Buyer And Lender Mistakes Explained

The fastest way to tank a mortgage isn’t bad credit—it’s quiet changes made mid-deal. We pull back the curtain on the small moves that cause big problems, from opening a new credit card to switching jobs right before closing, and explain why underwriting rules care more about documentation and stability than your gut sense of “I can afford it.” Along the way, we share real-world tactics for writing stronger offers without just slashing price.

We dive into the hidden levers buyers rarely use: seller-paid closing cost credits, rate buydowns, and clean, simple terms that make your offer easier to accept while protecting your monthly payment and cash reserves. On the lending side, we tackle the number one failure point—income miscalculation at pre-approval—and why experience with overtime, bonuses, and commissions can mean the difference between a fast clear-to-close and a deal that falls apart in underwriting.

Sellers get a candid take on pricing ethics. Overpricing to “win the listing” looks bold but usually ends with a long, painful slide to market value. We talk through how to demand data-driven pricing, maintain momentum, and avoid the credibility hit that comes from chasing the market. Throughout, we come back to one theme: communication. When buyers share planned changes, lenders over-document, and agents focus on total deal structure—not just sticker price—everyone wins.

If this helped you think differently about buying, selling, or financing a home, tap follow, share with a friend who’s house hunting, and leave a quick review telling us the worst real estate advice you’ve ever heard. Your stories shape our next deep dive.

Transcript

SPEAKER_02 0:48

Hey everyone, welcome to Venture with Joe and Cody. I'm Joe Skipper, the owner of Skipper Realty Group, brokered by ESP Realty, and over to my left as I'm looking at you. Hey, you're Cody Wilhelm, the residential mortgage. What's going on, man?

SPEAKER_01 1:02

Uh, doing pretty good. How about you?

SPEAKER_02 1:04

Good. You feeling better?

SPEAKER_01 1:05

I'm feeling better. I still have a little bit of kind of throat-ness, you know, congestion, but I feel back to normal and fine.

SPEAKER_02 1:12

So nice. Well, you made the people miss us in a podcast last week, so I hope you're happy with yourself. I I the amount of complaints in the inbox of you know, the people wanted to see our latest ideas and topics and our opinions on them, it was overwhelming. So I had to do that. That's true. Well, here we're back. Everyone gets us back, our fresh faces, not sick faces. So right. Yeah, man. Uh anything new in your world?

SPEAKER_01 1:43

Well, from the personal side, we got sports kicking back up.

SPEAKER_02 1:47

Yeah, what have you got? You got kids in baseball?

SPEAKER_01 1:50

Uh soccer and flag football. Yep. So Eli, our oldest, he is today's the last day of tryouts for high school soccer.

SPEAKER_02 1:59

Okay.

SPEAKER_01 2:00

So he's in high school. Huh?

SPEAKER_02 2:04

He's in high school?

SPEAKER_01 2:05

He's in high school. He's a freshman. Yeah.

SPEAKER_02 2:06

Jeez, man.

SPEAKER_01 2:07

I know.

SPEAKER_02 2:08

Crazy.

SPEAKER_01 2:08

You're like old an old old, yeah. So he is uh yeah, he's he's excited. He's actually done done really well just from like the mental side, because they're cutting 18 players. They only have a they don't have a freshman team, so it's only varsity and JV, and there were like 55 players, and I think they have to trim it down to 38 or something like that.

SPEAKER_04 2:29

Wow.

SPEAKER_01 2:30

So he's he's in a good mental place of like all I can do is just go play and have fun and whatever happens happens. So yeah, I you know it's it's you view it differently from the parent side because you're like, oh dude, you're you know, I'm not trying to build him up or anything. Yeah at the same time, like I I believe that he'll he'll do fine, but so it's kind of kind of cool. It's actually been kind of fun to watch too, because leading up to that, you know, you've got the select players that play in the select leagues, and then you've got the rec players. So seeing so many of these guys be really good soccer players, it's I'm excited, assuming he makes it, to just be able to watch that level of play. Yeah, yeah, watch that level of play. Um his teams have always been one of the better teams, if not the best team in the rec leagues. Yeah. So it'll be cool to see just that higher level of competition across the board.

