That is exactly what the voice on the phone said this past week. "Hi, I want a House, I found your name on a website and kept seeing your name on different articles and listings. I need help I want to buy a home, can you help me get one?
He saw my name on Activerain articles, websites and linked to multiple cities as he searched. The key is he was doing what 84% of all buyers do, searching on the Internet before calling a real estate agent or a homeowner with a home for sale.
My answer to the voice was simple. Let's talk a minute to see how I can help you. I found out he had not gotten preapproval. He had cash! Music to my ears until I asked the next obvious question. Can you get a letter or bank statement for verification of funds? He says, no you don't understand I have cash it's not in a bank it's in my portable safe in the trunk of my car. MY first response without thinking was, "Excuse ME"? Did you say you have the cash in the trunk of your car in a safe?
Now as many of you know we have a problem. Anything over $10,000 has to have proper paperwork to verify where the money came from. He can't just waltz into a closing and plop down cash! I shared this little fact with him and he about fell off his chair. He says, "Is that true, they won't take cash?" Yup, that's the facts. He needed to go to a bank, credit union someplace or his choice and get his money deposited and share where these funds came from.
He had already picked out the house. He wanted to buy it. He wanted me to show it too him and write the offer. I am more than happy to do all those things but we have to do them legal. He then shares with me, he is going to call his attorney and see if what I said is true about cash. Be my guest and remind your attorney doing creative accounting to show cash without proper authentication if a federal offense.
I then said to him, would you like to see inside the home before you figure out how to hand your cash? He definately wanted to see inside the home. I set the appointment, talked with him in person filled out the paperwork and brought a copy of the law for him to review. Signed the exclusive buyer agency agreement and made the offer. We put the closing date out far enough so he could get his cash issue worked out with the bank. He also has a 401K with more than enough money for the purchase. I know it creates a penalty if he withdraws the cash from his 401K early. He and his lawyer are working out the cash issue but the 401K is their backup plan.
You never know who is going to call or what it will bring. Converting from a phone call to face time is the key if you feel the client is sharing facts you can work within.
Without having an online presence I would have never gotten this call. How is your presence?
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