The Jon Sanchez Show
09/10- How is the new Buyer’s Representation Agreement working?
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Throw it in your right on the cusp of it up. I'm hoping this debate goes just like the last one did, even though I got a replacement figure. Exactly, exactly. That is my hopes also, my friend. That is my hopes, definitely. Dwight Mallard, a new employer/linder extraordinaire, synergy1lending, the new organization effective today. Congratulations, my man. Congratulations. Thank you, John, and you know, you and I have talked off, you know, this is just kind of the sign of the times, I guess, and my, I like to say, my future self is going to thank my current self down here every year. Well, you know what, Dwight, I respect you so much for always looking out to offer the best products, the best rates, the best service, which is number one in your book for your clients, for our listeners, et cetera, and if that means you have to move a company to do that, that's what we do these days, right? There are no anchors holding anybody back, and so I congratulate you. Little quickly, Dwight, before we get started on tonight's topic, tell me a little bit about synergy1lending, your new company. Well, you know, John, I did a lot of research on them, my immediate boss who went over there a little while ago has looked on the hood several times, but they're just leaner, meaner, faster. The corporate structure in middle management, the flat line, you know, so you get to the top, which is what you need. I need infant answers. I can't waffle around when I need something, but they're very aggressive when it comes to builder pricing products. They like to be out in front and, you know, it's less corporate as I would like to say, but it's your style. Yeah. Yeah, it just gives me, I want autonomy. I want to be able to run and, you know, make decisions on the fly and then, and if I need to beg for forgiveness, I'd rather not ask for permission, beg for forgiveness. If that makes sense to anybody out there, it's just the way I operate. I can't have all the, you know, so this is probably the closest step in a while that I've been my own, let's just say my own entrepreneur, you know, I'm able to make decisions in the field. And if I need something that I can't make, it's just simply a call, I can't waddle through layers and layers of management to get an answer, by that time it's already, it's expired. John, that situation has been long gone. So I'm excited. I am too. Yeah. I am too. Let me, let me throw according to this conversation because you and I can talk about what a great move this is for you going to synergy one, but, but Corey, you know, from a, from a real estate brokers perspective, as you have emphasized so many times and everybody knows this, time is of the essence in a real estate deal, needing answers now, not we'll get back to you in a day, two days, five days from now, that doesn't cut it in today's world, does it? No, it doesn't. And, you know, we, we won't share too many details, but Dwight and I had a mutual client that we were working with as he was kind of working through this transition and the new company was able to get it done and the old one wasn't, and Dwight's point, I think one of the reasons he chose, I'm guessing, is because they were able to perform while the other place was just, you know, not getting back and not giving answers. Although I will tell you, I, I'm a little concerned that Dwight might single-handedly be responsible for some of these generations we're seeing in a monthly job numbers. So. Good point. Good point. Yeah. Because when he goes, his staff goes, yeah, that's a good point. Yeah. And it's not a tag I like to have, but, you know, John, at my age, you know, and this, this is what weighed heavily. And you, you know, I mean, you and I are on the baby boomer, the tail, and the baby boomers. You know, I've got six or seven solid years left, you know, and being able to just keep my foot on the pedal. And this is, this is, you know, I believe this will be the culprit and the vehicle to get me there. And, you know, wasn't, you know, I pray about it a lot. Absolutely. I, this wasn't what an easy heart and all that, but no, because there's a lot of good people everywhere. But it's about me and it's about my future and it's about, and I just, when I look around, I know enough, I've been around enough to know what people can do and companies can and cannot do. And, you know, I just think in the day I just felt like this, this just gave me the spirit I needed to, to just, you know, run this out the rest of the way. And I'm going to correct you. It's not about you. You never put yourself first. It's always about your client. So I'm going to correct you because you're very honest. Okay. It's about Corey. Yeah. It's about Corey and all the other great real estate professionals. That's right. Exactly. But, but the last thing I want to mention. Go ahead. John, I was just going to say to Corey's point, they stepped up when they need to and made a decision. I think that was indicative