Real Estate Chaos: What do you do with 21 offers on your house?
Below is the actual S. George Real Estate Morning Drive show, hosted by St. George Real Estate Agent Jeremy Larkin, word for word! Enjoy and please share if you find it valuable!
Jeremy Larkin and The Larkin Group @ Keller Williams Realty can be reached by calling 435-767-9821, or emailing email@example.com.
Jeremy Larkin: Are recording. Morning guys, we’re not live on the radio yet, but we are live on Facebook.
Jesse Poll: Good morning.
Jeremy Larkin: A little social media platform you might’ve heard about? Let’s go ahead and share this over to the Larkin group. How about that? While we’re at it, the Parkin group. Now I hear you, you hear me? All those are great emojis. Yes. Wow, my emoji [inaudible] mainly because they were suggested to me. [crosstalk 00:00:50]. It was the mind blown, and a house, and a dollar sign flying. [inaudible] Facebook page. Anyway, good morning. Do you have got a four or five, six? Some of you guys say, “Hey,” give us a thumbs up or what are these, what are these, what are these? What are, you know? So raising the roof, I don’t know.
Jesse Poll: Raising the roof.
Jeremy Larkin: Good morning out there. [inaudible 00:01:17]. Good morning. Jeremy Larkin here, I really [inaudible] myself hosting St. George real estate morning drive, we’re having some plans this morning, because you don’t see what’s going on in studio, if you’re listening on the radio. But if you are listening on the radio 94.9 FM, 8:19 a.m.
Andy Griffin: [inaudible] KDXU.com.
Jeremy Larkin: Bingo KDXU.com, dot com.
Jesse Poll: Facebook, turn on Youtube large.
Andy Griffin: Everywhere, it is Ubiquitous.
Jeremy Larkin: I’m not on Al-Jazeera TV. See if I can get that done, right Andy?
Andy Griffin: I’m the principal.
Jesse Poll: Yes.
Andy Griffin: I guy calls me last night-
Jesse Poll: And you are not on Twitter.
Jeremy Larkin: No, I hate that, I hate that place. This microphone wants to be all over the place-
Andy Griffin: -kind of real Jeremy Larkin.
Jeremy Larkin: Yeah. Yeah. That was real Jeremy Larkin. Last night, I get a text message at eight 45. I’m with my children. I’m trying to be present with my children.
Andy Griffin: Sure.
Jeremy Larkin: Hey Jeremy, it’s so-and-so will you call me? Would be kind of client friend, family friend. This is how this guy rolls. I ignore it. I actually just ignored it, 8:45 PM. Part of his, they didn’t feel great just like sniffling and it just didn’t feel great. Then I go to sleep on time. I like actually on time, I was, and I was asleep at 9:55 PM.
Andy Griffin: Impressive.
Jeremy Larkin: At 9:59, “Hey Jeremy, will you call me tonight?” I get up this morning and I can see the text. And I said, “Hey, just got your text.” I call him at seven o’clock in the morning. It doesn’t answer. Hey, I’m going to be on the radio. This whole thing calls me back. I said, “Listen, I’m the radio at 8:30 and delivering kids to school, and the in between. Calls me about 7:55. I respond by text, call you at 8:15.
He calls me like 8:19 as I dropped the kids, as I was, I was in the clear, man he says, “You’re a busy guy. Does that tell you about our world right now?” Sends me a text at 8:45 PM about business and 8:00 AM the next day when he finally gets me he says, “Man, you’re a busy guy.” Let almost like he’d been trying to get me for days.
Andy Griffin: [inaudible 00:03:33].
Jeremy Larkin: I got news for you bro, 8:45 PM death 8:00 AM. They don’t exist, those hours didn’t even count. Is that annoying? I was annoyed by the way. He’s playing golf today in coyote Springs, down on your way to Vegas. He’s not listening to show. So I have no problem telling the story. I like it, I love the guy. But how aggravating-
Jesse Poll: But that’s our world. We live in a world and we’ve seen this happen, we’ve actually lost business because we didn’t get back to somebody within two hours.
