Luxury, Legacy, and Las Vegas Real Estate: A Glimpse into High-End Homes and Market Dynamics

Ever wondered what sets a lavish Las Vegas mansion apart from the rest? Trish Williams and Tiana Carroll are here to whisk you away on an exclusive journey through the most opulent estates this city has to offer. Prepare to be amazed by our adventure into the world of luxury real estate where we explore the uniqueness of custom homes, the process of elegant upgrading, and the fascinating challenges developers face when crafting these extravagant palaces. It's a sumptuous tale of grandeur that reveals what it truly takes to personalize a property in the valley of the sun.

But it's not just the glitz and glam we're discussing; we're also paying homage to the legendary Tropicana Hotel Casino. As it prepares for its final bow to make way for new developments in Vegas, we share our personal stories and the collective nostalgia for this iconic landmark. Alongside this salute, we give you a rundown on the current state of the real estate market, from the low inventory of homes to the high-octane competition. This episode is a heartfelt blend of fond farewells and pulse-checks on the market trends that could impact your next move.

Lastly, step into the practical realm with us as we navigate the complex waters of selling homes that need a touch more love. Whether it's the strategic pricing or deciding between repair credits and pre-sale renovations, we've got advice that's as solid as the foundations of the homes we discuss. Plus, we don't shy away from the gritty topics, such as untangling property titles post-breakup or considering offers on already spoken-for homes. Tune in for a comprehensive guide that's bound to empower homeowners, investors, and the real estate-curious with the knowledge to make savvy decisions in Sin City's vibrant property scene.

Transcript

Speaker 1: 0:15

Hey Las Vegas. Thanks for joining us back here at Vegas Realty. Check your local Las Vegas real estate news show. I'm Trish Williams.

Speaker 2: 0:23

And I'm Tiana Carroll. Welcome back Vegas, our first day of February 2024.

Speaker 1: 0:29

Oh, my January, the year long month, is finally over.

Speaker 2: 0:33

Yes, it happened and we get a bonus day this month. We do A little leap year, oh, leap year.

Speaker 1: 0:40

Oh great, okay, I can never keep track of that stuff.

Speaker 2: 0:43

Glad you do Once every four years, it's fine.

Speaker 1: 0:46

Yeah, so Tiana and I had a very eventful day yesterday. We spent about five hours Five.

Speaker 2: 0:53

I'm a little worn out if I'm being honest, oh my gosh.

Speaker 1: 0:55

Yes, we were touring mansions.

Speaker 2: 0:57

Some of them under construction, some of them were just felt like it was square foot after square foot after square foot.

Speaker 1: 1:06

I think when you include, like the lots we walked yesterday, the homes we walked, we probably walked at least 100,000 square feet.

Speaker 2: 1:14

Oh yes, at minimum, yeah, yeah yeah In heels, yeah In heels, because that's what we do.

Speaker 1: 1:20

So we did get some pictures. We'll post them on social media very soon. At the end of the day yesterday I was exhausted, I wasn't posting anything.

Speaker 2: 1:28

Yeah, a bunch of luxury homes with beautiful waterfalls and koi ponds and pools and spas and everything inside the homes.

Speaker 1: 1:36

They're cool yeah yeah, very, very amazing. Had a great time. So that happened, so that's news.

Speaker 2: 1:44

Yeah, that's news, that's news, that's our news. Well, that's typical for us, right? I mean, we see a lot of homes in a week. We see a lot of homes in a week. Going and touring big mega mansions is fun.

Speaker 1: 1:57

Yeah, it's different, because one thing about that is when they're custom, they're unique, so it's not everyone's the same. So that is a.

Speaker 2: 2:06

Yeah, I like that they're not cookie cutters and that they all had their own personality.

Speaker 1: 2:10

Yeah, there's some homes across the valley. I walk in and I'm like, oh, this is a poulti home.

Speaker 2: 2:15

I know it because we've seen this floor plan five times already. Yeah, yeah, yeah yeah.

Speaker 1: 2:19

I'm the same way, yeah, and I'm like, oh, the bathroom's here, and they're like have you been here? I'm like no, but I know where everything is at.

Speaker 2: 2:25

I know it happens to me too, when I'm showing people houses and I'm like here's your this and here's your that, and they're like, oh, you know this house. And I'm like, yeah, it's all over the valley.

