that that, I mean, that's one of the most expensive I've ever heard of anyway, on a twenty two. Now, how many miles were on this palisade, by the way, when.

We purchased it, it was fifty five thousand, And we're mark.

What's the warranty on that?

If she had a twenty twenty two, if she had a twenty twenty two Hyundai Palisade with that many miles, would it still be under any factor the warrants?

It was at fifty four now it's at sixty three, and they told us it okay, And as.

It would be, it doesn't matter, would be bumper to bumper up till sixty thousand.

Unless they're something weird.

Five okay, years sixty thousand, So you're over it no matter what.

Oh, okay, so it doesn't matter. So kara kara. So you you bought a warranty, you thought it covered a bunch of stuff. Then you had some struts and some stuff go out and and what's the story?

Now?

Continue your story.

So we took it in yesterday to a second dealership because I had.

An appoint Why did you go to a second why'd you go to a second dealership?

I had an appointment with the initial dealership yesterday and when I showed up, the guy told me that they were too busy and that he couldn't look at the vehicle, okay until today. So I needed it to be able to take, you know, the kids around and stuff, so I couldn't leave it.

For a few days.

I get it. So what's going on now?

They confirmed it was the struts and the bill ended up costing twenty.

Five They called the warrant Lord.

Have mercy. Struts would never be covered. Yeah, they're definitely not cooking. You should have went to like Sheridan Autotechers, some outside besides a dealership. That whole job's probably a thousand bucks, no joke.

What was your total bill, Kara, Let's get right down to it. What was your total bill?

Twenty five hundred, I mean total everything, everything?

Okay, And you were and you were shocked.

Did you think the extended warranty was going to cover regular maintenance?

Uh?

They said regular maintenance. No, like the oil changes and stuff. So we were aware of that, but they said anything big bumper to bumper. Because of the amount we paid, he said absolutely everything would be covered.

So it was kind of okay. Now you knew though.

Hold on, so, Kara, when you're sitting there and I'm trying to drive this home, not to be not to make you feel bad, but.

But when you're sitting there and they.

Say, well, anything big bumper to bumper is going to be covered, I mean you did understand that there were going to be things not covered right here?

I mean tires, brake pads, alignments, anything that's wearable is wheels. You never covered filters. So twenty five hundred dollars you wanted how much?

How? Okay?

So bottom line is it's not covered. So are you calling because you felt you were misled?

Yes?

Okay, Now, Kara, there there is something in life called fraud when somebody lies to you to get you to sign something, And if you feel there was fraud.

You'd have to prove it.

And here's what you'd have to prove, seriously that they lied to you specifically to get you to buy it, and that you can prove they lied to you, and you have some kind of documentation of those lies. And even then it might be difficult. But Kara, no matter what, there's not a warranty in the world that would cover a strut.

No matter what.

So sometimes the manufacturer's warranty will cover them, depending on the problem. Though if there was actually a defect in the materials or workmanship, but generally due to wear and tear, they're never going to be covered.

Okay, so that's enough.

I want to add this in there. It's fair enough, in my opinion, for someone selling a car to say, for example, you have a sixty thousand mile bumper to bumper warranty, because it is even though it doesn't cover tigers brake pads, it still is considered a bumper to bumper warranty.

Yeah.

Now, Kara, what I want to know is this, did you complain to anyone and what did they say?

To you.

We did not complain to be initial dealership because we wanted to see first if we if there was any recourse. We came and read the agreement, and obviously when you reread the agreement, it's very misleading because it looks like it's going to do it. But then there's the exclusion page, and like you said, strust right right, the most important the fact, Yeah.

When you read this warranty.

Though when you read it, do you like the warranty now that you read it?

I mean, is it still a good warranty for you or not?

You know, that's that's really a good question because if you look at the exclusions, it almost seems like everything in the world is excluded. So I guess until you really have to use it again to see if it'll actually pay for something, At this point, it doesn't really seem like it's a good deal because you know, it seems like it's going to cover stuff, and then if you look at the exclusions, there's a whole bunch of stuff listed.

So right right we hay, I recall.

I recall mark on some of these warranties that if they haven't used them and they changed their mind, how long ago.

Did you buy this car?

We bought it in August of last year, so it's about nine months old that we've had it.

Have you you know you could get a partial refund and cancel that possibly.

You know, we saw that in the agreement and we actually read that last night. It says there's a Colorado clause, but then right underneath it it says disagreement is non refundable. So it's kind of misleading throughout the whole thing because it'll show you at one part you think that it is, but then it looks like they're covering themselves by putting it in another section that they can point to you.

Can you send us a copy of that I want to look at for you.

Can you send that to us? All right? Send us a copy, Kara.

Right now, I don't think there's much we can do except we helped others.

Because listen, no.

Matter what you say, I don't know how to emphasize this enough.

It's not it doesn't count. It doesn't count.

Now, sure, there's something called fraud in the inducement where they lie to you to get you to do something that is so difficult to prove and the cost involved.

Don't ever rely on.

Any verbal, oral, or insinuated promises. Dara, real quick here, let's get to your problem. Let's start it. What's going on in your neighborhood or with your neighbor? What's going on, Dara?

Or dark morning?

Dara?

That's fine. Can you hear me?

Yes?

I can't?

Hi?

Hi, Yes.

I live in Morrison for the last fourteen years here. I sold my family home in Greenwich, Connecticut and moved out here by red Rocks for my family home. And three we've been here fourteen years and three years ago a neighbor moved in and it's been a problem every since. And three years ago my son and her had a verbal constant confiscation, you know, he yelled her at her from my yard and because of that, she put a

How long is THEO good for?

It was both to me for two years and we went back to because we never went to court because we didn't even know we had a protection order, so we actually missed the court date. So it was automatically two years that he had to stay away from his own home. He can't even come home.

That is incredibly.

Well.

Hold on man.

Usually, usually, though they don't make you go out of your own home, they put up some kind of perimeter. Are you telling me they actually said he could no longer live there?

Yeah, he can't come home within one hundred yards of the neighbor's house. And we are so close prostimity that we can almost touch each other's houses.

Does he actually own that property or does he live with you there? And how old is he?

He's been living with me since forever since, you know, little kids, you know, but he's, you know, a young adult. But you know it's so expensive ab outside and he's living in this car for the last three years because we both can't afford him to have it, you know.

I'm Tom.

We got to break in a second, but I'm thinking just out outside the box here, I mean two or three years. Protection order is generally not for yelling and calling someone a name.

No, you're right, Mark, I want to get Joelazara. Let's try to get Joela's arra on. Hold on, Darren. We're going to come back and try to get an attorney's perspective on this. I'm Tom Martino three oh three seven one three eight two five five. Fix It twenty four to seven is doing a deep clean of the AC.

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Time for an insurance check up free, no obligation comparison call Compass Insurance paying too much your coverage at dozens of insurance companies find out now three oh three seven to seven to one help. You'll think you're his only customer when you choose Frank durand the real estate Man dot com to list your home with Remax Alliance three oh three nine two zero sixteen twenty two.

I'd probably give.

See Hi Tom Martino here three O three seven one three talk I.

Love that's the original seven.

One three eight two five five first one can you adjust my return?

Audio?

Clean?

Remarkable that your son had a protection order he lives there and they said he couldn't go home, Dearren. Did they literally say he's in violation of the protection order by living there?

Did they actually say that? Did the judge.

Say that he actually came home.

I've never heard of such a.

And he got arrested for being in his own home.

But okay, explain the situation. Arrested in his own home? Where was he in his home?

He was in He was actually in my uh little living room here and in the backyard.

He came to the door and they arrested him.

Yet and uh, they arrested my son.

We need to talk to her.

I need would you say, I'm just curious when you say he's a resident there, what does that mean? I don't understand that. Has he when's the last time he actually lived there?

He lived until the protection order, like three years ago. He's always he's lived here.

So he lived there the whole time up to the protection order. Then they told him you're no longer allowed to live in your house. Yeah, I find it crazy.

Yeah, and it's really been very stressful for me as a mom.

And okay, so no, I get it, Deren I'm trying.

I'm trying to get an accurate picture here.

So over the last three years, has he visited you?

He cannot? And the thing is my neighbor, but she's not even home half the time.

What did he do.

What did he literally do? Did he like pull a gun on her? Or what happened? I mean, be real.

He yelled at her. She's been kind of a bully for the last couple of years doing things, and he's very protected of me. He yelled at her, and from my backyard, from the you know, our from our backyard, and she was in her backyard.

What did he yell? Did he threaten to murder Mark? He was in her backyard?

Okay, he said things he shouldn't have said and scared her. And but this has been going on too long. My son is well, he's working full time.

Did you ever think to talk to her?

She will not let me talk to her. She has a protection order against me too.

Oh my god.

He tried to get me out of my house.

Well, hold on, hold on, yeah, I know, how do you live there? He has a protection order against you.

I went back to court and I was able to She wanted one hundred yards house, which means I can't come in. Then she wanted twenty yards, but the judge said I could live in my house of course, and I have to be one yard away from her when I'm in my house, and three yards away when we are in public.

