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

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

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

Credits

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