How was Your Home Buying Experience – Hi, Shana Acquisto, broker of Acquisto Real Estate here with Ken Molestina, with Channel 11 News, feel so important right now? I feel like I got to get it right, you know?
Wow, you are a natural. Obviously, that’s why you have the position that you do. But you have recently gone through the home buying process. And, you know, we were not involved in that at all. So it’s really cool that I you know, I want to hear it from your perspective on how this process went. So you know what? First off, this happened recently, what, a couple months ago.
A month and a half ago now. So your agent I would like to know what things your agent did throughout this process that really impressed you.
Yeah, well, shout out to Elizabeth Hill. That’s her name To do that if.
Yeah, you’re right. She’s that we didn’t we met after all of this boy. OK, so let me be completely honest with you. It wasn’t fun. OK, OK. And I’m just being completely 100 percent honest.
The first home, the townhouse that I bought my starter home, that was a lot more fun. Right, because we didn’t have the strength that this market has now. So I actually and this is probably my fault because I didn’t do as much research. I kind of stopped doing my research when I heard this is a seller’s market. What I didn’t know is what was going to happen to me on the other side once I sold.
That grass is always greener on the other side.
I like many other Ill-informed owners. I kind of got excited about that and said, this is the time to do it. Let’s pull the trigger. I had no plans for what happened afterwards. Oh, so the townhouse sales. Right. They sold it for. I was happy when I sold it for. OK, we’ll leave it there. So now I’ve got all the games you know, went Above, right.
Yes. And it was, you know, it was one of these situations where so you’ve got all the gains that you made. You get your profits, but you got nowhere to go to. OK, because I we my wife and now by the way, now so it’s my wife and I it’s not just myself.
We had to get out of that house because they belong to somebody else. Now, one of the things that we did have to take away from our negotiation was a lease back. I wanted to lease back because I thought, you know, this was going to be kind of difficult, but I took that off during the negotiations. But I shouldn’t have done that because here’s what happened next. We moved three times in one month.
Are you kidding?
We moved to my buddy’s guest house guest room. OK, so I was essentially crashing with my I have a wife, you know, so think about that. It’s not just me crashing on my buddy’s couch. It’s me, my wife. Everything went to storage. We did that for a week because we had a house lined up that fell through within that week. And then I realized, OK, this is going to take a lot longer than seven days. Oh. Then I had to find a short term rental somewhere. Thank goodness we found a duplex.
And by the way, I live in Dallas. This is all in the Lakewood area where this is happening. And we were there for a month while we were still putting in offers and houses. We finally landed a house on the ninth off the ninth offer and a completely different area than we were looking into. So we ended up moving into the Kestler Plaza KESSELBACH. Oh, that’s right. Near Bishop Arts. But we were looking at, you know, the the East Dallas area. But again, what we kept facing is the challenge is the one that we’ve talked about.
I’m sure all of you guys know about it. And it was the cash offer that was bidness. And it was time after time after time after time and again. And, you know, this is where the realtor came in and she just kept getting creative with the ways that we did. She just said, listen, we’re going to land one. And unfortunately, we were not a cash offer situation. Right.
So, you know, we we did have to get a loan and all of that. And so it came down to getting really creative with and not wasting time. And when I say creativity, you know, we did to earn his checks at two different times. We talked about we I was basically and this is the part of the process that I sometimes I’m not too familiar with. But on the lender side, I think I was already an underwriting. Yes. Before I need the the or just as I was making the offer. So it was easy. And the offer for my agent to say, how about five days?
So can we talk? We get a shout out to Elizabeth, a shout out to your lender. Yeah, yeah, yeah.
Townsquare Mortgage. Yeah. And so, you know, and again, after going back eight times, we just said, you know, one of these has to be and I think we were just really, really lucky. Finally landed a house. My wife and I love it, but the whole process was it was a real pain in the neck.
And and if I had any advice to anybody who’s going through this right now is don’t get immediately excited about how much money you could possibly make on your single good if you’re going to stay here, if you’re going to stay here in Dallas. Right.
Make sure you’ve got a plan. Make sure. Dealing with realtors who know what they’re doing, there’s so many of them, somebody joked, you can shake a tree right here, realtors fall out. You know, we heard that one, you know, but, you know, everyone knows the inventory is historically low. Everyone knows the prices are going through the roof. So you’ve got to sort of think outside the box right now.