Speaker 1: 2:35

Lots and lots of people have this floor plan, which is okay right, it's okay, and I've even seen some standard floor plans that were. There's some builders like Lenar is one of them. They took a floor plan that was like in Like their standard homes I would say median homes, right, maybe a little bit above median homes. So they took that same floor plan and then added just a couple bonus things to it Of course, stripview that's always a bonus and they put them on StripViewLots. They added a butler's area to it and just a couple little tiny things to the existing floor plan and made it luxury.

Speaker 2: 3:13

Yeah, Well, that's basically luxury a little more square footage and a little more spiced.

Speaker 1: 3:19

But it's the same floor plan, so I found that very interesting.

Speaker 2: 3:22

I was in a modern desert modern build home and I was walking through the house and I'm like I know this house. How do I know this house? And it's the exact same floor plan as the lamp light glens that have the little courtyard off the side and the carriage house. But then they were all done at Desert Modern so the facade threw me off and then I got in and I saw the staircase. I'm like, oh, lamp light, len, I know this house.

Speaker 1: 3:45

So one thing I've realized now that we're talking about that is I didn't know this until I was in real estate, right, okay. So custom homes I've been in a few custom homes that are custom owner built them. They were just done by the builder Yet the same as other custom homes I've been in and I'm like how is that If it was custom? But there's floor plans that you can purchase.

Speaker 2: 4:09

That's what I was going to say especially like, let's say, the early 2000s, when everybody was jumping on the internet and going bananas with eBay and what have you, you could just buy floor plans off the internet. So we were having people buy lots and at the time half acres were so inexpensive and yeah, you could just build a custom home by these plans and sort of omit the architect altogether. Here are the plans, here you go.

Speaker 1: 4:37

Yeah, so build me this house. I've been in a few of those where I'm like, huh, I've seen this house before, but it's custom, so how's that work? And then you know, figured out that. Yeah, yeah, yeah.

Speaker 2: 4:47

I know in our garage we used to have a big basket with just rolls and rolls and rolls of blueprints, because you know we were looking at to custom build at one time. Yeah, yeah.

Speaker 1: 5:00

After a few remodels.

Speaker 2: 5:01

I'm like maybe custom building's not the way.

Speaker 1: 5:04

I want to go.

Speaker 2: 5:04

It's a task, you gotta be up for the task and you have to know exactly what you want, because I've had so many clients build custom homes and halfway through they're changing finishes and they're changing a little thing here, a little thing there, which doesn't sound like a lot when you make the decision like, oh, I want my windows bigger, but all of a sudden that throws your budget way out of whack and your timeframe Well, now, when they, if you're doing financing on a construction loan, so when you get pre approved, or when you're working on that pre approval for the financing, they automatically pad it with an extra 20%, because they said nine times out of 10, there's going to be change orders and there's going to be things better.

Speaker 2: 5:44

I'm not a gambling girl, but I'd be willing to bet it's 10 times out of 10, because I've never seen anybody build a custom home from start to finish and have it the exact way they thought it was going to be, right, yeah, so so look at us just gabbing over here. We haven't even done numbers, we haven't officially started the show.

Speaker 1: 6:02

Let's start the show. Are we opening with news?

Speaker 2: 6:05

Let's open with news first. Oh, instead of numbers, Instead of numbers. Okay, go go, go.

Speaker 1: 6:10

Is that not what we do? Maybe it is, I don't know, but we're opening with news News it is. What you got, so since, 1957, the Tropicana Hotel Casino, which was once like kind of like mob related right.

Speaker 2: 6:25

Like it was. Well, I think at one time everything was sort of mob related.

Speaker 1: 6:28

I guess it's been around in Vegas that long. At some point in time it had mob mob ties to it.

Speaker 2: 6:34

Yeah, absolutely yeah. It's been a while and it was a quite a big deal, especially like um, like mid to late eighties. Oh yeah, tropicana was happen, boy.

Speaker 1: 6:44

Yes, so um Tropicana, and I'm sad I'm always sad to see pieces of Vegas history go away.

Speaker 2: 6:51

I buy them yeah but thank you, nellis Auction. Oh yeah, yeah, when they start clearing stuff out, like I've got pieces of Bonnie Springs and I've got pieces of the Riviera and I've got I've never thought of that yeah no, I grab a piece of memorabilia from Nellis Auction or any auction house really. Um once a casino goes and they're just little things. People may not know where it's from, but I do yeah.