There's got to be a lot I want this.

This sounds pretty damn serious. This sounds pretty serious.

Hey, tom le Sarah is in court.

So what I would like to do as soon as we can get him, either later on in the day or tomorrow, let's get her back on and get real options.

Thank you.

So there's there has to be modifications or something that can be done with this. I mean, this is she gunning for you? Look for trouble right now? Is she that that kind or or is she just what is she like?

I don't I didn't even know her last name until we took her.

To court, took her court, So what what what do you mean took her to court?

Well, when she took me for modification, we didn't even know.

There just sounds that there sounds like a lot more to this story.

I mean it really really does. The courts.

I just need justice. Well, my son deserves to be hall. He's working full time, he has goals to be a partmer.

That's what I want to talk about.

I want to talk about modifications to protection orders. That that's what I want to talk about. So hold on and we're going to put this. We're going to get you on with an attorney. Let's not continue right now, Dara. I want to get a real criminal attorney on to talk about options, because I'm sure they've come across stuff like this before.

Carol. What's going on with you? Carol?

Hi?

I had a company come and replace a broken garage door spring in December of twenty two and had.

Them, who did you have come out? Who did you now? You said, December of twenty twenty two?

Yes, I had a choice? Okay, called them back in January of twenty four to replace the keypad. They sent the same technicians, but he didn't program the remotes, so I called them back. They sent in technician to program my remotes, but he was very angry when he showed up and said, wow, you he had to do this on his own time and pay for the whatever. And so I thought everybody can have a bad day. So

Who did you have to do that? Did you have one? Did you have one? Clear choice? Garage or who did you have?

I'm just curious because I I love I always talk about one clear choice garage doors and they come out and do the tune ups.

Who did you have come out and do the tune.

Up Don's garage door.

Oh yeah, that's a pretty good company. So keep going with your story.

Okay. So he did the inspection and he said, I have one problem. He said, when was that we spring replaced? And I said two years ago. And he said they put on too heavy of a spring. And he showed me pull the cord and the door would not stay up. In fact, it came slamming down, except he kept it from slamming. And he showed me, we're on the top of the door opener. The gears were there were metal shavings from the garage door opener having to work so hard to open the door with that spring on it.

So well, actually, okay, let me explain this. Let me let me explain this real quickly, Carol. A garage door spring holds the door open. I mean, in other words, it's it so a garage a garage motor could never pick up a door without that counter spring. So so it actually, if it was a heavy spring. It would actually hold the door open and it would be easy for the door to open, but it would be difficult to close the door. So did he say that the motor is working too hard to close the door?

You know, I don't remember he did.

Okay, that's fine, but he did say he said that door the spring was not too weak, it was too strong.

It was too strong.

Correct, Okay, keep going, And so then what do you suggest you do? Right?

And asked them if they could send out a different technician. And I explained that Oscar was angry the last time and that I didn't want him back, and I was told that he was the only person that could come back, and that because another company and this is her word, touched the garage door, the ten year warranty was now void.

First of all, the ten year warranty was on the spring, right, obviously correct. And okay, Carol, I understand what they mean.

Another company touched it.

I mean, I don't know if they can show you that in writing somewhere. But they didn't actually service the door. They just looked at it.

Right right, He moved it.

He tightened the bolts. That's all he did.

Okay, So right now, though, what was the is your door?

Was your door.

Working properly before they told you it was too strong of a spring?

What were the symptoms of your door? What were the symptoms?

Make any problems with it? I just get it service looped in, you know, the bolts tightened. I'm seventy five, so I don't do that myself, and I do that every year or so, just to be sure that it's you know that I'm not damaging the door by not having it loved and greased and tightened. But no, there was no issue with it, and there's no issue with it now. I mean, it still works.

Carol called for Carol.

I want to I want to tell you something, Okay, I want to tell you something, Okay, And truly I don't think I don't think you're going to have a problem with that spring. First of all, the idea of a spring being too strong is ridiculous. Strong springs are good, and springs hold doors up.

Okay.

And so what a garage door opener does when you turn your garage door opener on, it simply releases the pressure and allows that door to lift, and it assists it a little. But the main function of a garage door opener is to close the door against the spring pressure. And I truly don't believe in it unless it's a commercial spring. I don't know what they're talking about, and I'd almost venture to say I'm gonna say this, I'd venture to say that they're trying to they're trying to

Man, I think that is.

Uh, that is such a cool thing to do if you're ever in a city and you want to rent like a lambo or something.

But man, can they get expensive?

Hey?

Man, what's going on?

Rolling?

What's happening? Are you there?

Rolling?

We lost him?

Okay, by the way, on that garage door, she's not gonna have a big problem. And I even looked at it up and again, the ideal situation would be for that door to stay open with the spring power and then the garage door power opener.

You know, the the motor closes the door.

But it and it should be balanced between open and closed, and it's it's and and the spring can be adjusted. So even if it was a strong spring, I think they were kind of I don't think they were genuine with her, because they can adjust that spring to have less tension. Carol, as I was saying, you're back again, and I'm glad you don't have to worry about that

Yeah, ripped up new needed. That's who you don't have?

Come running just as nass as we can show. Shooter's gonna help.

Come man, This is.

The Troubleshooter Show. No Tom Martino, Hi, Tom Martino.

Your troubleshooter trio three seven one three talk three all three seven one three eight two five five.

Here to help you anyway we can.

That's what we do each and every day for I've been doing it for like fifty years, forty five.

In Denver, and we're here for you. Now.

We have a number of issues that we've been talking about.

This one. Why is Dara back? Do we have the attorney up?

Uh?

Are we ready to get the attorney back on? Or excuse me to get an attorney on to talk about this? I noticed Dara's up there with her son issue with the restraining order?

Can you can you talk to me about that?

Kachina, We're getting Marco or one of his guys is going to be on very shortly.

Excellent, excellent, Thank you very much. Okay, So now Carol still has a question.

And by the way, I wanted to say something on the on the garage door opener that we were talking to.

What was her name, Caroline?

So Don's garage door if you've been around Denver, literally Don owned it forever. In fact, we did advertising for Don for years and years. That is now owned that's right, that's now owned by a company I'm not saying good, bad, or indifferent, but it's owned by I think it's t MIII that owns a conglomeration of these things across the country. So you're not dealing with Don anymore whatsoever. You're dealing with this huge corporation that has literally locations or loss the country.

Yeah, and what Mark is referring to is private equity, and let me let me explain what that is. There's been a recent move and I say recent, it's happened for the last ten years basically. But you know, financial companies that look for creative ways for investments. You know, they go out into the market and look for ways to invest people's funds right now, you know, we got stocks, we got bonds, we got real estate, got all kinds of stuff.

Right.

Well, years ago people started putting together private equity funds, and really what that is is a fund where you go out and buy active and running companies and then you build them up and resell them, and a bunch of people. The first the guy that starts it, he gets pretty wealthy's selling his company many times, and then that person who buys it sells it again, and then

And private equity has been very.

Big in HVAC companies mainly or home services like plumbing, hating, cooling, electric, and drains. So they come in and take over a company. And as Mark said, he's not saying it's good, bad, or indifferent.

It depends on the company.

You can have really good private equity firms and you can have really pissed poor private equity firms that all they care about is, you know, squeezing every.

Dollar out and moving on.

Well, so it just depends what I don't like about them, and this goes for any of them, I don't care if it's grind stores or anything. What happens sometimes is they'll come in and let's say they buy I don't know, four widget companies, and they keep the original names, Don's Widgets, Fred's Widgets, whatever. They own four of them, and they'll

Now, Mark, that's actually true. Many of these companies have actually bought more than one brand and have kept the original brand rather than putting them under one brand. And when they do that and compete against each other, it can seem disingenuous because they're going to get a piece

They are, they really are.

Now where it gets shady, as you put it, is that no matter who gets the job, the private equity firm benefits. But you're right, many times they keep the private names, and you have to go beyond that.

Like t MIII Enterprises. Locally they own a one garage door, Don's garage door, and I thought some other ones, but I'm not seeing it right here. So my point is, though, if you get an estimate from both of them, I mean, you're getting an estimate from the same people. I mean, to me, It's like if you add two football teams owned by the same owner. Now, is that saying that

Yeah.

And private equity is basically getting into everything. They're getting into home improvements, they're in home services, they're into garage doors. I actually, you're going to see more and more private equity, and that is the dream of many of these companies. They start a plumbing company to sell, you know, they start a garage door company to sell.

I wonder what they're doing, like like the people in studio with this John. When it comes to mortgages, CMG, you guys do like two billion a month plus. I mean, it's ridiculous the lending you guys do back in the day, like your first house, Tom or my parents not necessarily Susanna and ized. But didn't you go to a bank? Like when did brokers become a thing? When like literally no, when did that start happening?

You're right, mortgages And I'll let John weigh in on this, but more mortgages were the bailliwick of banks. The bank had a mortgage department, and mortgage bankers did the loans.

And then you had this I'll tell you where my knowledge is coming from right now. The Beverly Hillbillies that I watched as a kid. They would go to the bank to talk to the banker about buying different homes and stuff.

