The Real Estate Show

Radio Show Notes 08/20/24 Tuesday: 

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Avoid Costly Mistakes with Expert Tips on Inspections and Appraisals

By Eric Willner, Investor, Coach and Host of The Real Estate Show, America’s longest running daily radio show about real estate.

Welcome to the Real Estate Show – South Florida’s #1 Real Estate Radio Show and America’s longest-running daily radio show about real estate! My name is Eric Willner, known as the Voice of Real Estate, and I’m the founder of this incredible show and creator of The Automatic Landlord System for Owning Cash Flowing Real Estate ‘Profitably and Hassle-Free.’ Every episode is like a virtual real estate seminar, designed to guide you to success in your real estate journey.

Today’s theme is all about Real Estate Success, specifically focusing on Step 6: Due Diligence, Inspections, and Appraisals.

Let’s talk about success and failure. You’ve likely heard the saying: “Failing to plan is planning to fail.” Well, in real estate, nothing could be truer. The difference between a successful real estate investment and a potential disaster often comes down to the critical step of due diligence.

But before we get into today’s practical tools and techniques, let’s take a moment for today’s Tuesday Meditation—what I like to call Transformation Tuesday: “Lord, as we embark on this Transformation Tuesday, we seek Your transformative power in our work and personal lives. Guide us to be agents of positive change in the real estate landscape. Bless the properties we handle, that they may become places of warmth, security, and transformation for those who dwell within. Amen.”

Now, let’s kick things off with three Did You Know? questions related to today’s theme:

1. Did you know that nearly 80% of homebuyers in the U.S. regret skipping a home inspection during their purchase process?
2. Did you know that one in five real estate deals fall through because of appraisal issues?
3. Did you know that failing to do thorough due diligence can leave you liable for tens of thousands of dollars in hidden repairs and legal fees?

These are just a few alarming statistics about the current real estate market. It’s important to be aware of the challenges so you can plan accordingly and avoid costly mistakes.

Let’s Dive Into Today’s Tools and Techniques:

Yesterday, I gave you 10 reasons why Real Estate Success: Step 6: Due Diligence, Inspections, and Appraisals is critical. Now, let’s break them down into actionable steps:

1. Protecting Your Investment:
   Performing due diligence ensures you uncover any potential issues with the property that could affect its value. From zoning restrictions to liens or encumbrances, research everything. Remember, you’re buying the full history of the property, not just the structure you see today. Having the right professionals on your team—like a real estate attorney—can make all the difference.
2. Understanding the Property's Condition:
   Inspections are non-negotiable. A professional home inspector will evaluate everything from the foundation to the roof, checking for signs of damage or needed repairs. This isn’t just about fixing small things before you buy—it’s about understanding what you’re really getting into.
3. Negotiation Leverage:
   Did you know that solid due diligence can give you immense leverage in negotiations? If your inspection reveals issues, you have the opportunity to negotiate a lower purchase price or request that the seller fixes the problem before closing. Information is power!
4. Appraisals Protect You and Your Lender:
   Appraisals aren’t just for lenders—they protect you as a buyer by ensuring you don’t overpay for a property. An appraiser provides an unbiased evaluation of the home’s market value based on comparable properties. If the appraisal comes in lower than expected, it’s time to reconsider or negotiate further.
5. Planning for Future Value:
   When you do your due diligence, you’re not just looking at the present; you’re also evaluating the property’s future value. Look at market trends, neighborhood development, and the potential for appreciation over time.

Today’s Show is Brought to You By: TimeToFixMyCredit.com
And as a special reminder, if you have any specific questions about home loans or credit repair, just text "LOAN" to 561-861-2366, and we’ll tackle them in a future show!

6. Avoiding Legal Pitfalls:
   Failing to do your due diligence can result in legal headaches down the road. A thorough title search will reveal any outstanding liens or claims on the property, while a survey will confirm the property boundaries. You don’t want to get hit with unexpected legal issues after closing.
7. Preventing Buyer’s Remorse:
   Due diligence ensures you know exactly what you’re getting into. No surprises after closing! When you’ve done the legwork, you can feel confident in your decision, reducing the likelihood of buyer’s remorse.
8. Assessing Repairs and Renovation Costs:
   The inspection report will give you a roadmap of necessary repairs and renovations. Use this to create a realistic budget for fixing any issues, and keep in mind that some repairs may impact your financing options.
9. Evaluating Environmental Risks:
   In some areas, properties may be exposed to environmental risks like flood zones, radon, or asbestos. It’s crucial to research these potential risks and understand their long-term impact on your investment.
10. Ensuring Financing Success:
    The appraisal is vital for securing financing. Lenders won’t approve loans for more than the home’s appraised value, so make sure the numbers line up. If there’s a shortfall, you’ll either have to come up with more cash or renegotiate the deal.

Today’s Show is Brought to You By: TimeToFixMyCredit.com
And don’t forget, text the word "Credit" to 561-861-2366 for special insights on boosting your credit score, critical for securing the best mortgage rates!

Achieving Your Real Estate Goals:

Whether you’re a first-time homebuyer or a seasoned investor, the tools we’ve discussed today are essential for navigating the complex world of real estate. It’s not just about finding the right property; it’s about ensuring the property is a solid investment that will serve you well for years to come.

Here are four critical tools to help you achieve your real estate goals:

1. Experts Teaching About Real Estate Home Ownership:
   Our weekly workshops are designed to guide you through every step of the process. From securing financing to finding the right property, we cover it all.
2. The Path to Homeownership Free Workshops:
   Join us for our free Tuesday night workshops, where we break down everything you need to know about getting on the path to owning your own home. Text PATH to [Your Show Text Number] for more information.
3. Financial Calculators:
   These are essential tools to help you understand the financial side of real estate. Use them to evaluate mortgage payments, assess cash flow from rental properties, and determine your investment’s ROI.
4. A Written Financial Plan:
   Success in real estate isn’t just about buying the right property—it’s about having a long-term financial strategy. Make sure you’re prepared with a solid plan for managing and growing your real estate investments.

Today’s Show is Brought to You By: TimeToFixMyCredit.com
And don’t forget to attend our free workshops every Tuesday night. Text PATH to [ 561-861-2366   to secure your spot!

Summarize Today’s Show in 5 Bullet Points:

• The importance of due diligence cannot be overstated in real estate success.
• Inspections and appraisals are critical tools for ensuring a solid investment.
• Knowing the condition of your property gives you negotiating power.
• Thorough due diligence helps you avoid legal pitfalls and financial disasters.
• The Path to Homeownership workshops can help you achieve your real estate goals.

Don’t forget that tomorrow is our Wednesday Midweek Mortgage and Market Report—you won’t want to miss the latest updates on interest rates, market trends, and valuable insights that could help you succeed in the real estate world.

Thank you for taking the time to be here! Remember, don’t just listen—use our show to get started in real estate investing. Tune in every weekday to The Real Estate Show—a literal seminar in every episode! And don’t forget to attend our free online workshops, available to you every week.

Also, you can listen to the entire 30 minute broadcast of any day’s edition of The Real Estate Show by clicking on the audio link on that days summary post. You can also watch the Facebook Live video at www.facebook.com/TheRealEstateShow.

Want to know more? If you are serious about real estate and paying off debt, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 9 o’clock (EST) on Florida’s Money Talk Radio stations WWNN AM1470, FM 95.3 and FM 96.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.

Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.

Also listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow 

Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.

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