Youth Sports And Parenting Moments

SPEAKER_02 3:22

So that's cool, man. That's a that's a big deal. We were just watching the at Wilsonville, was playing in the final home game of the season in basketball. And Christina was like, Is Rory gonna be here? You know, like are we gonna be the parents? Like we we looked across at all the parents, you know, freaking out about everything and their kids. And I was like, man, we could be in this position not too in the not too distant future. It's just a higher level of sports, you know. And you obviously get used to it as you go because you adapt to the kids' age as whatever they are. But yeah, we were like, man, can you picture him in high school doing this, you know, like a man? Like, yeah. And I thought about Yem Hill Carlton and I was like, we just didn't have this big a guy. Like, no, they're all just like super amazing athletes. Granted, Yamhill Carlton is a smaller town, so we didn't have that in general. But I was like, some of those kids, I'm like, I just don't remember seeing them being that huge and that like manly. Like it's just crazy to think about.

SPEAKER_01 4:22

Well, and I don't I don't remember there being and maybe there were for other sports that I didn't play, but like cuts, I don't feel like there were I don't know that we had enough people to make cuts.

SPEAKER_02 4:33

No, you don't think so, maybe uh here and there, but yeah.

SPEAKER_01 4:36

Yeah, you take the higher higher of the quality people too, but that's like I was telling Eli last night. I'm like, I can't even really like where where I went to school, you played every position you could, and whether you're needed or not.

SPEAKER_02 4:53

Wherever you were needed. Man, that's too funny. Well, Rory's getting in for the first time, he's getting into lacrosse this year.

SPEAKER_01 5:02

Really? How's that happening?

SPEAKER_02 5:04

Uh he so we were gonna do 7v7 of football, but I think he just, you know, we're gonna miss a lot of the tournaments anyways. And so I wanted to keep him in something that he can do consistently. His friends, there's some friends that play football uh that that play lacrosse and play basketball that play lacrosse. And I just think it's a good, it'll be a good physical activity for him and good workout. And if he likes it, you know, we pursue that a little bit more. But yeah, this will be his first year doing it. So it's weird to think to to go into something as a parent and as a kid that don't know a sport. Like I don't know, I know very little about the sport besides scoring and that sort of thing. So yeah, so it'll be interesting. Um we're looking forward to it. We're going into state this week for basketball. So the last weekend of nice of state. And so that'll be good. Where's that at? And that'll be in Salem. Okay, yeah, yeah. It starts Friday and then goes through Sunday, and so we'll see. We're top five in the state right now. So we'll see how it goes.

SPEAKER_01 6:01

Dude, that's awesome.

SPEAKER_02 6:02

Yeah. Um, but that's that, and then Cora's got to spring soccer and and dance. But yeah. That's the that's the personal life. It was so funny because I was uh I think we've talked about it. It's like the uh people always are like, Hey, how are you doing? What's the latest updates? And it's like nothing.

SPEAKER_01 6:19

I don't know. Yeah.

SPEAKER_02 6:20

I go to work and I take my kids to whatever sport is that season. That's what we do. So which is a good thing. It's just funny because you you want to have some cool story, like we just did this or we just did that. It's like, no, I just Uber my kids around after work.

SPEAKER_01 6:36

I know. I always I always hate answering. I'll ask the question, but I always hate answering it at times because I'm like, I honestly couldn't tell you. Yeah, I don't remember if anything cool happened. So for sure.

SPEAKER_02 6:48

For sure.

SPEAKER_01 6:49

Like, oh, just enjoying not having sports going on or enjoying having sports going on because outside of work and and regular life, it's like that seems to be the only kind of variable otherwise kind of either working or for sure. But that's a good life, though.

SPEAKER_02 7:05

That's a good life.

SPEAKER_01 7:05

Yeah, can't complain.

Golf Simulator Dreams And Hobbies

SPEAKER_02 7:07

We enjoy it, and yeah, we like it's not something that I say in a negative way that we don't have anything going on, but it's like it's it just is what it is. There's nothing I I didn't go on this crazy trip to you know some foreign country and you know, like do anything crazy. I just yeah, taking my kids to sports. So we were talking about it because lacrosse is uh rec, and so it's just one generally one game a uh weekend. And we're like, what are we gonna do for the rest of the weekend? I was like, probably go to other friends' sports.