Yeah, right, And then here's what happened. Here's what happened.

The banks then either split off their mortgage divisions or companies started doing just mortgages. And then you had something else that happened that the companies that invested in the mortgages did not want to service them. They did not want to collect payments, they did want not want any part of.

The customer part of it.

So they would sell off what's called the servicing arm. So you could sometimes have one company that loaned the money and another company that actually did the servicing.

So John, benefit to that, John? Or Tom, what's the benefit to Like? Why sell that off simply because you don't want to hire all these people or have that division within your company.

You just don't want to buy servicing. The cash flow also servicing. Servicing is a hassle. John explain how many of these servicing companies work.

They can actually service.

Loans for many many many investors correct the servicing Like for mortgage, mortgage.

Banks typically like to keep their servicing because you know, the repeat clients the thing to them. But servicing is a monthly it's a recurring income. And then when you get non mortgage banks which became big, I think what the alternative financing came along, you know, not just a

That mean though?

So if I'm if I'm a broker mark major loan broker, and my understanding is someone comes to me for a loan, I go out and shop a company like CMG. I find different rates and find the best rates for my client, and I when I go to underwriting, it's really not inside of my own company, it's inside of these banks I'm selling correct, right, But hold.

On, So here here's what you have Mark, Mark Major, that's not my question.

So I get that done and then whatever bank owns that paper now, and then that bank says, well, we're not going to service it. So when they sell the servicing, they still hold the loan.

They still hold the notes, so yes, they still hold So the service pays them. Uh no, the servicer pays them up.

Yes, they pay them a mount for that loan on how quick they think.

That loan will pay off or not.

So like now with rates rates high, servicing is not as much because people as soon as rates tick down, people.

Are going to refinance.

Yeah.

Yeah, so servicing is not worth as much. But when loans were three or four percent, servicing was a big right because it's gonna stay with.

You for seven years, ten years. So Mark scenario servicing.

We do, we do. We do sell some, but we hold most of our servicing.

But but here's the point.

Mark Servicing can't change any part of the loan.

All they do is service.

So for example, in your scenario, Mark Major goes out and finds an underwriter. The underwriter pays Mark a fee for bringing them the loan. The underwriter then funds the loan. That underwriter could have a servicing department, or they.

Could job it out. If they job out the.

Servicing, then the main investment is still held by the banker or by the investor, and the servicing they're paid for servicing it.

And then that's really how it works.

And many times the underwriter can find another servicing company they don't have to stick with the same servicing company.

So servicing alone is very lucrative.

Because they're not really outlaying the capital. They're simply taking care of it for someone. They're coming in to a rental property and they're saying, for example, the rental property would be the investor, they own the property, the servicing company would be the management company collecting the rent and taking care of it, and the real estate broker would be the loan broker who went out and found it. So you have in the mortgage industry you have three levels.

And and CMG.

I think does all three of them. Many companies are big enough where they fund and.

They service their own loans, right John, That.

Is correct and do and that's that's where you gotta be careful because once companies starts selling off their servicing rights, that usually means they're a little cash flow crunch, you know type thing, because servicing, you know, it does supply cash flow large you know, large intensive uh employment, you know work.

But that is right, yeah, and so and and and then there's some mortgage securities. And that's where an investor buys a mortgage security. But they don't have any that's it. All they know is that for this particular bond, they're going to get paid a certain amount of money, and then an underwriter will manage those and loan out the money. Because very seldom do you have of one company that loans its own money. Many times they go to the

Loan our money, but then we do pull it together. For example, Fannie Mae and Freddie Mack are large buyers of the of the of the mortgage paper. But so you could have a five percent rate, seven percent rate, but you sell you know, one hundred million of that paper at a weighted average, So the okay, the investor itself is buying a pool of loans to do that.

Okay, now coming back, I want to talk to Craig, who's trying.

To help Ruth.

That is a long story unto itself, Ruth and supposedly Ruth is being taken advantage of buyer daughter. The daughter said, I was just trying to help Ruth. And I remember Mark was heavily involved in that call and had some opinions. We'll come back to that and we're going to figure out is Ruth being taken advantage of? Is her daughter trying to rip her off? Or is her daughter trying

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Help.

You'll think you're his only customer when you choose Frank durand the real estate Man dot com to list your home with Remax Alliance three all three nine two zero sixteen twenty two. Hi Tom Martino here three three seven to one three eight two five five, Welcome to the show. I got a text saying, Tom H love the analogies.

Now, Craig is a friend of Ruth.

Now, Mark, you had some pretty strongest feelings about Ruth and you I believe that you thought Ruth.

Was really not being genuine. Here's what happened.

I tell you, I've been on every side of this story now because we've from both of them. I mean literally, I've been on every side. I find it's so unfortunate that a mother and daughter are like, you know, fire and water. I find that the worst part of this. Honestly, it all started.

It all started when a guy named Eduardo called and said I did work on a house and I can't get paid.

And then we looked into it.

Supposedly a Duardo was hired by Joanna. Joanna hired Eduardo to do a bunch of improvements on Ruth's house. Now Joanna is Ruth's daughter. Joanna says, I needed to fix up the house for my mother. She was getting out of the hospital and I needed to fix up the house for her. Ruth says, no, no, no, Joanna was trying to take over my house. She was doing these improvements for herself on my credit card without authorization, and then she moved into the house and I couldn't get

No excuse me, not Dar, I'm sorry. The contractors the one they called here.

So the contractor called up I think it was a Guardo, right, and basically he said, hey, this I never got paid. We went in and we did all this work right, and I simply never got paid. So that's that's what it all comes down to, is the mother canceled, and that the daughter used to play EDWARDO.

So right now, though it's who's telling truth. Ruth was Ruth's taking advantage of is is Joanna trying to take over Ruth's house? Ruth says, I was just trying to help my mother out, and she says and then it got deeper. Remember Mark where Ruth says, or excuse me, where Joanna says, Ruth's never been a mom.

To me for the last fifty years. She's terrible.

I was only trying to help her, and now she's slapping me in the face.

Craig, where do you fall in all of this?

Craig, Well, thank you so much for your time. Tom. I'm Ruth's close friend. We've been together for about six years, and I've been working with her through this scenario, and so I want to thank you very much for your time.

But we, yeah, we don't know where we stand on this right now. We don't know who's telling the truth.

Okay, Well, we can start out that Joanna, Matthew, and Jade, the three moved into her home while she was still in the hospital. We have a letter from Woodbury and Yarra representing Ruth. Attorney was Alex h u m And listen, don't.

Get into all that don't please, please don't get into all that detail. Just give give us the general story is Joanna lying to us.

Absolutely.

So you think Joanna was trying to take the home from her mother?

Yes, yes, we have evidence to that effect. And what had happened was Ruth's attorney sent Joanna a letter saying that Ruth was going through life saving heart surgery and in the meantime, Joanna said that.

She would.

Take care of things. We didn't know exactly what that meant, but the time that Ruth was in the hospital, Joanna just went ahead, moved right in, took advantage and hired mister Eduardo without even Ruth's consent, and started construction on the place and used Ruth's charge cards to do such.

Let me ask you a question right now, Craig, I need to ask this.

This is very important. Right now.

The improvements have been done right, and what I want to know.

Is this, where does this stand right now? Joanna?

We understood from Joanna she was going to back out of this and she was just washing her.

Hands of this.

So why can't Ruth just live happily ever after in her home?

Well, the situation is Ruth's attorney had to serve an eviction notice against Joanna, and so Joanna took advantage of Ruth in the hospital and had her signed I understand that, but.

Where does it Let's talk about today.

That happened in the past. What's going on today?

Okay, what's going on today is finally we got Ruth into her home. Okay, she's in her home now, but she was not aware of well, once she got into her home, she was aware of all this new construction that took place. And then later restirship with the Bank of American First Bank and found out that Johanna was using her charge cards and supposedly she was paying Eduardo with Ruth's charge cards without her permission, and we found statements to that effect. And so I understand.

But there were improvements done to the home. It's not like she went out and bought cosmetics. I mean, she was using the card for the benefit of the home. So Ruth benefited from all of this. So we's why I'm asking why are you calling today?

Was there a new development?

It seems to me Ruth's home, Ruth's house is improved, and Joanna is out of the picture.

Is that not right?

Well, no, Johanna is still in the picture because she has created this new demand notice with Bagley Law who is representing EDWARDO. And now what they're doing is they're charging again for the amount that was already taken out of Ruth's accounts.

How are they charging it again to the credit card?

Know what had happened was they went through Bagley Law in.

Yeah, credit card My understanding.

Hold on my understanding is the credit card sided with her, So the credit card company is now out of it. So she never ended up paying for it. The credit card company didn't pay for it. So how is this law firm getting paid?

Explain that, Well, they're putting a demand letter.

Okay, big deal.

I think they're already past the lean if we didn't we do that, maw I'm trying to do.

Listen here after okay, after the charge card was contested and the charges were given back to Ruth, he's saying that Joanna and Aduardo are now coming after her again.

