Losing My Innocence in Real Estate and Bank Owned Homes
When I obtained my license it was late September and was determined to have a closing before the year was out. After about a month of working internet leads my phone rang and there was a kind but, timid buyer on the other end. She had so many questions and I had to say I didn’t know but, I’d find out more than I’d like to admit. I was upfront and told her I was new to the business. I could tell she appreciated my honesty and I made sure I tracked down every answer she needed. She was pre-approved the next day and then our touring began.
I remember not being able to sleep the night before, changing my outfit multiple times, and I broke out in hives the morning of the appointment. At the time I didn’t have and couldn’t afford GPS so I mapped out a route via MapQuest, printed it out and drove to each before meeting her. For about three weeks she kept being outbid – 41 houses and 8 offers later we ratified on a bank owned townhome for her. All I could think was holy crap, my first deal, I don't know what I'm doing, and its bank owned but, I knew I’d figure it out. My team lead helped me write the first few offers but, I was on my own after that. There was mold found during the home inspection and it took a lot of negotiations but, the bank finally agreed to correct it. Then we jumped through some low appraisal hoops and 52 days later we settled.
My first time is still one of my favorites not because it’s a really crazy story but, because of my client. I learned that she had been saving for a place of her own after leaving everything behind to escape an abusive marriage. She was a teacher at a local school and by far one of the kindest ladies I’ve ever had the pleasure of working with. When it came time to list her home for sale 3 years later we both cried at closing because she walked away with over $100k in proceeds. She was moving back to California to be with her daughter and son-in-law who were expecting their first child and with the profit she made she was able to purchase the single family home she'd always dreamed of. The people aspect is still one of the reasons I love real estate so much. So many times we become a part of their lives while we help them buy or sell and that to me is priceless.