Jeremy Larkin: Two hours talk to-
Jesse Poll: On a Sunday.
Jeremy Larkin: On a Sunday, thank you. There are two hours on weekday shift.
Jesse Poll: So we live in a world that it’s 24 hours service or it’s expected.
Jeremy Larkin: Oh my gosh man. White glove, red carpet. Jeremy Jeremy hosted the St. George’s losting morning driver having found this morning. He’s going to tell us about getting, don’t even say the number. What is the most offers that we remember ever getting out of home, the highest number?
Jesse Poll: I’m not sure, 15. I was going to ask Robert how many he had… I remember one time he got spread out.
Jeremy Larkin: Yeah, I’ve had, I’ve had a dozen for sure. Quite a few times back in the foreclosure days. Yeah. Jesse just teased them. And then we’re going to talk about the fact that there happened to be a presidential election two nights ago. How many offers did you get on one single St. George Hall, 21, one house. Now let the power of the pause sink in 21 written offers.
Andy Griffin: It was a short one. How did I win another 24 hours? I would have 30.
Jeremy Larkin: Yes, and this is true. Really, I haven’t gotten that in 24 hours, we would have had 30 off, 30 offers.
Andy Griffin: Does that mean it was under priced or does that mean that’s, that’s the market, right?
Jeremy Larkin: I love that question. We’re going to talk about it. However, two nights ago you may have been aware that Al Gore and somebody else, Romney ran for president. No, here’s the deal guys, Trump by 2020, it’s never going to end. And quite frankly, here’s what I have to say. This is what I would have said to the other side. Would you expect this? Somebody when you’re, when you lose a state by 20,000 votes, that someone’s not going to challenge that legally, of course, again, of course they are. Of course, they’re going to challenge that. See if you, if you get beat solidly, you’re like, “Yeah right. I can see it.” Nowhere they can see and no way as Trump can see because it’s Trump.
Andy Griffin: Right?
Jeremy Larkin: I never conceded. I honestly don’t think he ever wanted to be president in 2016. I think it was almost like when a high school kid streaks the baseball game on a dare.
Andy Griffin: I want to have it [inaudible]
Jeremy Larkin: You know what it mean? Twenty-four-seven now Don Willey, good morning my friend. I like Donald, he’s a cool dude. Don’t have a gift for you still, still in my possession for coming in and being on our webinar. It’s a cool gift, but isn’t it like, here daring the street, the high school game, but it did happen Dixie high school in 1993, a handful of my associates, they’re my friends, straight to game, the guy has a paper bag down at Don lay flyer field on seventh down. By the end of the paper bag was on his head just in case your paper bag on his head, how they got over that chain link fence don’t even ask. But it feels like Justin Robin says he knows who that was. It feels like this was a dare but then once, once Trump gets anything in his head, it’s like-
Andy Griffin: I got to win.
Jeremy Larkin: I’m going to win. So anyway, I don’t know what’s going to happen there, but we talked to-
Jesse Poll: Maybe be a month or two before we even know.
Jeremy Larkin: Yeah.
Andy Griffin: Hey, scary thought by the way, if, if the president hasn’t been decided by inauguration date, the speaker of the house assumes presidency until it has been disturbed.
Jeremy Larkin: That is Nancy Pelosi.
Andy Griffin: Nancy Pelosi.
Jeremy Larkin: That-
Jesse Poll: I told you [crosstalk 00:07:24].
Jeremy Larkin: I just got here. Yeah. I just got a chill down my spine, that’s not cool. Man he could be right Jesse. But we did say last week before we talk about [crosstalk] yeah, or we talked about 21 offers. Before we talk about 21 offers a tip that well, you can’t, you can’t tip it, I was just noticing it was almost tipped back.
Jesse Poll: Is it in your way?
Jeremy Larkin: No, no I was trying to get the right camera angle here from the side. I’ve got, I’ve got Jesse Paul here in the studio.
Jesse Poll: Oh, bring another book next week.
Jeremy Larkin: There you go, that’s perfect. Colleague of mine, great man, selling a lot of real estate for the Larkin group, and of course, Andy Griffin here at the studio.
