In this episode, Jerry dives into the complexities of the escalation clause in real estate transactions. He explains what an escalation clause is and breaks down its fundamental components: the base price, the escalating factor, the maximum price, and the required documentation. He also highlights the pros and cons, providing real-life examples to illustrate how escalation clauses can be misused, misunderstood, or missed altogether. Jerry emphasizes the importance of understanding these nuances to make informed decisions in a competitive market.

In addition, Jerry also offers strategic advice for both buyers and sellers on how to effectively use or respond to escalation clauses. He discusses best practices, such as starting with a reasonable base price and making sure the escalator amount is significant enough to incentivize the seller. He wraps up the episode by advising listeners to get a knowledgeable agent who can help navigate the complexities of escalation clauses, ensuring that both buyers and sellers can make decisions with confidence. Tune in to learn how to effectively use escalation clauses and avoid common pitfalls in real estate transactions.

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Produced by: Social Chameleon

In this episode, Jerry guides listeners through the essential steps to take after purchasing a house. He highlights the importance of quickly finalizing the purchase contract, choosing a competent real estate attorney, and scheduling a home inspection. Jerry also emphasizes the necessity of selecting a reliable lender, understanding the mortgage process, and effectively dealing with local lenders and agents.

Jerry provides insights into navigating attorney approvals, handling closing date changes, and meeting the conditions listed in the commitment letter. The episode delves into addressing title and survey issues, preparing for the final walkthrough, and adhering to post-closing responsibilities. Jerry also shares practical advice to ensure a smooth transition from making an offer to becoming a homeowner, with a focus on speed, thoroughness, and effective communication.

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In this episode, Jerry discusses five key pitfalls in real estate negotiations:

• Third-Party Interference
• “Squeaking the Step”
• The Economics of Your Decision
• Fighting on Too Many Fronts
• Don’t Make it Personal

With examples from real estate and everyday purchases, Jerry provides actionable insights for buyers and sellers about how to navigate large transactions effectively. The episode concludes with practical advice to focus on goals rather than distractions.

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In this episode, Jerry provides insights that will help you confidently navigate the home-selling process! The discussion begins with the importance of making a financial plan and conducting a market evaluation to determine the value of your home. The collaborative nature of pricing the home with an agent is emphasized, along with strategies for listing and staging the home to attract buyers.

Jerry also addresses the importance of preparation, decluttering, and having a clear selling process. Key steps such as hiring an agent, understanding the role of appraisals, handling showings, and navigating contract negotiations are covered in detail. The episode concludes with advice on closing transactions smoothly and the value of leaving reviews for your agent.

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In Episode 3, Jerry delves into the pivotal National Association of Realtors (NAR) settlement, a significant development that will revolutionize disclosure practices concerning how sellers and buyers compensate their agents.

Jerry, with his extensive industry experience, explains the litigation that led to this settlement and the practical changes that will be implemented in the real estate industry on August 17th. He discusses how these changes will directly impact buyers and sellers, including the new requirement for signing agreements with agents before viewing properties.

Topics include:

• Overview of the National Association of Realtors (NAR) Settlement
• Historical Context and Industry Changes
• Impact on Buyers and Agents
• Future of Real Estate Transactions

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In this episode, Jerry breaks down the entire process of buying a home, from determining your financial readiness to closing the deal. He discusses the importance of setting a budget, understanding mortgage options, deciding whether to hire a real estate agent or go solo, and conducting a thorough home search. He also covers how to properly make an offer, the role of inspectors and attorneys, and the final steps leading to home ownership.

Join Jerry for a comprehensive guide to becoming a confident and informed homebuyer.

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Welcome to U OWN IT! with Jerry Thompson, where we dive into the world of real estate sales. With over 33 years of experience and 1,500 transactions, Jerry shares valuable insights and proven strategies to help you succeed in the competitive real estate market. Whether you're buying, selling, investing, or a real estate professional, this podcast is your ultimate resource for practical tips and game-changing content.

U OWN IT! will guide you through the real estate process and empower you to make confident financial decisions. New episodes drop every month!

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Produced by: Social Chameleon