Cheryl Knowlton: Hi, everybody. Cheryl and Clay coming at you, for episode three of Down Payment Assistance. But this time, definitely want to make sure that you understand. I get this question all the time. “As a buyers’ agent, how do I help my buyers’ offers stand out and be more competitive, especially in a very hot multiple offer situation?” Have we got the situation for you?
Clay Johnson: Yes, and it’s such a good one. In fact, it was part of the class we taught on successful strategies for a seller’s market because when you’re presenting that offer, right now in these summer months, it gets so competitive, so what do you do to make it stand out? Well, we know if you’re asking for closing costs… Because then the seller’s agent’s worried about the appraisal coming in high enough, even if it’s going to net the seller close to the same amount. So one of the great things about the Utah housing program is on three of the four programs, we can actually finance the majority of the closing costs into that down payment assistance second mortgage. It’s awesome because it gives them a way where they can have the no down payment and the closing cost covered, not having to ask for that, and then they do not so cash poor when they first get in the home. They have some money to buy some of that furniture, and yard tools, and some of those things-
Cheryl Knowlton: The flat-screen TV.
Clay Johnson: The flat-screen TV.
Cheryl Knowlton: Got to have the flat screen.
Clay Johnson: Absolutely.
Cheryl Knowlton: Priorities, right?
Clay Johnson: Absolutely.
Cheryl Knowlton: I remember when I first got into the industry, and I know you’re one of the few people I know who’ve been in the industry longer than I have. I remember Nehemiah.
Clay Johnson: Yes.
Cheryl Knowlton: Yeah, the-
Clay Johnson: Neighborhood Gold, Nehemiah-
Cheryl Knowlton: Yes, Neighborhood Gold, and all of those grant programs which for those of you who are newer than 20 years, you’re going to be like, “What in the heck are they talking about?” The bottom line, I was very intimidated by Utah housing and all of these grant programs. I wondered, “Are they legal? Am I going to get in trouble? I don’t want to act like a lender. I don’t want to cross the boundaries of my licensure.” Don’t cross the boundaries of your licensure. Partner with somebody who knows Utah housing, because it is a true gift, and if your buyer finds out that their next-door neighbor, their lender and their agent got them hooked up with Utah housing and you didn’t, so yeah.
Clay Johnson: Yeah, yep. Very true, and a crazy part is, there’s a lot of lenders that can’t offer it, so you don’t hear as much about it because of that, and it’s a lower revenue product, so some lenders will say, “Ah, we’re going to stay away from that. There’s not as much money in it.” We do-
Cheryl Knowlton: Castle & Cooke offers it.
Clay Johnson: Yes we do, and we’re very good at them. We do a lot of them, actually.
Cheryl Knowlton: And it’s fantastic. Okay, so keep that in mind, and we’ll see you in episode four.
Clay Johnson: Bye-bye.