Jesse Poll: It’s my fancy chin.
Jeremy Larkin: You have a beautiful chin, span as it’s very [crosstalk 00:08:06], three chisels man. So look, we talked last week about the presidential election that I really think it actually benefits Utah, st. George specifically come no matter how this thing falls. And if you didn’t hear it last week, I will tease it back out. We have a conservative community. What, what did Mayor Pike say? Do you think we’re like 70,` 80% registered Republicans, Andy in, in Washington County?
Andy Griffin: Yeah. It’s about 75%.
Jeremy Larkin: So conservative community. So, if you have a Republican win, it probably is good. It because people are like, “Okay,” Well we feel safe, right? If you don’t it might even be better because you have a lot of… here’s what I’ve been learning and what I’ve been on this. And this is why I think Texas and Arizona or swing States. We have a lot of people moving here because they want conservative values who are not conservative by Washington County standards, right? Right-
Andy Griffin: Rest of the world might think they’re concerned, not in here.
Jeremy Larkin: Yeah, and I think that’s how Arizona and Texas, by the way Arizona Texas were the number one, I think in Texas and Arizona, number one and two relocation spots for California and suddenly Arizona and Texas become battleground States. And they were never battleground States. They were always Republican States. Well, what happened? Did everybody start liking Biden now? Probably not.
Andy Griffin: No.
Jeremy Larkin: There has been a change, a turnover in the population errors or in addition. Were in addition, so there’s a lot of moderate folks that might even be considered liberal by Washington County standards saying, the, the, the, the, the last straw, the first straw was all of the things were happening in their state, in the first place. Then the riots, excuse me, then the shutdowns, then the riots. And if they didn’t get through those waves of moving out of California, if there is, if it, if indeed it goes away, it feels like it’s going right now. And there’s a Biden when they go, you know what? This just doesn’t feel like we could stay here at all. And I realized that’s a national, it’s a presidential election, but does this, does anyone make it, am I making sense, or am I just talking craziness right now? It becomes the last straw.
Jesse Poll: Well, I think it’s funny how much, how much is actually blamed on the president that whoever the purpose is that actually has nothing to do with them.
Jeremy Larkin: Yeah. I mean, because, because what we’re talking about is you really electing an entire system, right? Body of values, policies, political party. So I don’t know what’s going to happen here, but st. George is in honestly, a pretty good hands. Whether a lot of people out there thinks we’re not really, we have a great community. We have the greatest community in the world. I still think we’re the greatest country in the world. We are actually at the risk of sounding like one of these political speeches, the United States has done more for the rest of the planet than any country. By a hundred thousand times, the United States has done more for immigrants. By hundred thousand times, they have done more for the impoverished by a hundred thousand times, we’ve done more for civil Liberty, civil. Remember, we’re a racist country, according to everyone for civil liberties than any country by far remove rights. Yeah, absolutely. So just let that one sit out there. I’ll drop the mic, although it’s hanging from the thing and we won’t do that.
Jesse Poll: I just dropped a point.
Jeremy Larkin: I know I’ve, I’ve, I’ve soap boxed, Jesse-
Jesse Poll: Did you notice, I just sit back and be quiet.
Jeremy Larkin: What do we do with these 21 offers? I mean, this is a deal. Why don’t, why don’t we tell people where even where this home is like, and do we give him, should we give a street? Maybe not a street number, I don’t know how private we client wants it. I don’t know let’s just, let’s just go with the street in the area.
Jesse Poll: Okay. Just 27 90 East, it’s all behind, it’s over in South point bind-
Jeremy Larkin: Which is between, if you think about the 24 50 East coming down from desert and energy industries and the home of the theaters and Costco,
Jesse Poll: It really, it’s just an old, faithful, popular area. People love being there for the ninth graders.
Jeremy Larkin: Old faithful. He’s exactly right. Let me, let me describe a couple of those, that whole area between mall drive and 30, 50 East Bloomington Hills. like these are places with single family homes, the most typical home, and there’s a three bedroom, two bath, 1800 feet. That is old faithful as right now, just like, like money, just turn it on it just alone people. It’s just, yeah. It’s what we call in real estate, a family neighborhood. Now the funny part is you’re actually not supposed to say family neighborhood. That’s actually a violation of fair housing.
