The Real Estate Lounge with Ricardo Panchoo: Recent Episodes
Ricardo Panchoo
The Real Estate Lounge takes you behind the scenes of various real estate deals. Through stories of past clients, other agents and practitioners, we hope to educate, entertain and answer your most pressing questions around real estate. Got a question we haven't covered? Send me a message and we'll get right on it!
⏳️ My clients had a tight deadline for move in and were ahead of schedule when we had our deal fall apart during negotiations. Time was ticking, there wasn't a lot of homes to choose from and the pressure was building and we were beginning to wonder if we were going to find a house or if time was going to run out on us.
🧘♂️ To their credit, Cris and Ana remained positive and resilient throughout. We finally found another home in Bergenfield, NJ and it turned out to be a much better deal than the first (details in the video 📹). We were able to move them in right before Christmas 🎄 and I'm so excited it worked out perfectly for them. 🏡 Buying a home isn't easy. There is often a bit of turbulence in every deal. It's par for the course when you're negotiating big deals with big dollars at stake. Its why you need a strong negotiator you can trust in your corner.
Grateful 🙏🏽 to be apart of their journey. 🤝🏽 If any of your friends/family are looking to buy or sell, feel free to connect us.
Thanks to: Vamanonos Digital for capturing the story 🎥
After putting in a couple offers and getting beat out, Lori & Charlie found a diamond in the ruff in Oakland NJ Bergen County. We got their offer accepted at full list and the seller installed a brand new septic prior to closing!
Cheers to new beginnings for your family and many happy memories in your new home
Thanks to Cucina 347 in Oakland for an amazing closing lunch
Thanks to Vamanonos Digital for another great video
Ricardo Panchoo
Stonybrook Realty
This one was extra special for me. Jimmy and I were roommates in NYC, he was the best man at my wedding and got me in the door at our previous employer, where we worked together for 9 years.
He's as solid as they come. When he mentioned that him and Kinjal were looking for their dream home in New Jersey, I was thrilled to be in a position to make sure they got everything they wanted.
Welcome home Kinjal and James!
So thrilled to have you so close.
FULL VIDEO - https://youtu.be/VvOahPAh0gk
I met Jimmy through a friend (and former bo$$) Kushal.
Jimmy's company was relocating him and his family to NJ and he needed to find the right home in a short amount of time. They were looking for a 4bed home with high ceilings, enough room for entertaining inside and out within a neighborhood with access to a great education and plenty of lifestyle options.
Randolph definitely checked off all those boxes and it was actually their son Ethan that chose this home over another contender as his cousins are close by in Parsippany.
I'm really excited for them as they begin a new journey in New Jersey!
P.S. - Big big thank you to Kushal for referring your good friend. Appreciate the love
We got you that Ridgewood, NJ (Bergen County) address within walking distance to downtown. You flagged this house the day it came on market and we moved quickly and had our offer accepted with no bidding war (in this economy!?!). We challenged a low appraisal (super weird) and won and even endured through some closing delays (and an anxious seller) to get to the closing table.
Congratulations!
In 2019, you entrusted me to sell your 2-family in Jersey city - my first listing in real estate.
Now we've closed our 2nd deal together and learned a ton in the process. As you said, we truly are growing together in real estate. I'm honored and thankful to be able to work with you guys.
Wishing you good health, prosperity and a ton of happy memories in your new home! Once you're settled in, I'd love to grab a #cigar at The Tobacco Shop on Chestnut St. in Ridgewood.
Until the next one - Cheers
Section 203(k) insures mortgages covering the purchase or refinancing and rehabilitation of a home that is at least a year old. A portion of the loan proceeds is used to pay the seller, or, if a refinance, to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed. The cost of the rehabilitation must be at least $5,000, but the total value of the property must still fall within the FHA mortgage limit for the area. The value of the property is determined by either (1) the value of the property before rehabilitation plus the cost of rehabilitation, or (2) 110 percent of the appraised value of the property after rehabilitation, whichever is less.
Many of the rules and restrictions that make FHA's basic single family mortgage insurance product (Section 203(b)) relatively convenient for lower income borrowers apply here. But lenders may charge some additional fees, such as a supplemental origination fee, fees to cover the preparation of architectural documents and review of the rehabilitation plan, and a higher appraisal fee.
Source - https://www.hud.gov/program_offices/housing/sfh/203k/203k--df
In this episode we talk with Mike and Kristine Reyes. They just closed on their new home and they talk about the ups & downs they experienced with this current Real Estate market.