of a future model that will say, Hey, listen, if it, if it makes sense, we're going to figure out a way to do this. So we know what guidelines say and there's different ways to interpret guidelines and all that. I'm not going to say they're going to approve every loan, but they're definitely going to be on the cutting edge of, of trying to make it work than not. And, and, and, and, and, to Corey's point, we, there was, there were three lenders that turned this down. I went to multiple sources and synergy one said, no, we, we get it. We understand what you're doing here. And so it, it, because of you also, right? I mean, you and I both know we've been around this game a long time. The clout that you carry with your 35 plus years experience in lending that you are so well respected in this industry and the lending industry that finally you found a, a lender that again is going, Hey, you know what? We know what this guy is doing. We understand him. We trust him. Right? That's the key to it because every deal folks is not, you know, one plus one equals two. Many times it's one plus one equals three and it takes the expertise of Dwight, Corey, et cetera and their team to get a deal done, right? Every deal is not just a, you know, a square peg in a, in a, in a square hole. It's a square peg in a round hole sometimes. And that just shows again the credibility that you have in this industry and to finally have a lender that understands you, that trusts you and again, lets you run like a racehorse because, you know, that's the way Dwight Millard operates the best. It's like, let me, I'm a big boy. I know what I'm doing, let me make the decisions, provide me the lending resources, but let me make the decisions as the, as the manager and I can get these, these deals done. And I love it because again, I think boys, things are going to get real crazy for you in a good sense going forward as these rates start to or continue to come down and we finally get at a interest rate cut. So I'm glad you did this move Dwight. I'm proud of you. I know it's always tough to make a change, but you always do it for the best of your clients. And I know this one was definitely best for your clients. So congratulations man, Senator Jewell and Lindy, look it up folks. Thank you. Absolutely. Real, real quickly, give out your, your contact info now so people can reach you. Yeah. So, so the, the phone number, fortunately all these years, right, seven and seven, five, two, four, zero, two, zero, two, two, and my email now is just D Millard, M-I-L-L-A-R-D at S the number one L dot com. So send us you one lending S one L dot com. I love it. Well, we'll definitely be talking more about it, Dwight, but I can hear the enthusiasm in your voice. And, and again, congratulations, I know it's never hard, but folks, you stand behind this man no matter where he is because, you know, a corporate name is just a corporate name. But when it's, when you go to get a deal done, obviously Corey and I have witnessed miracles that this man has done for our community and he will continue to do so. And so again, brother, so proud of you, man. So proud of you. Thank you. Thank you. All right, folks, let me tell you what we have lined up for you this evening. Wild right again. What a surprise. I know I say it every day because it is a wild right every single day. So we're going to, of course, give you the recap of what's happened today. But we're going to go back to a topic that we began last week. And you know, as we've discussed over the last few months, the way you buy real estate has changed dramatically. What was it? Corey August 18th, right, is when the new rule became effective. That was the date. Or, if I remember? Yeah, 17th. Okay. And what we're talking about, of course, is this new buyer's representation agreement. Bottom line, for those of you that haven't been listening to the show, shame on you. But here's what it is. No longer, if you are a buyer of a piece of real estate, no longer is your seller going to be required, quote, quote, to pay the buyer's agent's commission. It is your responsibility. Does not mean that the seller's agent, i.e. broker, agent, et cetera, will not split the commission, but it's not a given anymore, never was, but now it definitely is not. And if you want to hire somebody to represent you, when you ought to buy a home, you've got to sign this agreement that you're going to become an expert on tonight called the buyer's representation agreement. And so when we started this topic, I think it was Thursday, guys, if I remember correctly, we didn't get to really the gist of what we wanted to discuss, which is what these two gentlemen live, eat, and breathe every single day, they're in the trenches and hearing real life stories of how this new, wonderful agreement that was crafted because of a class action lawsuit against the National Association of Realtors, how this is really working, right? I think we can learn the most, not from, you know, reading about it, but from hearing from these two guys that live and eat and breathe this every single