Speaker 1: 7:13

Yeah, that's interesting. Well, yeah it is, but it's always sad to see like this. Like you know, the I've seen so many casinos imploded since I've been here. Yeah, it's like this just big, massive landmark, and then boom, it's gone because something new has to go there. Well, this is happening again with Tropicana.

Speaker 2: 7:31

Yeah, and this sort of went back and forth. We reported that it was going to be gone, then it wasn't going to be gone, then it was going to be gone, it was going to be closed and then it wasn't going to be demolished.

Speaker 1: 7:40

Well, the latest that I seen reported by review journal was just yesterday. Just was yesterday the 30th.

Speaker 2: 7:47

Yes, no two days ago, no, two days ago. Today's the first yeah.

Speaker 1: 7:50

Yeah, so um two days ago they said that it is going to be demolished. Um, that's going to happen on April 2nd this year, which is crazy because Monday what was it the 29th?

Speaker 2: 8:03

I saw an article saying that they were going to look for a different place to put the Oakland A's and that we're keeping the Tropicana. And then you come in and you're like nope, they're getting rid of it.

Speaker 1: 8:11

Well, I don't know which new sources correct this time, but I'm just reporting what I read. Um, but they, uh, yeah, so April 2nd, um, they're going to. It says that they're going to be demolished to make way for the MLB stadium. Um, that's coming to Vegas. So out with the old, in with the new. And do they still like I just remember this, like you know younger years, when other things were demolished, like people like would go gathered to watch it? Oh yeah, that's what I was going to say. Is that something that still happens?

Speaker 2: 8:39

Well, I would assume. So I haven't seen an implosion in a good minute here, but that was definitely a thing. We used to always go down and watch the implosion. If you're new to the valley and you haven't seen an implosion, they're quite impressive in person because they come down quick and easy. I mean it's a dusty, gross mess.

Speaker 1: 8:57

Yeah, it's a dusty, gross mess. I remember one time they did it on like a New Year's. I remember being way younger years when I was up for that. And then they had the strip on New Year's Eve and they had an implosion the same time.

Speaker 2: 9:08

Yeah, with all the fireworks.

Speaker 1: 9:09

I remember that Was that I don't know how long ago that was.

Speaker 2: 9:12

It feels like forever ago.

Speaker 1: 9:14

And was it the sands? I don't know yeah.

Speaker 2: 9:18

I don't know.

Speaker 1: 9:19

It just feels like such a long time ago and I don't remember what it was, but I remember watching that on a New Year's Eve on the strip.

Speaker 2: 9:25

Yeah, I belong to a few Facebook groups that go ahead and post vintage pictures of Vegas and talk about old places and hangouts and do you guys remember this place and that place? And those are always nostalgic and fun.

Speaker 1: 9:38

Yeah.

Speaker 2: 9:39

So that's what this implosion is going to be for me. Yeah, like nostalgia.

Speaker 1: 9:42

The original Wet and Wild. That was my favorite.

Speaker 2: 9:45

That was heartbreaking.

Speaker 1: 9:46

That was heartbreaking I know, I know that was. It was so much fun. We have so many childhood memories there. Yeah, we do All right. So what are we doing for numbers? This week we have numbers.

Speaker 2: 9:55

Okay, so we don't have a lot of inventory. I'm going to tell you that right now. I know that number's gone down 3,361 homes available active on the market. Single family, that is incy wincy.

Speaker 1: 10:10

And I am filling that go so fast. And you know it's getting to the point again where buyers are like, oh my gosh, this house just hit the market, we got to see it. And now, because it's going to be gone tomorrow and we're back in the market Back in that, so buckle up.

Speaker 2: 10:28

Yeah, get ready. Listen, I said it at the end of last year, I anticipate from. Well, it started in January. I was thinking from February to like August, september to be madness and chaos, things flying off the shelf if they're available. So let's see if that really happens. Oh, sorry.

Speaker 1: 10:49

It looks like it's happening Good. So the old numbers have gone. You know they're creeping up, they're doing better. So we're at 415 sold for the week.

Speaker 2: 10:59

We are yeah and not very many price decreases, only 358.

