-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/a1Xjf
Welcome back to Go Gaddis Real Estate Radio right here on AM nine 20. This is Cleve Gaddis and I appreciate you joining the show. Can a closing delay throw off an entire real estate sale? That's one of the subjects in this segment. Atlanta's old fourth War distillery is gonna be a new hands in the month of February.
You might want to learn something or hear something about that. My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we help listeners go from real estate, novice to expert. So home selling and buying can be done with total confidence and without the worry typical with life's biggest investments.
And don't forget, we want to connect with you. Go to go gadi radio.com. You can ask. Make comments. You can push back, you can share any ideas you have. You can request your neighborhood to be featured in our neighborhood spotlight, and you can subscribe to our podcast. We have a special guest in the studio with us on this fine.
Saturday morning. Tammy Slay from Dallas, Texas . Hello. Good morning, Cleve. How are you? I'm good. Good. And by the way, you are. I am your lady. Your sweetheart. Sweetheart. Here we go. Your grownup girlfriend. Your grownup girlfriend. Oh, I like that girl. That's, that is a, a grownup girlfriend. Well, I shouldn't say grownup girlfriend cuz it makes me sound like I have other girlfriends, but I do not.
No, no, no. You I do not. I do not. I wouldn't let that happen. I do not. I did not. I do not. Now. Hey, in the first segment of the show, you and I talked. The market in Dallas. Mm-hmm. and the market in Atlanta. And you did a little bit of research during that second segment and it seems like all of the information you gave was right on the money, which is very impressive.
Thank you that you would remember that without having, having the time to research it. . I appreciate that. Yes, I was. Quite like patting myself on the back as well. Interesting. I was thinking, oh my gosh. Okay. The Dallas market is a much more active market than Atlanta, but we started comparing some population.
Mm-hmm. of our listing service coverage area, and we believe that your listing service coverage area is about 8 million correct people. And we believe that ours in metro Atlanta is closer to 6 million. Yeah. People, so, , your market area's about 33% bigger and the sales were in the mid twenties. Yeah. 25% different.
So really very similar markets. Yeah. It seems like Atlanta might actually have just a little bit more sales per capita, but I mean, just a teeny, teeny little smidge. Yeah. Yeah. I, I would agree. But it's, it's always fascinating when we look at our numbers, how much we really are very similar and, and so if you were a listen.
Listening to this show, listening to you and I in the first segment. Mm-hmm. talk all about these numbers and this market stuff, and you and I continuing to do it in the third segment. Why is that, or why should that be important to a listener? Um, so when I look at the numbers and if I were a consumer and I'm listening to, um, I call these the voices in my head, you know, so the voices in our head are the media.
That's one voice. And the media just paints this picture of this doomsday and Oh, no. Um, but it's for sensational. But when we look at the numbers and I was even looking at my sales, and they're the same as they were in 2019. Yeah. Your, your sales. The, the sales in, sorry. MLS sales. Okay, got it. Got it. Mls residential sales we're back to where we.
Pre Covid. Yeah, and we weren't dooms day then. We were doing great. We thought we were doing great in 2019. And so for a consumer, I believe hearing these numbers should bring a sense of security and stability in that. You know, the, the market will continue to go on. Homes are still gonna sell home prices today are higher than they were in 2000, in 1980, in 1901, that over and in 2021 and in 2021.
Yep. They're gonna continue to write. So interestingly, if someone is listening to these numbers, what you're hoping is that they hear there is stability that they might not get in their. from their own opinion. Right. And it's really interesting cuz if we, if you leave us to ourselves, sometimes some of us will take a negative approach, right?
Take a negative outlook. And what you're saying is that when you really understand the numbers, the real estate market is still very, very positive moving in the right direction. For sure. For sure. I mean, the numbers just it's fact compared to percept. Ah, exactly Fact compared to fiction. Fact. Fact compared to fiction.
Compared to, because there's a lot of fiction in the world, there's a lot of sensationalism that would make song would make the title of a program factor fiction. Absolutely. Absolutely. If somebody wanted to reach you cuz they were interested in learning more about real estate in Texas. Mm-hmm. hip realty group.com, is that correct?
Yep. H I p. Hip realty group.com? Correct. And you serve really all of North Dallas, correct? Is that correct? Is that That's correct. Do you serve other areas? But it's mostly North Dallas mostly. I used to, um, have a remote office in Austin. Um, so if anybody wants to talk to me about Austin, feel free to call me.
Okay. But I can connect you with an agent that is serving that area now. Wonderful. And so somebody's relocating from Atlanta to Dallas using a relocation company. They could work through you as well. Absolutely. Awesome. Hip realty group.com in the state of Georgia. Let's say for example, and this is a question from Maria and Dom and Dunwoody says, we're supposed to close on Tuesday, and our lender informed us that an extra four days is needed.
The seller is refusing to extend the closing. What our, what are our options? Easy for me to say. Mm-hmm. what? Are our options. I would imagine that if you as a buyer realized you couldn't close on schedule, but you had done everything you could to be ready to close, you had given the lender all of the information, you had paid for everything when they said it needed to be paid for, and then the lender says to you, uh oh, I need for additional days that could put, put a buyer in a very, very bad position, and I can't imagine.