day, and let me tell you, our fears are at least mine. I don't know about you guys, at least my fears that this thing was going to be an absolute disaster have come true. Am I, am I being over dramatic, Corey, or are you going to agree with me on this? I think there's just a lot of confusion out there. We'll see if it kind of straightens itself out. There's probably a lot of stories that we haven't heard yet that'll come out. I think that any change, things will smooth out, but the ones that got so much of the headlines were that sellers weren't going to have to pay anymore. So I was like, you know, just kind of, that was the main crux where everybody kind of forgot this buyer agent agreement, and that seems to be the thing that is now leading to a lot of confusion and unfortunate for some of these buyers that are leading to a lot of stress because they don't understand what it means. At the end of the day, what does it mean, what do I have to pay kind of get to the end of the result there? And so that's what's great. Real quick, Corey, before we go to break, I've got to ask you this before I forget. Out of the people that come to you, how many of them knew about this before you had to tell them that this is the new way of doing it? Is the public. Very few. Okay. Very, very few because again, they were all, all the headlines were on the seller side of the commission, the seller side of the commission. This was also one of the things in the settlement, this buyer broke our agreement of buyers, pay their own way. And a lot of the buyers, I don't want to say they weren't paying attention, but if the headlines about the seller, then what do I have to worry about? Sure. Good point. And then it's kind of caught him by surprise. Okay. All right. Well, I cannot wait to hear you guys. Yeah, go to it, sir. Could you imagine if this was a normal buying market right now, how far say this is a disruptor? This is a huge disruptor that people are going to learn about, but the listeners of your show are going to know about it before anybody else, you know, as they get out there and start with a buy. Yes. It's here. It's here. And I've got a couple other stories I'm going to share. I know. Two that I heard today. Yeah. Yep. No, I cannot wait. I cannot wait. All right. We come back. We'll get through today's stock market recap and then get into this topic tonight. Once again, how is the new buyer's representation agreement working with Corinne DeWite? Let's turn over to Chris and Snow in the right now, traffic center. Hey, Chris. Hey, show on his talk, 780K, which with DeWite, Mallard of Center, Jew and Lending, Coriage of Edge Realty. All right. We'll get to our topic momentarily. How will the new buyer's representation agreement is working? We're going to give you real life examples from the boys. But in the meantime, let's get down to today's market activity. All right. I'm going to take you back to this morning, right? We had a heck of a day yesterday, so we were hoping that the momentum was going to carry forward. Looked pretty good in the pre-market sessions, especially on the NASDAQ side. It opens up. Dow shoots up. Dow literally falls and boy, did it fall and kept falling and falling and I mean, we were down north of 300 points at our worst level and then we rebounded a little bit numerous times and then finally rebounded in the last few minutes, but still finished down for the day as in a loss of 93 points or 0.23% with a Dow closing of 40,736. NASDAQ rose 141, a bit more stable, 0.84% gain, S&P higher by 24 points or 0.45%. Now the culprits inside the market were as follows, Apple. We're going to start with them, the influential mover, of course, in the mega cap space traded below yesterday's close though, lost 80 cents, 0.40% loss to 2. 2011. Down pretty much the entire session, they disclosed that they expect to record a one-time income tax charge in its fiscal fourth quarter of up to approximately $10 billion after they lost a back tax ruling in the European Union Court of Justice, so $10 billion. I haven't seen anything, I don't know if you guys have or you, Corey, especially, I don't know if you've seen anything in regards to Apple saying they're going to appeal this. I don't know if they've already done that or not, but I mean that is significant even for a company such as Apple, $10 billion in back taxes owed to the EU, pretty significant. Did you hear anything as far as them going to appeal this at all? I thought the same thing, yeah, okay, yeah, I didn't know if this was a new one or, yeah, one of the past, exactly, so most likely the appellate process is probably over. Okay. All right, next problem that we had inside the Dow Jones Industrial Library today started yesterday on the show. By the way, if you missed any of our shows, please pick us up at your favorite podcast and distributor. Goldman Sachs, their CEO, announced yesterday, it was after the close that they expect the trading revenue to be down in the third quarter, matter of fact, down about 10%. And so the stock, you know, as I told you on the show last night, it