SPEAKER_01 7:35

Yeah, right.

SPEAKER_02 7:36

We don't know what else to do. It'll be like we won't go to ours, we'll go to some one of his other friends.

SPEAKER_01 7:40

Yes, exactly.

SPEAKER_02 7:42

Yeah, but yeah, so anyways, well today Go ahead, go ahead. Sorry, I didn't mean it right.

SPEAKER_01 7:52

It's like, oh, I just got to go hit golf balls in the shop.

SPEAKER_02 7:55

Is that a for sure plan or is that just a dream?

SPEAKER_01 7:57

It is a it is a dream and a plan. Okay.

SPEAKER_02 8:00

Okay. Working your way there. Good.

SPEAKER_01 8:02

I got I put a uh a net in there right now. So I've so it's like phase one of getting it all set up. Eventually I'd like to have something where I can actually that's cool, you know, play some play some golf in there and just have a place to because right now, you know, hitting into a net is is nice because I can swing, but I can't see where the ball would have gone to anything.

SPEAKER_02 8:30

Well, there's uh yeah, I know I don't think you're as into TikTok as I am, but man, if you just type in like golf simulator, they there's like video after video of people building. I got into like that rabbit hole a little bit of like people just taking these little shops and building these like you know, golf simulators is like it's pretty impressive.

SPEAKER_01 8:47

I've I've definitely done the YouTube nerding out on over the years because I've been wanting to do it for a while, and I just you know if I wanted to do it the way that I that I wanted to, like right from the get-go, it's it is expensive.

SPEAKER_04 8:59

Yeah.

SPEAKER_01 9:00

So I'm just like, all right, maybe I'll just kind of chip away at it and eventually get there. But if I can just if I can just have a place to hit some golf balls here and there, for sure. Then I'm I'm thrilled. And one of our friends, not well, I'll finish on this, their daughters are trying out for the golf team. And so when Eli and their brother found out, they were like, Oh, we want to do that too. So they're looking at potentially trying to join the golf team in the fall. So I'm like, all right, well, that's even more motivation. Give them a place to swim the clubs and kind of get used to it a little more.

SPEAKER_02 9:32

Are have they done it before?

SPEAKER_01 9:35

No, I mean Eli Eli has. We've gone out and played, but not consistently, or like you know, we're not we're not going out. It's hit the driving range, or if we go on vacation, him and I'll go play nine holes somewhere. But nothing outside of that.

Today’s Topic: Real Estate Mistakes

Buyer Pitfalls: Communicate Before You Act

SPEAKER_02 9:51

Cool, cool. Well, you want to get to work here? Stop talking about our personal lives. Yeah. We were gonna talk today about buyers and sellers' mistakes and also real estate agents and lenders' mistakes in the real estate world and what they commonly do. We don't want to just harp on buyers and sellers because we understand that people make mistakes and you don't do this very often. Yeah, but we want to bring them up so that you know people that are listening that are buying or selling can kind of have an idea of kind of the common mistakes that they make. But also, if you're a real estate agent or lender out there listening, that will show you the mistakes that I think real estate agents make and that you can talk speak to what lenders' mistakes they make to hurt the buying process and selling process and all that stuff. So yeah, you want to start us off? Absolutely. I will start off with some buying mistakes.

SPEAKER_01 10:39

Yeah. So from a from a lending side, I think one of the biggest buyer mistakes, and this is gonna start general and then I'll kind of fine-tune it, is doing things without talking to your your loan officer about it.

SPEAKER_02 10:53

You just stole mine indirectly, by the way. Go ahead.

