You have CASH?  Prove it!

I was a single mom and the sole support of five young girls.  Three months of having a real estate license, working at a local Re/Max office, I was hustling to make deals happen.  Excited and motivated but still naïve to the intricacies of “protocol,” I was stoked to get a referral from an old friend.

The prospective Buyer had $350,000 cash, and wanted to move as soon as possible.  They needed a house big enough to accommodate my client, her daughter, mother, sister and grandkids, all of whom took turns each day riding along in my new car in the blazing heat of summer, looking at potential homes.Cash joker

Hot and tired on our third day out, having looked at dozens of houses with a swarm of people, I pulled in to a local 7-11 to get something to drink.  I asked my client if she would like for me to get her something.  She said, “Oh, yes, Mimi, would you be a dear and get me a lottery ticket?  It’s the only way I will ever have a chance to purchase one of these beautiful homes.”

While we learn the basics of contracts in the classes we take, our true education in real estate starts after the exams are over.  Believe me, no one gets in my car to look at houses now without proof that they have cash in the bank or the potential for a loan.

You have cash? Prove it! was written by Mimi Foster

 
* * * * * * * * * * * * * * * * * * * * * * * * * * * *

If you enjoyed reading this post,
CLICK ON THE HOUSE to
SUBSCRIBE to Mimi's Musings

If you are not completely satisfied
you may unsubscribe at any time
and get double your money back!

Subscribe to Mimi

Subscribe to Mimi















* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

If you would like to search for Homes for Sale in Colorado Springs,

or for any of your other real estate needs,

please contact your Colorado Springs Realtor

 Colorado Springs Realtor Mimi Foster

RealtyCOSpringsFacebook buttonLinked IntwitterMimi's BlogLike ButtonMLS Search buttonPinterest

Selling homes throughout Colorado Springs, Old Colorado City,
Manitou Springs and surrounding areas with a
Specialty in Victorian and Vintage Homes in
Downtown Colorado Springs
 
This post has been included in Colorado Real Estate News El Paso County, CO Real Estate News Colorado Springs, CO Real Estate News
Post is included in group: Active Rain Newbies
Post is included in group: Adventures in Real Estate
Post is included in group: Bartender, Make it a Double
Post is included in group: Realtors®
Post is included in group: Diary of a Realtor

68 Comments on You have cash? Prove it!

20 Most Recent Comments Displayed Show All

NOV
01
2011
235,133 Points Outside Blog Attended Rain Camp Called Shot Master

Mimi - excellently written blog on the importance of verifying.  We sometimes see people in the lending side who tell us they have the down payment, but when we seek to verify - they can't seem to find the documents.

2:00pm • #49
374,131 Points 6 Featured Posts

Mimi: Thanks. These days, everything has to be proved. It's good that it's this way. No one wants to waste their time!

2:59pm • #50
313,780 Points 3 Featured Posts Outside Blog Called Shot Master

Mimi- I have yet to ever have a cash buyer that truly had the cash.  So many times, my heart leaps when they tell me they are a cash buyer but everytime it comes time to provide proof of funds all I hear are crickets ............

 

funny post! nice to see it featured

3:25pm • #51
569,544 Points 1 Featured Post Localism Sponsor Outside Blog

Hi Mimi,   Yikes,  some of our best lessons come shortly after we gasp for air !

3:41pm • #52
185,367 Points 63 Featured Posts Outside Blog

Mimi, I know you have 5 daughters to support, and gas is $4.00 per gallon, but could you drive to VA and drive me around  so I can look at houses? I don't have cash and can't get a loan, but I'll  buy you a soda and a lottery ticket for your trouble. Just for one weekend, then you can drive back to Colorado.

3:49pm • #53
351,931 Points 72 Featured Posts Outside Blog Called Shot Master

I never did figure out what she was thinking, Pam.  To this day I STILL don't get it.

So right, Alan, and thank you.

Oh, Dawn, I felt your pain!  Amen, sister, to be on THIS side of that lesson!

 

4:52pm • #54
1,138,296 Points 91 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Priceless, Mimi. What a colossal waste of our time, eh?

People just don't get it.

5:02pm • #55
351,931 Points 72 Featured Posts Outside Blog Called Shot Master

Not even an hour again, Eric.  I learned my lesson.

The REFERRAL was from an old friend, Judy.  Honestly, I didn't really HEAR (absorb, comprehend) until I was standing in line in the store.  I couldn't wrap my brain around what it meant.  NEVER NEVER NEVER NEVER would have occurred to me that we could be doing what we were doing without her having the CASH.  Never like to think that I'm naive, but couldn't imagine WHY someone would do that!  Still don't have any idea.

More than we'd care to admit, huh, Maggie?

 

5:15pm • #56
351,931 Points 72 Featured Posts Outside Blog Called Shot Master

Isn't that amazing, Steven?  I just don't understand WHY THEY BOTHER!?

Everything, Paul.  But why do they want to waste THEIR time?

Thanks, Kim.  And I find that when you ask them to verify, they get very condescending.  So so funny . . . only not :))))

 

5:25pm • #57
351,931 Points 72 Featured Posts Outside Blog Called Shot Master

that is too, too funny, Bill.  It took me a few minutes to gasp, however, because I just couldn't wrap my brain even around the CONCEPT!  What were we doing there? :)

Right, Jeff?  But she wanted ME to buy the soda and the lottery ticket! And the really FUNNY thing was - every day it was a different group of them, but always at least 3 young kids.  Was I babysitting?  Were they looking to keep the kids occupied?  Who would think THIS would be a good way to do that? :)

They really don't, Erica.  HUGE TIME SUCK :)

5:29pm • #58
165,839 Points 8 Featured Posts Outside Blog Called Shot Master

Talk about learning the hard way!   Most people think real estate agents get an hourly fee from their company....I'll take a referral out once without a lenders letter or proof of funds, but never twice.

