![L. Clinton Porter](/img/default-banner.jpg)
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L. Clinton Porter
United States
Приєднався 26 вер 2016
Moving to Colorado, or within the Denver area, shouldn’t be made lightly. I want to help make that decision easier by providing you with relevant, fun, and educational information about real estate and the area real estate market right here on my UA-cam channel. Whether you’re looking for helpful info about buying a home, selling a house, investing in real estate, PCS-ing into Buckley, or the latest market stats, I'm here to bring that information together all in one place. I have a passion for helping home Buyers and home Sellers achieve their goals and I’d love to talk to you about how I can help you get you to Closing! If you have any real estate-related questions for me, don’t hesitate to reach out to me via phone or email today. My mobile is 720-876-8544 and you can text or call! Let me help you find home in the Centennial State and the Mile High City! ~Clinton with Colorado Vistas Home Group: Real Estate ~ Done Right ~ Every Time ~ No Exceptions. Brokered by eXp Realty, LLC
720-876-8544 - Clinton Porter Colorado Icon Realtor® Real Estate Agent!
Want to buy a home in Denver?
www.coloradovistas.com
Looking to sell your Denver area home?
www.coloradovistas.com/homevalue/COLORADO
Visit us on ►
Facebook: ClintonPorterTeamColoradoVistas
Instagram: lclintonporter
LinkedIn: www.linkedin.com/in/clinton-porter-692371b
#RealEstate #TeamColoradoVistas #DenverCO
Clinton Porter, REALTOR® / President
Team Colorado Vistas
eXp Realty
(720) 876-8544
10375 Park Meadows Dr #100
Lone Tree, CO 80124
Clinton@ColoradoVistas.com
www.coloradovistas.com
www.coloradovistas.com
Looking to sell your Denver area home?
www.coloradovistas.com/homevalue/COLORADO
Visit us on ►
Facebook: ClintonPorterTeamColoradoVistas
Instagram: lclintonporter
LinkedIn: www.linkedin.com/in/clinton-porter-692371b
#RealEstate #TeamColoradoVistas #DenverCO
Clinton Porter, REALTOR® / President
Team Colorado Vistas
eXp Realty
(720) 876-8544
10375 Park Meadows Dr #100
Lone Tree, CO 80124
Clinton@ColoradoVistas.com
www.coloradovistas.com
Переглядів: 33
Відео
OVER 50 Residents Participated! Copperleaf Community Garage Sale 2023
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OVER 50 Residents Participated! Copperleaf Community Garage Sale 2023
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Moving To Aurora Colorado - The Best Part Of It
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Is Arapahoe County Running Out of Water??
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Our Market Is Doing Great This Holiday Season
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New Home! Century Communities Harmony in Aurora!
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New Home! Century Communities Harmony in Aurora!
Appraisal Gap Explained - Win the Home!!!
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Appraisal Gap Explained - Win the Home!!!
The Spire - Unit 1902 at 891 14th St, Denver, CO 80202
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The Spire - Unit 1902 at 891 14th St, Denver, CO 80202
Dude SAME HERE 😂
There's got to be a phobia about it or something!! Crazy!
@@RealAgentClinton yeah there’s got too ima look it up 😂
Lol might work better if it weren't widenopen on the other side.🤪
The air blows out that side, you don’t need a filter for that…… I retract my statement, I now see that he is missing a filter on the intake side as well, making the whole thing pointless.
Unless it's up against the wall
Hey there! I placed two air filters on the opposite end of the box. It’s entirely closed with filters on the intake side.
It wasn’t. I didn’t show the full completed and enclosed box. UA-cam shorts only allows you 60 second videos so I didn’t go around it with the camera.
I'm here first
You know it!!
Yep
That's on monday
It’s a Labor Day Weekend Par-Tay! Got to get it started today!
Oh
Looks great, dad!! That was a lot of fun 🥰
It was a LOT of fun. Cliffs is like a miniature Knott’s Berry Farm. Lots of good memories but I will NEVER ride the Rattler again!! Yikes!!!
Does the appraisal gap already include down payment? For example , listing price is $385,000 but buyer offers $410,000. Appraisal comes back at $390,000. Does the buyer have to pay 25k to cover the appraisal gap PLUS their down payment? Or the down payment is already included within that 25k appraisal difference? Hope this makes sense!
