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Speaker 4: Six is the Troubleshooter Show. No Tom Martino, Hello Tom Martino.
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Speaker 5: cell phone seven four seven nine fifty eighty welcome, by
Speaker 5: the way. Just many ways to get in touch with us,
Speaker 5: and I think three or three Martino overall is probably
Speaker 5: the best and and can can handle it in the studio,
Speaker 5: got major Mark Major of course, along with Lovely Sues
Speaker 5: my executive producer. Guys, you want to take it away,
Speaker 5: tell us who's in the studio and what's on tap
Speaker 5: for us.
Speaker 6: Frank Durant, the real estate man, Stephanie Thomas and CMG
Speaker 6: in the house.
Speaker 4: One of the largest lenders in the country.
Speaker 5: So we're talking about real estate and real estate loans. Really,
Speaker 5: do you remember there was a time? I mean, obviously
Speaker 5: it was a long time ago. Most listeners won't even
Speaker 5: identify with it, But there was a time literally house
Speaker 5: was once maybe twice in a lifetime. You never saw
Speaker 5: a mortgage person except maybe once or twice, and you
Speaker 5: didn't shop for homes. Uh, Frank, let me ask you
Speaker 5: them real quick. It's not uncommon for people. Probably you
Speaker 5: have repeat customers in real estate, which was unheard of.
Speaker 5: But I'll bet you it's not uncommon for people to
Speaker 5: buy four homes in their lifetime easily.
Speaker 4: What do you think you know? Tom, that's very true
Speaker 4: and good morning.
Speaker 7: By the way, you know I have another In fact,
Speaker 7: I just came from a closing this morning from a
Speaker 7: repeat client.
Speaker 4: Of mine.
Speaker 7: This is about the third or fourth home I've sold
Speaker 7: for him in the last what fifteen years?
Speaker 4: So I see a lot of that these days.
Speaker 5: Yeah, and so buying a home isn't a once in
Speaker 5: a lifetime thing right now, though, I'm told that the
Speaker 5: market is slowing down. Mark or Stephanie, can you weigh
Speaker 5: in on that? Stephanie Thomas by the way, Stephanie Thomas
Speaker 5: is from the all about A Springs area, Pice Peak
Speaker 5: area real estate. Frank is in the metro area. So
Speaker 5: let's talk about the market right now with real estate
Speaker 5: because I'm sure there are a lot of people wondering
Speaker 5: should I sell? Is it a good time to sell?
Speaker 5: What's the market like? So let's let's get an overview
Speaker 5: of the real estate market. I will go right to
Speaker 5: the phones. By the way, folks don't worry about that,
Speaker 5: but real estate is a very important part of our lives.
Speaker 5: So let's talk about that. What is the status of
Speaker 5: the market right now.
Speaker 8: So in Colorado Springs, we've got a reasonable number of
Speaker 8: actives right now, just a little under twenty five hundred total,
Speaker 8: which is, you know, fairly in line with what we've
Speaker 8: been seeing our average days on market for single families
Speaker 8: is at sixty five and.
Speaker 4: Multi What does that mean? What does that mean? So
Speaker 4: is that high low?
Speaker 8: That's definitely increased from you know, the last several years
Speaker 8: when things were moving at a significant pace. So I
Speaker 8: would definitely say we're definitely seeing things have kind of
Speaker 8: softened a little bit.
Speaker 9: Homes are still selling, so that's a positive.
Speaker 8: But in this type of market you might just need
Speaker 8: a little more patience, you know.
Speaker 5: So what's going on when you say this type of market,
Speaker 5: Frank or Stephanie, what is actually going on? Is our
Speaker 5: interest rates influencing things? Is at the time of year?
Speaker 5: Is it's the number of homes available? I mean, what
Speaker 5: are the factors right now in the real estate market?
Speaker 7: You know, Tom, all of those factors come into play.
Speaker 7: But I will say this, it is all area to
Speaker 7: area from what I've seen, because in certain areas, especially
Speaker 7: the condo market Tom right now has flooded with a
Speaker 7: lot of inventory. So in some sections that has actually
Speaker 7: converted into more of a buyer's market than a seller's market.
Speaker 7: Other areas, we're still seeing prices remain strong and still
Speaker 7: on some properties getting bidding wars.
Speaker 5: Okay, So what I think is I think that real
Speaker 5: estate in general, though in general, it would be accurate
Speaker 5: to say it has cooled down a bit. I mean
Speaker 5: it's nothing like, of course just a few years ago,
Speaker 5: but it's cooled down a bit. But are you saying
Speaker 5: you can definitely get that house sold and it's not
Speaker 5: going to sit for months?
Speaker 8: And in that springs it's kind of the same. It's
Speaker 8: really going to be area dependent. Our multifamily market definitely
Speaker 8: seems to be moving more slowly than our single family homes.
Speaker 8: But ultimately the real estate market's a direct reflection of
Speaker 8: the economy, all right.
Speaker 4: So well, yes, yes it is. It is.
Speaker 5: And if we had to give us a profile in
Speaker 5: the Denver metro area of swift selling category, a swift
Speaker 5: selling category, what would it be, Frank, give me a
Speaker 5: bracket of pricing where homes move like Creation.
Speaker 7: Tom, the sweet spot is between five hundred to seven
Speaker 7: hundred and fifty thousand dollars. That makes up about forty
Speaker 7: percent of the market. So even in this market right now,
Speaker 7: we're seeing those properties move. But I will say this,
Speaker 7: I've had about four properties now over a million. We
Speaker 7: had multiple bidding wars and sold over the asking price.
Speaker 7: So certain areas the million dollar market's also very hot.
Speaker 5: Okay, so now let's get to the spring. What would
Speaker 5: the sweet spot be in the Springs.
Speaker 9: You know, I'm seeing really kind of random numbers. In
Speaker 9: the Springs.
Speaker 8: It's more home condition driven right now, not necessarily just
Speaker 8: price point. So those more moving ready homes definitely seem
Speaker 8: to be moving at a more swift pace.
Speaker 9: But even in the Springs, I'm seeing a lot.
Speaker 8: Of that million dollar plus seems to be moving pretty well.
Speaker 5: Goly, all right, let's uh and and John Clayce with
Speaker 5: CMG Financial. Uh he does mortgages, John loans, What what
Speaker 5: are the what are the loans coming? Well, what's the
Speaker 5: category of loan? If you had to pick a little bracket.
Speaker 10: Yeah, you're still I mean thirty year fixed because the
Speaker 10: adjustable rate mortgage, the arms, you know, are really not computed.
Speaker 5: I'm talking about the amount, the amount, what are people
Speaker 5: borrowing about?
Speaker 10: You know, you're usually looking about five to seven to
Speaker 10: eight hundred thousand right now and trying to stay below
Speaker 10: that conforming market. And then a lot of cash buyers
Speaker 10: as well. I'm hearing out there on the hire and
Speaker 10: stuff from selling a house to buying a house.
Speaker 5: But it's right right, So they're not they're not needing
Speaker 5: to borrow a lot necessarily. Correct if what is considered
Speaker 5: a jumbo loan nowadays?
Speaker 4: Did that change? Yeah? It did.
Speaker 10: You can go all the way up by then, cud balance,
Speaker 10: I mean you can go all the way up to
Speaker 10: like eight to eight twenty six now, so above nine
Speaker 10: hundred is kind of jumbo jumbo market.
Speaker 5: Now, okay, let's let's talk to Kara. Kara wants to
Speaker 5: talk about a used car warranty, so we'll switch gears
Speaker 5: here pun intended. Okay, Cara, what's going on?
Speaker 1: Hi?
Speaker 11: So we purchased the car about nine months ago and
Speaker 11: we had our first what did you buy Hyundai Palace?
Speaker 4: Aide a new one?
Speaker 12: It was used?
Speaker 11: It was a twenty twenty two.
Speaker 4: Okay, got it? And what happened?
Speaker 11: So when we purchased the vehicle last year, we were
Speaker 11: talking to an extended warranty at the dealership basically stating
Speaker 11: it was bumper to bumper, that it was going to
Speaker 11: cover everything except standard maintenance, which we understood like oil
Speaker 11: changes and stuff like that. So we were super excited,
Speaker 11: thought it was an investment, paid the price, and then
Speaker 11: we had.
Speaker 4: Our first how much was how much was the warranty?
Speaker 13: Four dollars?
Speaker 4: Man, that's expensive.
Speaker 5: And I just want to ask something really quick that
Speaker 5: this is something that always comes up.
Speaker 4: Okay, and let me explain this and Mark will tell
Speaker 4: you this too.
Speaker 5: It's the side conversations that people have while buying cars
Speaker 5: or buying something, their side conversations.
Speaker 4: And I always say, well, they said or I made.
Speaker 5: It clear, or they made it clear, or we needed
Speaker 5: this or we needed that. So, Karm, I imagine you're
Speaker 5: going to start telling us about the things that you
Speaker 5: think thought it had that it didn't.
Speaker 4: So so continue now.
Speaker 5: By the way, just so you know, Kara, no matter
Speaker 5: what they said, it doesn't matter. It doesn't matter what
Speaker 5: they said, It doesn't matter what you thought. What matters
Speaker 5: is that contract you have, that extended warranty. So tell
Speaker 5: your story what happened with that warranty.
Speaker 11: So when we talked to the agent, you know, we
Speaker 11: obviously got talked into it. We thought it was a
Speaker 11: great thing, it was a good investment. It got rolled
Speaker 11: into the loans so it was easier to pay for
Speaker 11: that high amount. And then yes, today when we went
Speaker 11: to go get the car service, they weren't able to
Speaker 11: do it. So we went to another dealership.
Speaker 5: Well, you didn't say what the problem is when you
Speaker 5: went to get the car service, what issue came up
Speaker 5: that you thought the warranty would cover.
Speaker 14: So the car was.
Speaker 11: Kind of lagging, and especially when you turn, it just
Speaker 11: was driving really rough. So we thought it was like
Speaker 11: the back end tires. But when we ended up getting
Speaker 11: it taken in and having the second dealership look at it,
Speaker 11: it was the shocks and the struts had went out.
Speaker 5: Okay, hold on, we'll come back to this. We'll come
Speaker 5: back to this. That's that. That's that's an issue that
Speaker 5: I want to talk about. Struts, tires, shocks, brakes, all
Speaker 5: of those are usually never covered by extended warranties unless
Speaker 5: there's some kind of a defect. But we'll talk about
Speaker 5: that coming up. I'm Tom Martino three oh three seven
Speaker 5: to one, three eight, two five five. Go with a
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Speaker 5: don't pay a cent until you're content, wait time for
Speaker 5: an insurance check up free, no obligation. In comparison, call
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Speaker 5: seven to one.
Speaker 4: Help.
Speaker 5: You'll think you're his only customer when you choose Frank
Speaker 5: durand the real estate man dot Com to list your.
Speaker 4: Home with Remax Alliance.
Speaker 5: Three oh three nine two zero sixteen twenty two.
Speaker 4: Hi Tom Martino here, Welcome to the show.
Speaker 5: Three oh three seven h three eight two five Carabody
Speaker 5: used cars. She paid a lot of money for an
Speaker 5: extended warranty. We're going to agree on that. She paid
Speaker 5: forty three hundred dollars that that, I mean, that's one
Speaker 5: of the most expensive I've ever heard of anyway, on
Speaker 5: a twenty two. Now, how many miles were on this palisade,
Speaker 5: by the way, when.
Speaker 11: We purchased it, it was fifty five thousand, And we're mark.
Speaker 4: What's the warranty on that?
Speaker 5: If she had a twenty twenty two, if she had
Speaker 5: a twenty twenty two Hyundai Palisade with that many miles,
Speaker 5: would it still be under any factor the warrants?
Speaker 11: It was at fifty four now it's at sixty three,
Speaker 11: and they told us it okay, And as.
Speaker 6: It would be, it doesn't matter, would be bumper to
Speaker 6: bumper up till sixty thousand.
Speaker 4: Unless they're something weird.
Speaker 6: Five okay, years sixty thousand, So you're over it no
Speaker 6: matter what.
Speaker 5: Oh, okay, so it doesn't matter. So kara kara. So
Speaker 5: you you bought a warranty, you thought it covered a
Speaker 5: bunch of stuff. Then you had some struts and some
Speaker 5: stuff go out and and what's the story?
Speaker 1: Now?
Speaker 4: Continue your story.
Speaker 11: So we took it in yesterday to a second dealership
Speaker 11: because I had.
Speaker 5: An appoint Why did you go to a second why'd
Speaker 5: you go to a second dealership?
Speaker 11: I had an appointment with the initial dealership yesterday and
Speaker 11: when I showed up, the guy told me that they
Speaker 11: were too busy and that he couldn't look at the vehicle,
Speaker 11: okay until today. So I needed it to be able
Speaker 11: to take, you know, the kids around and stuff, so
Speaker 11: I couldn't leave it.
Speaker 14: For a few days.
Speaker 4: I get it. So what's going on now?
Speaker 11: They confirmed it was the struts and the bill ended
Speaker 11: up costing twenty.
Speaker 15: Five They called the warrant Lord.
Speaker 6: Have mercy. Struts would never be covered. Yeah, they're definitely
Speaker 6: not cooking. You should have went to like Sheridan Autotechers,
Speaker 6: some outside besides a dealership. That whole job's probably a
Speaker 6: thousand bucks, no joke.
Speaker 5: What was your total bill, Kara, Let's get right down
Speaker 5: to it. What was your total bill?
Speaker 3: Twenty five hundred, I mean total everything, everything?
Speaker 4: Okay, And you were and you were shocked.
Speaker 5: Did you think the extended warranty was going to cover
Speaker 5: regular maintenance?
Speaker 4: Uh?
Speaker 11: They said regular maintenance. No, like the oil changes and stuff.
Speaker 11: So we were aware of that, but they said anything
Speaker 11: big bumper to bumper. Because of the amount we paid,
Speaker 11: he said absolutely everything would be covered.
Speaker 4: So it was kind of okay. Now you knew though.
Speaker 5: Hold on, so, Kara, when you're sitting there and I'm
Speaker 5: trying to drive this home, not to be not to
Speaker 5: make you feel bad, but.
Speaker 4: But when you're sitting there and they.
Speaker 5: Say, well, anything big bumper to bumper is going to
Speaker 5: be covered, I mean you did understand that there were
Speaker 5: going to be things not covered right here?
Speaker 6: I mean tires, brake pads, alignments, anything that's wearable is wheels.
Speaker 6: You never covered filters. So twenty five hundred dollars you
Speaker 6: wanted how much?
Speaker 4: How? Okay?
Speaker 5: So bottom line is it's not covered. So are you
Speaker 5: calling because you felt you were misled?
Speaker 13: Yes?
Speaker 5: Okay, Now, Kara, there there is something in life called
Speaker 5: fraud when somebody lies to you to get you to
Speaker 5: sign something, And if you feel there was fraud.
Speaker 4: You'd have to prove it.
Speaker 5: And here's what you'd have to prove, seriously that they
Speaker 5: lied to you specifically to get you to buy it,
Speaker 5: and that you can prove they lied to you, and
Speaker 5: you have some kind of documentation of those lies. And
Speaker 5: even then it might be difficult. But Kara, no matter what,
Speaker 5: there's not a warranty in the world that would cover
Speaker 5: a strut.
Speaker 4: No matter what.
Speaker 6: So sometimes the manufacturer's warranty will cover them, depending on
Speaker 6: the problem. Though if there was actually a defect in
Speaker 6: the materials or workmanship, but generally due to wear and tear,
Speaker 6: they're never going to be covered.
Speaker 12: Okay, so that's enough.
Speaker 6: I want to add this in there. It's fair enough,
Speaker 6: in my opinion, for someone selling a car to say,
Speaker 6: for example, you have a sixty thousand mile bumper to
Speaker 6: bumper warranty, because it is even though it doesn't cover
Speaker 6: tigers brake pads, it still is considered a bumper to
Speaker 6: bumper warranty.
Speaker 4: Yeah.
Speaker 5: Now, Kara, what I want to know is this, did
Speaker 5: you complain to anyone and what did they say?
Speaker 4: To you.
Speaker 11: We did not complain to be initial dealership because we
Speaker 11: wanted to see first if we if there was any recourse.
Speaker 11: We came and read the agreement, and obviously when you
Speaker 11: reread the agreement, it's very misleading because it looks like
Speaker 11: it's going to do it. But then there's the exclusion page,
Speaker 11: and like you said, strust right right, the most important
Speaker 11: the fact, Yeah.
Speaker 4: When you read this warranty.
Speaker 5: Though when you read it, do you like the warranty
Speaker 5: now that you read it?
Speaker 4: I mean, is it still a good warranty for you
Speaker 4: or not?