Andy Griffin: Oh really.
Jeremy Larkin: But if we want to talk about what that means, when I say family neighbor, what it means is, it’s a place where families typically with children go, does that make sense? We’re not talking to any race, any religious groups. It’s just like, I’ve got some kids, two kids, and I need to move somewhere. It’s not as if they’re not totally starter homes, but they’re definitely not dream homes, either.
Andy Griffin: Number two, number the home.
Jeremy Larkin: It’s got second home.
Jesse Poll: It’s the same concept-
Jeremy Larkin: Second home in how many homes you own not second home as you all know second home as a vacation.
Jesse Poll: Not the same concept is, for instance Andy, Brio is not a 55 plus community, but that is the demographic that they attract.
Jeremy Larkin: People think it is right.
Jesse Poll: Right. So, and-
Jeremy Larkin: It’s a, it’s a, it’s a bread and butter meat and potatoes old faithful. So Jesse, you get 21. What was the asking price on this? That’s all. [inaudible] What is the highest offer right now, if we can at least get in the range?
Jesse Poll: In these three 30 years [inaudible 00:13:40]. So I want to address something that-
Jeremy Larkin: By the way 10%-
Jesse Poll: … Andy asked.
Jeremy Larkin: … Over the asking price. So Andy asked the question, which was?
Jesse Poll: Did you on the question, and I actually asked the same question with Jerry and we looked at it Thursday. I said, “Man, am I adding pricing this?” We looked at it, actually not, because all of the comparables, so when, when this has to appraise, all of the comparables were in the two nineties.
Speaker 2: Okay.
Jesse Poll: So we priced it to be competitive and to be… So I have, I have a theory whether it’s right or wrong, I don’t care it works for me. A seller has two choices, they can price their home so that buyers come in and beat them about our price, which the buyers are thinking and negotiating logically or the seller can make a decision to price it so the buyers are buying emotionally. The buyer is competing for a home they will always hands down pay more for a home, then they could be buying it logically.
Jeremy Larkin: Don’t let me insert this because I’m getting some feedback here, is your microphone muted?
Jesse Poll: No.
Jeremy Larkin: Okay.
Jesse Poll: I’m mute yours and unmute mine.
Jeremy Larkin: I’m I’m, I’m not muted, that’s the echo.
Jesse Poll: Okay.
Jeremy Larkin: That’s the echo.
Jesse Poll: Sorry. I just muted mine.
Jeremy Larkin: Okay, perfect. Thank you.
Jesse Poll: So does that make sense?
Jeremy Larkin: So I love this, so here’s what he said.
Andy Griffin: [inaudible 00:15:02].
Jeremy Larkin: You said the seller has two options. They can compete, they can price the home and compete with who?
Jesse Poll: Themselves basically.
Jeremy Larkin: Yeah. Here’s, here’s what you think might help.
Jesse Poll: Help other people sell.
Jeremy Larkin: I mean, by that, so we have a house listed for 299 and now we have 21 offers and it’s got 30 grand over ish in that range. I can’t give an exact number. If you priced that home at 325 or 330 to begin with, you’re now competing almost with yourself. If you had an, an offer or two, or the other option is price it assertively, so now who’s competing with themselves? The buyers. How awesome is that? The buyers are competing. The sellers, honestly, the sellers over on the beach, sipping a Mai Tai, like this is fun. “Hey honey, did you see these guys? We got another offer.” Look at, they’re almost watching the buyers in a little like pig pen fighting with each other. How great is that?
Andy Griffin: No, we didn’t do the we had no idea that it was, that was going to happen. Okay.
Jesse Poll: And permission to talk.
Jeremy Larkin: Yeah. Not to this extent, but based on the comparable sales Price there was-
Jesse Poll: But based on the market, this is the kind of market we’re in. So if, and kudos to the seller too, cause she sent a month getting that house ready, like really getting it nice. So there is big money and strategy.