Speaker 1: 11:04

Yep, and then under contracts. I love that you're posting the under contract. Thank you, you're very welcome. So we have 653 that went under contract for the week. So that is wow. We're starting to see those under contract numbers I was looking at them yesterday are starting to get higher than the just listed numbers. So that's that indicator that we're starting to sell more than we're listing again. So that's the discrepancy.

Speaker 2: 11:33

That's why we report these numbers, because you, just if you track the numbers, you know exactly what's happening in the valley at the moment. Is it a crystal ball forecast for a year from now? Nope, no, but it's where we are right now.

Speaker 1: 11:45

Where we are right now. So brace yourself. We are in this market again, people, we miss the crash again. Next time, next time, we'll get it. Next time. Next time Didn't happen. Still not happening.

Speaker 2: 11:58

Well, that's another thing that was in the news. Redfin had reported that nationally, appreciation had gone up 0.6%. That doesn't sound like a lot, but in a year where everybody was like we're crashing, we're crashing, we're crashing, the crash has started, the crash has started. For us not to depreciate as a nation was kind of impressive.

Speaker 1: 12:15

Yeah, so we have crashers, crashers out there when you see the market slow down and we have, like you know, reduced amount of sales, like you know, like probably last quarter last year, yeah, last quarter. That's your crash. That's what you were waiting for. There it is. You missed it. Now we're back, so we'll see you next fall, next crash?

Speaker 2: 12:35

Yeah, exactly the next one. When it comes around, it's all yours. But if you really love those numbers and you want to know more about those numbers, next week we'll be doing all of the January numbers. Yes so make sure that you subscribe and download and share or whatever, so that way you can come back here. You don't miss any information, and next week we'll be doing all of the January's official numbers from LVR.

Speaker 1: 12:58

Yes, yes, so look forward to that. We will report it here. Usually we report it like right around or right before the time that the news lets it out, but if you follow us every week, then you hear us reporting it in real time, so you don't have to wait for that news report Exactly so.

Speaker 2: 13:13

We have a very good understanding of where we are and what we're doing. Yes, so listener questions is going to be our 2024 format.

Speaker 1: 13:23

Yes, I love it. I love it. I do like it. I have people sending me silly questions Sometimes. I told you last week I got a trish. Why do you always wear a black? Because I'm the Johnny Cash of real estate.

Speaker 2: 13:34

Johnny Cash of real estate. But for those of you who can't see us today, she's actually wearing a plum color. Yes, it's dark, but it is still a color. I felt called out by that comment so I was like, okay, fine, I'm going to wear a color, and as soon as I read that comment I just wanted to write back she's a Scorpio, leave her alone. Yeah, it's their thing. Yes, forever morning, forever morning. I'm mourning the loss of color in your wardrobe, girl. Yeah.

Speaker 1: 14:00

No, I just like. I like monotone.

Speaker 2: 14:02

Well, the yin and yang right, you're all about the black and I'm always in color. I rarely wear black, yeah.

Speaker 1: 14:08

Yeah, so it works Balance. Yeah, yeah so. So yes, that wasn't a real estate question. Send us your real estate questions. We'll do a lot better job answering them.

Speaker 2: 14:22

What do you mean? Scorpio was a good answer. All right, real estate questions we do have them. We get them all the time. If you want yours answered on air, you can go ahead and send it into Vegas. Realty Check at gmailcom and we will answer those on air for you. Yes, like Gerald, we have one from him today.

Speaker 1: 14:40

Yes, thank you. Gerald wants to sell his house. It needs a lot of work, a lot of things need to be fixed. He doesn't have the money to do this up front and wants to know what his options are.

Speaker 2: 14:54

So there's quite a few options, yeah that's the good thing about real estate there's more than one way to skin a cat.

Speaker 1: 15:01

Yes, absolutely, and the good news, gerald, is that we are in a market now where we're starting to see inventory tighten and buyer demand grow. That's the best market to sell a home that is in need of a little TLC.

Speaker 2: 15:17

Yeah, definitely. You don't want to be on the market when there's bidding frenzies going on and all of the pretty houses are selling instantly and you're just sitting week after week after week.

Speaker 1: 15:29

Yeah, and when that happens. So in those types of markets you get buyers that are looking more into because affordability becomes an issue. So they're looking more into what can I purchase and do a little bit of work to and customize, make it my own. So there are a lot more open to ideas and that's definitely a benefit for the seller in that type of market too.