Yeah, I get that, but on what grounds? It's been over four months. I think it's too late to lean the property and basically she never authorized any of the repairs. I mean, we can argue the betterment are not better men, but we can argue.

That the house is in better shape. But it's so weird.

It's like some squatters broke in there and in redid her basement and then try to leave her with the bill.

Yeah. So so here here's what I'm asking you.

Call her, and I appreciate you calling Craig, but here's what I'm asking you. Here's what I'm saying to you. There's nothing they can do to Ruth. There's nothing they can do. They lost their rights to put a lean on the property. This attorney is threatening to do what to Ruth.

Is threatening to take Ruth to court and say that you need to pay this bill for the construction in the home. It just wasn't the basement, it was throughout the work. How much how much we're looking about twenty seven thousand, Oh my god, yeah, Ruth act, we said twenty eight thousand.

What I'm really Tom, Tom, what I'm curious about. Let's just take Let's pretend these are.

One.

They thought she was gonna die, so they move into the house thinking they're going to get the house. Two, they use her credit card to do all these remodels so their kids and other people can live there in the bathroom works or whatever that looks like. And then three, the mother's fine, she's back home. She literally a victim because they wouldn't leave, and I do believe that happened. And now they're trying to stick her with the bill when they stole her credit card to pay for it.

Well, okay, I think that that's going to be up for court grabs.

I mean I don't think.

I think that the daughter, Joanna, doesn't have a leg to stand on at this point.

I don't see.

What this attorney thinks they can do. The problem is Ruth needs to take or defend herself otherwise they might get a default judgment against her. And then that in itself can become a lean mark. Even though it's not a lean for the mcare services, it can be a lean for money owed.

Yeah, if there's let me ask.

You something, Craig, does Ruth owe any money on this house?

Does she have a loan on this house?

No, it's free and clear. And I also Ruth just handed me a text that Joanna, uh there sure, and it's well no, this is important. So after yesterday's events, and you have openly admitted on my character on radio for the world to hear. You thought you had legal problems, Well you didn't count on this actually knowing me.

You think you have problems?

Wait now, wait will you?

Uh?

Tom Martinez sees all the information you might want to.

Hide under the rock.

You called out or cut the heads off of snakes. Your hand was played well, but your applications and implications.

All right, I gotta take you. Listen, you got a hold up a bit, got a giving you That house is just the best? All right?

You hold on, though, we really have to seriously figure out.

What to do.

I think we should try to get Joanna back on. She said she was gonna she was gonna walk away from this.

Didn't she Mark?

Didn't she say she was back in Washington. The whole thing is insane. But here's the bottom line. If they bring her to court, she's gonna have a chance to defend. I'm not necessarily sure this woman owes anything. Although I would say this to Craig because apparently he's talking to Ruth right there. If literally the house has been brought up in value twenty eight thousand for this work, I don't know.

If I would even fight any of it. Anyway, Hang on, we got more coming up on the televisioner show.

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It's both of them.

It's just a demand letter. Listen, Tom, you know this.

I can call up a thousand attorneys right now in pay them whatever their hourly is and demand anything from anybody.

Okay, I'm okay.

And on top of that, Craig, it's my understanding that the daughter is flat broke and lives in a car.

Is there any validity to that.

No, there's no validity to that. She's living off of some relatives for free. We're not exactly sure where she is.

Do you think these relatives are going to pay four or five hundred bucks an hour for an Ernie to go after twenty eight thousand, where it's going to cost him fifty thousand dollars just to even come closer.

First of all, first of all, here's what I don't understand Joanna. Why would Joanne spend money to go after money for the contractor?

This is all on a eduardo.

I don't know what Joanne is going after For God's sakes, there's nothing to go after.

Joanne is out of the house, Ruth is in the house. Ruth should just.

Go about her merry business and forget about all this. Do they actually say they're filing a lawsuit? Have they filed a lawsuit or not?

Okay, they went through a Bagley Law firm out of Lakewood. They presented the demand letter. I talked to Ellen at Bagley, who's absolutely delightful, by the way, and she said that Ruth needs to hire an attorney.

That's probably good advice.

Four.

Yeah, I think that's probably good advice.

Can you send us a cop of that letter?

Sure, I'd be glad to do that.

And I just wanted to why don't you do it right now before before we continue? Before we continue, maybe you should send us this letter and Katschina or Mark?

Did we have a number for uh Joanna the daughter? We should Tom? What's that?

We should have a number for Joanna?

We called her last week.

Yeah, maybe maybe we should try to get Joanna on again.

Let's do that.

Hold just hold this for now. I mean, really, there's no sense rehashing it. Here's the bottom line. Ruth claims her daughter, Joanna tried to steal her house.

I mean, that's it in a nutshell, and we have more recording to her. The whole thing is nuts man.

I feel like we're running a Jerry Springer episode when this, When this comes on, I.

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Two five five.

Have you had enough of Ruth and her daughter and all of that saga. Well, I'm telling you we're gonna revisit it coming up in the next hour. We're gonna get Joanna on again to give her side of the story.

But basically it's and then we have a lot.

Of real estate, believe it or not, some text on real estate on marketing and selling homes, many people are being told to hold off, and they want to know should they hold off?

What is the story there?

And then on mortgages in general, people want to know if they're going to move out of their home and they're going to rent it out, should they get a non owner occupied loan or if they're still in the home, should they get a regular loan and then just not say anything when they move out? John, what is the rule on that? If someone is going to refine. Now, let's say, and they're.

Going to and they need the cash out of that.

House to buy another one, but they plan on renting the one they're in, do they have to disclose that? What is the rule on non owner occupied loans?

I mean tough to call.

I mean you take we don't have to disclose it because they're still living, there's still their primary residence. When you go to closing, you sign the ten oh three or the application that states this is your primary residence. If their new purchase is going to go to the same place as their cash out, you know that there's good chance that company is gonna or the underwriters going to say, hey, you know, how are you buying this

Is there a big Is there a big difference in rate between an occupied and a non owner occupied.

There is a lot of it is depending on the loan to value. And most of the time people use their primary they turned it into a rental, so typically it's not a problem. You know, most most primary residents end up becoming rental incomes.

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So I did speak with her, she no longer wishes to come on the show. I'm gonna basically referred as to her attorney, I'm gonna put a pull up, Okay, good.

I don't believe that she can just ignore this.

But I also don't believe that Joanna and the contractor are working together. There there's no way that a judge would let I mean, why would they sue together. They're not even suing for the same thing. Joanna, She's not the one out any money. So, Craig, are you sure that letter. Does the attorney say in that letter? And by the way, Kashina, did he send us that letter?

Oh? Hey, does that letter?

Hold on real quick, Craig, why don't you guys send us some pictures of the work that was done in the house, like the basement finished in the bathroom.

And also, does the letter say from the attorney that the attorney represents ed Eduardo and Joanna?

The letter just says that it represents Ed Loreno. But we believe that there's a relationship.

Oh who cares?

Yeah, but I don't care what you believe. That's exactly what I thought. Eduardo wants to be paid.

Okay, well here's something now too. I just wanted to say this.

Joanna has nothing to Joanna has nothing to do with that letter. Joanna is not suing her mom a. Eduardo's suing to get paid.

Well, I think there's more to it in that. It looks like there's a kickback scheme. We've got evidence of that.

Wait, Craig, Craig, Craig, Craig, hold on, I'm gonna know. I'm not letting people. I'm not letting people do Diary of the Mouth. I want to know you said a kickback scheme. Explain what that means and tell me the evidence you have.

Go ahead, Okay, Well, we've got Ruth went to Bank of America and First Bank, and we're finding out that there's money being uh paid to EDWARDO and it rose right back around and it's being reimversed at Joanna.

We've we've got Craig, Craig.

Hold on, Craig, where is the money being paid to or draw from?

What account?

Uh it was from? Was it originally from Visa and Bank of America? Your account?

Yeah? First Bank, it's so Craig, yes, sir, Okay, hold on.

So you say that you can show transfers to a Duardo from Ruth?

Is that correct?

From Eduardo U to Jolanna.

From Ruth to Eduardo. You just told me you can show.

Craig.

Follow me here, Okay, it's not that difficult. You just said that you had evidence of a kickback scheme. You have no evidence of anything. You said there are payments coming out of Ruth's account and going.

Back to Joanna. Prove that. Go ahead, prove.

It no there being funneled to Borgia. Excuse me, Eduardo, it's anyway, we've got evidence to that wall.

No no, no, no.

No, no no no, Craig, Craig, Craig, you said there was a kickback scheme. I am sick and tired of people running out.

The mouth without evidence. Now, Craig, a kickback scheme. You said payments was going, payments were going from Ruth to a Duardo and then back to Joanna. I want to know what evidence do you have that a Duardo is kicking back money to Joanna?

What evidence do you have?

Okay, I don't have that specific sheet in front of me. I will find it when I'm working with Ruth.

What evidence would that be, though?

Tell me tell me what evidence it would be, even if you don't have it in front of you.

What evidence exists?

Well, Ruth, I want you to tell me what proof you have that Eduardo is kicking back money to Joanna.

Well, the bank statement that he was talking.

