Practice your offer before you make it: meet the Offer Simulator

Host: Okay, so I want to start with a pilot thing, because I think it's a really good way into this. Pilots don't learn to land in a real storm, right? They get in a flight simulator first, where a bad call costs nothing. And you've got something that does that for buying a home?

Buddy Blake: Yeah, that's exactly the idea. Buying a home works the same way, except most people only get to practice with real money on the line. That's backwards, honestly. So we built the Offer Simulator for buyers here in Wilmington and southeastern North Carolina.

Host: I love that. So walk me through it. If I'm a buyer and I open this thing, what actually happens?

Buddy Blake: So you open any home for sale on my website and tap Offer Simulator. It starts with what we know about that home. When it was listed, the original price, the price history. Then you build a practice offer one step at a time. Price, how you'd pay, down payment, your rate, closing costs, due diligence fee, earnest money, and timing.

Host: Okay, that's a lot of moving parts. Does it fill all that in for you?

Buddy Blake: Nope. You type every number yourself. That's the point. It's your practice run. If you get stuck, you tap a hint and you can read it, or you can hear me explain it. And every guide shows the public source behind it. Fannie Mae, HUD, the VA, USDA, Freddie Mac, the NC Real Estate Commission.

Host: Oh, that's nice. So it's not just somebody's opinion, you can see where the information comes from.

Buddy Blake: Right, exactly. Look, I don't want anybody taking my word for it. I want them to see the source.

Host: Let's talk about two of those pieces, because I think they trip people up. The due diligence fee and earnest money. What's going on there in North Carolina?

Buddy Blake: So in North Carolina, sellers often see a larger due diligence fee and a larger earnest money deposit as signs of a more serious buyer. The simulator explains both of them, shows where that guidance comes from, and lets you try different amounts so you can see how your offer reads.

Host: So you can basically play with it. Bump one up, see what changes.

Buddy Blake: Yep. Try one amount, then try another, and see how it looks. Way better than guessing on a real offer.

Host: Okay, here's what I'm curious about. When you're done building the offer, there's a button that says Submit to simulator, and then in parentheses, not the seller. I noticed that. Why spell it out like that?

Buddy Blake: Because it matters. Nothing goes to the seller or the listing agent. Ever. And the simulator never answers for them either. What it does is show you how strong your offer looks against real area data. What similar homes sold for, how long they took, and the published rules for loans, fees and deposits. Plus what would make your offer stronger.

Host: And if it doesn't look great the first time?

Buddy Blake: Then good, you found out for free. Run it again with a different approach. As many times as you like.

Host: Okay, but say somebody runs it and thinks, you know what, I actually want to do this for real.

Buddy Blake: Then you tap Yes, I'd like to submit this offer. And we follow up with you first. We go over agency, the disclosures, and the documents for your situation and your goals. Nobody's rushing you straight to a seller.

Host: I like that. Now there's also this thing called the Dream Board. What's that about?

Buddy Blake: So the simulator is anonymous. But if you want to keep your practice runs, you save them to your own Dream Board. We email you a private, secure link. And we'll follow that home for you. You'll hear from us if it goes under contract, comes back on the market, or sells.

Host: Oh nice, so you don't have to keep checking yourself.

Buddy Blake: Right. And your Dream Board also lets you upload your pre-approval letter and see our Vendors We Trust. Now, you're never required to use a provider we suggest. You're free to shop around. Some providers do pay for advertising or co-marketing. And if a provider has an ownership tie to our brokerage, you'll get an Affiliated Business Arrangement Disclosure before any referral.

Host: I appreciate you just saying that plainly. Okay, so what should people keep in mind going in? Any caveats?

Buddy Blake: Yeah, just know, this is a simulation for learning. Nothing goes to a seller, and nothing here is a prediction, a home valuation, or legal or lending advice. Nobody knows what a seller will accept until a real offer is submitted. And when you're ready, we or an agent of your choice can submit that for you. Talk to an agent is on every screen.

Host: And what about folks who are already working with someone?

Buddy Blake: If you've signed a buyer agency agreement, please contact your agent. The simulator isn't for you, and it asks about that first and stops there. Simple as that.

Host: Got it. One more thing I saw. What happens if somebody practices on a home that your firm has listed?

Buddy Blake: Good question. The simulator points it out, because a real offer on that home could be a potential dual agency situation. It explains what that means and links to the North Carolina Working with Real Estate Agents brochure.

Host: And that brochure shows up for everybody, right? Not just in that case?

Buddy Blake: Right, the simulator shares that NC Real Estate Commission brochure before you start. It explains who an agent works for and what your choices are. We've linked it in the show notes as a PDF.

Host: This is really cool, honestly. Practice first, with real data and no pressure. If someone's listening and wants to talk it through, what should they do?

Buddy Blake: Call or text me at nine-one-zero, three-nine-five, one-thousand. And if you're selling instead of buying, there's a Seller Simulator too. The full article on the Offer Simulator is linked in the show notes, so go try it out.

Host: Love it. Buddy, thanks so much for coming on. This was a blast.