Speaker 2: 15:54

Yeah, but condition in most markets plays a big role in that price, of course, not at risk price, yeah. So you have to be realistic, so you can sell your house but you're not going to get over a praised value, most likely if it's in a TLC condition.

Speaker 1: 16:08

Yes, you have to be realistic about the condition of your home, and your home's not going to sell at the same market value as a turnkey home that is like similar and the same in the same area, like that is. For the chances of that to happen are very slim. So you've got to talk to your realtor and learn how you're going to take that price into consideration versus the condition of the home.

Speaker 2: 16:35

Right, yeah, and there's also other things. You can offer, contributions. Let's say, the only thing is, maybe the carpet is tore up and maybe you're just going to offer a carpet credit because you don't have the funds to replace the carpet at the time of close.

Speaker 1: 16:49

Yeah, or a flooring credit in general, because a lot of people these days don't even like carpet.

Speaker 2: 16:54

Yeah, I'm saying carpet credit, but nobody ever puts carpet back in.

Speaker 1: 16:57

Yeah, Usually it's the vinyl or something like that.

Speaker 1: 17:00

Yeah, yeah. So credits are a good option. There is one thing to keep in mind that I personally see it's one thing to have a home that's selling, as is, that needs some things done, right, and there's another thing of having a home, as is, that needs some things done, that's over cluttered, doesn't present well and is dirty. Yeah, so, and of course, gerald, I haven't seen your home, so I don't know Right, but I would think that one of the best things you could do, there are so many buyers that are walking the house that they know needs work, but it's clean and just clean and tidy, and they're like, okay, I can deal with this, right. And then there's another scenario where they walk in and they're like it's harder.

Speaker 2: 17:49

It's gross, it smells like pets or food, it's grimy. You don't even want to flip on a light switch because you don't want to see what's happening on in that house.

Speaker 1: 17:56

Yeah, that will tremendously affect your value or prevent the home from selling. So what I would say is and I walked a home just recently with another client, that is that you know that Sellers have the home since, I think, early 50s it's. It's quite an old home. They, they, oh they were older people, never did anything to it, right, but the house is Really well maintained.

Speaker 1: 18:24

Yeah, I walked through and, yes, there's popcorn ceilings, but there was not a leak on that ceiling. The roof had been replaced, the water heater was in good condition, the AC has been replaced, it's just not up to date.

Speaker 2: 18:36

Yeah, and not everybody needs up to date right, like I said, condition goes a long, long way, because there are some very nice Homes that are mechanically sound in good areas and yeah, they've got some let's say, 80s Kitchen or whatever, but that does not change the livability of the house, right, aesthetic yes, but not the livability. Could very well be a good house.

Speaker 1: 19:00

Yes, and that's exactly what I told her. I said this this home for one is financeable, which is always One of the considerations you have to think of when you're having a home that needs maintenance or repairs or things done. There's certain things that a mortgage won't finance on, so that's something you need an experience Realtor to talk to you about, to see if You're going to be able to even pass appraisal right there, because we're walking in and there's no paint on the eaves and they're starting to deteriorate with that exposed wood and there's exposed floors that aren't like sealed cement but just actually floors are missing, then in the world all caving roofs.

Speaker 2: 19:40

Yeah, then certain well, not certain, especially FHA, but some conventional would just be like nope, we can't finance. And then that in those situations those are distressed properties and those are good for investors, cash buyers, to come in, remodel, rehab, whatever needs to be done.

Speaker 1: 19:55

Yeah, and in those cases it's good to review your options for that too, right? So there are Very few companies I'm I seen a lot of them go away after COVID, unfortunately but there's a few companies out there that I think their pricing is a little bit inflated, right, but really inflation now that sounds weird.

Speaker 2: 20:18

I've never heard of that.

Speaker 1: 20:19

I know, I know who to thought, but their pricing is a little bit inflated because one of the services they offer is to Do the repairs up front. They basically put a lien on the house and get paid at closing.

Speaker 1: 20:33

Right so again, they're those there. There's a lot fewer of those companies around now, but there are some options out there, but you're not going to get. You're not going to get the best Pricing on it, because you're kind of paying for the service as well right, and sometimes you need the service just to make it financeable, right?