was down a couple of bucks or so in the after hours, but boy, oh boy, it did not last long. Goldman finished down $21.44, a 4.4% loss to $467.13. Dwight, you'll love this story. JP Morgan Chase, another Dow component down $11.25, 5.2% loss to $05.56. You and I, of course, love lower interest rates, but guess what? The banks don't. JP Morgan saying net interest income and folks, if you're not familiar with that term, that is the difference between when a bank earns on your deposit versus what they pay you, they expect that number to come down pretty severely because of interest rates declining. So Dwight, there's the negative side of lower interest rates. Yeah. Well, you know, John, and I think it's the beginning, right? I mean, they're going to. Absolutely. And there's, you've talked about it for years that I've done on the show with you this fixed income people, you know, they were used to these higher rates and now they're going to. Yeah. Here you go again. It's another whammy, you know, to their, you know, to their checkbook. So it doesn't surprise me that you're going to start to see the, another unintended consequences of movement of rates up or down, you know, how it's going to affect the, how it's going to affect the system. Well, you know, it's interesting that this all came about, again, everybody folks, the reason I want to spend just a couple of minutes on this, everybody, of course, watches JP Morgan, you know, in the financial space because of their size, of course, an incredibly run, run company. What was interesting is this came about at a, actually at a industry conference and it was there, not Jamie Diamond, but it was their, their president that said that. And he said, look at, you know, he's telling the, the participants, meaning the industry analysts. Look at guys, the, the ballpark of your 2024 target of net interest income sits at about 91 and a half billion. That's a current estimate for next year. It's not very reasonable. And because again, the Fed's going to cut rates and he says, I think that that number will be lower. He declined to give a specific number. And man, as soon as that news hit the tape today, you saw JP just fall. I mean, this is again, folks, this is a stellar, stellar organization. Forget about the stock price. Just a stellar, highly respected organization, one of the most well respected CEOs in the entire world. And to see that stock drop over 5% to Dwight's exact correct point, this is something we've got to watch very closely with the, here's a prime example. We saw Ally financial down 17.6%, $6.99 loss to 32.67. They said credit challenges have intensified. Now Dwight, are they, are they off the rocker or is that true? Or you mean the credit looking worth the work? Exactly. Exactly. Oh yeah. Oh yeah. Oh yeah. No, it's, it's everywhere. Jump. But I was going to ask you, where does a JP Morgan Chase make that up? I mean, what, you know, where does it, I mean, how to try it up? Yeah. I mean, you, you, you, of course could make it up. You can make it up, of course, in other areas. I mean, they have so many different divisions and things, but, but that's a very good question that you asked, Dwight. And that's something, again, we have to watch very closely because folks, financials, the sector itself, very important to the overall market health, right? Where do you make it up? Well, here's a, what, what, what these analysts aren't telling you at this point, but I'm going to tell you, I want to be a, you know, the first one to say this, this is just one area that you have to watch with these financials, right? This net interest income coming down. The other area you need to watch, a lot of you don't know this, take a little behind the scenes of Wall Street, you know, the Federal Reserve, our dear friends, Jerome Powell and the gang, they pay banks a pretty significant sum of money. What was the number of query for 5% like last time we talked about it? I'm sure it's changed to park their money with the Fed, right? So this is, this is a bank's reward for not lending as crazy as that sounds. The Fed says, hey, you know what, sweep over your excess deposits to us and we're going to give you a heck of an interest rate. This is something, if you're new to our show, that we have complained about for so many years that it's not fair, right? This is the government's way and the Fed's way of, of controlling liquidity in the banking system and the lending system. Dwight has said this many times, it's like, you know what, guys, open up the spigots, get some money flowing out there, but of course there's pluses and minuses to that. But if we do see, which we expect, of course, the Fed to start cutting rates, I would expect this is just my personal opinion, that the Fed will follow by cutting that discount rate a bit and again, that's going to be another hit to your point, Dwight, another hit to the bank's income statement. Yeah, I don't see an easy way out of this as these, you know, I mean, we talked about all these rates going up what I did and we're going to have to talk about the effects on