Speaker 11: You know, that's that's really a good question because if
Speaker 11: you look at the exclusions, it almost seems like everything
Speaker 11: in the world is excluded. So I guess until you
Speaker 11: really have to use it again to see if it'll
Speaker 11: actually pay for something, At this point, it doesn't really
Speaker 11: seem like it's a good deal because you know, it
Speaker 11: seems like it's going to cover stuff, and then if
Speaker 11: you look at the exclusions, there's a whole bunch of
Speaker 11: stuff listed.
Speaker 4: So right right we hay, I recall.
Speaker 5: I recall mark on some of these warranties that if
Speaker 5: they haven't used them and they changed their mind, how
Speaker 5: long ago.
Speaker 4: Did you buy this car?
Speaker 11: We bought it in August of last year, so it's
Speaker 11: about nine months old that we've had it.
Speaker 5: Have you you know you could get a partial refund
Speaker 5: and cancel that possibly.
Speaker 11: You know, we saw that in the agreement and we
Speaker 11: actually read that last night. It says there's a Colorado clause,
Speaker 11: but then right underneath it it says disagreement is non refundable.
Speaker 11: So it's kind of misleading throughout the whole thing because
Speaker 11: it'll show you at one part you think that it is,
Speaker 11: but then it looks like they're covering themselves by putting
Speaker 11: it in another section that they can point to you.
Speaker 5: Can you send us a copy of that I want
Speaker 5: to look at for you.
Speaker 4: Can you send that to us? All right? Send us
Speaker 4: a copy, Kara.
Speaker 5: Right now, I don't think there's much we can do
Speaker 5: except we helped others.
Speaker 4: Because listen, no.
Speaker 5: Matter what you say, I don't know how to emphasize
Speaker 5: this enough.
Speaker 4: It's not it doesn't count. It doesn't count.
Speaker 5: Now, sure, there's something called fraud in the inducement where
Speaker 5: they lie to you to get you to do something
Speaker 5: that is so difficult to prove and the cost involved.
Speaker 4: Don't ever rely on.
Speaker 5: Any verbal, oral, or insinuated promises. Dara, real quick here,
Speaker 5: let's get to your problem. Let's start it. What's going
Speaker 5: on in your neighborhood or with your neighbor? What's going on, Dara?
Speaker 13: Or dark morning?
Speaker 4: Dara?
Speaker 13: That's fine. Can you hear me?
Speaker 4: Yes?
Speaker 2: I can't?
Speaker 16: Hi?
Speaker 4: Hi, Yes.
Speaker 13: I live in Morrison for the last fourteen years here.
Speaker 13: I sold my family home in Greenwich, Connecticut and moved
Speaker 13: out here by red Rocks for my family home. And
Speaker 13: three we've been here fourteen years and three years ago
Speaker 13: a neighbor moved in and it's been a problem every since.
Speaker 13: And three years ago my son and her had a
Speaker 13: verbal constant confiscation, you know, he yelled her at her
Speaker 13: from my yard and because of that, she put a
Speaker 13: protection order on him. He has mental illness, and we
Speaker 13: didn't know he had a protection order.
Speaker 4: How long is THEO good for?
Speaker 13: It was both to me for two years and we
Speaker 13: went back to because we never went to court because
Speaker 13: we didn't even know we had a protection order, so
Speaker 13: we actually missed the court date. So it was automatically
Speaker 13: two years that he had to stay away from his
Speaker 13: own home. He can't even come home.
Speaker 4: That is incredibly.
Speaker 11: Well.
Speaker 4: Hold on man.
Speaker 5: Usually, usually, though they don't make you go out of
Speaker 5: your own home, they put up some kind of perimeter.
Speaker 5: Are you telling me they actually said he could no
Speaker 5: longer live there?
Speaker 13: Yeah, he can't come home within one hundred yards of
Speaker 13: the neighbor's house. And we are so close prostimity that
Speaker 13: we can almost touch each other's houses.
Speaker 4: Does he actually own that property or does he live
Speaker 4: with you there? And how old is he?
Speaker 13: He's been living with me since forever since, you know,
Speaker 13: little kids, you know, but he's, you know, a young adult.
Speaker 13: But you know it's so expensive ab outside and he's
Speaker 13: living in this car for the last three years because
Speaker 13: we both can't afford him to have it, you know.
Speaker 4: I'm Tom.
Speaker 6: We got to break in a second, but I'm thinking
Speaker 6: just out outside the box here, I mean two or
Speaker 6: three years. Protection order is generally not for yelling and
Speaker 6: calling someone a name.
Speaker 5: No, you're right, Mark, I want to get Joelazara. Let's
Speaker 5: try to get Joela's arra on. Hold on, Darren. We're
Speaker 5: going to come back and try to get an attorney's
Speaker 5: perspective on this. I'm Tom Martino three oh three seven
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Speaker 5: Time for an insurance check up free, no obligation comparison
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Speaker 5: to seven to one help. You'll think you're his only
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Speaker 5: oh three nine two zero sixteen twenty two.
Speaker 4: I'd probably give.
Speaker 5: See Hi Tom Martino here three O three seven one
Speaker 5: three talk I.
Speaker 4: Love that's the original seven.
Speaker 5: One three eight two five five first one can you
Speaker 5: adjust my return?
Speaker 4: Audio?
Speaker 2: Clean?
Speaker 5: Remarkable that your son had a protection order he lives
Speaker 5: there and they said he couldn't go home, Dearren. Did
Speaker 5: they literally say he's in violation of the protection order
Speaker 5: by living there?
Speaker 4: Did they actually say that? Did the judge.
Speaker 13: Say that he actually came home.
Speaker 4: I've never heard of such a.
Speaker 13: And he got arrested for being in his own home.
Speaker 5: But okay, explain the situation. Arrested in his own home?
Speaker 5: Where was he in his home?
Speaker 13: He was in He was actually in my uh little
Speaker 13: living room here and in the backyard.
Speaker 4: He came to the door and they arrested him.
Speaker 13: Yet and uh, they arrested my son.
Speaker 4: We need to talk to her.
Speaker 6: I need would you say, I'm just curious when you
Speaker 6: say he's a resident there, what does that mean? I
Speaker 6: don't understand that. Has he when's the last time he
Speaker 6: actually lived there?
Speaker 13: He lived until the protection order, like three years ago.
Speaker 13: He's always he's lived here.
Speaker 6: So he lived there the whole time up to the
Speaker 6: protection order. Then they told him you're no longer allowed
Speaker 6: to live in your house. Yeah, I find it crazy.
Speaker 13: Yeah, and it's really been very stressful for me as
Speaker 13: a mom.
Speaker 5: And okay, so no, I get it, Deren I'm trying.
Speaker 4: I'm trying to get an accurate picture here.
Speaker 5: So over the last three years, has he visited you?
Speaker 13: He cannot? And the thing is my neighbor, but she's
Speaker 13: not even home half the time.
Speaker 4: What did he do.
Speaker 6: What did he literally do? Did he like pull a
Speaker 6: gun on her? Or what happened? I mean, be real.
Speaker 13: He yelled at her. She's been kind of a bully
Speaker 13: for the last couple of years doing things, and he's
Speaker 13: very protected of me. He yelled at her, and from
Speaker 13: my backyard, from the you know, our from our backyard,
Speaker 13: and she was in her backyard.
Speaker 4: What did he yell? Did he threaten to murder Mark?
Speaker 4: He was in her backyard?
Speaker 13: Okay, he said things he shouldn't have said and scared her.
Speaker 13: And but this has been going on too long. My
Speaker 13: son is well, he's working full time.
Speaker 4: Did you ever think to talk to her?
Speaker 13: She will not let me talk to her. She has
Speaker 13: a protection order against me too.
Speaker 4: Oh my god.
Speaker 13: He tried to get me out of my house.
Speaker 5: Well, hold on, hold on, yeah, I know, how do
Speaker 5: you live there? He has a protection order against you.
Speaker 13: I went back to court and I was able to
Speaker 13: She wanted one hundred yards house, which means I can't
Speaker 13: come in. Then she wanted twenty yards, but the judge
Speaker 13: said I could live in my house of course, and
Speaker 13: I have to be one yard away from her when
Speaker 13: I'm in my house, and three yards away when we
Speaker 13: are in public.
Speaker 4: There's got to be a lot I want this.
Speaker 5: This sounds pretty damn serious. This sounds pretty serious.
Speaker 4: Hey, tom le Sarah is in court.
Speaker 6: So what I would like to do as soon as
Speaker 6: we can get him, either later on in the day
Speaker 6: or tomorrow, let's get her back on and get real options.
Speaker 13: Thank you.
Speaker 5: So there's there has to be modifications or something that
Speaker 5: can be done with this. I mean, this is she
Speaker 5: gunning for you? Look for trouble right now? Is she
Speaker 5: that that kind or or is she just what is
Speaker 5: she like?
Speaker 13: I don't I didn't even know her last name until
Speaker 13: we took her.
Speaker 6: To court, took her court, So what what what do
Speaker 6: you mean took her to court?
Speaker 13: Well, when she took me for modification, we didn't even know.
Speaker 5: There just sounds that there sounds like a lot more
Speaker 5: to this story.
Speaker 4: I mean it really really does. The courts.
Speaker 13: I just need justice. Well, my son deserves to be hall.
Speaker 13: He's working full time, he has goals to be a partmer.
Speaker 4: That's what I want to talk about.
Speaker 5: I want to talk about modifications to protection orders. That
Speaker 5: that's what I want to talk about. So hold on
Speaker 5: and we're going to put this. We're going to get
Speaker 5: you on with an attorney. Let's not continue right now, Dara.
Speaker 5: I want to get a real criminal attorney on to
Speaker 5: talk about options, because I'm sure they've come across stuff
Speaker 5: like this before.
Speaker 4: Carol. What's going on with you? Carol?
Speaker 15: Hi?
Speaker 14: I had a company come and replace a broken garage
Speaker 14: door spring in December of twenty two and had.
Speaker 4: Them, who did you have come out? Who did you now?
Speaker 4: You said, December of twenty twenty two?
Speaker 14: Yes, I had a choice? Okay, called them back in
Speaker 14: January of twenty four to replace the keypad. They sent
Speaker 14: the same technicians, but he didn't program the remotes, so
Speaker 14: I called them back. They sent in technician to program
Speaker 14: my remotes, but he was very angry when he showed
Speaker 14: up and said, wow, you he had to do this
Speaker 14: on his own time and pay for the whatever. And
Speaker 14: so I thought everybody can have a bad day. So
Speaker 14: I didn't call the company and complaint. But I decided
Speaker 14: I was not going to have that company come back,
Speaker 14: so I called a company to lube and inspect and
Speaker 14: tighten the bolts on my garage door last week.
Speaker 4: Who did you have to do that? Did you have one?
Speaker 4: Did you have one? Clear choice? Garage or who did
Speaker 4: you have?
Speaker 5: I'm just curious because I I love I always talk
Speaker 5: about one clear choice garage doors and they come out
Speaker 5: and do the tune ups.
Speaker 4: Who did you have come out and do the tune.
Speaker 14: Up Don's garage door.
Speaker 5: Oh yeah, that's a pretty good company. So keep going
Speaker 5: with your story.
Speaker 14: Okay. So he did the inspection and he said, I
Speaker 14: have one problem. He said, when was that we spring replaced?
Speaker 14: And I said two years ago. And he said they
Speaker 14: put on too heavy of a spring. And he showed
Speaker 14: me pull the cord and the door would not stay up.
Speaker 14: In fact, it came slamming down, except he kept it
Speaker 14: from slamming. And he showed me, we're on the top
Speaker 14: of the door opener. The gears were there were metal
Speaker 14: shavings from the garage door opener having to work so
Speaker 14: hard to open the door with that spring on it.
Speaker 5: So well, actually, okay, let me explain this. Let me
Speaker 5: let me explain this real quickly, Carol. A garage door
Speaker 5: spring holds the door open. I mean, in other words,
Speaker 5: it's it so a garage a garage motor could never
Speaker 5: pick up a door without that counter spring. So so
Speaker 5: it actually, if it was a heavy spring. It would
Speaker 5: actually hold the door open and it would be easy
Speaker 5: for the door to open, but it would be difficult
Speaker 5: to close the door. So did he say that the
Speaker 5: motor is working too hard to close the door?
Speaker 14: You know, I don't remember he did.
Speaker 5: Okay, that's fine, but he did say he said that
Speaker 5: door the spring was not too weak, it was too strong.
Speaker 14: It was too strong.
Speaker 5: Correct, Okay, keep going, And so then what do you
Speaker 5: suggest you do? Right?
Speaker 14: And asked them if they could send out a different technician.
Speaker 14: And I explained that Oscar was angry the last time
Speaker 14: and that I didn't want him back, and I was
Speaker 14: told that he was the only person that could come back,
Speaker 14: and that because another company and this is her word,
Speaker 14: touched the garage door, the ten year warranty was now void.
Speaker 5: First of all, the ten year warranty was on the spring, right,
Speaker 5: obviously correct. And okay, Carol, I understand what they mean.
Speaker 4: Another company touched it.
Speaker 5: I mean, I don't know if they can show you
Speaker 5: that in writing somewhere. But they didn't actually service the door.
Speaker 5: They just looked at it.
Speaker 11: Right right, He moved it.
Speaker 14: He tightened the bolts. That's all he did.
Speaker 5: Okay, So right now, though, what was the is your door?
Speaker 4: Was your door.
Speaker 5: Working properly before they told you it was too strong
Speaker 5: of a spring?
Speaker 4: What were the symptoms of your door? What were the symptoms?
Speaker 14: Make any problems with it? I just get it service
Speaker 14: looped in, you know, the bolts tightened. I'm seventy five,
Speaker 14: so I don't do that myself, and I do that
Speaker 14: every year or so, just to be sure that it's
Speaker 14: you know that I'm not damaging the door by not
Speaker 14: having it loved and greased and tightened. But no, there
Speaker 14: was no issue with it, and there's no issue with
Speaker 14: it now. I mean, it still works.
Speaker 4: Carol called for Carol.
Speaker 5: I want to I want to tell you something, Okay,
Speaker 5: I want to tell you something, Okay, And truly I
Speaker 5: don't think I don't think you're going to have a
Speaker 5: problem with that spring. First of all, the idea of
Speaker 5: a spring being too strong is ridiculous. Strong springs are good,
Speaker 5: and springs hold doors up.
Speaker 4: Okay.
Speaker 5: And so what a garage door opener does when you
Speaker 5: turn your garage door opener on, it simply releases the
Speaker 5: pressure and allows that door to lift, and it assists
Speaker 5: it a little. But the main function of a garage
Speaker 5: door opener is to close the door against the spring pressure.
Speaker 5: And I truly don't believe in it unless it's a
Speaker 5: commercial spring. I don't know what they're talking about, and
Speaker 5: I'd almost venture to say I'm gonna say this, I'd
Speaker 5: venture to say that they're trying to they're trying to
Speaker 5: get some money out of you this second company. I
Speaker 5: don't think you're gonna have a problem. Hold on, we'll
Speaker 5: come right back to you. Go with a sure thing
Speaker 5: Denver's best roofer Tell roofing dot com. You don't pay
Speaker 5: a cent until you're content. Time for an insurance check
Speaker 5: up free, no obligation. In comparison, call Compass Insurance paying
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Speaker 5: out now three oh three seven to seven to one help.
Speaker 5: You'll think you're his only customer when you choose Frank
Speaker 5: durand the real estate Man dot com to list your
Speaker 5: home with Remax Alliance three oh three nine two zero
Speaker 5: sixteen twenty two. Hi Tom Martino, your troubleshooter three oh
Speaker 5: three seven to one three talks seven one three A
Speaker 5: two five to five, How solving problems, Answer your questions,
Speaker 5: Take complaints uh Roland wants to talk about a car company,
Speaker 5: an exotic rental car company.
Speaker 4: Man, I think that is.
Speaker 5: Uh, that is such a cool thing to do if
Speaker 5: you're ever in a city and you want to rent
Speaker 5: like a lambo or something.
Speaker 4: But man, can they get expensive?
Speaker 1: Hey?
Speaker 4: Man, what's going on?
Speaker 2: Rolling?
Speaker 4: What's happening? Are you there?
Speaker 13: Rolling?
Speaker 4: We lost him?
Speaker 5: Okay, by the way, on that garage door, she's not
Speaker 5: gonna have a big problem. And I even looked at
Speaker 5: it up and again, the ideal situation would be for
Speaker 5: that door to stay open with the spring power and
Speaker 5: then the garage door power opener.
Speaker 4: You know, the the motor closes the door.
Speaker 5: But it and it should be balanced between open and closed,
Speaker 5: and it's it's and and the spring can be adjusted.