Speaker 2: 20:51

So there's. There's a way to sell every house, and trust me when I say there's a buyer for every house. So it's just a matter of fitting the right buyer to the right seller and so having an agent to sit down, talk about your options and see what works best for you. Ultimately, it's going to be the homeowner's decision, right?

Speaker 2: 21:10

You know whether they want to offer credit, or they want to have a repair done that is paid out at closing, or if they just want to lower the list price for speed, get it off the books, whatever, then there's options, yeah yeah, but it's a great question, gerald, and either of us would be happy to meet with you and discuss your option, right?

Speaker 1: 21:32

Okay, Anthony, it looks like we're probably just gonna get to two of these today, huh.

Speaker 2: 21:35

Yeah, well, we talk a lot. It's a thing If you're new to the show, surprise yeah. And if you're not, you already know. You already know.

Speaker 1: 21:44

All right. So this is similar to a previous question that we had, I think, a couple weeks ago, but just a little bit different scenario Anthony purchased a home with his girlfriend. He did so they weren't married and they are splitting up and he wants to know how to get his name off the home.

Speaker 2: 22:02

Well, so getting your name off the home is different than getting your name off the mortgage, right? So there's two different things that you're gonna have to take into consideration in this scenario, anthony. So, first and foremost, if you wanted to get your name off the home, easy peasy, quick, claim Dean, we're done. Yeah, sign that house on over. If you're not on the mortgage, if you were just there Financially and your girlfriend's got the mortgage and you just need out, then that's cool. But if you are on the mortgage, it's a little more difficult.

Speaker 1: 22:31

You're financially obligated for that property and that mortgage and tell you unless your ex-girlfriend would be able to refinance the property in her own name to take you off and buy you well.

Speaker 1: 22:46

Yeah, that's where I was about to go with that, but likely there's probably some funds that you want from this whole break up because you probably have a vested amount of equity inside this home as well. Agreed, so that's a situation you need to determine. So is she going to refinance and buy you out of that equity and do it in the refinance, and can she qualify for that, because that's a factor?

Speaker 2: 23:09

as well? Yeah, you see that a lot in divorce. Can the wife qualify to even keep the house?

Speaker 1: 23:13

Yeah, yeah. And can she pay you out directly on the equity? What is the equity? That's always a good thing too.

Speaker 2: 23:23

Right, were you there six months or were you there six years? Yeah, and there's going to be quite the discrepancy.

Speaker 1: 23:28

Yeah, so a lot of things that you need to take into consideration. With that it can be done, but really it's one of those things. We'd have to look at the full picture and see what situation that you're in there. But yeah, getting your name off of the property does not release you from the mortgage obligation. So if you took a quick claim and removed your name from the property and those payments were to go into default, you are still on the hook for that mortgage.

Speaker 2: 23:56

Sure credit, Yep yeah.

Speaker 1: 23:57

Yeah, so your name has to be off the mortgage and the property to be able to do that and to get another mortgage. A lot of times, there's a lot of people that can't qualify for two mortgages at once, right? So you might want to go buy another home, anthony, and you can't do that because you have a financial obligation to a mortgage that you're already on. So that situation and you may, after looking at all your options may decide that you guys have to sell and, being a partial owner in this property, that is an option that you can move forward on, because you're a part owner of this property and in order to remove your liability for it, then both of you have to be able to agree to sell.

Speaker 2: 24:43

Yep, yeah, yep. Those are the best options on most case scenarios.

Speaker 1: 24:48

Yeah, A lot of people don't like that option. They want one, wants to keep the house, but keeping the house is not always as easy as it sounds.

Speaker 2: 24:56

Yeah, we don't always get what we want. Yeah, that's a bummer life lesson, I know, I know.

Speaker 1: 25:03

We do have time for Deanna's question, oh, ok, well, let's go. So, deanna. Deanna said there's a home that is in contract, which means that they have already accepted an offer on it. Right, they're in the escrow process and she wants to know if she can still make an offer. You can always make an offer Home on off out.

Speaker 2: 25:23

Yeah, House doesn't even have to be on the market. You can make an offer on it, whether they're going to accept it or not. That's one thing. They cannot accept it while they're in the seller can't accept the offer while they're in contract.

Speaker 1: 25:34

Yeah Well, a seller can do basically anything they want, but they're going to have implications, right?