the downside. I mean, yeah, you'll be able to go and afford a car payment, a HELOC or whatever, but it's going to come at a cost to other areas of the economy. Back to your point, where they're going to make it up, they're going to make it up by not dropping the aforementioned interest rates on the lending side by that much. That's where I think, because they're, Corey, you know, balance sheets very well. They're not going to sacrifice big earnings decline simply because the Fed is lowering interest rates. Do you agree? They'll make it up somewhere. You're exactly right. That interest income that's huge, I was listening to Brian Moynihan talk today about, I think, last year, they, I don't think, was it talking annual or quarterly, I mean, talking quarterly, it was 14 billion. It was over 50% of their revenue, and it's just, it's actually what you said, lending out high borrowing low. Don't have to do anything. You said it's the easiest money we can make, and it's also the biggest driver. That's right. That's right. Exactly. All right. 1.1% on oil, $65.85 a barrel, $10.40 in gain in gold, $2.5 or $3.10 are closing level $2,5.43 in cents, down five bases pointing on the tenure at $3.65 when we come back. We'll delve real quickly into Dwight telling us how we did on the 30-year mortgage, according to Mortgage News Daily, and then get into our topic, how the new buyer's representation agreement is working. Let us start it over to Jack Saban. He's got a news traffic going with her. Hey, Jack. Oh. Welcome back to the John Sanchez Show on his stock, 780k awaits with Corey edge of his realty, Dwight Millard of Synergy 1 lending. We've finished down 92 on the Dow. Actually, I'm going to round it up 93, closer to 93 than 92. A 141 gain on the NASDAQ and a 24-point rise on the S&P. All right. Before we get to Dwight and our mortgage rates, and then to our topic, how the new buyer's representation agreement is working in real life. Let me give everybody a quick reminder. Tomorrow, very important day, as far as market performance is concerned, $5.30 tomorrow morning. Don't miss my $5.53 report with Ross Mitchell. We will be observing and finding out exactly where we sit with the CPI report, the consumer price index, of course, the retail side of inflation. Expectation, 1/10 of a percent increase. This will be August's data, 1/10 of a percent increase from July, where June to July was up 2/10 of a percent, so obviously it would be a 1/10 of a percent decline. So, not expecting that number to budge too much. The core CPI, where we strip out food and energy, it was up 2/10 of a percent previous report. They're expecting the same number on this one. All right, Dwight, let's hustle here. The 30-year mortgage. Mortgage news daily. How do we do today? Yes. 6.22, John, highly anticipating that mortgage-backed security market was smoking today, I guess, on the auspices that the feds may cut even bigger, come September 18th, or whatever date that is. You know, because the CPI number that you just talked about, such an incredible direction. So, 6.22, and if you look at the FHA, again, 5.70, so, I mean, these rates are starting to drop pretty significant, so we're starting to see a lot of activity now starting to pop its head up again, going, "Hey, straight to down," so we'll see, to your point, I think tomorrow's a big number. Big number. The CPI on Thursday, yep, exactly. And keep in mind also, guys, that not only these, of course, big numbers, but this is a precursor, of course, as Dwight said, to the September 18th Fed meeting, which, by the way, I don't have the exact numbers. I didn't get a chance to see them, according to the Fed futures contract today, but the number, the percentage, has been edging up of a half a percent cut over the last week versus a quarter percent, quarter percent baked into the cake, but the probability of a half a percent now is really starting to rise, and again, a lot of it will be dependent upon the data between now and that September 18th meeting. All right, here's where we go, guys. Let's get over and hear some real-life examples. The buyer's representation agreement, things changed not too long ago as we've done numerous shows on this for you, indicating, again, you as the buyer responsible for compensation to your agent. Corey, I'm going to take it from there. I want you to give one more time for those that may not understand what we're talking about and how this has dramatically changed the real estate world and how things have always been done nationwide, of course, I'm talking about, and then we're going to get into what you're seeing in real-life stories, because I think this is where the audience is going to learn the most. Sure, and so everybody knows, typically, up to this point, as a buyer, you go out, you look at houses, you do this, and then nobody ever really talked about compensation because historically it had always been paid from the selling broker side. You need to argue. It came from the seller, you can argue where it came from, but you look at the paperwork, it came from the seller selling