SPEAKER_01 10:56

And it and it can be all sorts of things, right? Purchasing large items, opening up new lines of credit, credit cards, changing your job, moving a bunch of money around. Like those are not none of those things are problems typically. But what ends up being the the biggest problem with it all is that anytime something like that happens, it's we now need that paper trail. We now the numbers could change because you opened up a new credit card or you bought this thing, and and so it's like those little changes for the most part don't really make a big difference, but they can cause such a headache for you and for for the lender too, because now you gotta track all this other paperwork and document this and change this, and now we gotta make sure that everything's still gonna work the way that we had initially had it set up. So it's kind of a general thing, but I always try to tell people like if you're gonna do anything crazy that's outside of your norm, like just let me know. Yeah, not necessarily for me to give you permission, but just so that I can know, so that I can say, Okay, if you do this, here are the things that we're gonna need to do. Yeah, rather than me just surprising you with it. So that's a big one for the most part. People will ask, hey, you know, what happens if I change my job? Yeah, I've got a job offer, what do I do? And most of that stuff we can walk through and work through, and and it's usually not a problem. It's those surprise ones where you're like, Okay, well, uh shoot, let's see what we can figure out here, let's put this together. Um, here's all the stuff that we're gonna need, and and hopefully everything comes together as planned. Because you know, when we do a pre-approval and we put stuff together, it's based on that current situation. So, not to say that things can't change outside of that, but when they do, it it really does kind of change our approval, what the underwriter is is is looking for, maybe already seen. Big, big thing is is just communication. I always try to remind people that like I'm I'm your partner in this, right? Like I'm gonna help you to get this figured out, so don't feel like you can't tell me things. I want to know every detail that you're willing to share with me so that I can help put things together or caution you or tell you, hey, no, let's not do that. Let's can you wait two weeks? I've had people do that with buying a car. They're like, I really need to get a car, and I'm like, I feel bad.

SPEAKER_02 13:16

Or closing on this date, just hold off.

SPEAKER_01 13:19

Like I feel bad because I'm like, I know how much that probably sucks, but yeah, if you can wait like two more weeks until we close, please do because that's gonna you might be able to still make it work, but that's just gonna be a nightmare of getting everything together and who knows what it all's gonna look like. But for sure that's my my initial one would just be communication.

SPEAKER_02 13:39

Yeah, and I would say like kind of the piggyback on that and give advice to buyers is even if you think it's not a big deal, the lending industry, whether Cody likes it or not, sucks. Like in the sense of like they're very strict on the various things that go on in in the lending world. It's not it's not it's not just residential mortgage, it's every single lender is very strict on how your finances go. So even if you're like super wealthy, the home you're buying is super affordable, you can pay that and still buy a Lamborghini. It doesn't matter to the lender. Like you if you make those things thinking in your head with your family, like, oh yeah, let's just go buy this, we can totally afford that. You'd be surprised at how much you can wreck a mortgage. So I would say, like, for the 30 days, the 45 days you're under contract, whatever it is, just don't go out the norm. Yes, stick to the point. Talk to your lender because I think that what we find is most people do it innocently that are like truly able to afford the stuff. They're not doing anything reckless on a day-to-day basis according to their world, but to the lending world, every big purchase is a big almost ding at some point. You know, you know, so my suggestion is yes, that is a common mistake people make. But even the job, like I I switch jobs, but it's it's not a big deal because I it's I get paid more, or I get paid like the exact same, but the lending institution it does not see that. It's like, oh cool, man, just give you a fist pound and like move on. But so just really think about that as I and we find that a lot with buyers, just total innocence thinking it's nothing, and in the lending world, it's a very strict underwriting process.