6:04pm • #59
564,581 Points 152 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Well, look at you with all those pretty gold stars.  They look good on you.  And, I think I would have burst into laughter when that clients said that followed by a trip back to her car or home.  You're a smart lady, Mimi Foster.  "Show me the money!" 

6:08pm • #60
351,931 Points 72 Featured Posts Outside Blog Called Shot Master

That is the way, since that day, that I have worked it, Yvette :)

Well thanks, Mike (blush) . . . how funny is THAT, and it's not even Saturday :))) . . . honestly, there was no laughter, no anger, no recriminations, no feeling but numbness until later.  I believe that is what SHOCK is :)  I kept thinking, "So wait, WHY have we been looking at houses?"  Why have I been carting these kids around for the past 3 days?  I was too 'on the verge' to open my mouth and ask - you know, didn't want to be charged with assault or anything :) so I never did find out.  From that day forward, it has been pure speculation, but I didn't ever want to see her again

6:24pm • #61
240,942 Points Outside Blog

Mimi, Congratulations on the Gold star for the article, to bad it took a kick to your back side to get it.  I have been down that road and trust me you will not forget that one anytime soon.  But the positive this is you learned a big lesson in the game of real estate.

6:38pm • #62
816,148 Points 243 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

I once had a "cash" buyer go all the way to contracts before they disappeared. Another on one of my listings made the seller jump through hoops and never signed. I think it is, in some cases, a form of a mental illness. 

7:08pm • #63
351,931 Points 72 Featured Posts Outside Blog Called Shot Master

thank you, Steve.  Yes, and in the scheme of things, it was not too painful a lesson.  Just an AMAZING lesson - but one not forgotten even remotely in almost two decades :)

You know, Phil, I have to completely agree with you.  At the time, and every time that I have remembered her, I have often thought that she was mentally ill.  The question was, how about her daughter and grandkids and mother? :))))

8:25pm • #64
245,354 Points 22 Featured Posts Outside Blog Called Shot Master
That has got to be one of the craziest stories I have ever heard! And I am sure that it took awhile to look back on it and laugh. Chalk one up to the learning curve! You need to get the proof to get in the car these days. :)
11:48pm • #65
NOV
02
2011
351,931 Points 72 Featured Posts Outside Blog Called Shot Master

Truth of the matter is, Karen, I spent a long time being embarrassed for being so stupid - what I call a ROOKIE MISTAKE.  When I mentioned it later at the office, everyone treated me like I was the ignorant newbie for not checking.  Looking back on it, I have often wondered how many of THEM would have checked.  :)))))

12:24am • #66
Outside Blog

This is not a rookie mistake I see agents that are doing it all the time. No broker agreement or LSR or proof of funds no get in my car.

 

GREAT POST

1:29pm • #67
351,931 Points 72 Featured Posts Outside Blog Called Shot Master

thanks so much, Jack.  I am, however, glad that I learned it as a rookie :)  Totally agree . . . NOW (obvious lesson learned)

1:32pm • #68

20 Most Recent Comments Displayed Show All


Captcha

Drag the printer to the circle on the side.

Image?id=2af8a75248c864e189fca76ef93f97221793c3b8 Image?id=5195940da498dbfc79e2d3ff9ea351ade57a1dc9 Image?id=39001ddbb68e62b2f8bf790f4896a48be36f80f2 Image?id=39450927f453d2d12fde2712a74d9e31bd8b9dd5 Image?id=4751aa254c476963d62628806982922dbb55e714

Accessibility option: listen to a question and answer it!

Type below the answer to what you hear. Numbers or words, lowercase:

Leave a response…


(optional)
Captcha

Drag the clock to the circle on the side.

Image?id=1bb89e6ff825dcb264cea196f792112e09f2ce55 Image?id=29ff1374a6463a5834b57dc0c2708ef1ef4e496b Image?id=6ba6b1d9c2da858fa5397c075d3ed639c2d72034 Image?id=271bc267e3cbc6231f4f863a99555b1f65cd3301 Image?id=02397d99099b40b920fdcc1697002996a56d4a51

Accessibility option: listen to a question and answer it!

Type below the answer to what you hear. Numbers or words, lowercase:

 
Mimi Foster Colorado Springs Realtor Colorado Springs Homes for Sale (Managing Broker EPIC Real Estate Group ) Ambassador_large

Mimi Foster Colorado Springs Realtor Colorado Springs Homes for Sale

Colorado Springs, CO

More about me…

Managing Broker EPIC Real Estate Group

Address: Colorado Springs, Old Colorado City, Manitou Springs, Black Forest, Palmer Lake, Castle Rock, Monument, Green Mountain Falls, Chapita Park, CO

Office Phone: (719) 475-7570

Cell Phone: (719) 460-7570

Email Me

Mimi Foster has been voted one of Colorado Springs' Best Realtors for five years in a row. She sells homes throughout Colorado Springs and surrounding areas, with a passion for Victorian homes in Downtown Colorado Springs. Mother of five daughters, four grandchildren, and cherished wife, Mimi has over two decades of professional experience helping clients buy and sell their personal residence, investment properties, and rehabbing fix and flips in the Colorado Springs area.

  • Colorado Springs
  • Manitou Springs
  • Old Colorado City
  • Black Forest
  • Green Mountain Falls
  • Chapita Park
  • Palmer Lake
  • Castle Rock
  • Monument
The thoughts of a warm-hearted but opinionated long-time Realtor who sells residential property in Colorado Springs, with a passion for Victorian homes Downtown.

Locations of visitors to this page


Listings

Links

Archives

RSS 2.0 Feed for this blog