And and I think we just got in before this, really, you know, by the way, the once real estate or segment that we do, this is why we do it, because my experience is something that I kind of wanted to share to people through telling stories, different topics related to real estate right now, different sort of pitfalls. And, you know, we kind of went through. So it’s gone now because we have a house and all. But the entire process, I mean, there were probably a most challenging thing. I always say that my wife and I have ever done as a couple, as a married couple.
So. And you’re still together? Yeah. So he endured like that tremendous stress. Yes. And, you know, do you think that I know this is kind of off topic, do you think that kind of brought you guys closer because you shared that?
Yeah, absolutely. I think I think, you know, like any challenge, especially with people that matter the most to you. Right. You go through stuff like this together, obviously, it makes you stronger. It teaches you about yourself and your partner as well. But I think maybe things that you haven’t had to go through before. Yes. And and I think you’re better for it.
So now what we fight about is, you know, little things that we want to do in your house. You don’t want this couch or this color or that you like that color. I’ll take that all day for sure, instead of instead of what we went through. But, you know, but my story is not unique. You know, that’s not. But hearing it from another perspective to know that, you know, everyone is experiencing this and just to hear it, that, you know, it was important for you to have an agent who cared and who got you in the property. Right. And didn’t waste any time. Sure.
And the experience, you know, things that go on behind the scenes that I think a lot of a lot of buyers and sellers aren’t aware of is our network and our relationships with other agents. And, you know, you establish a reputation of how you conduct your business. And if you have five offers and these guys haven’t filled out their contract, you know, four of them haven’t filled out their contract correctly and you can’t reach them. And then you see an experienced one here. It may not even be the highest, but nine times out of ten they’re going to go with they want to absolute.
You know, the other thing that I would say that really help my wife and I and this is something that I would I would love to impart with with a realtor, with your agents, is when you’re going through a process like this and it’s clearly stressful, you’re moving three times in a month and you’re essentially done. Can’t imagine you essentially don’t have a home to go to. Right.
The biggest value for us is to feel like we matter to her, you know, I mean, we have a relationship now where we and I told her we kind of feel like family. Yes. And I hate to say this because, you know, a lot of times we like to think, oh, we can take care of it and we take on these real alpha personalities. Right? Well, we’re in the thick of things, but, boy, that that that warm embrace and that warmth.
That is helping you out through all of this. Guys, that’s really important because there were times, like I said, you know, my wife and I were at each other’s throats throughout this process and it took, you know, the real to the person who’s going to walk you through all of this.
So please don’t lose sight of that, that sometimes kind of that’s all we need. You know, you don’t have to physically do it. But just keep that in mind. A hug, whether it is a virtual one or whether it’s just words of encouragement or whatever it goes are really, really long. Wait. Because, again, this market is so it is.
And it’s stressful for us, too. But we can’t really say that, you know, we can’t pass that on to you. We can’t pass our stress on and let you feel it either. Yeah. So it’s really important for us to to stay calm, take a deep breath and know that we’re kind of, you know, part realtor. Part counselor.
Yeah. Yeah, right. Right, right. And in some cases, depending on who your client told you you might be, you know, mom and dad. Yes. For sure. Yes.
You are the parent and these are your children.
But don’t forget that that really human connection right now will help you go a long way. It offers you know, you keep getting told no all the time and you start doing these Ilmari offers and budgets that you’re not comfortable with. I mean, you just know that your clients are considering these things. They’re making really, really drastic decisions.
Say there’s no decision of your home. Right. And then on top of that, it’s all sort of exasperated by the fact that, you know, everyone’s overpaying for things. Maybe they’re making offers that they know they really can’t afford. And so just, you know, being human about it with them.
So a couple of things. When you finally got that offer accepted, did you have any like I don’t even know if I would like this home. I don’t know if this is the one.
Thankfully. Thankfully, no, no. I you know, we had seen so many pretty sure of what we wanted. This house checked off a lot of those lists as well, checked off a lot of the boxes. Here’s what I was worried about, is I had gotten so used to being told no, that I thought something like this was going to go bad. And I thought, thank goodness we have a five day close because we’ve got five days to figure out if this is going to happen or not.