Speaker 5: So even if it was a strong spring, I think
Speaker 5: they were kind of I don't think they were genuine
Speaker 5: with her, because they can adjust that spring to have
Speaker 5: less tension. Carol, as I was saying, you're back again,
Speaker 5: and I'm glad you don't have to worry about that
Speaker 5: worst case scenario. You have to adjust the tension. But
Speaker 5: if I were you from now on, and I'm serious, Carol,
Speaker 5: I mean this and this is a shameless plug for
Speaker 5: one clear Choice Doors dot Com. All of their prices
Speaker 5: are on their website. You can go there right now
Speaker 5: and read about them. They're excellent people. I've known them
Speaker 5: for years. I've endorsed them for years one clear Choice
Speaker 5: Doors dot Com. If you have any more questions, you
Speaker 5: can hang on Meanwhile, we'll take more calls coming up
Speaker 5: on the Troubleshooter Show. Go with a sure thing Denver's
Speaker 5: best roofer Excel Roofing dot com. You don't pay a
Speaker 5: cent until you're content. Time for an insurance check up free,
Speaker 5: no obligation. In comparison, call Compass Insurance paying too much
Speaker 5: your coverage at dozens of insurance companies find out now
Speaker 5: three oh three seven seven to one help. You'll think
Speaker 5: you're his only customer when you choose Frank Durand the
Speaker 5: real estate and dot com to list your home with
Speaker 5: Remax Alliance three all three nine two zero sixteen twenty two.
Speaker 1: Yeah, ripped up new needed. That's who you don't have?
Speaker 4: Come running just as nass as we can show. Shooter's
Speaker 4: gonna help.
Speaker 1: Come man, This is.
Speaker 4: The Troubleshooter Show. No Tom Martino, Hi, Tom Martino.
Speaker 5: Your troubleshooter trio three seven one three talk three all
Speaker 5: three seven one three eight two five five.
Speaker 4: Here to help you anyway we can.
Speaker 5: That's what we do each and every day for I've
Speaker 5: been doing it for like fifty years, forty five.
Speaker 4: In Denver, and we're here for you. Now.
Speaker 5: We have a number of issues that we've been talking about.
Speaker 4: This one. Why is Dara back? Do we have the
Speaker 4: attorney up?
Speaker 3: Uh?
Speaker 5: Are we ready to get the attorney back on? Or
Speaker 5: excuse me to get an attorney on to talk about this?
Speaker 5: I noticed Dara's up there with her son issue with
Speaker 5: the restraining order?
Speaker 4: Can you can you talk to me about that?
Speaker 6: Kachina, We're getting Marco or one of his guys is
Speaker 6: going to be on very shortly.
Speaker 5: Excellent, excellent, Thank you very much. Okay, So now Carol
Speaker 5: still has a question.
Speaker 6: And by the way, I wanted to say something on
Speaker 6: the on the garage door opener that we were talking to.
Speaker 4: What was her name, Caroline?
Speaker 6: So Don's garage door if you've been around Denver, literally
Speaker 6: Don owned it forever. In fact, we did advertising for
Speaker 6: Don for years and years. That is now owned that's right,
Speaker 6: that's now owned by a company I'm not saying good, bad,
Speaker 6: or indifferent, but it's owned by I think it's t
Speaker 6: MIII that owns a conglomeration of these things across the country.
Speaker 6: So you're not dealing with Don anymore whatsoever. You're dealing
Speaker 6: with this huge corporation that has literally locations or loss
Speaker 6: the country.
Speaker 5: Yeah, and what Mark is referring to is private equity,
Speaker 5: and let me let me explain what that is. There's
Speaker 5: been a recent move and I say recent, it's happened
Speaker 5: for the last ten years basically. But you know, financial
Speaker 5: companies that look for creative ways for investments. You know,
Speaker 5: they go out into the market and look for ways
Speaker 5: to invest people's funds right now, you know, we got stocks,
Speaker 5: we got bonds, we got real estate, got all kinds
Speaker 5: of stuff.
Speaker 3: Right.
Speaker 5: Well, years ago people started putting together private equity funds,
Speaker 5: and really what that is is a fund where you
Speaker 5: go out and buy active and running companies and then
Speaker 5: you build them up and resell them, and a bunch
Speaker 5: of people. The first the guy that starts it, he
Speaker 5: gets pretty wealthy's selling his company many times, and then
Speaker 5: that person who buys it sells it again, and then
Speaker 5: those people sell it again. And then normally what happens
Speaker 5: is it gets to the price point where it can't
Speaker 5: sell anymore for more because they've done all they can
Speaker 5: with it, and then they start breaking it up into
Speaker 5: smaller divisions.
Speaker 4: And private equity has been very.
Speaker 5: Big in HVAC companies mainly or home services like plumbing, hating, cooling, electric,
Speaker 5: and drains. So they come in and take over a company.
Speaker 5: And as Mark said, he's not saying it's good, bad,
Speaker 5: or indifferent.
Speaker 4: It depends on the company.
Speaker 5: You can have really good private equity firms and you
Speaker 5: can have really pissed poor private equity firms that all
Speaker 5: they care about is, you know, squeezing every.
Speaker 4: Dollar out and moving on.
Speaker 6: Well, so it just depends what I don't like about them,
Speaker 6: and this goes for any of them, I don't care
Speaker 6: if it's grind stores or anything. What happens sometimes is
Speaker 6: they'll come in and let's say they buy I don't know,
Speaker 6: four widget companies, and they keep the original names, Don's Widgets,
Speaker 6: Fred's Widgets, whatever. They own four of them, and they'll
Speaker 6: bid against each other. So you're dealing with the same
Speaker 6: exact company, but you think you're getting bids from four
Speaker 6: different companies, and I find that a little shady.
Speaker 5: Now, Mark, that's actually true. Many of these companies have
Speaker 5: actually bought more than one brand and have kept the
Speaker 5: original brand rather than putting them under one brand. And
Speaker 5: when they do that and compete against each other, it
Speaker 5: can seem disingenuous because they're going to get a piece
Speaker 5: of the action no matter what. But just so you know,
Speaker 5: when they do come in and buy two companies, Let's
Speaker 5: say a private equity firm comes into Denver and buys
Speaker 5: two different HVAC companies, and those two companies compete against
Speaker 5: each other on a local level, the local managers are
Speaker 5: really competing with each other.
Speaker 4: They are, they really are.
Speaker 5: Now where it gets shady, as you put it, is
Speaker 5: that no matter who gets the job, the private equity
Speaker 5: firm benefits. But you're right, many times they keep the
Speaker 5: private names, and you have to go beyond that.
Speaker 6: Like t MIII Enterprises. Locally they own a one garage door,
Speaker 6: Don's garage door, and I thought some other ones, but
Speaker 6: I'm not seeing it right here. So my point is, though,
Speaker 6: if you get an estimate from both of them, I mean,
Speaker 6: you're getting an estimate from the same people. I mean,
Speaker 6: to me, It's like if you add two football teams
Speaker 6: owned by the same owner. Now, is that saying that
Speaker 6: the players are going to be crooked? No, not necessarily,
Speaker 6: but it's a little weird if you're a betting person
Speaker 6: and you're betting on a team and the other team
Speaker 6: is actually owned by the same people, it's a little bit.
Speaker 4: Yeah.
Speaker 5: And private equity is basically getting into everything. They're getting
Speaker 5: into home improvements, they're in home services, they're into garage doors.
Speaker 5: I actually, you're going to see more and more private equity,
Speaker 5: and that is the dream of many of these companies.
Speaker 5: They start a plumbing company to sell, you know, they
Speaker 5: start a garage door company to sell.
Speaker 6: I wonder what they're doing, like like the people in
Speaker 6: studio with this John. When it comes to mortgages, CMG,
Speaker 6: you guys do like two billion a month plus. I mean,
Speaker 6: it's ridiculous the lending you guys do back in the day,
Speaker 6: like your first house, Tom or my parents not necessarily
Speaker 6: Susanna and ized. But didn't you go to a bank?
Speaker 6: Like when did brokers become a thing? When like literally no,
Speaker 6: when did that start happening?
Speaker 5: You're right, mortgages And I'll let John weigh in on this,
Speaker 5: but more mortgages were the bailliwick of banks. The bank
Speaker 5: had a mortgage department, and mortgage bankers did the loans.
Speaker 6: And then you had this I'll tell you where my
Speaker 6: knowledge is coming from right now. The Beverly Hillbillies that
Speaker 6: I watched as a kid. They would go to the
Speaker 6: bank to talk to the banker about buying different homes
Speaker 6: and stuff.
Speaker 4: Yeah, right, And then here's what happened. Here's what happened.
Speaker 5: The banks then either split off their mortgage divisions or
Speaker 5: companies started doing just mortgages. And then you had something
Speaker 5: else that happened that the companies that invested in the
Speaker 5: mortgages did not want to service them. They did not
Speaker 5: want to collect payments, they did want not want any
Speaker 5: part of.
Speaker 4: The customer part of it.
Speaker 5: So they would sell off what's called the servicing arm.
Speaker 5: So you could sometimes have one company that loaned the
Speaker 5: money and another company that actually did the servicing.
Speaker 6: So John, benefit to that, John? Or Tom, what's the
Speaker 6: benefit to Like? Why sell that off simply because you
Speaker 6: don't want to hire all these people or have that
Speaker 6: division within your company.
Speaker 5: You just don't want to buy servicing. The cash flow
Speaker 5: also servicing. Servicing is a hassle. John explain how many
Speaker 5: of these servicing companies work.
Speaker 4: They can actually service.
Speaker 5: Loans for many many many investors correct the servicing Like
Speaker 5: for mortgage, mortgage.
Speaker 10: Banks typically like to keep their servicing because you know,
Speaker 10: the repeat clients the thing to them. But servicing is
Speaker 10: a monthly it's a recurring income. And then when you
Speaker 10: get non mortgage banks which became big, I think what
Speaker 10: the alternative financing came along, you know, not just a
Speaker 10: thirty year or fifteen year fixed anymore. That's when you
Speaker 10: saw these brokers come out, and then they did not
Speaker 10: have the ability to service loans, so they would sell
Speaker 10: off the servicing rights and you know, the servicing rights
Speaker 10: now become a big cash flow for non bank What does.
Speaker 4: That mean though?
Speaker 6: So if I'm if I'm a broker mark major loan broker,
Speaker 6: and my understanding is someone comes to me for a loan,
Speaker 6: I go out and shop a company like CMG. I
Speaker 6: find different rates and find the best rates for my client,
Speaker 6: and I when I go to underwriting, it's really not
Speaker 6: inside of my own company, it's inside of these banks
Speaker 6: I'm selling correct, right, But hold.
Speaker 5: On, So here here's what you have Mark, Mark Major,
Speaker 5: that's not my question.
Speaker 6: So I get that done and then whatever bank owns
Speaker 6: that paper now, and then that bank says, well, we're
Speaker 6: not going to service it. So when they sell the servicing,
Speaker 6: they still hold the loan.
Speaker 4: They still hold the notes, so yes, they still hold
Speaker 4: So the service pays them. Uh no, the servicer pays
Speaker 4: them up.
Speaker 10: Yes, they pay them a mount for that loan on
Speaker 10: how quick they think.
Speaker 4: That loan will pay off or not.
Speaker 10: So like now with rates rates high, servicing is not
Speaker 10: as much because people as soon as rates tick down, people.
Speaker 4: Are going to refinance.
Speaker 5: Yeah.
Speaker 10: Yeah, so servicing is not worth as much. But when
Speaker 10: loans were three or four percent, servicing was a big
Speaker 10: right because it's gonna stay with.
Speaker 4: You for seven years, ten years. So Mark scenario servicing.
Speaker 10: We do, we do. We do sell some, but we
Speaker 10: hold most of our servicing.
Speaker 4: But but here's the point.
Speaker 5: Mark Servicing can't change any part of the loan.
Speaker 4: All they do is service.
Speaker 5: So for example, in your scenario, Mark Major goes out
Speaker 5: and finds an underwriter. The underwriter pays Mark a fee
Speaker 5: for bringing them the loan. The underwriter then funds the loan.
Speaker 5: That underwriter could have a servicing department, or they.
Speaker 4: Could job it out. If they job out the.
Speaker 5: Servicing, then the main investment is still held by the
Speaker 5: banker or by the investor, and the servicing they're paid
Speaker 5: for servicing it.
Speaker 4: And then that's really how it works.
Speaker 5: And many times the underwriter can find another servicing company
Speaker 5: they don't have to stick with the same servicing company.
Speaker 4: So servicing alone is very lucrative.
Speaker 5: Because they're not really outlaying the capital. They're simply taking
Speaker 5: care of it for someone. They're coming in to a
Speaker 5: rental property and they're saying, for example, the rental property
Speaker 5: would be the investor, they own the property, the servicing
Speaker 5: company would be the management company collecting the rent and
Speaker 5: taking care of it, and the real estate broker would
Speaker 5: be the loan broker who went out and found it.
Speaker 5: So you have in the mortgage industry you have three levels.
Speaker 5: You have the selling of the loan, you have the
Speaker 5: underwriting of the loan, and you have the servicing of
Speaker 5: the loan.
Speaker 4: And and CMG.
Speaker 5: I think does all three of them. Many companies are
Speaker 5: big enough where they fund and.
Speaker 4: They service their own loans, right John, That.
Speaker 10: Is correct and do and that's that's where you gotta
Speaker 10: be careful because once companies starts selling off their servicing rights,
Speaker 10: that usually means they're a little cash flow crunch, you
Speaker 10: know type thing, because servicing, you know, it does supply
Speaker 10: cash flow large you know, large intensive uh employment, you
Speaker 10: know work.
Speaker 5: But that is right, yeah, and so and and and
Speaker 5: then there's some mortgage securities. And that's where an investor
Speaker 5: buys a mortgage security. But they don't have any that's it.
Speaker 5: All they know is that for this particular bond, they're
Speaker 5: going to get paid a certain amount of money, and
Speaker 5: then an underwriter will manage those and loan out the money.
Speaker 5: Because very seldom do you have of one company that
Speaker 5: loans its own money. Many times they go to the
Speaker 5: open market and they sell bonds. So John with CMG,
Speaker 5: that's a big enough bank, they actually do loan their
Speaker 5: own money, right, we.
Speaker 10: Loan our money, but then we do pull it together.
Speaker 10: For example, Fannie Mae and Freddie Mack are large buyers
Speaker 10: of the of the of the mortgage paper. But so
Speaker 10: you could have a five percent rate, seven percent rate,
Speaker 10: but you sell you know, one hundred million of that
Speaker 10: paper at a weighted average, So the okay, the investor
Speaker 10: itself is buying a pool of loans to do that.
Speaker 5: Okay, now coming back, I want to talk to Craig,
Speaker 5: who's trying.
Speaker 4: To help Ruth.
Speaker 5: That is a long story unto itself, Ruth and supposedly
Speaker 5: Ruth is being taken advantage of buyer daughter. The daughter said,
Speaker 5: I was just trying to help Ruth. And I remember
Speaker 5: Mark was heavily involved in that call and had some opinions.
Speaker 5: We'll come back to that and we're going to figure
Speaker 5: out is Ruth being taken advantage of? Is her daughter
Speaker 5: trying to rip her off? Or is her daughter trying
Speaker 5: to help Ruth. This is a really complicated situation. We'll
Speaker 5: talk about that and more coming up on the Troubleshooter Show.
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Speaker 4: You don't pay a cent until you're content.
Speaker 5: Time for an insurance check up free no obligation comparison
Speaker 5: call Compass Insurance paying too much your coverage at dozens
Speaker 5: of insurance companies find out now three all three seven
Speaker 5: to seven to one.
Speaker 4: Help.
Speaker 5: You'll think you're his only customer when you choose Frank
Speaker 5: durand the real estate Man dot com to list your
Speaker 5: home with Remax Alliance three all three nine two zero
Speaker 5: sixteen twenty two. Hi Tom Martino here three three seven
Speaker 5: to one three eight two five five, Welcome to the show.
Speaker 5: I got a text saying, Tom H love the analogies.
Speaker 5: Never really looked at the mortgage business before in this light,
Speaker 5: and really it is it is like that a mortgage
Speaker 5: business can be likened to the real estate business in
Speaker 5: that regard, in that when you go to a broker,
Speaker 5: that broker goes out in shops loans just like they're
Speaker 5: going out to find a house and uh, and that
Speaker 5: broker is the one finding the house. The investor owns
Speaker 5: the house, and then of course the one who manages
Speaker 5: the rental is the management company or the servicing company.
Speaker 5: So with loans, you have an investor. You may not
Speaker 5: even know who your investor is. If you have a
Speaker 5: mortgage on your house, you don't really know who holds
Speaker 5: that mortgage. You just know where you make your payments.
Speaker 5: That's the servicing company. And then the investor could be
Speaker 5: just a series of investors who bought mortgage bonds. As
Speaker 5: John brought out, there are mortgage bonds that you go
Speaker 5: out and buy and they pay very well, and they're
Speaker 5: very good income, and they're virtually no risk.
Speaker 4: Now, Craig is a friend of Ruth.
Speaker 5: Now, Mark, you had some pretty strongest feelings about Ruth
Speaker 5: and you I believe that you thought Ruth.
Speaker 4: Was really not being genuine. Here's what happened.