broker's side of the transaction, and whatever they offered out is what the buyer's agent got paid to do their work. With this new change, with the settlement agreement as of August 17th, as a buyer now, this is across the country, and again, they didn't change any laws in any states, but this is the new way that the National Association of Realtors has mandated that things happen, which is kind of the governing body we all abide by. When you go out as a buyer now, before you do anything, you should be, or are supposed to be signing a buyer broker agreement, and the main gist of that is how much compensation is going to be paid to your agent as the buyer agent. It's all negotiable. It can be anywhere from zero to your life savings, whatever you want it to be. It's all negotiable, but there's some trigger points in there, John, that are getting confusing for people. One of the things I think is interesting is causing, it's not really causing confusion, but people are trying to figure out a way to get around it, and the whole point of this agreement was to not get around it. If you're my buyer, John, and you call me, I've known you for 30 years, and you say, "I just want to go look at this house real quick. Well, now I have to have you fill this thing up." It can be specific to one house. It can be for one day. We can negotiate it for a year. We can go over all those details, but we have to have some form of compensation in there. Let's just say, for argument's sake, that I say, "I think I'm worth 1 percent. You agree? I think you're worth 1 percent. We're going to put 1 percent in here." If we go and look at that house, and all of a sudden, we write an offer, as your phone love with it, and the seller says, "I'm offering 3 percent commission, but buyer's agent is not allowed to take that anymore. They can only take what's in that agreement." Some of the chatter that I'm hearing from agents is, "Well, I'm just going to put in a high number, but behind the scenes, it's going to be a low number, or I'm going to put in a low number, but we're going to change it." People are going to start getting in trouble with this because it's such a new area that eventually it's just like in a state or anything else. Everybody gets along in the beginning, but there's going to come a point, especially when money's involved, where those two parties don't get along and you're going to see a lot of this drag to your court to figure out how authentic are these things and how do they hold up in court? And, B, the buyers are going to find out these are legally binding contracts. You can be held responsible to pay this money whether you want to or not. Okay, let's pause right there, Corey, and something that came to mind. Okay, so using that example, I'm your client, and you and I agree to, I want to spend some time talking about the terms here shortly, but let's just say it's a win-week agreement. And I find that house, like you said, that dream house, and I've agreed 1%, because in my mind, I'm thinking, okay, you know what, my pre-qualification letter says I'm pre-qualified for a million dollars, but I find a $700,000 house, 1%, okay, let's say $7,000 is what I'm going to pay edge-rility. But instead, I find this dream home worth $2 million instead. And Dwight pre-qualifies me for $2 million, so now I'm on the hook for $20,000. So each house you show me, do we have to sign a new agreement? Nope, well, again, it's all up to negotiation. So if you and I signed the first agreement for the first house, we're subject only to that house. If you want to go look at a different house, now we have to have a different agreement because the second house isn't covered under the first agreement. Does that make sense? But what if we do it for a time period? I thought we could do a time period or a specific house. So let's say, okay, if we do it for a time period, you got me for however that time period is as many houses as you want to look at it. Okay, okay. And also, what you get into, John, it can be a percentage, it can be a flat fee. We could say, hey, you know, the first house, John, you know, approved up to a million boxes. You know, you think we can get it for $700, we're going to write in $7,000 and then you call me and say, I found the house of my dreams, it's $5 million, and I'm like, gang, I should have left the percentage in there. So now, okay, so I can do the flat or the percentage, okay. So that's where you would get screwed as the real estate broker knowing that because like you said, you thought you're going to maybe make $7,000, but I find a $5 million house and I'm still only paying you $7,000 because I thought I was going to buy $700,000 house. Correct. And what it should boil down to, though, what they're trying to do and I don't disagree with it is if I, if you need my expertise for a $700,000 house, but then you jump up in price and you still need the same level of expertise, why should I get paid 10 times more money for doing the exact same job? I don't disagree with that. That makes sense to me, right? So it's just that everybody's got to