SPEAKER_01 15:25

Yeah, yeah, I think I think that's the the you know, the good and the bad with what happened with the the crash back in 08, 09, is there there were very little guidelines, and now there are so many guidelines, which is good, it's preventing us from going back down that because I can imagine if we still didn't have rules and we're in the current environment that we're in, we probably would have gone right back into that space of giving everybody mortgages that probably shouldn't afford it, finding ways to get them lower, you know, adjustable rates, and and it would have been just kind of repeating the same cycle. But I will say the downside is it now and has been like this way ever since I've been in it, there is so much uh little wiggle room for anything. Yeah, there's not a lot of comments to how how things are viewed. It is like does it fit the guideline? If it doesn't, sorry. Even though I could I could plead the case, the the buyer could plead the case, like it makes sense. And the underwriter might even say, look, I totally get this, this makes sense, but yeah, but this is what the guideline says, and just because it makes sense to us doesn't mean because what it you know, the the other part to it, like everything that in life, it all comes down to money. Is the investor going to be able to make money on it? And if they can't, uh meaning if it doesn't fit the guidelines and they can't sell the loan, it can't get backed by Fannie Mae, yeah, they're not gonna they're not gonna risk all their money on it. So it's all it all just eventually boils down to the end game of uh who's making money and can they safely make money on it from the mortgage side, right? Like it's all just investor-based. You might be able to close the loan, no problem, but if the investor doesn't buy the loan, well, now you're stuck with it. So now you're and and that might not be your business model, right? Like you see that with a lot of companies where they don't service loans, and that's because they're not they're just not built in a way to do that. So if they can't sell the loan, they have money to be able to service it, but that's not the way that they built their model. So now that money is tied up. Yeah, now that happens enough times and they're looking at it going, now we got ten million dollars worth of money that's tied up in holding on to these loans that we're just not set up in this way.

SPEAKER_02 17:44

So it's yeah, for buyers out there, so picky like to clarify what Cody's talking about, is most of the time that you go with a lender, uh, they're not holding on to your loan. So your mortgage might be through residential mortgage, but they have to look at what it's gonna be to sell it. Um you know, they have a business model that doesn't hold on to 300 mortgages for people, you know. So, anyways, just for you buyers out there. There, that's more of the back end of lending. Yes. They normally are gonna sell your mortgage to another company.

SPEAKER_01 18:12

Yeah, the nerdy, annoying side.

Why Guidelines Rule Your Mortgage

Winning Offers Beyond Just Price

SPEAKER_02 18:14

One of the things that I wanted to talk about that is a common mistake, and I think this kind of balances into the real estate agent messups and buyer mess ups is what buyers can do besides negotiating on price to get a good offer. Especially nowadays. So traditionally, you think, well, I go window a house at$500,000, I want to offer$490,000 because then I'll get a deal. Yeah. And and that on the surface could be good. What I think maybe it's a lack of education, maybe this on the lender size, that they don't get buyers don't get educated on the closing costs that are associated with the buyer that a buyer has to pay to get a mortgage and how much that is and how that can be negotiated. So it's kind of this roundabout thing of like, so buyers, there are tons of ways to get you into a home that doesn't necessarily mean, well, I just need the home at this price. Really, what we find a lot is that buyers need a home at a certain mortgage price, which that is flexible. For example, a$500,000 home rather than asking for$10,000 off the price of the house, you can offer dollars in closing cost credit that the seller will pay for you. And that will buy down your rate or take or put an extra ten thousand dollars that stays in your pocket that we're gonna go into the the lending process. So I think what we find is a lot of mistakes, and I think a lot of real estate agents and a lot of lenders don't really explain that to buyers is that it's not the price is not always the issue. And that there's a lot of negotiations that can happen in the within a sale that it's not just the price. I don't know if you want to elaborate a little bit more on that.

SPEAKER_01 20:02

Yeah, no, I and I see that a lot too from our side, where it's that's what you know, part of the initial conversation is that I have with people is what you know, how much are you putting down? What do you have available to put down? What do you have available to use towards this transaction? And then it's figuring out, okay, here's how much the down payment is, here's how much the closing costs are.

SPEAKER_04 20:22

Yeah.

SPEAKER_01 20:22

You have to do the down payment, right? There's no there's no getting out of that option. But if we can get out of the paying the closing costs out of pocket, then absolutely, right? Let's let's see if if we can navigate that. Not all sellers, not all homes, not all markets are going to allow that. But to your point, I think that is it is something that really is an important thing to be factored in because if you can save that, moving is expensive, and if you can wrap it in, you know, especially if when you price it out and go, all right, ten thousand dollars more on your mortgage, really is not a lot as far as your payment is concerned.

SPEAKER_04 20:57

Yeah.

SPEAKER_01 20:57

Keeping it in your pocket, investing it, using it for emergencies, whatever, it's gonna have so much more of an impact. But it's nice to be able to plan for that and not have it be a knee-jerk reaction. For sure, for sure. We need this.