What does the bank statement show?

That's exactly what it shows? The money running back?

What does it show? What does it show, Ruth?

It does it show that Eduardo was writing checks to Joanna?

I don't Well, that is Craig saying it. He is more professional in that line of work than I have ever been.

Okay, let's let these people go. I've had about enough of it. Okay, I really had enough of this. This is ridiculous. This is totally ridiculous, and in fact, I don't think I've done this in a long time, but I think that basically.

They deserve the uh, the old uh, the dinger. I blowed him up. I blowed him up. I did. I blowed him up. You suicided him.

I blewed him up. I blewed him up, blowed him up. Listen, this is ridiculous. You know how many people call this show on a daily basis saying they have evidence of stuff and they have nothing.

I'm just so tired of it.

People imagine that they have things what Ruth has here. This is what it's going to boil down to, really and truly, Let's look at Duardo did work on a home and did not get paid. Now he lost his right to put a lien on the house. That's why he has an attorney writing to Ruth. But they're going to have a tough time collecting.

Now.

There is something called betterment meaning or it's also called quantum marrow. It you got value for something you could be held responsible to pay for it, But that is really really difficult, especially if Ruth was incapacitated in the hospital and did not give approval for the work. All right, let's switch our gears to real estate. We have a question here Frank Duran, the real estate man Stephanie Thomas,

Art right now?

Right now in this market, Tom, I run it someone was considering, go ahead.

Oh I'm sorry.

I run it to them from time to time, But nowhere near what we saw back in two thousand and eight through twenty eleven.

Not even close.

You know what you get because they're just too expensive, right well, yeah, price have gone up.

And of course back then, Tom, you remember we had around twenty seven thousand homes on the market. Right now, I think we're sitting around eleven or twelve thousand. We just don't have the inventory which we had back in that timeframe.

What is the average time on market in Denver?

So right now, for residential properties we show it as thirty seven days. For single family homes it's thirty four days, and for attached properties it's forty six days.

How about price range.

That's everything, But let's break down like under seven hundred and over seven hundred.

Is there a big difference?

Frank, Well, you know the average right now for residential all residential seven twenty two, seven ninety, the medians sitting around six oh seven.

But here's the funny park that's so amazing.

Oh my gosh, you know, but single family homes, not including attached properties. The average right now, according to d Mars eight oh four one one five, eight hundred and four thousand, one hundred and fifteen.

Do you remember when if you were looking at if you were looking at a seven hundred thousand dollars home, you were looking at a mansion.

Oh my god, our first home out here, Clark Farms, Parker, Colorado, nineteen ninety three or four, brand new, brand new, US home, one hundred and ten thousand dollars, brand new, Tom.

I remember it was a car right now.

When I sold my first home, this is way back in the early nineties, it was for around two hundred and fifty thousand dollars, and I thought I was selling a mansion. It was such a big house. That house today is worth over a million dollars. But it to me was incredible to sell my first home at two hundred fifty thousand dollars.

Home Now, someone has a very big question.

I want to get to on commissions.

They're very confused about lawsuits and about the board of realtors and about what they're reading. We'll talk about that and more coming up on the Troubleshooter Show three oh three seven one three A two five five. Go with a sure thing Denver's Best roofer Excel Roofing dot com.

You don't pay a cent until you're content than.

Time for an insurance check up free no obligation comparison call Compass Insurance paying too much your coverage at dozens of insurance companies find out now three oh three seven seven to one help. You'll think you're his only customer when you choose Frank durand the real estate Man dot com to list your home with Remax Alliance three oh three nine two zero sixteen twenty two. Hi Tom Martino here three O three seven one three talks seven one

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Frankdurand the real estate man dot com.

Hey, here's what we're asking this person and as well as I am, they're confused. They want to know what really changed with these lawsuits about commissions. They've heard all about the lawsuits.

What exactly happened?

Now?

Can anyone explain it in plain English? What the lawsuits were about and what changes, if any, or how does it stand as far as real estate commissions. I guess they feel like that there was some price fixing can anyone explain it? I have to admit I don't fully understand the exact nature of the lawsuits.

Yet what was the Gnar settlement? So, guys, this was a class action lawsuit in Missouri. And my understanding is it was an agent that had a home listed and he told a seller he should probably reduce the price in order to get it moved. The seller says, look, if I have to drop it by X amount of money, then I want to lower the co op you're offering to the broker. And my understanding is he told him that we're not allowed to do that once we've offered

And to be honest, I've seen this all over the board.

I saw one particular one where the seller offered a lesser co op and the buyer covered the rest of their buyer agency fee, so it could be negotiated that way. I've seen some sellers say I don't want to pay any co op, but there's pros and cons to that. Some of them say, look, I want all hands on board. Let's offer what we feel as a fair co op to generate as much demand as we can.

And Frank, I want to go one step I want to go one step back. Let's talk about in general, you use the word co op as if everyone knows it.

And it's not your fault.

A lot of us do this, So let's talk about this first and foremost. When Frank or Stephanie sell a property for a buyer, excuse me, for a seller, they make there is a commission that is paid. Now, that commission is not set by law, it is not set

It's ultimately would have been split what you agreed to your seller in the initial listing contract.

So that didn't happen.

To understand that I'm talking about, I'm talking about in general, just in general.

Was it split fifty to fifty?

Usually when a buyer came to you.

Like like I was just saying it's going to be split, But it wasn't necessarily a fifty to fifty. You know, it's ultimately whatever you guys decided. And I've seen it where listing agents might you know, have had a higher percentage due to marketing costs or something like that. But ultimately it's what was at you know, what was agreed to, Okay in the Colorado contract.

Okay, so then when they split, let's just whatever the split was, there was.

A split commission part of it.

Went to the listing agent, part of it went to the buying agent.

If there was a buying agent.

Then when the buyer gets that commission, when the buyer's agent or broker gets that commission, it's up to them how they split it with their individual agent and all of that. That has nothing to do with a contract on the selling side, isn't that true?

Correct?

The buyer's agent would have an agreement with their brokerage on whatever their personal splits were, so that has nothing to do with the sulker or the listing agent.

Now, when we talk about co op, what is co op means when someone brings a buyer to you, the part that you pay them is called the co op.

Is that true?

We actually were calling it a co op. That's actually been changed in our contract. Now, co op was just reference to having a cooperating broker come in, essentially the buyer's agent.

So that's what it was referenced to.

Okay, So when you guys go and list a home, Let's say you come to list my home right now, Frank, or.

You list my home.

In that contract, do you specify the amount of commission that you expect to get.

Most definitely, Tom, it's broken down and we go through this where it's very easy to understand it.

It's very transparent.

Now, in that contract, would you say, seller agrees to sell property for X amount of commission?

Is that's how it's written basically? Yes?

Okay, Now let's just say you negotiate a six percent commission. So I know as a seller, I am going to pay six percent for my house to be sold. But I don't have any say in how that six percent is broken down. If you want to only give one percent to a co op broker, that's up to you and that co op broker. Do I don't really have anything to say about that, do I? Once my contract is written for a certain percentage, I don't really have any control over that, do I?

Well, Tom, here's the thing about it.

I've seen sellers where they offer a co op in the list or or the broker compensation. I've said co op Burger compensation, where all of a sudden you get an offer on the table and that agent. Sometimes, if the deal gets competitive, I've seen them ask for less of a compensation than what the seller was willing to offer. So that becomes a point in negotiation and I've seen many seller say, g Okay, that's good, we'll take that. So that's all just really a point in negotiation.

So there is no standard commission anymore none, you know, Tom, there really never was.

You know, it's always been transparent, I think, and this is just my professional opinion. I believe in Missouri, had they had contracts like we have in Colorado, I don't think that lawsuit whatever or come into play.

So are you telling me that forever a bit?

Why did it affect contracts and why did it affect anything here?

Then it just affected all real estate. Mark, it just did.

It just created such a big splash and it becomes such a big class action lawsuit.

It just got everybody involved.

I just think more transparency would have prevented that.

I mean, Mark, it was so big that they had to pay millions and millions. The National Association of Realtors had to pay millions. A half a billion dollars, wasn't it in damages?

It was huge time. I don't know the exact amount. I just know it was huge.

Some people had settled, others fought it further, but in the end it was a big settlement.

So what you're saying is forever in Colorado. There was never a standard commission built into contracts.

Ever, it was.

Always negotiable time, always, And I did hear some sources on TV say no more this commission or that commission. And quite honestly, there was just never a set fee. It was always negotiable between the agent and their cellar.

But weren't you frowned upon?

I was told one time that if someone charged less than a certain commission, they were frowned upon by their colleagues.

Is that did that used to be the case?

Well, I've never felt that personally. What we've always been told is never discuss, never try to price fix. You're not supposed to commission fix, which we stay away from.

I don't.

I don't another alter in uh sly Dell. That did not show me a couple homes that I ended up finding on Zillo and sending over to her to show us. And the reason she didn't show them to me is the co op was so little on them, and to me, that sucks.

Yeah, that surely does. That does? Okay, we have more.

