In today’s episode, Dan Polimino gives an update on the consumer federal protection bureau.

He also discusses vetting potential buyers for your luxury home, minimum credit scores to buy a home, and if staging really helps sell quicker and for more money.

Full Transcript

00:01                                     Hi everyone and welcome to today’s show of Ask the Colorado Dream House Team. I’m your host Dan Polimino coming to you live from Denver Colorado. Well I hope everyone. Had a terrific Thanksgiving. I know we had a great time. I’m still digesting Turkey but I’m kind of turkey out for a while. I hope you had a good time with family and friends and maybe you’re in the Christmas spirit now and getting ready for Christmas with the decorations and the shopping and all of that. But today we’re going to sneak in a little more real estate news. And so two things we like to accomplish in every show if you’re new to the show is we like to give you some what we call news you can use. Everything about buying selling and investing in real estate. And you don’t have to be here in Denver Colorado you can be anywhere in the country because this advice that we give to you works anywhere.

00:49                                     Also we like to tackle your questions. We’ve got three questions today that will give you answers to and one will get you on your way. But as always if you’d like to leave a comment you can call us here at the Colorado Dreamhouse team you can e-mail us or you can leave a comment right here on Facebook and we’ll use your question on the show. All right. So let’s get to news you can use. And this week we’re talking about the CFO P.B. consumer Federal Protection Bureau. This actually got started under the Obama administration in 2010 and what seemed like a good idea ran amok really quickly. If you’ve been a part of the radio shows that we do here in Denver or you’ve seen any of the blogs that we’ve produced or you’ve been a part of this show over the years you know we were not a big fan of the CFP the CFP for some reason decided to put real estate companies and mortgage lenders and title companies in their crosshairs.

01:51                                     They didn’t like our business. They didn’t like the way we do business and they were really focusing a lot on us. Ultimately the reason why the Trump administration is change in the if CFP was for the very reason many of us thought from the beginning which was this was a government agency run amok and really had overstepped their bounds. I mean not just by a little by a lot. They had absolutely no accountability to anybody. They had no oversight from Congress. They were this behemoth federal organization that was started that nobody could touch.

02:30                                     And what a president Trump’s campaign promises was to come in and slowly dismantle this and run it the way it was meant to run. And it was meant to run to protect consumers but it never accomplished that. It never did anything worthwhile in the seven plus years that it was in in operation. Now some people will say well they they actually made Wells Fargo pay back all of the money to consumers from those phony loans. No they didn’t. They didn’t even know about it. The L.A. Times broke that story. The L.A. Times was single handedly responsible for breaking open the Wells Fargo scandal. And if the CFP hadn’t been around then the attorney general from that state or the attorney general of the Department of Justice would have probably prosecuted and gone after Wells Fargo and got people’s money back.

03:29                                     So again good idea in premise. The CFP never accomplished anything never accomplished their goal. And in fact they just reached way way too far in what they were able to do. So this is going to be good because once again Trump’s campaign promises that he was going to deregulate. He felt that businesses small businesses like ours businesses like banks that were being absolutely harassed by the C of P.B. he felt that they were being strangled by too much regulation and the CFP was the poster child for too much regulation. So as we begin to deregulate and open up some things this will open up markets this will open up opportunity this will free up money. I mean I can’t tell you how many banks went out of business because of the CFP and for no reason.

04:20                                     They didn’t need to go out of business. Right. I mean I don’t like predatory lending and I’m all for that. But at the same time you can’t put good businesses out of business just because you want to put in some regulatory reform there is just too much regulation. So again how does that help you. I think it’s good to open up markets it’s going to free up money it’s going to enable banks to do some more lending. It’s all going to be good for you. OK. So the questions dear Colorado Dream House team when selling a high end luxury home how do you vet potential buyers. Great question. This is a question that we get a lot when we sell luxury homes. Believe it or not we get a lot of frauds. We get a lot of fraudulent buyers who have no capacity to buy that home.

05:09                                     That not only want to go see into it but sometimes they’re as brazen as to actually make an offer and write you a contract knowing full well that they don’t have any money to purchase that property. And believe it or not what we do as real estate agents is spent a ton of time trying to find out information about the people interested in purchasing your house. We are trying to protect your best interest and it’s to the point where we’ve been doing this so long I think we’re as good as the FBI. I mean we really have to dig in and hunt people down to figure out if they are able to purchase that home. So just know that if you decide to list your home with us the Colorado Dream House team we vet all of these buyers very very carefully to protect you in your best interest.

06:00                                     Do your color on a Dream House team what is the minimum credit score you need to buy a home. Well there’s not a minimum per se. However a good number to use is to one. I think if you get below 600 Yes there might be a portfolio lender out there that will lend to you but chances are the terms aren’t going to be very good. Interest rates are going to be high. They may require you to put a heavy down payment down. They may require both but six 20 is kind of a good number to go off of. You want to make sure that your credit score is 620 or above and if it’s not contact us because we know a lot of good people that work on credit repair and credit restoration.

06:43                                     I mean we can put you in touch with two or three people that can turn around your score in 30 60 90 days. Sometimes it’s that simple. OK. Dear Colorado dream house team does staging really help sell a home. Well it can’t hurt. I’ll tell you that. Listen we’ve sold plenty of homes that were vacant that had nothing in and we’ve sold some that were fully furnished with people still living in. And we’ve sold some that had a combination there. Listen the thing that stops people from staging a vacant home is it can be expensive. There’s usually a large upfront charge to move the furniture in and then there’s a large monthly charge to keep renting the furniture there. And that’s what stops people from doing that. We’ve got some work arounds on that.

07:30                                     First off not every room needs to be staged. So let’s talk about the rooms that really do need to be staged and let’s use just the minimum amount of furniture that we need to keep the cost down. Secondly before you move out is there any furniture that you can actually live without and leave behind. Could we use some of that for staging. These are all tips that we talk to people about on how to try to save them money. But to answer your question staging does help sell a home. It doesn’t hurt if you don’t have it and you can’t afford it. Don’t worry if the house is in a good location and it’s updated in its price right it will sell. All right. That’s this week’s show. Thanks everybody for tuning in looking forward to hearing your comments and your questions. We’re back again on Thursday. Everybody have a great week.