Hi Deborah! Yes, you're correct about this; they may have to pay both. In your scenario, if you are under contract and your Buyer agreed to cover any Appraisal Gap, they would have to come up $20,000 (from $390,000 appraisal to $410,000) and they would have to come up with the Down Payment as well. The Buyer's down payment would be based on the percentage of the appraisal as well. So, if your Buyer's required down payment was 10%, it would be 10% of the $390,000 (appraisal) or $39,000. And, at closing, your Buyer would pay the gap of $20,000 as well. HERE'S THE NEGOTIATION: if you didn't agree to pay any "Appraisal Gap" when you submitted your offer, you may be able to negotiate with the home Seller to come down in the price from your offer price closer to what it appraised for or exactly for what it appraised for. See if you can negotiate this out! Even if you're under contract stating that your Buyer would pay for any gap, honestly, sometimes you can still negotiate this. {{and as an Agent, I hate this, but it happens}} Hope this helps you guys! 😁😁😁
Agreed on everything you said apart from the trust god part.
Thanks for the reply! Too many of us get scared of just initiating or waiting till it's perfect. You've just got to get out there and do it! Thanks for the comment Gary!
Precious moments they’ll never forget!
You have to make memories at their ages! Aaaannd, I may have done a couple doughnuts in the parking lot on the way out to cement those memories. Maybe!
They must have had the time of their lives especially doing the doughnuts! I love seeing fathers spending genuine time to take the kids out and do what they want and be in the moment and have fun when they get the chance and free time to do so! You got my respect, those moments impact children more then people realize! You’re the man!
@@perfectjays hey, thank you for that! I appreciate it and yes, the doughnuts were yummy good fun!
Am I being seduced?
You know…I kinda thought of that when I dreamed of this idea of what your home Buyers are doing while searching for homes late at night. The correct answer is no! LOL, but I did want to make some great points and a memorable video. I hope you like it, and that you’ll subscribe to the channel!
You should start every video with this intro guy!
LOL! Thanks!
This is awesome!
Thank you!
Done
Absolutely!
@@RealAgentClinton nothing is perfect
Truly a great explanation! Thank you so much!
Glad it was helpful!
On a VA loan on a new build house. A 600 K loan. No down payment. If appraisal is 550K…. We would take a loan for 550 K and pay cash of 50K at closing… which in affect would make our monthly mortgage payment lower…. Which would save us money every month on our mortgage payment. Correct?
Correct, yes. Any time you make up the difference of the appraisal gap, your payment will be lower. And with new construction, throughout the US, there are many people under contract that are worried about having to come up with those “gap monies” since values have dropped some.
I still want more people to benefit. Ask me how and I will show you the first 20 on how you can earn $5,850 in 24hours ...without sending money to anyone for more info
𝘱𝘳𝘰𝘮𝘰𝘴𝘮
Is that your advice? What a crook! If we as buyers offer more money that means more money for your pocket. Thank God you are not my realtor. This is how the house market bubble was created. If I follow your advice I would end up with an upside-down mortgage.
Hi Sonia, I'm sorry you feel that way. My advice is that you seek the advice of your real estate professional about any real estate buying decision who knows and understand what it takes for you to buy a home these days. To say that using an Appraisal Gap strategy to buy a home these days is really foolish, isn't based in reality of where we have been over the last 15 months. Appraisal Gaps are what people are doing to win the offer/bidding war that's going on throughout the US. My video was to explain what an "Appraisal Gap" strategy is for getting your offer selected. Yes, if you offer more money than the offer price, it could mean more money out of pocket, over the appraised value...at this present time. The home you're buying at $30,000 over the appraisal you get, right now, might be worth over $30,000 in 6 months due to appreciation. While buying real estate should never be considered a completely risk free investment, it is one of the safest ways of investing for many people. The housing bubble you mention was created by giving mortgage loans to people who had risky credit or were not disciplined enough to pay it back correctly, or who saw their home decreasing in value and simply gave up making mortgage payments! Those mortgages went unpaid, people went to foreclosure, values dropped dramatically after banks began selling off foreclosed homes at a discount. In real estate right now, me and many other full-time real estate professionals do not believe we are in a bubble. There is very little risky loans that could create that. We do, however, see inflation and the rise of interest rates causing home sales to slow down and possibly a pricing correction. Hopefully this will change but we all see a recession coming in Winter 2022/2023.
