Special offer

Hi-I want a House!

By
Managing Real Estate Broker with Flexit Realty "Flexible Home Selling Solutions"

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 whereLicensed to Flexit Realty by Bigstock photo 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?

Comments (9)

Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

Interesting. Well done.  Many would have blown this caller off as a loon or something. Ask the right questions, give the right answers...all it takes!

Mar 17, 2012 11:04 PM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Hi Gary, he actually has cash and didn't trust the economy or banks.  The media had him all hyped up on a possible crash and lose everything syndrome.  It looks like it will all be fine.  He is in the process of documenting his funds with the bank right now.  They haven't help his obsessive behavior either! :-)  Thanks for the comments Gary.

Mar 17, 2012 11:13 PM
Edward Gilmartin
CRE - Boston, MA

He would be wise to put his cash with an investment house maybe in Swiss Bonds... put 20% down on his home and borrow the rest at these low rates of interest.

Mar 17, 2012 11:31 PM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Hi Edward, I understand but we can not offer financial advice like that and then have the investment turn south.  The professional liability makes me suggest seeing a professional for his personal finances.  I do agree with your suggestion.  Thanks for your comments Edward.

Mar 18, 2012 02:17 AM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

This happens daily here almost all the caller say they want a home but we then as you do go through the process and get them qualified

Mar 18, 2012 03:59 AM
June Piper-Brandon
Coldwell Banker Realty - Columbia, MD
Creating Generational Wealth Through Homeownership

Gary, congratulations!!  I've been getting a lot of cash buyers lately calling me up.  Thing is they want to offer half or less the asking price on the property thinking that it's too hard for buyers to get financing these days.  Good luck!!

Mar 18, 2012 04:02 AM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good morning Gary.

Mar 18, 2012 10:39 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Gary it is always nice to find a buyer like that! Good luck at the closing:)

Mar 19, 2012 09:43 PM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Hi Joyce, they certainly don't all stick even when they have the cash!  Thanks for the comments Joyce.

Hey June! All work no play makes June a dull woman!  I have my share of the "bargain hunters" little cash, little market knowledge!  Thanks for the comments June.

Hi Joshua, Thanks for stopping by.

Hi Bill, it is nice to have a buyer that has cash and actually knows the market and understands that not every home is a fire sale!  Thanks for the comments Bill.

Mar 20, 2012 07:06 AM