Jeremy Larkin: Yeah, they’re totally is. So does that answer your question a long way? Did we under-price it? No. Now here’s what the market will do. The market likes to just tell us what we need to know. So you really, you can’t, under price a home and you can not. under price a home and a boiling hot scolding hot sellers market.
My gosh. So what are the challenges now that you face? Because you know, we talk about, you can trade one set of problems for another. So you now have an interesting problem, which is what?
Jesse Poll: Well, the biggest challenge is appraisal, because unless you’re giving a cash offer and you’re going to a cash offer that doesn’t want an appraisal, you’re going to face. So you’ve got options. You can just roll the dice, or you can reach out to all of the top offers and say, “Hey, if this doesn’t appraise, you drove the price up. What are you willing to do?”
Jeremy Larkin: Yeah. And we’ve never in my history as a real estate guy, maybe in oh six, oh five or six, this was happening, but I kind of missed it. Like I got in and it was fizzling. Have we in Washington County seen the, we’re going to wave our appraisal wave appraisal, meaning, meaning, look, Andy, I just, I offered you way over the asking price in your home. If the home, if the appraisal doesn’t come in high enough, I’ll dig up some cash in my backyard or borrow it from my grandma. And the difference guys,
Jesse Poll: Because the seller can’t be left on the hook for that, they didn’t drive the we, we priced it fair. So why should they take all the risks?
Jeremy Larkin: How many square feet is at home?
Jesse Poll: Just under 1600, 1590. If that answers your question, right. And 1580. And we’re at that price.
Andy Griffin: That’s 200 a square foot.
Jeremy Larkin: Correct. Now here’s let me answer it, great question was asked how many square feet is it now. I will give you something to understand, what might happen for someone as they say 1600 feet. Okay, well my house is 3,200 feet.
Jesse Poll: Right.
Jeremy Larkin: So 3,200 times 200 rank.
Andy Griffin: Right, how many the scale. Let me, let me give you the best example rent today for that home is about 14 to $1,500. Double the home, it doesn’t go to $3,000, double it again it doesn’t go to six,
Jesse Poll: Right it probably goes to 2100 maybe 2200.
Jeremy Larkin: Yeah. At some point, the economies of scale kick in you just, you can’t keep doubling it. So Jeremy, I wonder what my house is worth right now. Don’t do, do not multiply that out, call us, and we’ll help you. That is, we really get that in every aspect except for our home. For some reason, we lose our brain when we’re talking about our houses.
Adjusting toxins, can we talk about the place where we live with our family and our finances? We just cannot think straight.
Jesse Poll: We don’t, we don’t believe… I didn’t even talked to my own family about farming to scale. And they know I’m in real estate. They know I worked with one of the best realtors in town. And maybe when I’m talking to them about it, it’s like, Ooh, over it.
Jeremy Larkin: You know, if I sell my iPhone on eBay, it’s just not emotional. I don’t go, “Oh my gosh,” caressing it. But, but do you understand? I took the photos of my children’s, the christening with that phone, but I took photos of my kid’s soccer game with that phone. And do we do that? No. We’re like it’s an iPhone. I got to get a new one. I want to get the 12, it’s not emotional, but the second we’re selling our home it’s now, but I raised my children and now they built that and side note. Let me tell you a story about man. It’s been a while now, maybe it’s been eight or nine years. I moved out of a home that I had largely raised my children largely from the top, by the way, from the time they were tiny and my daughter took, she, she was young, she’s eight 19 now.
Right? But she was like 11 then. She went out in the backyard with chalk and on the wall wrote by, by home, by house, goodbye house. We, we love you. You’ve been really fun. That was very emotional, right? Because it was, it was a place where I had watched those kids be tiny and then kind of grow up. So I understand that this is emotional for people now, what are these buyers do? We’re talking about. So if you’re a seller, let me just insert something. Literally right now we have 21 offers. Guess what? That means, we have 20 buyers, 20. This is, I remember the days when you’d go and talk to a, for sale by owner, they’d be like, “Do you have a buyer? You can bring through?” How about 20? I have 20 buyers with a written offer that can’t get this house.