This is so hard for me to understand...is it worth just cutting my downpayment for the loan to cover the gap?
That certainly could be the case, especially if you would still be in a scenario of not having mortgage insurance. There are a ton of factors that still should be considered to make sure the size of the appraisal gap is keeping you within your financial goals.
Yes it would if you really want the home. Basically it comes down to your desire. If that’s the home you find your within, the home you love and will love for years to come, it’s completely worth it! Don’t let the pressure of the market cause you to lose the home you’re after. Prices will appreciate as they have historically Year Over Year. And, you should always make your decision based upon your finances today, and not the assumption of what tomorrow could be.
At what point is the appraisal gap paid? With an accepted offer or at closing?
Hi Maca! Usually it is paid within the Closing Costs as you are signing then final documents.
Nice explanation! But what happens when you agree to give an appraisal gap of let’s say $10k for a home listed for $230k but the appraisal came in at $229k, do u still provide the $10k gap?
Thank you for amazing explanation 🙏
Absolutely! I'm here for ya!
Thank you! This helped me understand this so much more.
So glad I could help!
Thank you so much great content! I understand much better the appraisal gap explanation!
Excellent! Let me know if you need any help when looking to buy or sell a home where you're at. You're very welcome!
@@RealAgentClinton actually I’m a new licensed Real estate agent and I was searching on you tube the appraisal gap explanation and you video has the best explanation! I’m always think that’s is very contradicting when buyers offer to paid over appraisal value or if the house appraised for less they will paid up to certain amount or reduce the purchase price or if the offer is higher than appraisal value! Anyways with that being said your video make more sense and not confusing anymore! Thank you so much!!
You’re very welcome!
I just don’t understand why anyone would pay more than something is worth. Are you ever going to be able to sell again knowing you’re throwing money at something that’s not worth what a seller thinks it’s worth? What about a buyer’s perspective? I want to buy a home without giving away the farm.
The reason for the Gap is in cases where there are multiple offers that cause the home price to be well over the appraised value. In todays market, with things escalating in price by rapid appreciation, its theoretical, at the moment, that you won't be overpaying for long. When the market shifts, however, and it always shifts to a degree, you might end up being where you purchased the home or maybe less. Real Estate, like the Stock Market, is not a guaranteed investment. Real Estate is, however, one of the more safer methods of investing money for current and residual income.
Great Video! I am going through the same situation now as a seller. Listed home for 245K at the advice of my realtor. I have multiple offers but one of them is 270K with a appraisal gap of 4K. What I take from all this is that if the House appraises for 245K, the actual sale of the house will be 249K correct?
It's possible. It depends on whether the negotiation happened on the contract you accepted (where you all agreed that the price would be lowered to the Appraised Value plus $4,000) or if you will be negotiating that price down after the appraisal comes back. Check with your Agent on this. :-)
Very informal, thank you! So our offered was accepted at $300,000 with asking price of $290,000. So for my appraisal I'll need to come up with the extra $10,000 🤔😩
it’s possible. It depends on whether the Appraiser believes it’s worth $300,000 or $290,000. Sometimes, Seller Agents list the home at a price under what it’s worth to sell the homes and create bidding situations. You may get lucky and get an Appraiser who believes it’s worth the $300,000 you are under contract for!
@@RealAgentClinton Update: So the appraisal was higher which is great 👍 However, we ended up paying the $10k which is we what promised.
is an appraisal gap something that goes towards your equity in the house or is it cash in the seller's pocket?
Thanks for your response. The Appraisal Gap offer by a Buyer is given to the Seller in case the Buyer's offer receives an appraisal for less than the contract sales price. It is "cash in the Seller's Pocket" as was committed to be paid by a Buyer when the offer was made. In essence, this is the Buyer making good on their promise to buy the home at the price they said they would buy it at.
Law of economics and human behaviors haha just doing what humans do best competing for what they want.
Your scenario was my exact situation; here in Denver too. Lol cool vid
Hope it helped!