Speaker 6: I tell you, I've been on every side of this
Speaker 6: story now because we've from both of them. I mean literally,
Speaker 6: I've been on every side. I find it's so unfortunate
Speaker 6: that a mother and daughter are like, you know, fire
Speaker 6: and water. I find that the worst part of this. Honestly,
Speaker 6: it all started.
Speaker 5: It all started when a guy named Eduardo called and
Speaker 5: said I did work on a house and I can't
Speaker 5: get paid.
Speaker 4: And then we looked into it.
Speaker 5: Supposedly a Duardo was hired by Joanna. Joanna hired Eduardo
Speaker 5: to do a bunch of improvements on Ruth's house. Now
Speaker 5: Joanna is Ruth's daughter. Joanna says, I needed to fix
Speaker 5: up the house for my mother. She was getting out
Speaker 5: of the hospital and I needed to fix up the
Speaker 5: house for her. Ruth says, no, no, no, Joanna was
Speaker 5: trying to take over my house. She was doing these
Speaker 5: improvements for herself on my credit card without authorization, and
Speaker 5: then she moved into the house and I couldn't get
Speaker 5: rid of her. So Mark, is that basically the gist
Speaker 5: of it, I believe. So okay, now we have another perspective,
Speaker 5: and this is Dara.
Speaker 4: No excuse me, not Dar, I'm sorry. The contractors the
Speaker 4: one they called here.
Speaker 6: So the contractor called up I think it was a Guardo, right,
Speaker 6: and basically he said, hey, this I never got paid.
Speaker 6: We went in and we did all this work right,
Speaker 6: and I simply never got paid. So that's that's what
Speaker 6: it all comes down to, is the mother canceled, and
Speaker 6: that the daughter used to play EDWARDO.
Speaker 5: So right now, though it's who's telling truth. Ruth was
Speaker 5: Ruth's taking advantage of is is Joanna trying to take
Speaker 5: over Ruth's house? Ruth says, I was just trying to
Speaker 5: help my mother out, and she says and then it
Speaker 5: got deeper. Remember Mark where Ruth says, or excuse me,
Speaker 5: where Joanna says, Ruth's never been a mom.
Speaker 4: To me for the last fifty years. She's terrible.
Speaker 5: I was only trying to help her, and now she's
Speaker 5: slapping me in the face.
Speaker 4: Craig, where do you fall in all of this?
Speaker 2: Craig, Well, thank you so much for your time. Tom.
Speaker 2: I'm Ruth's close friend. We've been together for about six years,
Speaker 2: and I've been working with her through this scenario, and
Speaker 2: so I want to thank you very much for your time.
Speaker 5: But we, yeah, we don't know where we stand on
Speaker 5: this right now. We don't know who's telling the truth.
Speaker 2: Okay, Well, we can start out that Joanna, Matthew, and Jade,
Speaker 2: the three moved into her home while she was still
Speaker 2: in the hospital. We have a letter from Woodbury and
Speaker 2: Yarra representing Ruth. Attorney was Alex h u m And listen, don't.
Speaker 5: Get into all that don't please, please don't get into
Speaker 5: all that detail. Just give give us the general story
Speaker 5: is Joanna lying to us.
Speaker 2: Absolutely.
Speaker 5: So you think Joanna was trying to take the home
Speaker 5: from her mother?
Speaker 2: Yes, yes, we have evidence to that effect. And what
Speaker 2: had happened was Ruth's attorney sent Joanna a letter saying
Speaker 2: that Ruth was going through life saving heart surgery and
Speaker 2: in the meantime, Joanna said that.
Speaker 17: She would.
Speaker 2: Take care of things. We didn't know exactly what that meant,
Speaker 2: but the time that Ruth was in the hospital, Joanna
Speaker 2: just went ahead, moved right in, took advantage and hired
Speaker 2: mister Eduardo without even Ruth's consent, and started construction on
Speaker 2: the place and used Ruth's charge cards to do such.
Speaker 5: Let me ask you a question right now, Craig, I
Speaker 5: need to ask this.
Speaker 4: This is very important. Right now.
Speaker 5: The improvements have been done right, and what I want
Speaker 5: to know.
Speaker 4: Is this, where does this stand right now? Joanna?
Speaker 5: We understood from Joanna she was going to back out
Speaker 5: of this and she was just washing her.
Speaker 4: Hands of this.
Speaker 5: So why can't Ruth just live happily ever after in
Speaker 5: her home?
Speaker 2: Well, the situation is Ruth's attorney had to serve an
Speaker 2: eviction notice against Joanna, and so Joanna took advantage of
Speaker 2: Ruth in the hospital and had her signed I understand that, but.
Speaker 5: Where does it Let's talk about today.
Speaker 4: That happened in the past. What's going on today?
Speaker 2: Okay, what's going on today is finally we got Ruth
Speaker 2: into her home. Okay, she's in her home now, but
Speaker 2: she was not aware of well, once she got into
Speaker 2: her home, she was aware of all this new construction
Speaker 2: that took place. And then later restirship with the Bank
Speaker 2: of American First Bank and found out that Johanna was
Speaker 2: using her charge cards and supposedly she was paying Eduardo
Speaker 2: with Ruth's charge cards without her permission, and we found
Speaker 2: statements to that effect. And so I understand.
Speaker 5: But there were improvements done to the home. It's not
Speaker 5: like she went out and bought cosmetics. I mean, she
Speaker 5: was using the card for the benefit of the home.
Speaker 5: So Ruth benefited from all of this. So we's why
Speaker 5: I'm asking why are you calling today?
Speaker 4: Was there a new development?
Speaker 5: It seems to me Ruth's home, Ruth's house is improved,
Speaker 5: and Joanna is out of the picture.
Speaker 4: Is that not right?
Speaker 2: Well, no, Johanna is still in the picture because she
Speaker 2: has created this new demand notice with Bagley Law who
Speaker 2: is representing EDWARDO. And now what they're doing is they're
Speaker 2: charging again for the amount that was already taken out
Speaker 2: of Ruth's accounts.
Speaker 4: How are they charging it again to the credit card?
Speaker 2: Know what had happened was they went through Bagley Law in.
Speaker 4: Yeah, credit card My understanding.
Speaker 6: Hold on my understanding is the credit card sided with her,
Speaker 6: So the credit card company is now out of it.
Speaker 6: So she never ended up paying for it. The credit
Speaker 6: card company didn't pay for it. So how is this
Speaker 6: law firm getting paid?
Speaker 2: Explain that, Well, they're putting a demand letter.
Speaker 4: Okay, big deal.
Speaker 6: I think they're already past the lean if we didn't
Speaker 6: we do that, maw I'm trying to do.
Speaker 5: Listen here after okay, after the charge card was contested
Speaker 5: and the charges were given back to Ruth, he's saying
Speaker 5: that Joanna and Aduardo are now coming after her again.
Speaker 6: Yeah, I get that, but on what grounds? It's been
Speaker 6: over four months. I think it's too late to lean
Speaker 6: the property and basically she never authorized any of the repairs.
Speaker 6: I mean, we can argue the betterment are not better men,
Speaker 6: but we can argue.
Speaker 4: That the house is in better shape. But it's so weird.
Speaker 6: It's like some squatters broke in there and in redid
Speaker 6: her basement and then try to leave her with the bill.
Speaker 4: Yeah. So so here here's what I'm asking you.
Speaker 5: Call her, and I appreciate you calling Craig, but here's
Speaker 5: what I'm asking you. Here's what I'm saying to you.
Speaker 5: There's nothing they can do to Ruth. There's nothing they
Speaker 5: can do. They lost their rights to put a lean
Speaker 5: on the property. This attorney is threatening to do what
Speaker 5: to Ruth.
Speaker 2: Is threatening to take Ruth to court and say that
Speaker 2: you need to pay this bill for the construction in
Speaker 2: the home. It just wasn't the basement, it was throughout
Speaker 2: the work. How much how much we're looking about twenty
Speaker 2: seven thousand, Oh my god, yeah, Ruth act, we said
Speaker 2: twenty eight thousand.
Speaker 6: What I'm really Tom, Tom, what I'm curious about. Let's
Speaker 6: just take Let's pretend these are.
Speaker 4: One.
Speaker 6: They thought she was gonna die, so they move into
Speaker 6: the house thinking they're going to get the house. Two,
Speaker 6: they use her credit card to do all these remodels
Speaker 6: so their kids and other people can live there in
Speaker 6: the bathroom works or whatever that looks like. And then three,
Speaker 6: the mother's fine, she's back home. She literally a victim
Speaker 6: because they wouldn't leave, and I do believe that happened.
Speaker 6: And now they're trying to stick her with the bill
Speaker 6: when they stole her credit card to pay for it.
Speaker 6: So the question is, how do you think a judge
Speaker 6: would look at this?
Speaker 5: Well, okay, I think that that's going to be up
Speaker 5: for court grabs.
Speaker 4: I mean I don't think.
Speaker 5: I think that the daughter, Joanna, doesn't have a leg
Speaker 5: to stand on at this point.
Speaker 4: I don't see.
Speaker 5: What this attorney thinks they can do. The problem is
Speaker 5: Ruth needs to take or defend herself otherwise they might
Speaker 5: get a default judgment against her. And then that in
Speaker 5: itself can become a lean mark. Even though it's not
Speaker 5: a lean for the mcare services, it can be a
Speaker 5: lean for money owed.
Speaker 4: Yeah, if there's let me ask.
Speaker 5: You something, Craig, does Ruth owe any money on this house?
Speaker 4: Does she have a loan on this house?
Speaker 2: No, it's free and clear. And I also Ruth just
Speaker 2: handed me a text that Joanna, uh there sure, and
Speaker 2: it's well no, this is important. So after yesterday's events,
Speaker 2: and you have openly admitted on my character on radio
Speaker 2: for the world to hear. You thought you had legal problems,
Speaker 2: Well you didn't count on this actually knowing me.
Speaker 15: You think you have problems?
Speaker 4: Wait now, wait will you?
Speaker 16: Uh?
Speaker 2: Tom Martinez sees all the information you might want to.
Speaker 4: Hide under the rock.
Speaker 2: You called out or cut the heads off of snakes.
Speaker 2: Your hand was played well, but your applications and implications.
Speaker 4: All right, I gotta take you. Listen, you got a
Speaker 4: hold up a bit, got a giving you That house
Speaker 4: is just the best? All right?
Speaker 5: You hold on, though, we really have to seriously figure out.
Speaker 4: What to do.
Speaker 5: I think we should try to get Joanna back on.
Speaker 5: She said she was gonna she was gonna walk away
Speaker 5: from this.
Speaker 4: Didn't she Mark?
Speaker 6: Didn't she say she was back in Washington. The whole
Speaker 6: thing is insane. But here's the bottom line. If they
Speaker 6: bring her to court, she's gonna have a chance to defend.
Speaker 6: I'm not necessarily sure this woman owes anything. Although I
Speaker 6: would say this to Craig because apparently he's talking to
Speaker 6: Ruth right there. If literally the house has been brought
Speaker 6: up in value twenty eight thousand for this work, I
Speaker 6: don't know.
Speaker 4: If I would even fight any of it. Anyway, Hang on,
Speaker 4: we got more coming up on the televisioner show.
Speaker 5: Go with a Sure Thing, Denver's Best Rufer Excel Roofing
Speaker 5: dot com.
Speaker 4: You don't pay a cent until you're content.
Speaker 5: Time for an insurance check up free, no obligation. In comparison,
Speaker 5: call Compass Insurance paying too much your coverage at dozens
Speaker 5: of insurance companies find out now three all three seven
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Speaker 5: three nine two zero sixteen twenty two. Hi Tom Martino,
Speaker 5: your troubleshooter three O three seven one three talk seven
Speaker 5: one three eight two five five. So this, this mother
Speaker 5: daughter thing has just got me. I don't know, you know,
Speaker 5: here's what we have found in the past, and I'm
Speaker 5: sure you're going to back me up on this mark.
Speaker 5: Nothing is ever as good or bad as people tell you,
Speaker 5: and there's always truth on each side and lies on
Speaker 5: each side. I don't think you know we've ever heard
Speaker 5: something where family is involved like this, where there's all
Speaker 5: truth or all fiction. Hey, Craig, I want to help Ruth,
Speaker 5: but I'm not sure there's much we can do. She's
Speaker 5: gonna have to hire an attorney to defend herself. If this, listen,
Speaker 5: who is actually coming after Ruth? Is it Joanna her
Speaker 5: daughter or the contractor who is actually coming after her?
Speaker 2: It's both of them.
Speaker 4: It's just a demand letter. Listen, Tom, you know this.
Speaker 6: I can call up a thousand attorneys right now in
Speaker 6: pay them whatever their hourly is and demand anything from anybody.
Speaker 4: Okay, I'm okay.
Speaker 6: And on top of that, Craig, it's my understanding that
Speaker 6: the daughter is flat broke and lives in a car.
Speaker 4: Is there any validity to that.
Speaker 2: No, there's no validity to that. She's living off of
Speaker 2: some relatives for free. We're not exactly sure where she is.
Speaker 6: Do you think these relatives are going to pay four
Speaker 6: or five hundred bucks an hour for an Ernie to
Speaker 6: go after twenty eight thousand, where it's going to cost
Speaker 6: him fifty thousand dollars just to even come closer.
Speaker 5: First of all, first of all, here's what I don't
Speaker 5: understand Joanna. Why would Joanne spend money to go after
Speaker 5: money for the contractor?
Speaker 4: This is all on a eduardo.
Speaker 5: I don't know what Joanne is going after For God's sakes,
Speaker 5: there's nothing to go after.
Speaker 4: Joanne is out of the house, Ruth is in the house.
Speaker 4: Ruth should just.
Speaker 5: Go about her merry business and forget about all this.
Speaker 5: Do they actually say they're filing a lawsuit? Have they
Speaker 5: filed a lawsuit or not?
Speaker 2: Okay, they went through a Bagley Law firm out of Lakewood.
Speaker 2: They presented the demand letter. I talked to Ellen at Bagley,
Speaker 2: who's absolutely delightful, by the way, and she said that
Speaker 2: Ruth needs to hire an attorney.
Speaker 4: That's probably good advice.
Speaker 8: Four.
Speaker 2: Yeah, I think that's probably good advice.
Speaker 4: Can you send us a cop of that letter?
Speaker 2: Sure, I'd be glad to do that.
Speaker 5: And I just wanted to why don't you do it
Speaker 5: right now before before we continue? Before we continue, maybe
Speaker 5: you should send us this letter and Katschina or Mark?
Speaker 4: Did we have a number for uh Joanna the daughter?
Speaker 4: We should Tom? What's that?
Speaker 9: We should have a number for Joanna?
Speaker 4: We called her last week.
Speaker 5: Yeah, maybe maybe we should try to get Joanna on again.
Speaker 4: Let's do that.
Speaker 5: Hold just hold this for now. I mean, really, there's
Speaker 5: no sense rehashing it. Here's the bottom line. Ruth claims
Speaker 5: her daughter, Joanna tried to steal her house.
Speaker 4: I mean, that's it in a nutshell, and we have
Speaker 4: more recording to her. The whole thing is nuts man.
Speaker 6: I feel like we're running a Jerry Springer episode when this,
Speaker 6: When this comes on, I.
Speaker 5: Know, go with a sure thing. Denver's Best rufer Excel
Speaker 5: Roofing dot com. You don't pay a cent until you're
Speaker 5: content than time for an insurance check up free no
Speaker 5: obligation comparison call Compass Insurance paying too much your coverage
Speaker 5: at dozens of insurance companies find out now three all
Speaker 5: three seven seven to one help. You'll think you're his
Speaker 5: only customer when you choose Frank durand the real estate
Speaker 5: Man dot com to list your home with Remax Alliance
Speaker 5: three oh three nine two zero sixteen twenty two. Hi
Speaker 5: Tom Martino here three oh three seven one three talks
Speaker 5: seven one three eight.
Speaker 4: Two five five.
Speaker 5: Have you had enough of Ruth and her daughter and
Speaker 5: all of that saga. Well, I'm telling you we're gonna
Speaker 5: revisit it coming up in the next hour. We're gonna
Speaker 5: get Joanna on again to give her side of the story.
Speaker 4: But basically it's and then we have a lot.
Speaker 5: Of real estate, believe it or not, some text on
Speaker 5: real estate on marketing and selling homes, many people are
Speaker 5: being told to hold off, and they want to know
Speaker 5: should they hold off?
Speaker 4: What is the story there?
Speaker 5: And then on mortgages in general, people want to know
Speaker 5: if they're going to move out of their home and
Speaker 5: they're going to rent it out, should they get a
Speaker 5: non owner occupied loan or if they're still in the home,
Speaker 5: should they get a regular loan and then just not
Speaker 5: say anything when they move out? John, what is the
Speaker 5: rule on that? If someone is going to refine. Now,
Speaker 5: let's say, and they're.