SPEAKER_02 21:12

Yeah. What a what a what do you see a like a common or a pet peeve of yours that lenders do that you think don't help anyone?

SPEAKER_01 21:22

Yeah.

SPEAKER_02 21:22

Or someone in particular that you're like, it doesn't help the seller, it doesn't help the buyer, it doesn't help whatever.

SPEAKER_01 21:27

Yeah. I think the probably the most common issue tends to be around calculating income. And that's should be done in the pre-approval process. Um, but it could be whether somebody it could be that they don't really properly know how to calculate that type of income. Maybe they don't have all the documents that they needed or should have got up front. So by the time they get those documents when they're in the middle of the transaction and something comes up, it's like, oh no, we weren't expecting this. And sometimes that is out of the lender's control. But at the same time, calculating income tends to be the one like when I have a somebody that reaches out to me and like, hey, this deal couldn't go through because the lender couldn't get them approved, it's 99% of the time it has to do with their income because otherwise it would be a you know house-related issue or something that like well, nobody's probably gonna be able to lend on it. And a lot of times it ends up being they the that company or that underwriter was not willing to or able to calculate the income this way, or because I will say too that the underwriter is looking at the way that you have put it together, so it's not that the underwriter says, Hey, I got what you I got what you sent me, you did it wrong, so I did it. Correctly for you, I fixed everything for you, you're good to go. They're looking at it and they're gonna go, This, you know, this isn't gonna work the way that you set it up, whether that's based on the documents or how you've done everything. So that tends to be the biggest issue is not properly calculating the income in the beginning at the pre-approval stage. And I've had some that have come to me where I I'm like, I honestly don't know what they were doing here because this is and and we've turned around and closed the loan like totally fine. Not not some weird exception-based thing, not some funky, like, hey, let's let's try to fix all these issues. It's like yeah, no, this all looks fine. So I think from a loan officer standpoint, that is one of the hardest parts of the job is feeling confident and good with calculating your income. Yeah, and it's just a matter of doing it over and over. But I think that there's some that will look at it and they'll say, either no, I can't because it's too complicated for me, and everybody else is busy and I can't get some help, and there's pressure because you want to put an offer in tomorrow. Yeah, and I don't want to screw it up, or I'm not confident enough to say yes, so I'm just gonna say no, or what it is, but a lot of times it's just a matter of because you have to be conservative with your calculation. Yeah, yeah. I don't want to be the one that's like, sure, yeah, let's go ahead and do it, and then underwriter looks at it and they're like, What are you doing?

SPEAKER_02 24:11

Like, so that's open to interpretation then, huh? Like you can have you can have a lender take my info and give me a completely different story than you. Yep. And that's based on experience.

SPEAKER_01 24:23

Or training or training, experience, knowing the guidelines, knowing what you can and can't do.

SPEAKER_02 24:29

Okay.

Using Credits To Lower Cash Or Rate

SPEAKER_01 24:30

Because sometimes it's a matter of what maybe it maybe it was poor training, right? Where they're like, oh, I remember hearing that you can't do you can't do overtime unless there's two years of history. It's like, well, no, the guidelines want a two-year history, but they also say they're willing to do a one-year history as long as it's stable and the year to date is good. So a lot of times it's a it's those little things where one person might say, No, we can't use that, we can't get you enough, and the other person can say, Well, if you look at the guidelines, it says this, so therefore, we've we've done our documentation checklist, and yeah, we can get you that extra four hundred dollars a month from your overtime. It's again, the underwriter's not gonna fix it for you. Yeah, they're just gonna tell you. They're gonna say, Hey, based on what we have, I I can't approve this. So until we get something else that proves that we can, right now we gotta figure something else out. And then it's on us, the loan officer, to go, all right, where did I screw up? What can we do? Let me double check the guidelines, yada yada, yada.