Hi, I’m under contract and I just got my appraisal back under 13k of what I offered. The condos in my same complex, just went on the marketing two weeks ago for over the asking price I bought my condo. Example, seller asked 265k, I won (8 offers on condo) condo for 306k. Condo next door with no lake view and up grades (mine lake view) are asking now 299k. I was hoping the condo would appraise to 299k at least bc of how fast the other condo have gone up since I went under contract. Do you think I’m at a loss already or the way Denver market is going, I will make my money back in a year or two?? I live in Denver CO.
I don't think you're at a loss. Email me the address and I'll show you how much it's worth right now! Clinton@ColoradoVistas.com Thank you and so sorry for the late reply.
So appraisers just tying to meet the bank expectations and deliver an appraisal that matches the asking price sounds like an illegal practice or if not it should be illegal. Sounds to me like it's time for appraisals and inspections to become a part of the public record for each property.
No, this isn't the case. If you want to buy a home these days, the Appraiser is going to use the most current data (usually over the past 6 months) of other comparable homes of similar square footage, location, amenities, upgrades, to value a home you're interested in buying. After all that calculation and consideration, they will give you a value on the home you're under contract on. That is the value the bank will use. There is no inducement/enticement/manipulation of an Appraiser to arrive at a specific price/value. BUT....for you to get the home you want and out bid other offers for the home, some Buyers are offering more than the home is worth AND giving that money (over the appraised value) to the Seller in order to win their bid. Again...no undue pressure to an Appraiser to calculate a value on a home. This is simply paying more for the home, than it is worth in the eyes of an Appraiser, in order to get the home in today's market. The Appraisers are very, very, regulated and cannot be told by a bank/Seller/Broker/Buyer to arrive at a certain price or value. Hope it helps!
@John Adams Last thing a lending pro is going to do is try and illegally influence an appraiser THEN post a UA-cam video about it. No one’s feet are held to the fire like a loan officer’s. Just a smart strategy to get their customer the home they want to buy.
My price gap is $30,000 and the seller backed out.
I'm really sorry Gyimah! Please let me know if I can at all help you myself, regardless of the state you're in. Thank you! Clinton@ColoradoVistas.com
I will send you an email. This is in New Jersey.
When there is a frenzy of Bidding in housing, the buyer ends up not working in their best interest. #1 - It's the Lenders Appraisal, they hire the Appraiser, who is personally responsible. The Licensed and National Certified Appraiser is the only professional responsible for the value and the loan. This foundational fact requires the appraiser to use more caution. If both the lenders and agent/brokers had to carry those notes and be personally responsible for five years like the Appraiser, then the real estate and mortgage industry would be more cautious as well. Bottom line: Real Estate Consumers, their Lenders, Agents/Brokers are free to speculate and pay whatever they wish for an asset; they're not free to make someone else carry the risk for them.
It's very true! Thanks for the comment. I think with more responsibility it would carry more educational requirements as well. I'm seriously considering getting my Appraisal License in addition to my Real Estate License.
Fine house great job 👍
Glad you like it
I'm still not understanding why it even matters if you're putting 20% down because you're not financing the over-priced property at the selling price. You're financing the selling price MINUS 20% so in your example on a $450,000 purchase that appraises at $430,000, I'm financing $360,000. Now, 80% of $430,000 is $344,000 so is that what the lender is looking at? Instead of paying an appraisal gap fee of $20,000 to close that delta, why not put more money down to make the lower appraisal moot? My concern is throwing money away.
Honestly your math is sound! The issue is the comfort level from the Seller's Perspective of Multiple offers. Buyers can't submit "Love Letters" to the Seller about their situation and how much they and their family members love the home, so they show the Seller's love by way of offering more money to cover a gap instead of trying to "negotiate" the Seller down in price if/when the Appraiser says it's worth $40,000 less than their initial offer price. Buyers need to come armed with the information, regardless; and...when they don't have 20% down, it could really matter to them. Just doing our best!
Hey Clinton, I'm in the Denver market, love this explanation, I'm a lender and I always get asked this
Glad you liked it!
What type drone u using dude?? The gimbals very smoth but not with eis..
Hey there! This is a Mavic Air 2. Sorry for the extremely late response!