Speaker 4: Going to and they need the cash out of that.
Speaker 5: House to buy another one, but they plan on renting
Speaker 5: the one they're in, do they have to disclose that?
Speaker 5: What is the rule on non owner occupied loans?
Speaker 4: I mean tough to call.
Speaker 10: I mean you take we don't have to disclose it
Speaker 10: because they're still living, there's still their primary residence. When
Speaker 10: you go to closing, you sign the ten oh three
Speaker 10: or the application that states this is your primary residence.
Speaker 10: If their new purchase is going to go to the
Speaker 10: same place as their cash out, you know that there's
Speaker 10: good chance that company is gonna or the underwriters going
Speaker 10: to say, hey, you know, how are you buying this
Speaker 10: with that? And you're still saying you live there, you know,
Speaker 10: So it's it's it's.
Speaker 5: Is there a big Is there a big difference in
Speaker 5: rate between an occupied and a non owner occupied.
Speaker 10: There is a lot of it is depending on the
Speaker 10: loan to value. And most of the time people use
Speaker 10: their primary they turned it into a rental, so typically
Speaker 10: it's not a problem. You know, most most primary residents
Speaker 10: end up becoming rental incomes.
Speaker 5: Go with a sure thing Denver's Best roofer Excel Roofing
Speaker 5: dot com.
Speaker 4: You don't pay a cent until your content.
Speaker 5: Time for an insurance check up free no obligation comparison
Speaker 5: call Compass Insurance paying too much your coverage at dozens
Speaker 5: of insurance companies find out Now three oh three seven
Speaker 5: seven one help. You'll think you're his only customer when
Speaker 5: you choose Frank durand the real estate Man dot com
Speaker 5: to list your home with Remax Alliance three oh three
Speaker 5: nine two zero sixteen twenty two.
Speaker 1: Ripped News need so you don't have come runous as
Speaker 1: fast as the can.
Speaker 4: No shooter's gonna help come.
Speaker 17: This is the troubleshooter show. No Tom Martino, Hey.
Speaker 5: Tom Martino here, Welcome to the show. Three oh three
Speaker 5: seven one three talk seven one three eight two five five.
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Speaker 5: plans A three three coo plans. Okay, now I'm going
Speaker 5: to uh are we gonna get Joanna on Kaschina?
Speaker 18: So I did speak with her, she no longer wishes
Speaker 18: to come on the show. I'm gonna basically referred as
Speaker 18: to her attorney, I'm gonna put a pull up, Okay, good.
Speaker 4: I don't believe that she can just ignore this.
Speaker 5: But I also don't believe that Joanna and the contractor
Speaker 5: are working together. There there's no way that a judge
Speaker 5: would let I mean, why would they sue together. They're
Speaker 5: not even suing for the same thing. Joanna, She's not
Speaker 5: the one out any money. So, Craig, are you sure
Speaker 5: that letter. Does the attorney say in that letter? And
Speaker 5: by the way, Kashina, did he send us that letter?
Speaker 4: Oh? Hey, does that letter?
Speaker 6: Hold on real quick, Craig, why don't you guys send
Speaker 6: us some pictures of the work that was done in
Speaker 6: the house, like the basement finished in the bathroom.
Speaker 5: And also, does the letter say from the attorney that
Speaker 5: the attorney represents ed Eduardo and Joanna?
Speaker 2: The letter just says that it represents Ed Loreno. But
Speaker 2: we believe that there's a relationship.
Speaker 4: Oh who cares?
Speaker 5: Yeah, but I don't care what you believe. That's exactly
Speaker 5: what I thought. Eduardo wants to be paid.
Speaker 2: Okay, well here's something now too. I just wanted to
Speaker 2: say this.
Speaker 5: Joanna has nothing to Joanna has nothing to do with
Speaker 5: that letter. Joanna is not suing her mom a. Eduardo's
Speaker 5: suing to get paid.
Speaker 2: Well, I think there's more to it in that. It
Speaker 2: looks like there's a kickback scheme. We've got evidence of that.
Speaker 5: Wait, Craig, Craig, Craig, Craig, hold on, I'm gonna know.
Speaker 5: I'm not letting people. I'm not letting people do Diary
Speaker 5: of the Mouth. I want to know you said a
Speaker 5: kickback scheme. Explain what that means and tell me the
Speaker 5: evidence you have.
Speaker 2: Go ahead, Okay, Well, we've got Ruth went to Bank
Speaker 2: of America and First Bank, and we're finding out that
Speaker 2: there's money being uh paid to EDWARDO and it rose
Speaker 2: right back around and it's being reimversed at Joanna.
Speaker 4: We've we've got Craig, Craig.
Speaker 5: Hold on, Craig, where is the money being paid to
Speaker 5: or draw from?
Speaker 4: What account?
Speaker 2: Uh it was from? Was it originally from Visa and
Speaker 2: Bank of America? Your account?
Speaker 4: Yeah? First Bank, it's so Craig, yes, sir, Okay, hold on.
Speaker 5: So you say that you can show transfers to a
Speaker 5: Duardo from Ruth?
Speaker 4: Is that correct?
Speaker 2: From Eduardo U to Jolanna.
Speaker 5: From Ruth to Eduardo. You just told me you can show.
Speaker 4: Craig.
Speaker 5: Follow me here, Okay, it's not that difficult. You just
Speaker 5: said that you had evidence of a kickback scheme. You
Speaker 5: have no evidence of anything. You said there are payments
Speaker 5: coming out of Ruth's account and going.
Speaker 4: Back to Joanna. Prove that. Go ahead, prove.
Speaker 2: It no there being funneled to Borgia. Excuse me, Eduardo,
Speaker 2: it's anyway, we've got evidence to that wall.
Speaker 1: No no, no, no.
Speaker 6: No, no no no, Craig, Craig, Craig, you said there
Speaker 6: was a kickback scheme. I am sick and tired of
Speaker 6: people running out.
Speaker 5: The mouth without evidence. Now, Craig, a kickback scheme. You
Speaker 5: said payments was going, payments were going from Ruth to
Speaker 5: a Duardo and then back to Joanna. I want to
Speaker 5: know what evidence do you have that a Duardo is
Speaker 5: kicking back money to Joanna?
Speaker 4: What evidence do you have?
Speaker 2: Okay, I don't have that specific sheet in front of me.
Speaker 2: I will find it when I'm working with Ruth.
Speaker 4: What evidence would that be, though?
Speaker 5: Tell me tell me what evidence it would be, even
Speaker 5: if you don't have it in front of you.
Speaker 4: What evidence exists?
Speaker 5: Well, Ruth, I want you to tell me what proof
Speaker 5: you have that Eduardo is kicking back money to Joanna.
Speaker 12: Well, the bank statement that he was talking.
Speaker 4: What does the bank statement show?
Speaker 12: That's exactly what it shows? The money running back?
Speaker 4: What does it show? What does it show, Ruth?
Speaker 5: It does it show that Eduardo was writing checks to Joanna?
Speaker 12: I don't Well, that is Craig saying it. He is
Speaker 12: more professional in that line of work than I have
Speaker 12: ever been.
Speaker 5: Okay, let's let these people go. I've had about enough
Speaker 5: of it. Okay, I really had enough of this. This
Speaker 5: is ridiculous. This is totally ridiculous, and in fact, I
Speaker 5: don't think I've done this in a long time, but
Speaker 5: I think that basically.
Speaker 4: They deserve the uh, the old uh, the dinger. I
Speaker 4: blowed him up. I blowed him up. I did. I
Speaker 4: blowed him up. You suicided him.
Speaker 5: I blewed him up. I blewed him up, blowed him up. Listen,
Speaker 5: this is ridiculous. You know how many people call this
Speaker 5: show on a daily basis saying they have evidence of
Speaker 5: stuff and they have nothing.
Speaker 4: I'm just so tired of it.
Speaker 5: People imagine that they have things what Ruth has here.
Speaker 5: This is what it's going to boil down to, really
Speaker 5: and truly, Let's look at Duardo did work on a
Speaker 5: home and did not get paid. Now he lost his
Speaker 5: right to put a lien on the house. That's why
Speaker 5: he has an attorney writing to Ruth. But they're going
Speaker 5: to have a tough time collecting.
Speaker 4: Now.
Speaker 5: There is something called betterment meaning or it's also called
Speaker 5: quantum marrow. It you got value for something you could
Speaker 5: be held responsible to pay for it, But that is
Speaker 5: really really difficult, especially if Ruth was incapacitated in the
Speaker 5: hospital and did not give approval for the work. All right,
Speaker 5: let's switch our gears to real estate. We have a
Speaker 5: question here Frank Duran, the real estate man Stephanie Thomas,
Speaker 5: and we have questions on fix and flips. Question is
Speaker 5: are there any buys out there for fix and flips
Speaker 5: or is this a dying.
Speaker 4: Art right now?
Speaker 5: Right now in this market, Tom, I run it someone
Speaker 5: was considering, go ahead.
Speaker 4: Oh I'm sorry.
Speaker 7: I run it to them from time to time, But
Speaker 7: nowhere near what we saw back in two thousand and
Speaker 7: eight through twenty eleven.
Speaker 4: Not even close.
Speaker 5: You know what you get because they're just too expensive,
Speaker 5: right well, yeah, price have gone up.
Speaker 7: And of course back then, Tom, you remember we had
Speaker 7: around twenty seven thousand homes on the market. Right now,
Speaker 7: I think we're sitting around eleven or twelve thousand. We
Speaker 7: just don't have the inventory which we had back in
Speaker 7: that timeframe.
Speaker 4: What is the average time on market in Denver?
Speaker 7: So right now, for residential properties we show it as
Speaker 7: thirty seven days. For single family homes it's thirty four days,
Speaker 7: and for attached properties it's forty six days.
Speaker 4: How about price range.
Speaker 6: That's everything, But let's break down like under seven hundred
Speaker 6: and over seven hundred.
Speaker 4: Is there a big difference?
Speaker 7: Frank, Well, you know the average right now for residential
Speaker 7: all residential seven twenty two, seven ninety, the medians sitting
Speaker 7: around six oh seven.
Speaker 4: But here's the funny park that's so amazing.
Speaker 7: Oh my gosh, you know, but single family homes, not
Speaker 7: including attached properties. The average right now, according to d
Speaker 7: Mars eight oh four one one five, eight hundred and
Speaker 7: four thousand, one hundred and fifteen.
Speaker 5: Do you remember when if you were looking at if
Speaker 5: you were looking at a seven hundred thousand dollars home,
Speaker 5: you were looking at a mansion.
Speaker 6: Oh my god, our first home out here, Clark Farms, Parker, Colorado,
Speaker 6: nineteen ninety three or four, brand new, brand new, US home,
Speaker 6: one hundred and ten thousand dollars, brand new, Tom.
Speaker 4: I remember it was a car right now.
Speaker 7: When I sold my first home, this is way back
Speaker 7: in the early nineties, it was for around two hundred
Speaker 7: and fifty thousand dollars, and I thought I was selling
Speaker 7: a mansion. It was such a big house. That house
Speaker 7: today is worth over a million dollars. But it to
Speaker 7: me was incredible to sell my first home at two
Speaker 7: hundred fifty thousand dollars.
Speaker 5: Home Now, someone has a very big question.
Speaker 4: I want to get to on commissions.
Speaker 5: They're very confused about lawsuits and about the board of
Speaker 5: realtors and about what they're reading. We'll talk about that
Speaker 5: and more coming up on the Troubleshooter Show three oh
Speaker 5: three seven one three A two five five. Go with
Speaker 5: a sure thing Denver's Best roofer Excel Roofing dot com.
Speaker 4: You don't pay a cent until you're content than.
Speaker 5: Time for an insurance check up free no obligation comparison
Speaker 5: call Compass Insurance paying too much your coverage at dozens
Speaker 5: of insurance companies find out now three oh three seven
Speaker 5: seven to one help. You'll think you're his only customer
Speaker 5: when you choose Frank durand the real estate Man dot
Speaker 5: com to list your home with Remax Alliance three oh
Speaker 5: three nine two zero sixteen twenty two. Hi Tom Martino
Speaker 5: here three O three seven one three talks seven one
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Speaker 5: Renew Home Innovations dot com three oh three nine zero
Speaker 5: four to two thousand. So in the studio we have
Speaker 5: John Clays with CMG Financial doing mortgage. We have Frank
Speaker 5: durand in the real estate man Stephanie Thomas with Stephanie
Speaker 5: Thomas ri or stephaniear dot com.
Speaker 4: Frankdurand the real estate man dot com.
Speaker 5: Hey, here's what we're asking this person and as well
Speaker 5: as I am, they're confused. They want to know what
Speaker 5: really changed with these lawsuits about commissions. They've heard all
Speaker 5: about the lawsuits.
Speaker 4: What exactly happened?
Speaker 2: Now?
Speaker 5: Can anyone explain it in plain English? What the lawsuits
Speaker 5: were about and what changes, if any, or how does
Speaker 5: it stand as far as real estate commissions. I guess
Speaker 5: they feel like that there was some price fixing can
Speaker 5: anyone explain it? I have to admit I don't fully
Speaker 5: understand the exact nature of the lawsuits.
Speaker 7: Yet what was the Gnar settlement? So, guys, this was
Speaker 7: a class action lawsuit in Missouri. And my understanding is
Speaker 7: it was an agent that had a home listed and
Speaker 7: he told a seller he should probably reduce the price
Speaker 7: in order to get it moved. The seller says, look,
Speaker 7: if I have to drop it by X amount of money,
Speaker 7: then I want to lower the co op you're offering
Speaker 7: to the broker. And my understanding is he told him
Speaker 7: that we're not allowed to do that once we've offered
Speaker 7: that commission. So that's where it had started. And I
Speaker 7: can tell you, guys, in Colorado we've always been very transparent.
Speaker 7: In fact, I would say I would go as far
Speaker 7: as to say that Colorado's led the way with Contra.
Speaker 7: We've always been very transparent what we offer. But the
Speaker 7: way it works now is in the MLS, where before
Speaker 7: we advertise what the co op was, whatever that was,
Speaker 7: now we're not allowed to do that. So what happens
Speaker 7: is when a buyer agent writes an offer, they will
Speaker 7: put in the offer what they're asking to be paid.
Speaker 7: That's a point of negotiation, and the seller may or
Speaker 7: may not agree to that.
Speaker 4: And to be honest, I've seen this all over the board.
Speaker 7: I saw one particular one where the seller offered a
Speaker 7: lesser co op and the buyer covered the rest of
Speaker 7: their buyer agency fee, so it could be negotiated that way.
Speaker 7: I've seen some sellers say I don't want to pay
Speaker 7: any co op, but there's pros and cons to that.
Speaker 7: Some of them say, look, I want all hands on board.
Speaker 7: Let's offer what we feel as a fair co op
Speaker 7: to generate as much demand as we can.
Speaker 5: And Frank, I want to go one step I want
Speaker 5: to go one step back. Let's talk about in general,
Speaker 5: you use the word co op as if everyone knows it.
Speaker 4: And it's not your fault.
Speaker 5: A lot of us do this, So let's talk about
Speaker 5: this first and foremost. When Frank or Stephanie sell a
Speaker 5: property for a buyer, excuse me, for a seller, they
Speaker 5: make there is a commission that is paid. Now, that
Speaker 5: commission is not set by law, it is not set
Speaker 5: by anything. It is an open negotiation. So normally what
Speaker 5: used to happen there would be a commission, let's say
Speaker 5: like seven percent, right, So if someone if you had
Speaker 5: a lawn sign and you were listing this property and
Speaker 5: advertising the property and you met a buyer's agent there
Speaker 5: and they had a customer, would that commission let's just
Speaker 5: take the very basics first, then we'll get into the nuances.
Speaker 5: When you had someone bring a buyer to you and
Speaker 5: that was a sale, was that seven percent split three
Speaker 5: and a half and three and a half.
Speaker 8: It's ultimately would have been split what you agreed to
Speaker 8: your seller in the initial listing contract.
Speaker 4: So that didn't happen.
Speaker 6: To understand that I'm talking about, I'm talking about in general,
Speaker 6: just in general.
Speaker 5: Was it split fifty to fifty?
Speaker 4: Usually when a buyer came to you.
Speaker 8: Like like I was just saying it's going to be split,
Speaker 8: But it wasn't necessarily a fifty to fifty. You know,
Speaker 8: it's ultimately whatever you guys decided. And I've seen it
Speaker 8: where listing agents might you know, have had a higher
Speaker 8: percentage due to marketing costs or something like that. But
Speaker 8: ultimately it's what was at you know, what was agreed to,
Speaker 8: Okay in the Colorado contract.
Speaker 5: Okay, so then when they split, let's just whatever the
Speaker 5: split was, there was.
Speaker 4: A split commission part of it.
Speaker 5: Went to the listing agent, part of it went to
Speaker 5: the buying agent.
Speaker 4: If there was a buying agent.