But we need to go and find something else. But, you know, I thought there was going to be a better appraisals are a problem right now. So I thought maybe, you know, a rogue appraiser was going to show up and here throw the deal at a price at appraised price for more, actually.
So if she did and if the listing agent did an appraisal packet, had any any input with the with the appraiser with.
No, I don’t think I don’t think OK. I know that one of the things that we were considering at the time was, you know, if you have pretty good credit and thankfully my wife and I do, I think some lenders can waive an appraisal. OK, but I think from what I was told throughout the process is that that’s not determined by them. It’s determined by a system. There’s some algorithm that will let you know whether you’re good to waive an appraisal or not.
In our case, we were not because the home was brand new. It was a new build. So that house has never been appraised as well. So it needs to be appraised. There’s no reference point for that particular home just in our situation, but it was a new build in an older neighborhood. So I always joke that we stick out like a sore thumb because all the comps and everything else in the area would have been for older homes, you know, that have been there for a while.
So it’s super hard to come back. Yeah, exactly. And I think that’s the reason why they couldn’t waive that. So but, you know, again, by the way, these are all things I learned. I didn’t know about any of this stuff. I know some of
Those like you want to have a little before you embark on this journey that you want to sit down with an agent and kind of haven’t we call it a set up, set your expectations just so you kind of know what’s coming up. And then when you get involved, you’re like, well, even ten times.
And then, you know, we’re challenged to get to a point where there’s no turning back. I mean, you’re in it, you’re in it. You have to cross the finish line. There’s no going back the other way. So, yeah, for sure.
So my next question is, you had a specific area that you were looking in in the Lakewood area. So what caused you to go a different direction?
Yeah, I mean, you know, when you get told no. Eight times in the same neighborhood industry, thinking to yourself, maybe need to go the other way, you know? And it wasn’t for a lack of trying. I mean, there were there were nights that, you know, we would make an offer. I’ll never forget. It was one of the last offers that we made the house within about 12 hours, by the way. We went to go see it at about seven o’clock at night. It was after work. My wife and I, we went to go see it.
And by eight o’clock in the morning, the next the next day, the agent called to say that they do not accept the offer that we were we were the runner up them, you know, do you want to go into backup? We were like, no, I moved three times in a month with my buddies. What do you say to to a short term? We need to find a place. And so. Yeah, and so we passed on that. But I know you said that that’s actually a good thing if you have a little bit. I mean,
That’s I’m a I’m a fan of them because I think with you know, people are having to make these really quick decisions on the biggest decision of their life that they might have remorse and want to terminate. Right. And so we’re seeing quite a bit of fallout and homes come back on the market. So if you’re back up, you don’t have to go reinvent the wheel.
You just slide right in on that particular one, though I’m glad they didn’t accept our offer because it was a Hail Mary offer and it was at a budget that I really wasn’t comfortable with. But you find yourself doing things that are a little desperate. So, yeah, again, you know, be calm with your clients because they’re doing crazy things.
Just guys, please don’t transfer your stress to your client. I think that’s probably the most important thing that we’ve heard this morning is, you know, you feel it. So you need you don’t know this process like we do. So it’s our job to comfort you and make you feel, you know, OK with it, because I’m you know, I can think if it were me in that position, I would want to quit and just say, you know what, I’m just going to stay where I am. Yeah, forget
It. And the thought crossed your mind, crossed your mind. But, you know, kind of like how I joked about earlier. There comes a point in the process where you’re so far in. You just have to keep going, keep going. And so thankfully, we did think we found the house. We love it. It’s we’ve got great neighbors. And, you know, all of this is behind us now, but it’s a real thing that is happening. And again, unless you’re one of these out-of-state folks that shows up here with a bag of cash and we’ve talked about it, you’re going to kind of have this sort of experience.
One of our agents is from California, and we recently took a trip to California and talked to some agents. And she says, don’t California my taxes.
My taxes. Yeah. Yeah. Well, I mean, That’s pretty funny.
It’s it’s kind of happening. Yes, it is happening. Well, thank you for your. Joining us this morning is Love It, and we may even have you on again to dive deeper into some of these topics. I think it would be great. Or have you just, you know, come and teach us how to be great, though I wouldn’t be right in front of the camera, Many for any. Like I told you, you know, I can talk for days or so. I’m glad that, you know, we have this is good. We have some rules here.