Coming up on the Troubleshooter show three O three seven, one, three eight, two five five Go with a sure thing Denver's best roofer Excel Roofing dot com.

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Time for an insurance check up free no obligation comparison call Compass Insurance paying too much your coverage at dozens of insurance companies find out now three all three seven seven to one help. You'll think you're his only customer when you choose Frank durand the real estate Man dot com to list your home with Remax Alliance three all three nine two zero sixteen twenty two. Hi Tom Martino here three O three seven one three talk seven one

I have one that I think.

Personally I would do, and I want you guys to weigh in on this since you have way more experience showing homes. But I have always felt when you walk into a home and you see ugly, terrible you know, worn or stain carpets, they're terrible, or hardwood floors that are really chewed up or not looking good. I think floors, in my opinion, are in important.

Guys, what do you think.

If you had to pick improvements to do before listing a home.

What would you say they are? I would definitely say floors for sure. I would also say kitchens are a big deal to people. But the floors you walk into

You'll get bigger bang for your buck that way. But if you try to price it lower.

Let's say the flooring's five thousand, I mean that's still when someone walks in and looks at that property, it still looks like hell. So I mean even if that five thousands priced in, I would say mentally, that doesn't help because the property looks like crap.

Well, good point, because I had one I sold in Denver where it looked like the Brady Bunch house you like stepped in a time warp. Carpet was green, everything was green, nothing was done, sunk down living room, my gosh. And the house across the street put a little over one hundred thousand dollars in upgrades for about the same size home right across the street. We priced ours as is, got a bidding word. The difference by the time we closed was about sixty four thousand dollars difference from the

You know, we had our bathroom people on last week, Tom and they said that bathrooms if they're priced right by like you know, renew home Innovations or discount bath some of our people even genesis. But if it's priced right, which those guys are you put about, you get about eighty percent in value out of that bathroom or the kitchen.

They said, that's a big difference in What are some of the things. What are the some of the things that don't pay off? I would say that floor coverings and paint always pay off, because when you walk in and there's that fresh look of paint and or or wallpaper, or a fresh look of a new carpet or really clean nice carpets or hardwoods or lamin, it's I think they pay off.

What do you think doesn't pay off?

I think some of the technolog like the tech improvements that people do, aren't necessarily as visible to a buyer, and a lot of times the buyers don't really see value in that, like when they have over improved like smart home innovation, things like that. Some buyers might be savvy to that and really see and appreciate, but I don't think, you know, all of our buyers see that.

How about empty or furnished? What's generally better? If you add to choose as a realtor and you're representing the seller, would you rather see that house canmpletely empty, ready to move in, no furniture, just ready to go, or would you rather see it staged with whatever furniture they had?

I think at least a light stage really does help to benefit of property. So rather than having it completely empty, doing you know what I call my light stage, where you go through and you accent some of the main areas of the home. You know, maybe your living room, the primary bedroom, a couple accents in the kitchen, the bathrooms, just things that kind of warm the pictures up, because that does make it a lot more attractive to a buyer.

Got I think I rather just look at a big empty house when I'm looking at a house.

You know what, I like seeing furniture because it's hard for me to imagine how much room would I have if the couch was here or the bed was here. And I think that helps people a lot when they stage lightly staged. I think too much clutter when I walk into a house and it looks like completely lived in and too much.

That's terrible. I mean it's terrible.

I went to a house one time where the guy's toiletries were still on the sync from that morning him getting ready, and that turned me off completely. I swear to god, it just has a psychological effect on you. So I think there's a delicate balance between being totally vacant and being somewhat lived in. So your imagination can take it from there. Anyway, we have to take another break. I'm Tom Martino three three seven one three A two five five. Go with a sure thing Denver's best roofer

Help.

You'll think you're his only customer when you choose Frank durand the real estate Man dot com to list your home with Remax Alliance three oh three to zero sixteen twenty two.

Hi Tom Martino, you're troubleshooter.

Okay, they want this one texture wants you to weigh in on staging. They said that one of the things they noticed that people neglect is staging the out side of the house. And I think that's a really good observation. Guys think about that.

I think, Tom, it depends on the property, and I think on certain properties that makes a huge difference overall. I think if you take good care of your yard and have good curve appill, that makes a difference. But I think it just depends on the property.

Here's what this person said.

They love when they're going to the front door and they see the front area or borders or welcoming plants, maybe flowers, and it just gives an overall feeling of care before you even open the door. I think I got to give that a lot that that's a really thoughtful text.

I agree with that, Stephanie. What do you think.

I think first impressions make a huge amount of difference.

I also agree as far as actually staging the exterior. I've only had one home where we actually, you know, fully staged it, and that was a higher end property in the backyard left a little bit to be desired at that particular point. So we actually had like outdoor furniture brought in and really kind of helped the buyer see.

What they do with that space.

So, I mean, we did on that property, but it is very property specific. It's not one that we typically you know, do a lot, but that you know, first impression walking up to the door.

I absolutely about how about oh yeah, and especially when when living space is a feature of the house, showing an outdoor kitchen or or outdoor property, out outdoor furniture and maybe even a dining table or you know, you know what I mean, a picnic table or whatever you call it outside. I think that's really important. A lot of people put a lot of stock in outdoor living in Colorado.

How about just anyway, how about just looking at the yard and see if it's manicured right, Because I'll tell you I've learned a lot about people looking at their yard. You walk up to somebody and they got a couch in the front yard, there's a good chance that house wasn't taken care of I'm not kidding.

Or if they got weeds everywhere.

I mean, really, someone's yard tells a lot about how they take care of their property.

I exactly on some of our properties if it's vacant, I have a long guy that I send up there from time to time to just cut the lawns.

Just for that reason. Absolutely, that makes a big difference. Anyway.

This is a Frank drandthreal Estateman dot com. We also have Stephanie Thomas Stephanie r dot com and we have more coming up. Go with a sure thing Denver's Best roofer Excel Roofing dot com.

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Weave time for an insurance check up free, no obligation. In comparison, call Compass Insurance. Pay too much your coverage at dozens of insurance companies find out now three all three seven seven to one help. You'll think you're his only customer when you choose Frank durand the real estate Man dot com to list your home with Remax Alliance three all three nine two zero sixteen twenty two.

D news. You needed that? Who you don't have?

Run anxious sustas as we can.

Shooter's gonna help. Come man, this is.

The Troubleshooter Show Now, Tom Martinez, Welcome, Welcome to.

The only show of its time.

We're here to solve problems, answer your questions, take complaints. We're here to educate you. We're here to make your life a little bit better. We got a list of people at Referral, lists that can help you across every aspect of your life, from contractors to realtors to money guys like John and.

Studio with us.

We have it all great attorneys as well. So any problem you have, even if your daughter has been fighting with you and you're a mother for fifty years, we had that call today. What a horrible call. Can you imagine a daughter and mother fighting to that degree for so long? I find that just horrible. But we get

It It is?

It's definitely because of our loan products because CMG, that's where a lot of people were on dclon left their companies come work for CMG, and the all one is a big reason.

It's it's a fantastic loan.

Frank duran with Frank Durant Holmes dot com and then Stephanie Thomas Stephanie r E dot com.

Do you guys know what the all in one loan is? You ever heard of it? I've heard of it. I don't know that any of my clients have taken advantage of that.

It's a very unique product. You, Sarah and I have it on our house. So let's take a round number. Let's say a million bucks A you got a million dollar piece of property, eighty percent of value would be eight hundred thousand. So if you could afford to buy that house outright, just buy it for a million dollars, have no mortgage on it. With this product, you would have a line of credit of eighty percent or eight hundred thousand dollars for thirty years on that property that

It doesn't.

It's a simple interest. I mean, as we know, amortize interest in thirty years. I mean, we've all looked at bought a house and looked at that amortization schedule.

Oh, it's great.

Basically paying the bank their interest, which is almost what the house.

Why do they Why do they do it that way?

When in the United States did we start doing interest where the first half of the loan you're paying them majority of the interest. Then it goes down because most people and correct me if I'm wrong, will never stay in a thirty year mortgage. I mean, I'm guessing maybe five percent of people have a thirty year mortgage and literally pay it off in thirty years and they paid

The crazy thing is, if you look at a schedule, you do not start paying more principle.

Than interest till about twelve or thirteen years into it. It's crazy on.

Your payments, and it really so. Back in the nineteen thirties Great depression is where they created it.

Because they wanted to stretch out the buying power or lower payment lower month. Ago everything was paid, it wasn't about.

Crazy thing is most people will refinance within three to five to seven years even now, and refinance is expensive.

Can you imagine if you refined when you're twelve years into a thirty year mortgage and started over again, you would literally kill yourself. And I don't care what the interest rate was. If you looked at how much you paid an interest over X amount of years, it would be insane. But with that all in one loan. The other thing that's interesting not only is it simple interest. Whatever the interest is is what you pay that month, but then it's offset by whatever you have in the bank.

Yes, most people carry most of their money into a checking account, just waiting to be spent. What the all in one does It makes it more efficient, It sweeps it every night, it goes against the balance, and you only pay interest on what you're bounce.