Speaker 5: Then when the buyer gets that commission, when the buyer's
Speaker 5: agent or broker gets that commission, it's up to them
Speaker 5: how they split it with their individual agent and all
Speaker 5: of that. That has nothing to do with a contract
Speaker 5: on the selling side, isn't that true?
Speaker 4: Correct?
Speaker 8: The buyer's agent would have an agreement with their brokerage
Speaker 8: on whatever their personal splits were, so that has nothing
Speaker 8: to do with the sulker or the listing agent.
Speaker 5: Now, when we talk about co op, what is co
Speaker 5: op means when someone brings a buyer to you, the
Speaker 5: part that you pay them is called the co op.
Speaker 4: Is that true?
Speaker 8: We actually were calling it a co op. That's actually
Speaker 8: been changed in our contract. Now, co op was just
Speaker 8: reference to having a cooperating broker come in, essentially the
Speaker 8: buyer's agent.
Speaker 9: So that's what it was referenced to.
Speaker 5: Okay, So when you guys go and list a home,
Speaker 5: Let's say you come to list my home right now, Frank, or.
Speaker 4: You list my home.
Speaker 5: In that contract, do you specify the amount of commission
Speaker 5: that you expect to get.
Speaker 7: Most definitely, Tom, it's broken down and we go through
Speaker 7: this where it's very easy to understand it.
Speaker 4: It's very transparent.
Speaker 5: Now, in that contract, would you say, seller agrees to
Speaker 5: sell property for X amount of commission?
Speaker 4: Is that's how it's written basically? Yes?
Speaker 5: Okay, Now let's just say you negotiate a six percent commission.
Speaker 5: So I know as a seller, I am going to
Speaker 5: pay six percent for my house to be sold. But
Speaker 5: I don't have any say in how that six percent
Speaker 5: is broken down. If you want to only give one
Speaker 5: percent to a co op broker, that's up to you
Speaker 5: and that co op broker. Do I don't really have
Speaker 5: anything to say about that, do I? Once my contract
Speaker 5: is written for a certain percentage, I don't really have
Speaker 5: any control over that, do I?
Speaker 4: Well, Tom, here's the thing about it.
Speaker 7: I've seen sellers where they offer a co op in
Speaker 7: the list or or the broker compensation. I've said co
Speaker 7: op Burger compensation, where all of a sudden you get
Speaker 7: an offer on the table and that agent. Sometimes, if
Speaker 7: the deal gets competitive, I've seen them ask for less
Speaker 7: of a compensation than what the seller was willing to offer.
Speaker 7: So that becomes a point in negotiation and I've seen
Speaker 7: many seller say, g Okay, that's good, we'll take that.
Speaker 7: So that's all just really a point in negotiation.
Speaker 5: So there is no standard commission anymore none, you know, Tom,
Speaker 5: there really never was.
Speaker 7: You know, it's always been transparent, I think, and this
Speaker 7: is just my professional opinion. I believe in Missouri, had
Speaker 7: they had contracts like we have in Colorado, I don't
Speaker 7: think that lawsuit whatever or come into play.
Speaker 4: So are you telling me that forever a bit?
Speaker 6: Why did it affect contracts and why did it affect
Speaker 6: anything here?
Speaker 4: Then it just affected all real estate. Mark, it just did.
Speaker 7: It just created such a big splash and it becomes
Speaker 7: such a big class action lawsuit.
Speaker 4: It just got everybody involved.
Speaker 7: I just think more transparency would have prevented that.
Speaker 5: I mean, Mark, it was so big that they had
Speaker 5: to pay millions and millions. The National Association of Realtors
Speaker 5: had to pay millions. A half a billion dollars, wasn't
Speaker 5: it in damages?
Speaker 4: It was huge time. I don't know the exact amount.
Speaker 4: I just know it was huge.
Speaker 7: Some people had settled, others fought it further, but in
Speaker 7: the end it was a big settlement.
Speaker 5: So what you're saying is forever in Colorado. There was
Speaker 5: never a standard commission built into contracts.
Speaker 4: Ever, it was.
Speaker 7: Always negotiable time, always, And I did hear some sources
Speaker 7: on TV say no more this commission or that commission.
Speaker 7: And quite honestly, there was just never a set fee.
Speaker 7: It was always negotiable between the agent and their cellar.
Speaker 4: But weren't you frowned upon?
Speaker 5: I was told one time that if someone charged less
Speaker 5: than a certain commission, they were frowned upon by their colleagues.
Speaker 4: Is that did that used to be the case?
Speaker 7: Well, I've never felt that personally. What we've always been
Speaker 7: told is never discuss, never try to price fix. You're
Speaker 7: not supposed to commission fix, which we stay away from.
Speaker 4: I don't.
Speaker 6: I don't another alter in uh sly Dell. That did
Speaker 6: not show me a couple homes that I ended up
Speaker 6: finding on Zillo and sending over to her to show us.
Speaker 6: And the reason she didn't show them to me is
Speaker 6: the co op was so little on them, and to me,
Speaker 6: that sucks.
Speaker 4: Yeah, that surely does. That does? Okay, we have more.
Speaker 5: Coming up on the Troubleshooter show three O three seven, one,
Speaker 5: three eight, two five five Go with a sure thing
Speaker 5: Denver's best roofer Excel Roofing dot com.
Speaker 4: You don't pay a cent until you're content, wait.
Speaker 5: Time for an insurance check up free no obligation comparison
Speaker 5: call Compass Insurance paying too much your coverage at dozens
Speaker 5: of insurance companies find out now three all three seven
Speaker 5: seven to one help. You'll think you're his only customer
Speaker 5: when you choose Frank durand the real estate Man dot
Speaker 5: com to list your home with Remax Alliance three all
Speaker 5: three nine two zero sixteen twenty two. Hi Tom Martino
Speaker 5: here three O three seven one three talk seven one
Speaker 5: three eight two five five. What's on your mind today?
Speaker 5: How can we help you? We ask that each and
Speaker 5: every day. So getting back to some real estate related texts,
Speaker 5: uh this one oh oh. Somebody wants to know if
Speaker 5: they're listing a home, what are some of the improvements
Speaker 5: they They heard me say one time, and I went
Speaker 5: back and tried to find what I said about this,
Speaker 5: that there are some improvements that would be better left
Speaker 5: to the new owners and their imagination than trying to
Speaker 5: fulfill their dreams or their wishes. In other words, before
Speaker 5: you list a home, what improvements would you do now?
Speaker 4: I have one that I think.
Speaker 5: Personally I would do, and I want you guys to
Speaker 5: weigh in on this since you have way more experience
Speaker 5: showing homes. But I have always felt when you walk
Speaker 5: into a home and you see ugly, terrible you know,
Speaker 5: worn or stain carpets, they're terrible, or hardwood floors that
Speaker 5: are really chewed up or not looking good. I think floors,
Speaker 5: in my opinion, are in important.
Speaker 4: Guys, what do you think.
Speaker 5: If you had to pick improvements to do before listing
Speaker 5: a home.
Speaker 7: What would you say they are? I would definitely say
Speaker 7: floors for sure. I would also say kitchens are a
Speaker 7: big deal to people. But the floors you walk into
Speaker 7: that carpet stained or trashed. Either price it to accommodate
Speaker 7: that somehow, or yeah, do something to the buyer's eye,
Speaker 7: because I'll tell you these buyers today in this market,
Speaker 7: they tend to be more price sensitive because the interest
Speaker 7: rates are higher and costs are higher, and then they
Speaker 7: go in the house, they're calculating, g I'm gonna have
Speaker 7: to do this too, So if you can get it
Speaker 7: more prepared for the buyer's eye, I think in the end,
Speaker 7: and most price segments, depending on the area.
Speaker 4: You'll get bigger bang for your buck that way. But
Speaker 4: if you try to price it lower.
Speaker 6: Let's say the flooring's five thousand, I mean that's still
Speaker 6: when someone walks in and looks at that property, it
Speaker 6: still looks like hell. So I mean even if that
Speaker 6: five thousands priced in, I would say mentally, that doesn't
Speaker 6: help because the property looks like crap.
Speaker 7: Well, good point, because I had one I sold in
Speaker 7: Denver where it looked like the Brady Bunch house you
Speaker 7: like stepped in a time warp. Carpet was green, everything
Speaker 7: was green, nothing was done, sunk down living room, my gosh.
Speaker 7: And the house across the street put a little over
Speaker 7: one hundred thousand dollars in upgrades for about the same
Speaker 7: size home right across the street. We priced ours as is,
Speaker 7: got a bidding word. The difference by the time we
Speaker 7: closed was about sixty four thousand dollars difference from the
Speaker 7: one that put one hundred thousand dollars. So we actually
Speaker 7: did better net profit by doing nothing selling as is.
Speaker 6: You know, we had our bathroom people on last week,
Speaker 6: Tom and they said that bathrooms if they're priced right
Speaker 6: by like you know, renew home Innovations or discount bath
Speaker 6: some of our people even genesis. But if it's priced right,
Speaker 6: which those guys are you put about, you get about
Speaker 6: eighty percent in value out of that bathroom or the kitchen.
Speaker 5: They said, that's a big difference in What are some
Speaker 5: of the things. What are the some of the things
Speaker 5: that don't pay off? I would say that floor coverings
Speaker 5: and paint always pay off, because when you walk in
Speaker 5: and there's that fresh look of paint and or or wallpaper,
Speaker 5: or a fresh look of a new carpet or really
Speaker 5: clean nice carpets or hardwoods or lamin, it's I think
Speaker 5: they pay off.
Speaker 4: What do you think doesn't pay off?
Speaker 8: I think some of the technolog like the tech improvements
Speaker 8: that people do, aren't necessarily as visible to a buyer,
Speaker 8: and a lot of times the buyers don't really see
Speaker 8: value in that, like when they have over improved like
Speaker 8: smart home innovation, things like that. Some buyers might be
Speaker 8: savvy to that and really see and appreciate, but I
Speaker 8: don't think, you know, all of our buyers see that.
Speaker 8: I think for the most part, they see that cosmetic
Speaker 8: So exactly what you just said, I was going to suggest,
Speaker 8: you know, a fresh coat of paint is always a
Speaker 8: really positive thing you can do in a home.
Speaker 6: How about empty or furnished? What's generally better? If you
Speaker 6: add to choose as a realtor and you're representing the seller,
Speaker 6: would you rather see that house canmpletely empty, ready to
Speaker 6: move in, no furniture, just ready to go, or would
Speaker 6: you rather see it staged with whatever furniture they had?
Speaker 8: I think at least a light stage really does help
Speaker 8: to benefit of property. So rather than having it completely empty,
Speaker 8: doing you know what I call my light stage, where
Speaker 8: you go through and you accent some of the main
Speaker 8: areas of the home. You know, maybe your living room,
Speaker 8: the primary bedroom, a couple accents in the kitchen, the bathrooms,
Speaker 8: just things that kind of warm the pictures up, because
Speaker 8: that does make it a lot more attractive to a buyer.
Speaker 6: Got I think I rather just look at a big
Speaker 6: empty house when I'm looking at a house.
Speaker 5: You know what, I like seeing furniture because it's hard
Speaker 5: for me to imagine how much room would I have
Speaker 5: if the couch was here or the bed was here.
Speaker 5: And I think that helps people a lot when they
Speaker 5: stage lightly staged. I think too much clutter when I
Speaker 5: walk into a house and it looks like completely lived
Speaker 5: in and too much.
Speaker 4: That's terrible. I mean it's terrible.
Speaker 5: I went to a house one time where the guy's
Speaker 5: toiletries were still on the sync from that morning him
Speaker 5: getting ready, and that turned me off completely. I swear
Speaker 5: to god, it just has a psychological effect on you.
Speaker 5: So I think there's a delicate balance between being totally
Speaker 5: vacant and being somewhat lived in. So your imagination can
Speaker 5: take it from there. Anyway, we have to take another break.
Speaker 5: I'm Tom Martino three three seven one three A two
Speaker 5: five five. Go with a sure thing Denver's best roofer
Speaker 5: Excel Roofing dot com. You don't pay a cent until
Speaker 5: you're content. Time for an insurance check up free, no obligation.
Speaker 5: In comparison, call Compass Insurance paying too much your coverage
Speaker 5: at dozens of insurance companies find out now three oh
Speaker 5: three seven to seven to one.
Speaker 4: Help.
Speaker 5: You'll think you're his only customer when you choose Frank
Speaker 5: durand the real estate Man dot com to list your
Speaker 5: home with Remax Alliance three oh three to zero sixteen
Speaker 5: twenty two.
Speaker 4: Hi Tom Martino, you're troubleshooter.
Speaker 5: Okay, they want this one texture wants you to weigh
Speaker 5: in on staging. They said that one of the things
Speaker 5: they noticed that people neglect is staging the out side
Speaker 5: of the house. And I think that's a really good observation.
Speaker 5: Guys think about that.
Speaker 7: I think, Tom, it depends on the property, and I
Speaker 7: think on certain properties that makes a huge difference overall.
Speaker 7: I think if you take good care of your yard
Speaker 7: and have good curve appill, that makes a difference. But
Speaker 7: I think it just depends on the property.
Speaker 4: Here's what this person said.
Speaker 5: They love when they're going to the front door and
Speaker 5: they see the front area or borders or welcoming plants,
Speaker 5: maybe flowers, and it just gives an overall feeling of
Speaker 5: care before you even open the door. I think I
Speaker 5: got to give that a lot that that's a really
Speaker 5: thoughtful text.
Speaker 4: I agree with that, Stephanie. What do you think.
Speaker 9: I think first impressions make a huge amount of difference.
Speaker 8: I also agree as far as actually staging the exterior.
Speaker 8: I've only had one home where we actually, you know,
Speaker 8: fully staged it, and that was a higher end property
Speaker 8: in the backyard left a little bit to be desired
Speaker 8: at that particular point. So we actually had like outdoor
Speaker 8: furniture brought in and really kind of helped the buyer see.
Speaker 9: What they do with that space.
Speaker 8: So, I mean, we did on that property, but it
Speaker 8: is very property specific. It's not one that we typically
Speaker 8: you know, do a lot, but that you know, first
Speaker 8: impression walking up to the door.
Speaker 5: I absolutely about how about oh yeah, and especially when
Speaker 5: when living space is a feature of the house, showing
Speaker 5: an outdoor kitchen or or outdoor property, out outdoor furniture
Speaker 5: and maybe even a dining table or you know, you
Speaker 5: know what I mean, a picnic table or whatever you
Speaker 5: call it outside. I think that's really important. A lot
Speaker 5: of people put a lot of stock in outdoor living
Speaker 5: in Colorado.
Speaker 6: How about just anyway, how about just looking at the
Speaker 6: yard and see if it's manicured right, Because I'll tell
Speaker 6: you I've learned a lot about people looking at their yard.
Speaker 6: You walk up to somebody and they got a couch
Speaker 6: in the front yard, there's a good chance that house
Speaker 6: wasn't taken care of I'm not kidding.
Speaker 4: Or if they got weeds everywhere.
Speaker 6: I mean, really, someone's yard tells a lot about how
Speaker 6: they take care of their property.
Speaker 7: I exactly on some of our properties if it's vacant,
Speaker 7: I have a long guy that I send up there
Speaker 7: from time to time to just cut the lawns.
Speaker 4: Just for that reason. Absolutely, that makes a big difference. Anyway.
Speaker 5: This is a Frank drandthreal Estateman dot com. We also
Speaker 5: have Stephanie Thomas Stephanie r dot com and we have
Speaker 5: more coming up. Go with a sure thing Denver's Best
Speaker 5: roofer Excel Roofing dot com.
Speaker 4: You don't pay a cent until you're content.
Speaker 5: Weave time for an insurance check up free, no obligation.
Speaker 5: In comparison, call Compass Insurance. Pay too much your coverage
Speaker 5: at dozens of insurance companies find out now three all
Speaker 5: three seven seven to one help. You'll think you're his
Speaker 5: only customer when you choose Frank durand the real estate
Speaker 5: Man dot com to list your home with Remax Alliance
Speaker 5: three all three nine two zero sixteen twenty two.
Speaker 1: D news. You needed that? Who you don't have?
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Speaker 17: The Troubleshooter Show Now, Tom Martinez, Welcome, Welcome to.
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Speaker 6: problem you have, even if your daughter has been fighting
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Speaker 6: partner in lending dot com uh he works for a
Speaker 6: CMG Financial. These guys talk about loaning a lot of money.
Speaker 6: I was so impressed John, you and I were talking.
Speaker 6: I said, is it safe to say over two billion dollars?
Speaker 6: You guys had a month in twenty twenty four. It
Speaker 6: was almost three billion dollars in one month. But was
Speaker 6: more impressive about CMG Finance all the other direct lenders.
Speaker 6: I don't even call you direct lenders. All the other
Speaker 6: mortgage lenders companies like you guys were actually on a
Speaker 6: down angle and somehow you guys were on an up angle.