Jesse Poll: If you specifically live in [crosstalk] somebody in the red class area, we call it red class between mile drive, 30, 15 East. We should be talking, but we should be talking if you want to sell home anywhere. But literally, literally that is visit us tongue dead, sold in st. george.com or just Google the Larkin group, the Parkin group. You find myself, Jeremy, Jesse, what did the buyers do? What do buyers do in this market?
Honestly, they need to go find it on the-
Jeremy Larkin: Open that [crosstalk] as a puzzle.
Andy Griffin: [inaudible]
Jesse Poll: So we’ve on our team, we have buyers, we’ll send out letters and I’ve been door knocking for clients.
Jeremy Larkin: Yeah.
Jesse Poll: Phone calls, talk to my-
Jeremy Larkin: Yeah guys we’re not afraid to do some pretty crazy stuff.
Jesse Poll: You have to do. You’re going to win, you have to do something different.
Jeremy Larkin: Here’s the deal, we will hire the guy in the yellow gorilla costume with a, with a big placard to dance on the corner and say, “Need home.” Okay, we haven’t done that, but people have done it. So direct mail, we will knock doors, we will call around the neighborhood to find you a home. Okay, but, but let’s pretend I can’t. What did these buyers do? What, what are the things they’re going to have to do to win this offer?
Jesse Poll: They’re probably going to have to put in a very competitive offer. What that looks like as possibly nonrefundable earnest money after due diligence.
Jeremy Larkin: What am I not [inaudible] money right off the bat. I mean, they could. By the way, Michelle and Jessica, one or both of, to come on our show next, next week, talk about this-
Jesse Poll: They could but but you better be really sure that that home is going to pass inspections, right? After due diligence makes sense. If you have the wherewithal, you can not necessarily waive the appraisal, but how much money could you come in with? In this market within two months? Let’s say you do $10,000. I’ll bet within two months, you’ve got that much more in equity or more.
Jeremy Larkin: Yeah, it’s crazy time.
Jesse Poll: So you’re not losing out. It’s just a matter of, do you want to move right now or do you want to keep fighting for the next year?
Jeremy Larkin: Yeah it’s a crazy time. And I want to, I want to wrap this up guys. We’re we’re going to be feeding 150 to 200 families on November 1st. Visit us please, so I need your help. Are you ready to nominate a family? That’s in need to receive a full Thanksgiving meal delivered to their home.
Andy Griffin: November 21st.
Jeremy Larkin: That’s why I said 21st. I think I said 21st. We’ll watch the video and find out, we deliver the entire, it’s a beautiful basket with everything they need to cook a Thanksgiving dinner except for the pie and the Turkey that you can get a gift card for that they’ll take to the grocery store and pick out their own Turkey and their own pie. They cook the home in their own home. This is not a soup line, a soup kitchen. We need you to visit st. George basket, brigade.org, st. George basket, brigade.dot org. Talking about st. George basket made.com. Isn’t it?
Andy Griffin: No.
Jeremy Larkin: Dot org. Okay. This, we changed it years ago.
Andy Griffin: [inaudible 00:24:34].
Jeremy Larkin: Guys nominate a family and you can nominate multiple families. It’s very simple, you can donate a feed of families, $50 to deliver this to entire family. I want to thank our title sponsor someone else. Sunwood home, listen guys. So, this is incredible. I want you to think about the Sun wood homes this year, you want to talk about amazing. Here’s what they’re doing, Sunwood is going to help us feed 50 families. Okay? I’m being sure Sun wood homes is going to help us feed 50 families we’re going to talk about some of our other sponsors next week. Our other donors, they’re going to help us feed 20 and 30 families.
Visit us at St. George basket brigade.org. It’s our favorite thing we do all year. And then the same week we are going to get, we’re going to give out about 200 pies to our Larkin group clients. So that’s going to be fun. It’s a lot, all in four days again, St. George basket, brigade.org, nominate a family. And if you’re thinking about selling, just look us up. Google, the Parkin group, let’s talk, have an amazing first week, real cold week of fall coming up over and out guys.