How stuck or frustrating they would feel, uh, frustrated they would feel if they were in that position in the state of Georgia. Believe it or not, we have some very particular relief for a buyer in that exact situation. But how does that happen in Texas if their lenders supposed to close on, let's just say it's supposed to close on the 30th, Uhhuh , and it is now the 29th and the lender says, no, I'm gonna need four additional days after I thought we were supposed to close.
Um, There's the perception, okay? And the belief of the contract dates are very black and white, right? The reality is that the law allows for it to not be so black or white. Okay? So if it is something beyond anyone's real control, yep, then the le, that grace period comes in. Okay? So if you ever got to the point of going to court, which we all want to avoid that of course.
So if you ever got to the point of going to court, that would be a factor that the courts would take into consideration was did the buyer intentionally? Yeah. Were you neglectful? Right? Yeah. Did they intentionally hold this up, or if this was something beyond their control, then the contract still stands.
Exactly. So in Georgia, believe it or not, the buyer, if the loan is not ready to close, due to no fault of the buyer and the. If the closing is not ready to take place due to some type of title issue that is outside of the seller's control, then both parties have the right to unilaterally. in the agreement unilaterally, meaning without the permission of the other side, issue a notice and extend the closing for up to eight days.
Ooh. And they never had that in the past, Tammy? Uh, well, I shouldn't say they never had it in the past. We've had it in place for 6, 7, 8 years. I don't remember the exact time. But before that, I mean, buyers would get their backup against the wall. And sellers, I've seen sellers be almost abusive in that situation, trying to take advantage of a buyer who threw no fault of their own, couldn't get it closed, and so it, it is eight day unilateral extension on both sides.
So you just send notice, send it over. The closing is automatically extended for up to eight. . Okay. So my broker brain goes to, who's the judge on that? Like, so it doesn't have to be a judge. Oh. But it could be for any reason. Yes. Like they could just say, I got a headache and I don't feel like moving. Right, right.
Um, so, you know, I go into, there could, there could be a lot of problems because you could get up against there and someone say, well, could bring less money to closing if I push it out eight more days. Yeah. So, um, I, I could see a lot of problems with that. Yeah, please. So I don't think we have problems with it actually.
uh, cause I think the, not that I know of. I mean, I think if the lender states the lender has to have more time, then it just works that way. If the closing attorney says, I don't have clear title, I need more time than I think it just works that way. I have never been involved in a situation I never thought about.
but I've never been involved in a situation where the parties didn't kind of agree Yeah. That the other party had the right to do that. Okay. I can assure you that has happened. It just hasn't happened. Okay. To me. Okay. Uh, it just hasn't happened to me. Cuz I never thought about that. Cuz you mean you could certainly lie and say I need more time even if you don't, right?
Yeah. Even if you don't. So Tammy, you are not a big beer drinker. No, I'm, I'm not a big beer drinker myself. That's right. Not a paper drinker, but Atlanta's old fourth Ward distillery is under contract to be sold in February. This is from the Atlanta Business Chronicle. And so for all of you people who have been to.
The old fourth ward distillery or brewery on Edgewood Avenue, it is going to be changing hands in the month of February. Uh, terms of the proposed sale, were not immediately available, but the Moore Brothers asked Old fourth distillery for four. , uh, asked for the old fourth ward distillery, 2.4 million according to the new, uh, the, the distillery now consulting on this listing.
In 2017, the state of Georgia enacted a new law that loosened regulations on craft distilleries and breweries, and allowed them to sell their own products directly to consumers. I know that this is also a pretty big trend. Uh, Dallas, that you've got these little local breweries, and I think it attracts a lot of interesting attention to little downtown areas.
Do you agree? I agree. And I've also seen 'em popping up in some residential garages as well. It's becoming a little hobby. Is that what you're doing in your garage? not mine. . Hey, real quickly, let's, let's recognize that this segment is brought to you by the law firm of O'Kelly and Sohan. They're a full service law firm with 26 offices throughout Metro.
They specialize in residential real estate closings, including home purchases, refinance closings, corporate relocation, and real estate. Contract review and title insurance matters. They can be reached by calling 7 7 0 4 9 7 1 8 8 0. Also, Tammy, if someone in Metro Atlanta is looking to sell their home, we believe, and you know this, that we believe we can sell that.
For $28,000 more than his or her neighbors sold their home for. And if you wanna learn more about how we can do this for you, go to go Gadi radio. Go ga us radio.com. Click on sale for $28,000 more. Put in a little bit of information and I will reach out to you personally and we will discuss how we can do that for you in today's market or really in any market.
Number one, they'll get a customized maximum value plan. Tammy, have you ever heard of anybody else providing a custom? A customized maximum value plan. It is like an appraisal on steroid that's really cool. We take the properties, we put 'em in different groups based on the condition of the property, and we help somebody understand if we spent 3000 to improve the condition of the property, maybe it will sell for $10,000 more and.
It comes with what we call an r and r program. You rest and relax while we rehab and refresh up to $15,000 for improvements on the property when we come back in our neighborhood. Spotlight St. I's Country Club is gonna be featured also is a home price crash coming. We talk about this all the time. Now we're gonna answer the question directly.
We got those subjects and more. Stick with it. We'll be back.