Speaker 6: And I think it's because some of the loan products
Speaker 6: you guys offer that no buddy else has, like the
Speaker 6: all in one loan. I mean, really, that's that product
Speaker 6: is very unique to CMG only, isn't.
Speaker 4: It It is?
Speaker 10: It's definitely because of our loan products because CMG, that's
Speaker 10: where a lot of people were on dclon left their
Speaker 10: companies come work for CMG, and the all one is
Speaker 10: a big reason.
Speaker 4: It's it's a fantastic loan.
Speaker 6: Frank duran with Frank Durant Holmes dot com and then
Speaker 6: Stephanie Thomas Stephanie r E dot com.
Speaker 4: Do you guys know what the all in one loan is?
Speaker 4: You ever heard of it? I've heard of it. I
Speaker 4: don't know that any of my clients have taken advantage
Speaker 4: of that.
Speaker 6: It's a very unique product. You, Sarah and I have
Speaker 6: it on our house. So let's take a round number.
Speaker 6: Let's say a million bucks A you got a million
Speaker 6: dollar piece of property, eighty percent of value would be
Speaker 6: eight hundred thousand. So if you could afford to buy
Speaker 6: that house outright, just buy it for a million dollars,
Speaker 6: have no mortgage on it. With this product, you would
Speaker 6: have a line of credit of eighty percent or eight
Speaker 6: hundred thousand dollars for thirty years on that property that
Speaker 6: you could use for whatever you want. And that's what
Speaker 6: makes it great. It actually makes you a cash buyer
Speaker 6: for anything.
Speaker 4: It doesn't.
Speaker 10: It's a simple interest. I mean, as we know, amortize
Speaker 10: interest in thirty years. I mean, we've all looked at
Speaker 10: bought a house and looked at that amortization schedule.
Speaker 4: Oh, it's great.
Speaker 10: Basically paying the bank their interest, which is almost what
Speaker 10: the house.
Speaker 4: Why do they Why do they do it that way?
Speaker 6: When in the United States did we start doing interest
Speaker 6: where the first half of the loan you're paying them
Speaker 6: majority of the interest. Then it goes down because most
Speaker 6: people and correct me if I'm wrong, will never stay
Speaker 6: in a thirty year mortgage. I mean, I'm guessing maybe
Speaker 6: five percent of people have a thirty year mortgage and
Speaker 6: literally pay it off in thirty years and they paid
Speaker 6: all the interest stuff front. Most people probably refin or
Speaker 6: sell and move upside downsize within fifteen years, meaning they
Speaker 6: paid almost all the mortgage on a thirty year product
Speaker 6: in the first fifteen years.
Speaker 10: The crazy thing is, if you look at a schedule,
Speaker 10: you do not start paying more principle.
Speaker 4: Than interest till about twelve or thirteen years into it.
Speaker 4: It's crazy on.
Speaker 10: Your payments, and it really so. Back in the nineteen
Speaker 10: thirties Great depression is where they created it.
Speaker 4: Because they wanted to stretch out the buying power or
Speaker 4: lower payment lower month. Ago everything was paid, it wasn't about.
Speaker 10: Crazy thing is most people will refinance within three to
Speaker 10: five to seven years even now, and refinance is expensive.
Speaker 6: Can you imagine if you refined when you're twelve years
Speaker 6: into a thirty year mortgage and started over again, you
Speaker 6: would literally kill yourself. And I don't care what the
Speaker 6: interest rate was. If you looked at how much you
Speaker 6: paid an interest over X amount of years, it would
Speaker 6: be insane. But with that all in one loan. The
Speaker 6: other thing that's interesting not only is it simple interest.
Speaker 6: Whatever the interest is is what you pay that month,
Speaker 6: but then it's offset by whatever you have in the bank.
Speaker 10: Yes, most people carry most of their money into a
Speaker 10: checking account, just waiting to be spent. What the all
Speaker 10: in one does It makes it more efficient, It sweeps
Speaker 10: it every night, it goes against the balance, and you
Speaker 10: only pay interest on what you're bounce.
Speaker 6: So if you have one hundred thousand dollars out in
Speaker 6: this thirty year line of credit, let's say you went
Speaker 6: out and bought a boat, in a car, whatever you bought,
Speaker 6: who cares, or you remodeled your house on it. So
Speaker 6: if you have maybe a small business, or if you
Speaker 6: have a savings account like you're talking about, and there's
Speaker 6: one hundred thousand in all these checking accounts and savings accounts,
Speaker 6: offsets what you owe literally on that line of credit.
Speaker 6: So you would have zero interest OED zero mortgage payment
Speaker 6: that month.
Speaker 10: In fact, a lot of people call it the offset
Speaker 10: mortgage because yes, that's exactly what it does.
Speaker 4: And I like to say, you know, it's the last
Speaker 4: loan you'll ever need on that house. You don't need
Speaker 4: to go refinance every five years because the money is there.
Speaker 10: The money's there, and then adjust as market adjust and
Speaker 10: the money you're paying it down so quick and you're
Speaker 10: literally principal.
Speaker 6: First, yeah, and Frank, Yeah, principal first and Frank. The
Speaker 6: other thing that's interesting is if someone falls on hard times,
Speaker 6: Let's say they get fired or something horrible happens, the
Speaker 6: line of credit eats itself. So, in other words, you
Speaker 6: don't even have to make a mortgage payment. It basically
Speaker 6: just accumulates, almost like a reverse mortgage in a weird way.
Speaker 10: Almost like a reverse mortgage in a weird way. You
Speaker 10: know which reversus is great, but you're right, it's almost
Speaker 10: a reverse mortgage before you can your age enough to
Speaker 10: qualify for a reverse.
Speaker 6: Before you can qualify, And just having a thirty year
Speaker 6: line of credit. About that, like when we go out,
Speaker 6: when Susanna and I go out, we've been looking for homes,
Speaker 6: like a not a beach home necessarily, but we're looking
Speaker 6: for a waterfront home. What the line of credit does.
Speaker 6: It gives us literally the ability to be a cash buyer.
Speaker 6: So I can walk in there and literally write a
Speaker 6: check for whatever house, and then I could turn around
Speaker 6: and get this product even on a secondary house, not
Speaker 6: on an investment property.
Speaker 10: Right, Yes, we do do it on investment.
Speaker 4: You do do it.
Speaker 10: We're limited to seventy five percent loan to value, but
Speaker 10: we're doing it on investment.
Speaker 6: So not only could you do like a mountain house
Speaker 6: or a ski thing or whatever you want here, but
Speaker 6: you could actually go out and do it on an
Speaker 6: investment house that you rent out.
Speaker 4: We do, we do. It's a product we come up.
Speaker 6: So if you if you add enough money, let's say
Speaker 6: you got five hundred grand, John, and that five hundred
Speaker 6: grand you want to go buy a rental somewhere.
Speaker 4: I don't care where it is. You guys also loan
Speaker 4: in every state.
Speaker 6: So let's say you find a great investment in Kentucky
Speaker 6: and you basically buy a house in Kentucky, pay cash
Speaker 6: for it, you take this loan out on it.
Speaker 4: Now you've got a line.
Speaker 6: Of credit for roughly three hundred and eighty thousand dollars
Speaker 6: whatever eighty or seventy five percent is, So you have
Speaker 6: access to all that equity in the house while you're
Speaker 6: cash flowing with a tenant in the house.
Speaker 10: Yeah, you're staying liquid. And that's most people like. If
Speaker 10: you make an extra payment to a regular mortgage, a
Speaker 10: thirty year fix or fifteen year fix, yeah you only.
Speaker 4: Make a little bit. You don't pay all.
Speaker 10: Den because you can't get that money back out if
Speaker 10: you lose your job and you can't make a payment.
Speaker 10: Guess what they're going to tell you, tough luck sell
Speaker 10: your house. No, it's an incredible problem with the only
Speaker 10: on one loan, you can actually make the payments out
Speaker 10: of the line of credit that you've already built up.
Speaker 4: And we'll take any questions on that. And the other thing.
Speaker 6: We'll talk about reverse mortgages, because if you've been thinking
Speaker 6: about them, there's nobody better out there than CMG. I'll
Speaker 6: explain why in a minute. Tony, thank you for holding
Speaker 6: what's going on with this shower?
Speaker 3: So, Mark, I don't know if you remember, but a
Speaker 3: month or two ago ago, I called you guys and said,
Speaker 3: the glass installers said I shouldn't take long showers because
Speaker 3: the steam will cause the tile to buckle. And I said,
Speaker 3: I just spent fifty thousand on it. And Tom said,
Speaker 3: oh my god.
Speaker 15: You got ripped off. And then you said, no, that's
Speaker 15: blah blah blah blah blah. I don't know if you
Speaker 15: remember that call.
Speaker 6: I don't, but go ahead and update me. So, but
Speaker 6: hold on, Tony, you got a shower. When did you
Speaker 6: have it built or remodeled?
Speaker 4: When was it?
Speaker 15: It was finished?
Speaker 3: Four or five months ago?
Speaker 4: All right?
Speaker 6: So let's just say January of this year or February
Speaker 6: of this year.
Speaker 3: Actually, no, that's not correct.
Speaker 15: We couldn't actually.
Speaker 3: Start using it until about two months ago.
Speaker 15: So it was finished, but it because of other.
Speaker 3: Construction issues, we couldn't use it until about two months ago.
Speaker 6: Okay, so fine, but let's say it's finished in March.
Speaker 6: I don't care, we'll just pick a month.
Speaker 4: Now.
Speaker 6: What's going on with it right now? And who is
Speaker 6: the contractor?
Speaker 3: Well, the contractor is somebody good, and they're standing behind it.
Speaker 3: I don't want to mention it on air right now.
Speaker 3: It's just because there's no there's no point in.
Speaker 6: Well, if they're so good, explain something to me, Tony.
Speaker 6: If they're so good, why is there a leak that
Speaker 6: we're dealing with now?
Speaker 15: I didn't say that they were so I didn't say that.
Speaker 3: I said they're standing behind what they Okay, going on
Speaker 3: and cool. So here's my here's the reason why I called.
Speaker 3: I just found out last night that this shower behind
Speaker 3: the tile wall of the shower, uh has been leaking
Speaker 3: this whole time.
Speaker 4: I had no idea, and.
Speaker 6: They replaced all of that. They didn't come in and
Speaker 6: just put an insert in right.
Speaker 3: No, it's new wall, new concrete wall, new tile, new everything.
Speaker 15: It's not an insert.
Speaker 3: No, okay, it's heavy reconstruction.
Speaker 4: And what is it? Is it tile, porcelain? What is it?
Speaker 3: It's ceramic tile?
Speaker 6: Okay, So behind it, I assume what what do you know?
Speaker 6: What is behind it? It's actually leaking.
Speaker 3: Yeah, the plumbing fixture, the either at the ninety.
Speaker 6: Years well, I mean usually there's some kind of moisture,
Speaker 6: you know, backer board, you know, like a cement board
Speaker 6: or something. I guess what I'm getting to is, did
Speaker 6: they use the proper material?
Speaker 3: Yes, it's got cement backer board.
Speaker 4: Okay.
Speaker 3: They ripped out all my walls that were going to
Speaker 3: be wet and put in cement backer board.
Speaker 6: So the problem with the leak is there's something on
Speaker 6: one of the fixtures. Is it the showerhead? Is it
Speaker 6: just the lines running to it? But there's definitely a
Speaker 6: leak somewhere.
Speaker 4: It's leaking behind the wall.
Speaker 15: So I don't know which component exactly.
Speaker 6: Right, Hold on a second, Hold on a second? Three
Speaker 6: oh three seven one three eight, two five five. We
Speaker 6: do got a couple lines open, Tony. I premise I'll
Speaker 6: come directly back to you, right, after this three zero
Speaker 6: three Martino.
Speaker 5: Go with a sure thing Denver's best roofer Excel Roofing
Speaker 5: dot com.
Speaker 4: You don't pay a cent until you're content.
Speaker 5: Three time for an insurance check up free, no obligation
Speaker 5: comparison call Compass Insurance paying too much your coverage at
Speaker 5: dozens of insurance companies find out now three all three
Speaker 5: seven seven to one help. You'll think you're his only
Speaker 5: customer when you choose Frank durand the real estate Man
Speaker 5: dot com to list your home with Remax Alliance three
Speaker 5: all three nine two zero sixteen twenty two.
Speaker 6: All right, three oh three seven one three A two
Speaker 6: five five three zero three Martino, get your calls in.
Speaker 4: Tony. Uh, Tony got a shower done.
Speaker 6: It was basically ready to start using in March he
Speaker 6: found out it's leaking, and something's leaking behind the wall.
Speaker 4: So Tony, how can we help you?
Speaker 3: My only question is that it's been leaking. I found
Speaker 3: out this morning, how badly for a long time.
Speaker 4: Where are you seeing it leak in the basement?
Speaker 15: Which done finish, thank goodness.
Speaker 3: Yeah, but I thought the water was caused by something else.
Speaker 6: Like what which is just out of curiousity out of curiosity.
Speaker 6: If it's above where the shower was just done, where
Speaker 6: else would it come from?
Speaker 3: So uh some time ago I called you guys and
Speaker 3: I said, man, my copper pipes are leaking, got it,
Speaker 3: and they're wearing.
Speaker 15: Out and I have to replace them. Oh yeah, well
Speaker 15: I did.
Speaker 2: I had.
Speaker 3: I replaced all my hot water copper and that solved
Speaker 3: the big problem now And then I thought, well, oh my.
Speaker 4: God, my cold water copper is now. But it wasn't.
Speaker 4: It had something to do with the bathroom remodel.
Speaker 6: So when you call up the contractor and I mean,
Speaker 6: where are you at with the contractor.
Speaker 3: There, They're on top of it. They're going to take
Speaker 3: care of me. Okay, big company. I'm not worried about
Speaker 3: that at all. The only thing I'm concerned about is
Speaker 3: this has been soaking my sub.
Speaker 15: Floor, my OSB sub floor for.
Speaker 3: Months now, every day, twice a day, and me and
Speaker 3: my wife takes a shower one each, so it's been
Speaker 3: leaking water into my sub floor.
Speaker 6: I would say, the contractor needs to fix that subfloor.
Speaker 4: If it needs to be fixed.
Speaker 3: How do I know if it needs to be fixed.
Speaker 4: I don't know.
Speaker 6: Call somebody like Genesis Total exteriors or call one of
Speaker 6: our bathroom people would even come out and tell you
Speaker 6: if it needs to be redone. But I mean, once again,
Speaker 6: the contractor you're using, they'll probably know.
Speaker 3: Okay, well, I'm gonna see what they're coming out tomorrow,
Speaker 3: and yeah, just make sure they fix it right.
Speaker 6: The other thing you can do, you know, once once
Speaker 6: they fix the leak, then it's gonna dry up. Once
Speaker 6: it dries up, then you can use just even a
Speaker 6: moisture gun and figure out if they did repair the leak,
Speaker 6: if it's not leaking anymore. And I don't know, you know,
Speaker 6: even just going to straight particle board, I don't know
Speaker 6: how wet it's got to get over time in order
Speaker 6: not to just not to be valuable at all anymore,
Speaker 6: not to do its job. So I mean, really that
Speaker 6: would be a question for your contractor, or seriously call
Speaker 6: one of our bathroom guys and ask them.
Speaker 4: Is it something you can see?
Speaker 6: I would also make that contractor basically go up through
Speaker 6: the dry wall and the ceiling maybe and figure out
Speaker 6: if it's rotted out from the water damage.
Speaker 3: Yeah, okay, well, listen, I appreciate that.
Speaker 15: The Only thing I.
Speaker 3: Have to say is that there's no reason not to
Speaker 3: name the contractor other than I don't want them to
Speaker 3: get a bad name because they have done a good job.
Speaker 6: For well, it sounds like they're doing everything they're supposed
Speaker 6: to be doing. I don't even know what I Yeah,
Speaker 6: I could say about him. It seems like they're doing everything.
Speaker 6: I mean, you'll know a lot more when they come out.
Speaker 6: But if you do run into a position with them
Speaker 6: where you're afraid they're not repairing what they should be,
Speaker 6: make sure you call back up.
Speaker 4: I will.
Speaker 3: The only thing I was going to add is that
Speaker 3: this contractor advertises heavily on your radio station.
Speaker 6: Oh okay, well, I mean that could be one hundred
Speaker 6: different contractors.
Speaker 3: Yeah, yeah.
Speaker 4: Do I do spots for him? I don't think so.
Speaker 6: Okay, Well, that's that I appreciated. Tony three oh three
Speaker 6: seven one three eight two five five. Hey, you said
Speaker 6: the average home Frank Duran in Denvers over seven hundred thousand,
Speaker 6: now average?
Speaker 7: Yeah, the most recent d MAR report mark for detached
Speaker 7: properties average closed price, And this was for the month
Speaker 7: of April eight hundred and four and fifteen.