So if you have one hundred thousand dollars out in this thirty year line of credit, let's say you went out and bought a boat, in a car, whatever you bought, who cares, or you remodeled your house on it. So if you have maybe a small business, or if you have a savings account like you're talking about, and there's one hundred thousand in all these checking accounts and savings accounts, offsets what you owe literally on that line of credit.

In fact, a lot of people call it the offset mortgage because yes, that's exactly what it does.

And I like to say, you know, it's the last loan you'll ever need on that house. You don't need to go refinance every five years because the money is there.

The money's there, and then adjust as market adjust and the money you're paying it down so quick and you're literally principal.

First, yeah, and Frank, Yeah, principal first and Frank. The other thing that's interesting is if someone falls on hard times, Let's say they get fired or something horrible happens, the line of credit eats itself. So, in other words, you don't even have to make a mortgage payment. It basically just accumulates, almost like a reverse mortgage in a weird way.

Almost like a reverse mortgage in a weird way. You know which reversus is great, but you're right, it's almost a reverse mortgage before you can your age enough to qualify for a reverse.

Before you can qualify, And just having a thirty year line of credit. About that, like when we go out, when Susanna and I go out, we've been looking for homes, like a not a beach home necessarily, but we're looking for a waterfront home. What the line of credit does. It gives us literally the ability to be a cash buyer. So I can walk in there and literally write a check for whatever house, and then I could turn around and get this product even on a secondary house, not on an investment property.

Right, Yes, we do do it on investment.

You do do it.

We're limited to seventy five percent loan to value, but we're doing it on investment.

So not only could you do like a mountain house or a ski thing or whatever you want here, but you could actually go out and do it on an investment house that you rent out.

We do, we do. It's a product we come up.

So if you if you add enough money, let's say you got five hundred grand, John, and that five hundred grand you want to go buy a rental somewhere.

I don't care where it is. You guys also loan in every state.

So let's say you find a great investment in Kentucky and you basically buy a house in Kentucky, pay cash for it, you take this loan out on it.

Now you've got a line.

Of credit for roughly three hundred and eighty thousand dollars whatever eighty or seventy five percent is, So you have access to all that equity in the house while you're cash flowing with a tenant in the house.

Yeah, you're staying liquid. And that's most people like. If you make an extra payment to a regular mortgage, a thirty year fix or fifteen year fix, yeah you only.

Make a little bit. You don't pay all.

Den because you can't get that money back out if you lose your job and you can't make a payment. Guess what they're going to tell you, tough luck sell your house. No, it's an incredible problem with the only on one loan, you can actually make the payments out of the line of credit that you've already built up.

And we'll take any questions on that. And the other thing.

We'll talk about reverse mortgages, because if you've been thinking about them, there's nobody better out there than CMG. I'll explain why in a minute. Tony, thank you for holding what's going on with this shower?

So, Mark, I don't know if you remember, but a month or two ago ago, I called you guys and said, the glass installers said I shouldn't take long showers because the steam will cause the tile to buckle. And I said, I just spent fifty thousand on it. And Tom said, oh my god.

You got ripped off. And then you said, no, that's blah blah blah blah blah. I don't know if you remember that call.

I don't, but go ahead and update me. So, but hold on, Tony, you got a shower. When did you have it built or remodeled?

When was it?

It was finished?

Four or five months ago?

All right?

So let's just say January of this year or February of this year.

Actually, no, that's not correct.

We couldn't actually.

Start using it until about two months ago.

So it was finished, but it because of other.

Construction issues, we couldn't use it until about two months ago.

Okay, so fine, but let's say it's finished in March. I don't care, we'll just pick a month.

Now.

What's going on with it right now? And who is the contractor?

Well, the contractor is somebody good, and they're standing behind it. I don't want to mention it on air right now. It's just because there's no there's no point in.

Well, if they're so good, explain something to me, Tony. If they're so good, why is there a leak that we're dealing with now?

I didn't say that they were so I didn't say that.

I said they're standing behind what they Okay, going on and cool. So here's my here's the reason why I called. I just found out last night that this shower behind the tile wall of the shower, uh has been leaking this whole time.

I had no idea, and.

They replaced all of that. They didn't come in and just put an insert in right.

No, it's new wall, new concrete wall, new tile, new everything.

It's not an insert.

No, okay, it's heavy reconstruction.

And what is it? Is it tile, porcelain? What is it?

It's ceramic tile?

Okay, So behind it, I assume what what do you know? What is behind it? It's actually leaking.

Yeah, the plumbing fixture, the either at the ninety.

Years well, I mean usually there's some kind of moisture, you know, backer board, you know, like a cement board or something. I guess what I'm getting to is, did they use the proper material?

Yes, it's got cement backer board.

Okay.

They ripped out all my walls that were going to be wet and put in cement backer board.

So the problem with the leak is there's something on one of the fixtures. Is it the showerhead? Is it just the lines running to it? But there's definitely a leak somewhere.

It's leaking behind the wall.

So I don't know which component exactly.

Right, Hold on a second, Hold on a second? Three oh three seven one three eight, two five five. We do got a couple lines open, Tony. I premise I'll come directly back to you, right, after this three zero three Martino.

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All right, three oh three seven one three A two five five three zero three Martino, get your calls in.

Tony. Uh, Tony got a shower done.

It was basically ready to start using in March he found out it's leaking, and something's leaking behind the wall.

So Tony, how can we help you?

My only question is that it's been leaking. I found out this morning, how badly for a long time.

Where are you seeing it leak in the basement?

Which done finish, thank goodness.

Yeah, but I thought the water was caused by something else.

Like what which is just out of curiousity out of curiosity. If it's above where the shower was just done, where else would it come from?

So uh some time ago I called you guys and I said, man, my copper pipes are leaking, got it, and they're wearing.

Out and I have to replace them. Oh yeah, well I did.

I had.

I replaced all my hot water copper and that solved the big problem now And then I thought, well, oh my.

God, my cold water copper is now. But it wasn't. It had something to do with the bathroom remodel.

So when you call up the contractor and I mean, where are you at with the contractor.

There, They're on top of it. They're going to take care of me. Okay, big company. I'm not worried about that at all. The only thing I'm concerned about is this has been soaking my sub.

Floor, my OSB sub floor for.

Months now, every day, twice a day, and me and my wife takes a shower one each, so it's been leaking water into my sub floor.

I would say, the contractor needs to fix that subfloor.

If it needs to be fixed.

How do I know if it needs to be fixed.

I don't know.

Call somebody like Genesis Total exteriors or call one of our bathroom people would even come out and tell you if it needs to be redone. But I mean, once again, the contractor you're using, they'll probably know.

Okay, well, I'm gonna see what they're coming out tomorrow, and yeah, just make sure they fix it right.

The other thing you can do, you know, once once they fix the leak, then it's gonna dry up. Once it dries up, then you can use just even a moisture gun and figure out if they did repair the leak, if it's not leaking anymore. And I don't know, you know, even just going to straight particle board, I don't know how wet it's got to get over time in order not to just not to be valuable at all anymore,

Is it something you can see?

I would also make that contractor basically go up through the dry wall and the ceiling maybe and figure out if it's rotted out from the water damage.

Yeah, okay, well, listen, I appreciate that.

The Only thing I.

Have to say is that there's no reason not to name the contractor other than I don't want them to get a bad name because they have done a good job.

For well, it sounds like they're doing everything they're supposed to be doing. I don't even know what I Yeah, I could say about him. It seems like they're doing everything. I mean, you'll know a lot more when they come out. But if you do run into a position with them where you're afraid they're not repairing what they should be, make sure you call back up.

I will.

The only thing I was going to add is that this contractor advertises heavily on your radio station.

Oh okay, well, I mean that could be one hundred different contractors.

Yeah, yeah.

Do I do spots for him? I don't think so.

Okay, Well, that's that I appreciated. Tony three oh three seven one three eight two five five. Hey, you said the average home Frank Duran in Denvers over seven hundred thousand, now average?

Yeah, the most recent d MAR report mark for detached properties average closed price, And this was for the month of April eight hundred and four and fifteen.

Oh eight hundred. Yeah, down, what is your average? He's saying the average Okay, non median. The average home closed it eight hundred and four thousand Denver Metro, is that right, that's what? Yeah, and that's Denver Metro mL. Last time you were these numbers from now March.

That was from the Denver Metro Association of Realtors.

Now the month before, the average was seven to seventy nine oh thirty six.

That's what is the average loan you guys are seeing.

Boll I would say, but I mean, i'd say our average, you know we talk averages, is probably five fifty six hundred.

Yeah, because there's a lot of upper properties around here. How about median four five?

Yeah, loan side, No, I'd say loan we're we're up above that now.

I mean, it's work the way it is.

Yeah, it's because these guys will tell unless you're and then condos aren't selling very good right now, and then those are the lower price.

Get you know what's amazing and both of you know this. My son's buying a house out in Nebraska. Now granted it's not a big city, but it's it's in Nebraska. What they have out there, it would blow your mind away. I mean a home built with a beautiful like one acre lot, something built in the last fifteen years. Basement fully finished, I mean, just nice, a nice house, a

It's phenomenal. And you know, it's funny to me.

