Podcast: Crazy Sh*t In Real Estate TM

Crazy Shit In Real Estate

Summary:

Natural disasters happen when you least expect it and having insurance can alleviate an enormous amount of stress when it comes to recovering what you’ve lost. Katy’s client never thought he would ever need insurance and was concerned that he’d have to accept a low-ball offer on his flood-stricken house. In this episode, Leigh welcome Katy Caldwell who has been in real estate for almost 11 years. She is an agent for Remax in the Baton Rouge area of Louisiana.

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Time Stamped Show Notes:

  • 00:21 – Introduction for today’s episode
  • 00:40 – Leigh introduces Katy
  • 00:59 – Katy has been a realtor for 11 years and is from Baton Rouge, Louisiana
  • 01:09 – Katy does anything residential
  • 02:13 – Katy shares her story starting with a big flood, in 2016
  • 02:19 – 110K homes were affected and most of them did not have flood insurance
  • 02:50 – There was 30 inches of rain in 48 hours
  • 03:00 – There are over a million people in the metro area of Baton Rouge
  • 03:43 – Some homeowners have never had flood insurance, even if they live in a flood hazard area
  • 04:07 – Some elderly owners dropped their insurance because there had been no floods
  • 04:23 – A 78-year old seller purchased the house with his mom
  • 04:40 – The seller never had insurance and got 3 feet of water in his home
  • 05:31 – Some volunteers helped him with the damage
  • 05:42 – The house was gutted, but not treated for mold
  • 05:58 – The seller continued to live in his house while it was molding and he did not have an AC
  • 06:30 – The seller’s friend made contact with Kate about an investor
  • 06:37 – The market had been flooded with investors wanting to take advantage of these damaged homes
  • 07:20 – The investor offered the elderly person $75K for the house, but the seller declined
  • 07:42 – Katy shares how much the house would have normally cost in a normal market
  • 09:48 – The seller decided that Katy would list the house, instead
  • 10:40 – The house was listed on December 22nd for $125K
  • 11:48 – The seller did not believe the house could sell for $125K
  • 11:52 – There was multiple offers after a few days
  • 12:17 – Katy went to the property with the buyer who had memories of the house as a kid
  • 12:53 – The day before closing, the seller still couldn’t believe that the house was going to sell
  • 13:22 – The seller asked Katy if they can take pictures of the house and was getting very emotional about the sale
  • 14:05 – Katy told the seller about the buyer to cheer him up
  • 14:36 – The seller was thinking that the buyer wouldn’t actually show up on closing day
  • 15:21 – On closing day, the buyer really bought the house
  • 16:17 – Leigh was really surprised about the investors flooding in
  • 17:34 – Leigh shares how she feels about investors
  • 18:13 – Real estate is not a game
  • 18:27 – There are realtors who make assumptions about their client
  • 19:37 – Having flood insurance is a legislative issue now
  • 19:51 – Realtors have been doing a lot of political work about a flood insurance program
  • 20:07 – For realtors, contact Leigh to find out about the re-authorization of the flood insurance program
  • 20:15 – For consumers, make sure to have a realtor who is aware of what’s happening in the political arena and is fighting for you
  • 20:53 – Katy’s pet peeve
  • 21:33 – For sellers, don’t be comfortable until everything’s done
  • 22:53 – Reach Katy through her phone at 225-241-4113 and email at katy.remax@gmail.com
  • 23:09 – Katy’s website is MoveBR.com
  • 23:59 – Tweet Leigh Brown for your very own crazy story in real estate

3 Key Points

  1. Get a realtor who will not only protect you, but all things regarding your house as well.
  2. As a realtor, be fair and give an honest price for a property.
  3. Investors should not take advantage of calamity-stricken areas.

Credits

Crazy Sh*t In Real Estate Episode 55: Katy Caldwell

Aired on:
April 4, 2017

Natural disasters happen when you least expect it and having insurance can alleviate an enormous amount of stress when it comes to recovering what you’ve lost. Katy’s client never thought he...

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