Speaker 6: Oh eight hundred. Yeah, down, what is your average? He's
Speaker 6: saying the average Okay, non median. The average home closed
Speaker 6: it eight hundred and four thousand Denver Metro, is that right,
Speaker 6: that's what? Yeah, and that's Denver Metro mL. Last time
Speaker 6: you were these numbers from now March.
Speaker 4: That was from the Denver Metro Association of Realtors.
Speaker 7: Now the month before, the average was seven to seventy
Speaker 7: nine oh thirty six.
Speaker 4: That's what is the average loan you guys are seeing.
Speaker 10: Boll I would say, but I mean, i'd say our average,
Speaker 10: you know we talk averages, is probably five fifty six hundred.
Speaker 6: Yeah, because there's a lot of upper properties around here.
Speaker 6: How about median four five?
Speaker 10: Yeah, loan side, No, I'd say loan we're we're up
Speaker 10: above that now.
Speaker 4: I mean, it's work the way it is.
Speaker 10: Yeah, it's because these guys will tell unless you're and
Speaker 10: then condos aren't selling very good right now, and then
Speaker 10: those are the lower price.
Speaker 6: Get you know what's amazing and both of you know this.
Speaker 6: My son's buying a house out in Nebraska. Now granted
Speaker 6: it's not a big city, but it's it's in Nebraska.
Speaker 6: What they have out there, it would blow your mind away.
Speaker 6: I mean a home built with a beautiful like one
Speaker 6: acre lot, something built in the last fifteen years. Basement
Speaker 6: fully finished, I mean, just nice, a nice house, a
Speaker 6: custom house. I mean you're talking four hundred thousand. I
Speaker 6: mean out here one of the homes he's looking at
Speaker 6: with the lot that he's got, and it just the
Speaker 6: immaculate grass and the flowers and the garden and the
Speaker 6: shed and just everything. I mean, you're talking eight hundred
Speaker 6: to a million dollars. Isn't that just mind blowing what
Speaker 6: has happened in Colorado.
Speaker 4: It's phenomenal. And you know, it's funny to me.
Speaker 7: I have a number of my sellers that say they're
Speaker 7: moving out of state for various reasons, and they tell
Speaker 7: me they're able to get like sometimes double triple the
Speaker 7: price for what they have out here.
Speaker 4: It's incredible to me to even hear that. It's crazy.
Speaker 4: We do a lot.
Speaker 10: I mean Kansas City, North Carolina. I mean it's we
Speaker 10: look at appraisals all day from all the country and
Speaker 10: it is Denver's insane.
Speaker 6: Which ones do you use, like name the state because
Speaker 6: you're looking at these appraisals all around the country. And
Speaker 6: by the way, John Clace with CMG is who I'm
Speaker 6: talking to and Frank Durant and Stephanie Thomas. But John
Speaker 6: CMG Financial does loans in every state. I mean they're
Speaker 6: they're literally the lender two billion dollars plus. They're gonna
Speaker 6: beat anything out there. But because you're looking at stuff
Speaker 6: all across the country, John, like, what do you see.
Speaker 4: That blows you away?
Speaker 6: Like where the average loan might be three hundred thousand
Speaker 6: compared to six hundred.
Speaker 10: Or Missouri me ain't even Missouri.
Speaker 4: It's it's I'm like, what's an average loan there? Just
Speaker 4: loan two seventy five?
Speaker 10: Oh my god god fifty Yeah, yeah, we're seeing you know,
Speaker 10: North Carolina's a little bit higher, maybe three point fifty
Speaker 10: or But now when you go to like Arizona, you're
Speaker 10: saying the same thing. Phoenix, you see the same thing
Speaker 10: as here.
Speaker 4: It's just going it's astronomic.
Speaker 10: But there's a lot of Kansas City, I mean, BEAUTI beautiful.
Speaker 4: How about Vegas? Is that a big one? Vegas?
Speaker 10: It's that they Yeah, I mean it's it's it's up there.
Speaker 4: But they do a lot of building. They have a
Speaker 4: lot of spreads.
Speaker 10: How about Florida, Florida, I mean, you get crazy. Florida
Speaker 10: is nice. It's starting to come down though, be crazy.
Speaker 4: And then why is it coming down? Do you think?
Speaker 10: I think a lot of it has to do with
Speaker 10: the building a lot of people. Florida property tax, the
Speaker 10: transfer taxes, and the property tax.
Speaker 4: It's a lot. We're kind of lucky in that sense.
Speaker 6: So we were looking at aah taxes for my parents
Speaker 6: were I'm helping them with their trust. And just when
Speaker 6: you redeed something a beneficiaries deed, that's where they nail you.
Speaker 4: They do. You don't have.
Speaker 6: Income tax, but when it comes to property, forget about it.
Speaker 6: Just to you know, a quick claim. It could be
Speaker 6: ten thousand dollars.
Speaker 4: Eight ten thousand dollars for a transfer tax for.
Speaker 6: A transfer even if the people aren't moving. It's just
Speaker 6: done for a trust or it's done for something. Total
Speaker 6: ripoff there. But Texas does the same thing.
Speaker 10: Texas does you know most of these words stadium comes
Speaker 10: you know somewhere else. Yeah, Wyoming still good because you
Speaker 10: know as far as property and stuff like that, But
Speaker 10: Colorado we're pretty lucky with property. Texas as of right
Speaker 10: now we're seeing them go up. And then I don't
Speaker 10: know if you've seen this lately, but I've heard the
Speaker 10: insurance is starting to go crazy around here.
Speaker 4: It's nuts.
Speaker 7: Insurance has been tough and with some of our condo
Speaker 7: buyers can be a challenge, Yeah, because with HUA fees
Speaker 7: and then if there's God forbid, there'd being a special assesstment.
Speaker 6: Trying to imagine this, imagine your HOA fees. Your insurance
Speaker 6: costs more monthly than your payment.
Speaker 10: So we're Stephanie was just talking about down and she
Speaker 10: has a property in Color Springs as.
Speaker 4: That that's like that stuff.
Speaker 8: Well, we were we were discussing my one listing I
Speaker 8: have where it's in a neighborhood where they have a
Speaker 8: leasehold interest essentially. Yeah, your long term rent the land
Speaker 8: that your home is on and that payment.
Speaker 4: How challenging is that to sell?
Speaker 8: Yeah, I mean it's definitely more difficult because when you
Speaker 8: look at the property and it's this amazing house listed,
Speaker 8: you know, under two fifty, but.
Speaker 4: You don't own the land. You don't own the land.
Speaker 4: It's crazy.
Speaker 9: Your taxes are lower, so there is a little bit
Speaker 9: of offsection.
Speaker 4: You guys loan on something like that sold with over
Speaker 4: fifty years we would, but like she said, that's how
Speaker 4: airports do. A lot of hangers.
Speaker 10: There's a seven hundred and fifty dollars h away payment
Speaker 10: on that property, and you're two hundred thousand dollars property.
Speaker 4: I mean, that's that's crazy grezy.
Speaker 6: Well it's and then you add insurance and it's just
Speaker 6: like I said, you're literally you're PMI. The highest part
Speaker 6: of it is the day. It's not even the interest.
Speaker 6: It's crazy. All right, three oh three seven one three
Speaker 6: eight two five five. Everybody hold tight.
Speaker 5: Go with a sure thing Denver's Best roofer Excel Roofing
Speaker 5: dot com.
Speaker 4: You don't pass sent until you're content.
Speaker 5: Time for an insurance checkup free, no obligation in comparison,
Speaker 5: call Compass Insurance paying too much your coverage at dozens
Speaker 5: of insurance companies find out now three all three seven
Speaker 5: to seven to one help. You'll think you're his only
Speaker 5: customer when you choose Frank durand the real estate Man
Speaker 5: dot com to list your home with Remax Alliance three
Speaker 5: oh three nine two zero sixteen twenty two.
Speaker 6: All right, three oh three seven one three eight two
Speaker 6: five five. Reverse mortgages, John, I have no idea why
Speaker 6: they seem to be getting more and more popular. In fact,
Speaker 6: Frank and Steph do you guys ever sell homes where
Speaker 6: it's a new purchase on a reverse mortgage. A lot
Speaker 6: of people don't even realize they can do that.
Speaker 1: Ef.
Speaker 4: Yeah, from time to time, not a lot, but like
Speaker 4: downsizing or.
Speaker 7: Yeah, or sometimes just selling to regroup or to move
Speaker 7: out of state or.
Speaker 6: To move out of state. And John, you guys do
Speaker 6: a ton of reverse mortgages.
Speaker 10: We do, and people are you know, the property value
Speaker 10: has gone up so much that it's it's a good
Speaker 10: avenue for people to purchase purchase homes with it because
Speaker 10: you know, the values have gone.
Speaker 4: Up so much.
Speaker 10: But we do in the reverse mortgages. It's a wide range. Now,
Speaker 10: I mean in Colorado you can actually do some proprietary
Speaker 10: reverse mortgages down.
Speaker 4: To age fifty five. Oh I didn't know that.
Speaker 10: Yeah, yeah, we have some products. You have to have
Speaker 10: some equity in the house. But that's what That's why
Speaker 10: if people are looking and they didn't think they qualify,
Speaker 10: they should call because it's that they might be able
Speaker 10: to qualify a lot of proprietary products.
Speaker 6: And here's what I like about you now reverse mortgages
Speaker 6: and correct me if I'm wrong. The government sets limits
Speaker 6: on what you can make or what anybody can make
Speaker 6: on a reverse mortgage.
Speaker 4: And yes, on the heck products, yes, you're great, the
Speaker 4: FAHA back government on.
Speaker 6: Yeah, so on the FAHA government back ones, you can
Speaker 6: only make so much. The funny part is, though a
Speaker 6: lot of companies make exactly that much. Yeah, you guys
Speaker 6: actually compete. I'm not saying the other companies are doing
Speaker 6: anything illegal, but they're maxing out what the government allows
Speaker 6: him to do on these mortgage back loans or on
Speaker 6: these FAHA back loans, where you guys will actually save
Speaker 6: a money. A lot of people think that, oh, if
Speaker 6: I get a reverse mortgage, it doesn't matter if I
Speaker 6: get it from him or Fonsie on TV or the
Speaker 6: Heart to Heart guy on late Night. It doesn't matter
Speaker 6: where I get him. It's all the same. That's not true.
Speaker 10: Not true. The origination fee the mortgage insurance is true,
Speaker 10: that's set. But the fees that people that the lenders
Speaker 10: can charge, no, that is that doesn't have to.
Speaker 4: Be the max. And how long are you guys?
Speaker 6: And you guys chime in, Frank, I mean Steph chime
Speaker 6: in on all these conversations. But how long does it
Speaker 6: typically take to close? And I don't mean I understand
Speaker 6: because I've been self employed and own my own businesses.
Speaker 6: You know, there was a period in our life where
Speaker 6: it took a while for us to get approved on
Speaker 6: a mortgage, just because you've got to show everything in
Speaker 6: the world. Sometimes people that are self employed, their tax
Speaker 6: returns don't necessarily and there's a lot of people listening
Speaker 6: know exactly what I'm talking about. The tax returns don't
Speaker 6: literally show what they make. But banks, like you guys,
Speaker 6: have ways of collecting enough data to see where the
Speaker 6: numbers really are.
Speaker 4: We do.
Speaker 10: We can use assets, we can use banks to a
Speaker 10: lot of different ways to qualifying income a.
Speaker 4: Lot of ways now.
Speaker 6: But my question is on a traditional like a W
Speaker 6: two employee, someone that works for Walmart like my son,
Speaker 6: someone that works for United Airlines somewhere, somebody that works
Speaker 6: on W two, which is very provable income. You don't
Speaker 6: have to prove expenses and all this stuff. I mean,
Speaker 6: is it crazy to think long as long as the
Speaker 6: income is there, meaning they qualify for that size loan
Speaker 6: three weeks, two weeks, a month, two months. What would
Speaker 6: you say the average turnaround you guys have at CMG
Speaker 6: compared I know your rates going to be lower but
Speaker 6: compared to a middleman as I call him, that's shopping
Speaker 6: around other companies and CMG.
Speaker 4: Yeah, average, I mean literally something like that. Our average
Speaker 4: is about eighteen days seventeen days to close it.
Speaker 10: I mean we tell people twenty one days or less,
Speaker 10: but twenty one is easy when it comes to that's no.
Speaker 6: And then I wanted to ask on the realtor side,
Speaker 6: how many times do you guys have a closing up.
Speaker 4: Let's say you're representing.
Speaker 6: The buyer, Frank, Let's say the buyer, Stephanie, the buyer,
Speaker 6: and all of a sudden there's some kind of problem
Speaker 6: up towards the end, and closing's got to be pushed
Speaker 6: off because a bank's not coming through, or someone goes out.
Speaker 6: I bet a big one is they go out right
Speaker 6: before closing and buy a car, or open a credit card,
Speaker 6: or buy a time share, something stupid.
Speaker 4: Does it happen?
Speaker 7: Oh, Mark? Those are a bummer. Sometimes, not very often.
Speaker 7: I had one recently here where we had to postpone
Speaker 7: by about a week and a half because of some
Speaker 7: issues with the loan.
Speaker 4: But it got worked out, thank god.
Speaker 6: So but and then the seller was still cool, it
Speaker 6: was all right, But we had a seat. He's saying
Speaker 6: it like, I made it work.
Speaker 4: Well, we said, let's put it this way.
Speaker 7: We had it set up where if the buyer failed
Speaker 7: to close for any reason, the earnest money was automatically
Speaker 7: forfeited to the seller. So the seller was very well
Speaker 7: protected that whole. Yeah, so that there was definitely motivation
Speaker 7: for the buyer to do what they're supposed to do to.
Speaker 1: Get it done.
Speaker 4: Okay, or let'll say, what a loss whatever? Outfront? How
Speaker 4: much was it?
Speaker 7: Dad a curious how about seventy five hundred?
Speaker 4: Wow, that'd be a nice little freebie for the seller.
Speaker 4: How about you, Steph. You ever dealt with one?
Speaker 6: And here's closing day and they went out and got
Speaker 6: a Best Buy credit card and bought brand new televisions
Speaker 6: for their house.
Speaker 16: I have not had that because I do have conversations
Speaker 16: with my clients, my buyers. You know, my joke forever is,
Speaker 16: you know, do not save twenty percent of coals. It's
Speaker 16: not worth it. Don't pull you know the one hundred
Speaker 16: dollars you might save, It's not worth it. But yeah,
Speaker 16: I have those conversations. Wait to buy your fridge till
Speaker 16: after closing?
Speaker 4: Yeah, wait and wants closing is done.
Speaker 9: It's not like day they can do it that.
Speaker 6: I mean, that's true, John, Right, Like as soon as
Speaker 6: you guys close alone, they can go out and buy
Speaker 6: cars and whatever they can buy.
Speaker 10: We're checking till the morning they buy.
Speaker 4: But as soon as that is, that's true, Like literally
Speaker 4: the day of closing, we have a UDM. We call
Speaker 4: it report And what does that stand for?
Speaker 10: Uh, Unidentified debt monitoring system.
Speaker 4: Oh my god.
Speaker 6: So like literally, okay, Mark's closing on a house at
Speaker 6: noon today. That morning, it's seeing if I opened up
Speaker 6: any credit right, you can use.
Speaker 10: Your current credit cards, that's on this issue. Yeah, but
Speaker 10: if you open up something new, it notifies us.
Speaker 1: Wow.
Speaker 6: Then you basically have to have underwriting. And speaking of underwriting,
Speaker 6: unlike a lot of these other companies that people hear
Speaker 6: about even on this station all the time. I mean,
Speaker 6: you guys, you are the bank if you will, or
Speaker 6: the lender. You guys literally you the underwriters work for CMG.
Speaker 6: If there's something like that that happens up, I mean
Speaker 6: you can knock on the door next to you for
Speaker 6: that matter and go, hey, we need to push us through.
Speaker 10: Well yeah, well we don't push it through. We get explanation.
Speaker 10: We get it done quick, you know, because usually people
Speaker 10: will get a letter explanation.
Speaker 4: Yeah, they're not calling somebody who's calling somebody who's calling
Speaker 4: the underrea for three four different people to say.
Speaker 6: Okay, that's crazy, all right, three zero, three seven, one,
Speaker 6: three eight, two five five. By the way, Partner in
Speaker 6: Lending dot com, that's CMG. That's John Frank Duran. Frank
Speaker 6: Duran homes dot com. Frank says, more homes. I love
Speaker 6: this stat Doing your commercials are so easy. Frank sells
Speaker 6: more homes for more money in one month than most
Speaker 6: realtors in Colorado sell in a year. And Stephanie Thomas
Speaker 6: knows the Pike Peaks region better than anybody I have
Speaker 6: met up there. I love the fact you have concentrated
Speaker 6: on that Colorado Springs at Monument and you've gone up
Speaker 6: to like Woodland Parks, parts of Pueblo. You know that
Speaker 6: area inside and out.