SPEAKER_02 25:45

So that's interesting. I didn't know that that was like for up for negotiation in that sense. Not negotiation, but yeah. That's crazy. Which leads me to this, and this might be kind of along the same lines is overpromising and under-delivering in the real estate world specifically. If we want to talk a pet peeve of mine, and I hate it. And I hate it. But but the fact that agents go in to win a client and will tell them whatever they want, like their house is worth$750 according to the market. They're like, dude, we could get you$900,000, easy, you know, just to win the listing, and then they chase the market down. And I I hate it because it is should be, I don't even know how you'd manage it, but it should be unethical. It should be something that the agent should be should be pursued by the real estate agency for because I don't think it, I think it's unethical, and I think that it hurts sellers, it hurts our reputation. But we see it over and over again, and it's never provable, but it's like they overpromise. And it pisses me off because it because it's just lying to them just to win the client. And because knowing that most clients generally don't switch agents once they've signed the contract, even if it is for six months, five months, whatever, they just are like at a point, they're like, just keep it going, get this place sold, you know. And bad agents know that, and they know that they can promise anything, anything, and just knowing that ultimately they'll get to the market price or or below, but at least I got a client. I don't know if that's similar to lending to in the same sense of like yeah, you're qualified. Like, this will be super easy. Is that does that something that goes on regularly or is that less common?

Lender Errors: Income Miscalculation

SPEAKER_01 27:29

Yeah, I think so. And I think it's probably more person to person on maybe I don't know, their their confidence or or what? Like, I know I'm a I'm a I'm a people pleaser, I'm a person that likes to be able to do everything I can to make something work or help a situation. So it's something that I have to like naturally fight in myself. Yeah, because I want to say yes. Or sure. Not just for the paycheck, but also for like the hey, I want to be able to save this deal, or this person has never been able to buy, and I want to be the one that helps them to get that. But I think that the important thing is just to know you know, from the lending side in particular, knowing when to say yes and when to say no, because you can ruin your reputation just as quick by saying yes and doing a bad job. You're not gonna ruin your reputation by saying no and saying, hey, you know what, I'm I'm sorry, I I'm we're not able to do that.

SPEAKER_02 28:24

Yeah, you may lose an individual client, but it's not gonna ruin your reputation.

SPEAKER_01 28:27

And if and if so, let me see if I can help connect you with somebody that can, right? For sure. I want to be able to help you. Um, and I've honestly had I've had referrals from clients that I was not able to help because they were like, hey, at least, you know, thank you for taking the time and just at least explaining to me. But I think from the lending side, it is a lot of that overpromise, under deliver, whether that be timeline, whether that be what they can do, qualifying, how something's working, because they're just trying to make it work. But outside of that, I think I think it's just a overall one person at a time, how they like to conduct their business. If they like to conduct their business in a way that's that's going to continue long term, I think you're probably better off, just like you've probably seen experiences or your own stuff where you're like, I don't want to take this on. Like, this is probably gonna be worse for me and for the client, and I don't wanna I don't wanna be the one that takes them through that.

SPEAKER_02 29:24

For sure. I lost you uh for a second with the internet connection, but I think like what I kind of wanted to put in is that they they it only it benefits us to make more money for your house. Like it I tell all my clients, look, I I if I could sell your house for two million dollars, I would. But it only benefits me. But we also being honest and getting you the most money with this market is the only way to do it. And so I just like that's a pet peeve of mine that I find I can never prove it, but I'll see listings and I'm like, you just want it only because yeah, you're gonna list it for what they want you to list it as, and then you're gonna drop it over like 90 days, and I and then because no one ever goes with I had a specific example, I won't use anything, but basically I went in saying, Okay, what was it? I think I I'm just gonna use generic numbers-ish, but something like to the point of I was 1.2 million selling this up. I lost the listing and they listed with another person at like 1.5 and I was like, nope, it's not gonna sell, it's not gonna sell, but I know that that agent probably was like, oh yeah, like you can get whatever you wanted. And the reason I know like 1.5 was the number was because they had said that's what they wanted. That's you know, and so uh I lost the listing. I said, Look, I would love to get you 1.5, but the market's not showing it. Well, guess what? A year goes by and they sell for 1.2. So anyways, I kind of was justified internally, but it was a specific example of I knew because I knew the inside scoop of what the seller wanted, and I and I didn't give it to them, and I lost the listing, and then sure enough, it goes on the market for the price that they want. And I was like, I was like, I get it. Like, you know, they wanted to win this listing and told them whatever they wanted. They did not switch agents, it stayed on the market for over a year and ended up going for the price that I told them that it should go for.