be clear in the beginning of how these things work and who is stuck with what, but I, I don't necessarily disagree with what they're trying to accomplish. Okay. All right. Do I hold your thought? Do I, I'm behind schedule here because this man, we're just flying by here on time. So I'm sorry. Do I just hold on one quick second? Let's wrap it up with Kristen Snow in the right now, traffic center, Kristen. The John Sanchez show on his talk, 780q, it's Corey edge of his real estate phone number saw. six, seven, three, six, seven, zero, zero, Dwight Millard. Now we've centered you one lending one number, one more time. Do I. Yeah. 2402022 same number. You love it. Okay. Do I go ahead? You had a question or comment? Yeah, real quick. I want to get back to Corey, but John, I believe this, the couple comments. I believe this is a knee jerk reaction to a group that was protesting a 6% commission, even though it was negotiable all along. This is going to create, this is going to kill or substantially divert first time home buyers, not understanding this. This is going to be a whole class on its own understanding. Corey and I had a mutual client that I'm not sure it's going to go through, just because of the unawareness. And last but not least, I want to tell you, I just was made aware of today. I don't, of course, heard this, an open house, the open house agent made you sign an agreement before you came into the open house. How do you like that? The open house agent made you sign an agreement. I thought that was not allowed, Corey. So, so here, and see, that's where you're going to start having some issues. You don't have to do it as the open house agent, you work for the seller. So if people are just coming in and out and you're not their agent, you can allow them to do that. But you're going to get some bad actors that are going to take these things, like everybody who signed them, and if you read disagreement, and I'm looking at one right now, it says you owe a commission if you buy a house with or without the assistance of the broker. And so, these poor buyers have been thrown out to the walls and there's nobody there to help them. And they could have to repeat these things hanging out there and they don't even know it. Okay. Repeat that one more time, Corey. The current form that is being used in our area right now, remember every MLS does a different form. Our form right now says, if you purchase a property or a house with or without the assistance of the broker, you owe the commission. Wow. So, I can walk into an open house and pick your favorite developer and I can owe a commission on that. If you walk into an open house, you sign one of these, you buy a house six months later because you forget about it, somebody could attempt to sue you for that, and you could claim procuring college and this, madam, I'm sure people are sitting out there saying, it will never happen. It will happen. Trust me. It will happen. There's no procuring college assessment in here. Well, folks, I am very, very sorry we ran out of time so quickly tonight because this is a very important topic. We're going to have to visit this again, guys, because again, we just only scratched the surface of what we needed to talk about. So, gentlemen, excellent job as always, but most important folks, contact Corey or Dwight if you have a question. They know this. They know how this thing works, especially Corey, of course, he's one that's affected by this and he can give you a thorough explanation and, you know, great job, guys. That's all I can say. We'll do it again tomorrow night on the John Sanchez show, God bless. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taking a specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting John at Sanchezwealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through Independent Financial Group LLC, a registered broker, dealer, and investment advisor. Member FINRA SIPC, securities only offered in states John Sanchez is registered in. Sanchez Wealth Management LLC and Independent Financial Group LLC are unaffiliated entities. Synergy One lending equal housing opportunity, NMLS #1907235, Dwight Millard, NMLS #24129, phone number 775240222. The information provided today is for educational purposes only. The position strategies or opinions of the show do not necessarily represent the position strategies or opinions of Synergy One lending or its affiliates. All information loan programs, interest rates, terms, and conditions are subject to change without notice. Synergy One lending offers home loan financing only. Synergy One lending is not affiliated with the John Sanchez show. Any speakers, companies, or institutions feature, this is a paid advertisement. Owning a rental property sounds like a dream until you realize how much work goes into getting it ready. Permanent competitive rent price, market to property, schedule the showing screen tenants drop at the lease at a rent collection, handle maintenance request, maintain communication. Whew! Sound complicated? 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