After a few bumps & bruises we finally got them to closing!
Hope you enjoy the episode, subscribe let me know if you're enjoying the show.
Ricardo Panchoo
Ricardo talks about New Yorkers migrating to New Jersey in record numbers. He also explains how the pandemic forced families to find more living space.
In this episode I talk about how to avoid Deal Fatigue. Deal fatigue refers to a condition during negotiations where parties on either side of the negotiation begin to feel frustrated, helpless, or exhausted by the seemingly unending negotiation process.
The best advice I can give you when negotiating a deal is to:
1) Understand your leverage,
2) Trust your real estate agent
3) Understand that in any negotiation you need both sides of the deal to win
Avoid deal fatigue and close the deal. That's what we're all here to do - Cheers!
Ricardo Panchoo
Stonybrook Realty
Enjoy this episode where I quickly share my thoughts about giving the BUYER a home buyer rebate. Another agent asked me about whether I've ever given a buyer a "home buyer rebate". He had a client that asked him whether he can give them $1,000 back on the purchase of the home. So, it led me to think about, "what's the biggest value add that a buyer’s agent could offer you as a buyer?". Watch the video on my YouTube channel https://www.youtube.com/channel/UCxQwgDIhIuiC_R0eoa_qLvg
According to data published by the NAR. First time home buyers accounted for 32% of sales this past March. I thought it would be appropriate to talk about what every first time home buyer needs to know before entering today's market
I've got six tips for you:
- Get pre-approved
· Understand your budget (how much down payment + closing costs you’ll need)
· Understand your credit
· Get the correct loan
· Don’t waste time looking at homes you can’t afford
- Select a realtor
· The #1 reason you need an agent is to negotiate the best terms (not find homes, not get info)
· Key question you should be asking: Tell me about a time you negotiated a great deal for your client. Tell me about a tough negotiation you had and what you did.
· Get someone who has your best interest at heart (most are salespeople but there are terrific realtors who really care about helping others and solving problems.
· Get referrals from friends, make sure the personality is a good fit (I would choose a good negotiator whose an edgy than a really nice person that can’t negotiate.
- Understand how a real estate contract works
· Get a copy of a contract and read it--> DM Ricardo on Instagram https://www.instagram.com/ricardopanchoo/
· Understand your contingencies (attorney review, home inspection, appraisal, loan commitment)
- Narrow your focus
· The market is moving really fast so you need to be in a position to act quickly
· The more granularity you have on what you’re looking for, the better. (neighborhood, beds/baths, commute time, etc.
- Do your due diligence
· Open Permit Records Act, Seller’s disclosure, public records, old listings, home inspection, tank sweep etc.
- Know the market and adjust
· The market will not adjust for you. You want the house, you make the adjustments
· Be ready to make an offer
· Be ready to offer way above list price (ask your realtor what % above ask are homes in that neighborhood going for)
· Prioritize what you need most (inventory is tight so it’s not the time to be picky)
Ricardo Panchoo
Stonybrook Realty
630 Main Road
Towaco, NJ 07082
M: 718-840-9597
O: 973-334-1416
E: rmpanchoo@gmail.com
W: ricardopanchoo.com
One of the questions I get most often is "Is it a good time to buy?". The short answer is if your circumstances are leading you in that direction, then yes. A better question may be "How do I buy successfully in this hot market?
The answer: zig when everyone else is zagging. Do something different. Here are some ideas that have worked for me and my buyers:
- Look for something that has been sitting for 21 days or more.
In many submarkets, homes are selling within a week if not sooner. Something that has been sitting will give you leverage in negotiations and offer you a good shot at avoiding bidding wars.
- Be flexible in your criteria.
Let me guess, you're looking for a move in ready 4bed colonial with a backyard for entertaining in a great school district? So is everyone else! Targeting a bi-level, split level etc. may put you in a different pool of buyers with less competition. You may even get lucky and find a split colonial or even a bi-level that functions as a colonial (I sold one of those last year). Get creative.
- Change your budget if possible.
Most of the competition lies in the entry level price points.
- Ask the right questions.
Its not always about who offers the most money.. Understanding the motivation of the parties involved (seller & agent) will provide the insight needed to help you make your offer stand out.
If you're feeling frustrated by this market feel free to reach out. I'm happy to share some stories of what I've done recently to get buyers into their dream home.
Ricardo Panchoo
rmpanchoo@gmail.com
Launching my "In the Field Series", which provides an inside look at what it takes to close a real estate deal (due diligence, negotiations, conflicts etc.).