SPEAKER_01 31:16

Uh-huh.

SPEAKER_02 31:17

Anyways, this is not a pat on the back to me. It's more of just like seeing that agents be careful who you work with and an agent that's like, you're right, you're right, you're right. Everything that you want, it can happen. Your wildest dreams can come true with me, you know.

SPEAKER_01 31:30

So just I know some people do. Some people are like, I want you, I want to be the one in control, and you're just the one that has a sign out front. But I personally would want it to be like, look, I don't know what I'm doing. So if you tell me, I'm gonna assume that that this is for my benefit. If you tell me to do X, Y, and Z, or hey, it's not realistic to list here, you know, that might be a tough one to tough pill to swallow if I'm expecting to make$300,000 more on my house. But at the same time, I want that reality. I want to know, like, all right, if we go here and it sits, it's my fault, right? And I will drop the price, or whatever it is, but yeah, I think it gets, you know, it it is.

SPEAKER_02 32:15

It's a hard, it's a hard conversation. Like you said, you're a people pleaser, and I always am like, okay, can we get there? Can we get to that price? Like, and and you try to kind of work and see how that could work, and then sometimes you're like, okay, I missed this, or I didn't see this, or this house has this. You know, but uh sometimes it doesn't, and it just hurts to say that, but it's not for a lack of me trying to get a to offload this house for no money, you know, just so it's like this is just what the market is. Anyways, just watch out, buyers or sellers, like for agents that are especially in this market where it's tougher for agents, we're seeing lenders and real estate agents leave the industry, you're gonna find more desperation from agents, at least the agent side of like, hey, I'll do anything to get this deal. Like, so pay attention to that.

SPEAKER_01 33:02

You know, even with that, it all boils down to just communication, right? Like being open and having those conversations about here's what we need to in order for us to sell our house, here's how much we have to make, or whatever it is, like just communicating that so there's open because then it gives a little bit more understanding from for human eyes side too, of like why, rather than just this is a number because my uncle said that I should be able to sell my house for this much. And it's like if you can tell me why, then sure, I might be able to get more a little more on board with that. But if you're just wanting to sell it at this price because you remember that back in 2021 houses were selling like crazy, uh you know it's gonna be a different story, but for sure.

SPEAKER_02 33:46

Yeah, well, I don't know if we wanted to go on the two part. I don't want to go too much longer here, but yeah, we'll kind of maybe see if we want to go with a two-part next week and talk some more stuff or if we just want to move on.

SPEAKER_01 33:58

Yeah, but we'll see if the masses want.

SPEAKER_02 34:00

Yeah, I was gonna say if people are listening, comment, let us know if you want to hear more lender mistakes, real estate agent mistakes, and uh or seller and buyer mistakes that you can avoid to be better off. So if you want that, comment below. Let me or Cody know, text us. If you don't and you're not listening at this point, then you don't get a say.

SPEAKER_01 34:20

Yeah, maybe next time we go into uh year one of us in the business and we just start remembering all those mistakes that we did personally.

Training, Guidelines, And Underwriting Nuance

SPEAKER_02 34:28

Yeah, I know, I know. I do think I serve my clients well, but like you just learn and you get better, and so you know, uh it's not a point where I'm like, dude, I screwed up. But you do think you're like, man, this the experience you get means a lot.

SPEAKER_01 34:42

So totally. And and like you said, it's not a lot of like big, oh, deal killing screw up. Yeah, like this. But it's little things where you're like, I'll never do that again. Yeah, because that was that stings.

SPEAKER_02 34:53

Yeah, yeah, yep.

unknown 34:54

Yep.

SPEAKER_02 34:54

Okay, my man. Well, have a good week. It's good to have you back healthy, and yeah, we'll uh we'll chat soon. That sounds great. Okay, see you then.

SPEAKER_01 35:02

See you then. All right, see ya.