I have a number of my sellers that say they're moving out of state for various reasons, and they tell me they're able to get like sometimes double triple the price for what they have out here.

It's incredible to me to even hear that. It's crazy. We do a lot.

I mean Kansas City, North Carolina. I mean it's we look at appraisals all day from all the country and it is Denver's insane.

Which ones do you use, like name the state because you're looking at these appraisals all around the country. And by the way, John Clace with CMG is who I'm talking to and Frank Durant and Stephanie Thomas. But John CMG Financial does loans in every state. I mean they're they're literally the lender two billion dollars plus. They're gonna beat anything out there. But because you're looking at stuff all across the country, John, like, what do you see.

That blows you away?

Like where the average loan might be three hundred thousand compared to six hundred.

Or Missouri me ain't even Missouri.

It's it's I'm like, what's an average loan there? Just loan two seventy five?

Oh my god god fifty Yeah, yeah, we're seeing you know, North Carolina's a little bit higher, maybe three point fifty or But now when you go to like Arizona, you're saying the same thing. Phoenix, you see the same thing as here.

It's just going it's astronomic.

But there's a lot of Kansas City, I mean, BEAUTI beautiful.

How about Vegas? Is that a big one? Vegas?

It's that they Yeah, I mean it's it's it's up there.

But they do a lot of building. They have a lot of spreads.

How about Florida, Florida, I mean, you get crazy. Florida is nice. It's starting to come down though, be crazy.

And then why is it coming down? Do you think?

I think a lot of it has to do with the building a lot of people. Florida property tax, the transfer taxes, and the property tax.

It's a lot. We're kind of lucky in that sense.

So we were looking at aah taxes for my parents were I'm helping them with their trust. And just when you redeed something a beneficiaries deed, that's where they nail you.

They do. You don't have.

Income tax, but when it comes to property, forget about it. Just to you know, a quick claim. It could be ten thousand dollars.

Eight ten thousand dollars for a transfer tax for.

A transfer even if the people aren't moving. It's just done for a trust or it's done for something. Total ripoff there. But Texas does the same thing.

Texas does you know most of these words stadium comes you know somewhere else. Yeah, Wyoming still good because you know as far as property and stuff like that, But Colorado we're pretty lucky with property. Texas as of right now we're seeing them go up. And then I don't know if you've seen this lately, but I've heard the insurance is starting to go crazy around here.

It's nuts.

Insurance has been tough and with some of our condo buyers can be a challenge, Yeah, because with HUA fees and then if there's God forbid, there'd being a special assesstment.

Trying to imagine this, imagine your HOA fees. Your insurance costs more monthly than your payment.

So we're Stephanie was just talking about down and she has a property in Color Springs as.

That that's like that stuff.

Well, we were we were discussing my one listing I have where it's in a neighborhood where they have a leasehold interest essentially. Yeah, your long term rent the land that your home is on and that payment.

How challenging is that to sell?

Yeah, I mean it's definitely more difficult because when you look at the property and it's this amazing house listed, you know, under two fifty, but.

You don't own the land. You don't own the land. It's crazy.

Your taxes are lower, so there is a little bit of offsection.

You guys loan on something like that sold with over fifty years we would, but like she said, that's how airports do. A lot of hangers.

There's a seven hundred and fifty dollars h away payment on that property, and you're two hundred thousand dollars property.

I mean, that's that's crazy grezy.

Well it's and then you add insurance and it's just like I said, you're literally you're PMI. The highest part of it is the day. It's not even the interest. It's crazy. All right, three oh three seven one three eight two five five. Everybody hold tight.

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All right, three oh three seven one three eight two five five. Reverse mortgages, John, I have no idea why they seem to be getting more and more popular. In fact, Frank and Steph do you guys ever sell homes where it's a new purchase on a reverse mortgage. A lot of people don't even realize they can do that.

Ef.

Yeah, from time to time, not a lot, but like downsizing or.

Yeah, or sometimes just selling to regroup or to move out of state or.

To move out of state. And John, you guys do a ton of reverse mortgages.

We do, and people are you know, the property value has gone up so much that it's it's a good avenue for people to purchase purchase homes with it because you know, the values have gone.

Up so much.

But we do in the reverse mortgages. It's a wide range. Now, I mean in Colorado you can actually do some proprietary reverse mortgages down.

To age fifty five. Oh I didn't know that.

Yeah, yeah, we have some products. You have to have some equity in the house. But that's what That's why if people are looking and they didn't think they qualify, they should call because it's that they might be able to qualify a lot of proprietary products.

And here's what I like about you now reverse mortgages and correct me if I'm wrong. The government sets limits on what you can make or what anybody can make on a reverse mortgage.

And yes, on the heck products, yes, you're great, the FAHA back government on.

Yeah, so on the FAHA government back ones, you can only make so much. The funny part is, though a lot of companies make exactly that much. Yeah, you guys actually compete. I'm not saying the other companies are doing anything illegal, but they're maxing out what the government allows him to do on these mortgage back loans or on these FAHA back loans, where you guys will actually save

Not true. The origination fee the mortgage insurance is true, that's set. But the fees that people that the lenders can charge, no, that is that doesn't have to.

Be the max. And how long are you guys?

And you guys chime in, Frank, I mean Steph chime in on all these conversations. But how long does it typically take to close? And I don't mean I understand because I've been self employed and own my own businesses. You know, there was a period in our life where it took a while for us to get approved on a mortgage, just because you've got to show everything in the world. Sometimes people that are self employed, their tax returns don't necessarily and there's a lot of people listening

We do.

We can use assets, we can use banks to a lot of different ways to qualifying income a.

Lot of ways now.

But my question is on a traditional like a W two employee, someone that works for Walmart like my son, someone that works for United Airlines somewhere, somebody that works on W two, which is very provable income. You don't have to prove expenses and all this stuff. I mean, is it crazy to think long as long as the income is there, meaning they qualify for that size loan

Yeah, average, I mean literally something like that. Our average is about eighteen days seventeen days to close it.

I mean we tell people twenty one days or less, but twenty one is easy when it comes to that's no.

And then I wanted to ask on the realtor side, how many times do you guys have a closing up.

Let's say you're representing.

The buyer, Frank, Let's say the buyer, Stephanie, the buyer, and all of a sudden there's some kind of problem up towards the end, and closing's got to be pushed off because a bank's not coming through, or someone goes out. I bet a big one is they go out right before closing and buy a car, or open a credit card, or buy a time share, something stupid.

Does it happen?

Oh, Mark? Those are a bummer. Sometimes, not very often. I had one recently here where we had to postpone by about a week and a half because of some issues with the loan.

But it got worked out, thank god.

So but and then the seller was still cool, it was all right, But we had a seat. He's saying it like, I made it work.

Well, we said, let's put it this way.

We had it set up where if the buyer failed to close for any reason, the earnest money was automatically forfeited to the seller. So the seller was very well protected that whole. Yeah, so that there was definitely motivation for the buyer to do what they're supposed to do to.

Get it done.

Okay, or let'll say, what a loss whatever? Outfront? How much was it?

Dad a curious how about seventy five hundred?

Wow, that'd be a nice little freebie for the seller. How about you, Steph. You ever dealt with one?

And here's closing day and they went out and got a Best Buy credit card and bought brand new televisions for their house.

I have not had that because I do have conversations with my clients, my buyers. You know, my joke forever is, you know, do not save twenty percent of coals. It's not worth it. Don't pull you know the one hundred dollars you might save, It's not worth it. But yeah, I have those conversations. Wait to buy your fridge till after closing?

Yeah, wait and wants closing is done.

It's not like day they can do it that.

I mean, that's true, John, Right, Like as soon as you guys close alone, they can go out and buy cars and whatever they can buy.

We're checking till the morning they buy.

But as soon as that is, that's true, Like literally the day of closing, we have a UDM. We call it report And what does that stand for?

Uh, Unidentified debt monitoring system.

Oh my god.

So like literally, okay, Mark's closing on a house at noon today. That morning, it's seeing if I opened up any credit right, you can use.

Your current credit cards, that's on this issue. Yeah, but if you open up something new, it notifies us.

Wow.

Then you basically have to have underwriting. And speaking of underwriting, unlike a lot of these other companies that people hear about even on this station all the time. I mean, you guys, you are the bank if you will, or the lender. You guys literally you the underwriters work for CMG. If there's something like that that happens up, I mean you can knock on the door next to you for that matter and go, hey, we need to push us through.

Well yeah, well we don't push it through. We get explanation. We get it done quick, you know, because usually people will get a letter explanation.

Yeah, they're not calling somebody who's calling somebody who's calling the underrea for three four different people to say.

Okay, that's crazy, all right, three zero, three seven, one, three eight, two five five. By the way, Partner in Lending dot com, that's CMG. That's John Frank Duran. Frank Duran homes dot com. Frank says, more homes. I love this stat Doing your commercials are so easy. Frank sells more homes for more money in one month than most realtors in Colorado sell in a year. And Stephanie Thomas knows the Pike Peaks region better than anybody I have