Speaker 2: 25:39

Yeah, they're going to be liable because they'll breach a contract on their first contract, then Absolutely yeah.

Speaker 1: 25:44

So sometimes depends on what stage of in contract the home is. But I've done this before too, where I say my client wants to submit a backup offer I know that you're in contract, here's my client's backup offer. And sometimes what we see in those situations is say they just win the contract with this buyer and they're in due diligence period, and then the buyer comes with some unrealistic demanding. You know, sometimes the buyers just want to lock in the contract and then come in with some craziness afterwards trying to get that price down.

Speaker 2: 26:15

That happens. So much in 22. Yeah, I'm so glad that's not part of my daily practice anymore. Yeah, that was a crazy market.

Speaker 1: 26:22

We've seen it a lot and it happens. Sometimes the buyers have some financial issues, sometimes things happen or start to go south and whenever there's an addendum that goes out to change the initial contract terms or prices, the seller doesn't have to say yes to the addendum and has a way out of the contract, right Right. So in that situation, if they have a backup offer that looks favorable or maybe even more favorable than the current offer they're in contract with, sometimes they'll consider reaching out to that backup offer and you know, can't, you know cancelling or not agreeing to the change of terms on the current contract and move forward with the second buyer. So it doesn't hurt to reach out and submit a backup offer. Sometimes it works out, sometimes it doesn't.

Speaker 2: 27:08

Yeah, exactly. So you never know. Like I said, sometimes those contracts do fall apart and you're sitting in a position to come in and grab the house, which is great, but they just can't say, oh, we got a better offer, we're canceling that contract by without any repercussions.

Speaker 1: 27:26

Yeah, yeah, there's definitely things in the contract. One of the things that I learned in real estate school was that.

Speaker 2: 27:35

To real estate school, yeah, I didn't know that we actually learned stuff in real estate school, because the practice of real estate is so much different than what they teach you in school. That's absolutely the post licensing is really should be real estate school.

Speaker 1: 27:49

Right, absolutely, but every home is unique. So, even though it could be a cookie cutter home and the home next door is exactly the same, it's not in the same location, right, it doesn't have the same view from every window. It doesn't have. You know that every home has its own uniqueness. Yes, so there is. There could be like liability to the seller for not performing on the certain contract because it's every home, it has its own uniqueness. Yep, yeah, so all right.

Speaker 2: 28:23

Well, look at that, we ended up getting all three of those questions in Good timing, good timing.

Speaker 1: 28:29

So if anybody wants to talk to you about anything that we discussed today or anything else, or has lists or questions, right.

Speaker 2: 28:38

How do you have contact you, tiana, any kind of communication you want to do with me is always going to be by cell phone. So you can call me here, text me 702-379-9948. And then, if you do want to get those lists or questions in, then email those to the Vegas Realty Check at gmailcom. Yes, and if they wanted to have a conversation with you, they can reach you on your cell, right?

Speaker 1: 28:58

Yes, 702-308-2878, trish Williams, and you can call me or text me and I do return phone calls. Someone asked me that the other day. I said of course I do why would I not?

Speaker 2: 29:10

I know I get stuck answering so many phone calls because I oh, like I don't want to answer, but I'm like, ah, I put my phone in the world. I need to talk to these people. Somebody might actually need me. But the spam calls please Just stop.

Speaker 1: 29:25

Oh my gosh, the call centers yeah.

Speaker 2: 29:27

Whew They're-.

Speaker 1: 29:28

It's a lot. It's a lot.

Speaker 2: 29:29

And as we get closer to election I intend to I suspect it's going to get worse. This is true. This is true.

Speaker 1: 29:36

And unfortunately, in real estate, I've noticed that we get a lot of calls that are like hey, I'm a buyer, I want to buy a home. You're like great, start talking to them. And then you realize that they're like not, they're in some like call center working for some investor that's looking for off market cash deals, and you know it's just not?

Speaker 2: 29:54

Yeah, I only have 37 of those in my database, right?

Speaker 1: 29:56

now yeah, they can be misleading.

Speaker 2: 29:59

They can be misleading, All right. So, guys, make sure you come back next week. If you haven't yet, make sure you like, share and subscribe to the Vegas Realty Chex channel so that way you don't miss a beat. We are here every Thursday and we will see you next week. Bye Vegas, Bye Vegas.