Berger Points Broadcast

Well, good afternoon, everybody.

My name is Chris Berger and it’s time for a Berger Point.

You know, recently I worked with a client who was looking at a million dollar home and very excited about to buy it.

However, suddenly it appeared that seller wanted all cash and that’s the only way they were going to sell it.So my buyer was deeply disappointed.

However, we talked about it and I said, you know, there are people today, companies that offer quick cash and it’s called a hard money lender.

And usually the interest rates are reasonable.And so she researched it and found out that, yes, indeed, she would qualify for hard money lender.

Now, how do you qualify?Well, basically good credit.You have to have good credit anyway if you’re going to get a mortgage.

But the most important thing is that with a hard money lender, they can close within 30 days.

And what’s nice too is that you can go and after reading the fine print, and of course have your attorney look it over, you can convert that to a conventional mortgage, usually within a year or two.

So it’s nothing but a win-win situation.My client was happy because they were able to buy the house, whereas previously they thought they couldn’t.

And that’s my point.

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Well, good afternoon, everybody. My name is Chris Berger, and yes, it’s time for a Berger Point.You know, it’s brought to my attention sometimes when the seller is sitting with their home and they want to sell it quicker.What can they do?Well, actually, they can offer a 1% concession to the buyer.And this could be printed in the MLS so that the buyer is aware of it.And this will attract a boatload of buyers to your home.So what’s the downside?Well, okay.For example, home is going to cost $500,000.The seller is going to offer a 1% concession.So 1% of $500,000 is $5,000.So now at the closing, the buyer can then use that concession.$5,000 towards their closing.It’s a win-win situation.The seller sells his home much quicker.The buyer is thrilled because they have to pay less closing costs.It works and it makes everybody happy.And that’s my point.***Today I’m wearing my Star Trek hat and being part of the whole Star Trek generation, one of the greatest lines ever uttered is “Live long and prosper.”And that’s a great point for all of us.Have a great day.

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Hello everybody, my name is Chris Burger and it’s time for Berger Point.You know, looking back over the years, I worked over 20 years in a masonry supply yard with my partner and we sold all kinds of products to help build a house.And one of the things that we really loved was concrete pavers.Why? Because concrete pavers really made a difference in your appearance and showing off your home.Concrete pavers are very strong and they’ll stand up for the life of your home, which is really important.So you’ll always have that improvement.What do you have to look for?Well, basically the size, the shape, the color, and how the color holds up.The cost of the concrete paver is approximately $2 a square foot.What the contractor will do is triple that price.So basically, if we’re talking about $2 a square foot, he’s going to quote you installed $6 a square foot.This way you know he’s being fair with you. And that’s my point.***Today, I love my Outlander hat. Dinna Fash, which means Don’t Worry.Have a great day.

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Well, good afternoon, everybody.My name is Chris Berger and it’s time for a Berger Point.You know, we talked about buying a foreclosure and what are the pitfalls?Well, the major pitfall is that if you go in and purchase a home that’s previously owned by the bank or an auction house, one thing you must be clear about that there are no lien holders aside from the original mortgage. on the house.So for example, the house was foreclosed on for 375,000.The bank puts their fees on it, which might be 20,000.So now we’re up to 395.So at this point, if you bid on a home or pay for a home, the 395 should be it.There should be no further liens on it from any contractors in the past.There shouldn’t be a second loan on there. or a second mortgage on there, it should be free and clear once that title is paid for in full at the 395.So that’s the value of something called title insurance.And that’s why here in New York, the buyer is responsible for purchasing title insurance for that property.And what will happen is that the title insurance company will research all the background of the house, and guarantee to you that the property will be free and clear.So that way, once you purchase the home, you’ll know you own it.And that’s my point.***Today I’m wearing, you know, one of my favorite hats.Maybe it’s my all-time favorite.It’s my Papa hat.And it has all of my grandchildren on it.All five. So it’s a very special hat indeed.

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Afternoon, everybody. My name is Chris Berger and it’s time for Berger Point.Everybody wants to save a little money on homeowners insurance, especially your fire insurance.Well, this is a little tidbit that I learned, you know, a few years back and I do share it with my buyers and sellers.And I’m going to take you outside and show you a fire hydrant.This fire hydrant actually is right across the street from my house.And with that there, I can actually save up to 5% on my fire insurance for the house.In addition to the fire hydrant, if you live within a certain distance of a firehouse, then you are also entitled to a discount.Call your insurance agent or call your insurance company and see what kind of discount you can have since you live within the vicinity of both a fire hydrant, which we saw right outside, as well as a firehouse.And that is my tip for the day.***Also, I’m going to see a Celtic Christmas tonight, so I’m getting ready.I do wish I had a little bit more Irish blood in me.But it should be a great evening.Have a great day.

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Well, good afternoon, everybody. This is Chris Berger.And yes, it’s time for a Berger Point.You know, I wanted to talk to you a little bit today about the title company and how it’s involved in the transaction.Now, the buyer traditionally, of course, pays for the title company insurance, and that’s what it’s called.Now, the title company insurance will come in and guarantee a free and clear title to the buyer. So there’s no prior liens, there’s no mortgages, just something, you know, mechanics lien, doctors lien against that house.So when the buyer purchases this home, he is guaranteed by the title company insurance that he’s getting that home free and clear.It’s an absolute must.So that is my tip of the day.***I’m wearing my Aaron Judge hat today, and it just breaks my heart that the Yankees aren’t in the World Series or approaching the World Series.However, they hated the Astros — from my point of view.They’re down 1-0 in the series. I just want them to lose, period, and I will be happy with that. So remember, I am a licensed New York State agent here in the Hudson Valley regionand also, too, I can serve you in Florida, as I’m also licensed there.

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Well, good afternoon, everybody. This is Chris Berger, and it’s time for a Berger Point.You know, people ask me all the time, are we going to see a market crash of housing?So let’s sort of figure out where we are right now… and again, nobody can predict this.We can sort of anticipate what can be looked at over the next year, two years.So what’s so important right now is the mortgage rates.Now the mortgage rates are around seven and a quarter, seven and a half.And should they be raised again to 8%?Then I definitely think you’re going to see a general slowdown across the United States in real estate sales.Now, are there exceptions?Sure, but what will follow after that is that if that indeed does happen where the mortgage rates get close to 8%, I think you’ll see the economy go into a mild recession, a mini recession.Some people say we’re in a recession right now and if that occurs, say in the spring of 2024,then I think the next six to eight months, price.And then sometime the following spring in the year 2024, I think the housing marketWe’ll start to pick up again.Interest rates will come down.That’s key.And we’ll be off to the races once again, but that’s my opinion.And some of the things that I read reinforce that. Again, just watch the market and see where we go.Look for the next key. Look for the interest rates to go up.***I’m enjoying a very rare hat that my daughter gave me and might give you a clue as to…1952 was a very good year!So, I wear this hat with pride and actually I get a lot of compliments on it.And I always say it was a very good year.Enjoy. Be well.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bergerpoints.substack.com

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