THE FAILURE THAT BROUGHT ME TO THE REAL ESTATE WORLD

By
Real Estate Broker/Owner with NoVa Brokers LLC 0225 094634

When I worked full time as a Paralegal for a small downtown Leesburg law firm, I handled most of the bankruptcy paperwork.  We had an appointment that ended up changing everything for me.   A lady came in and explained that her and her husband both had one of their parents pass in the same week and Husband lost his job during that week also.  They were already 3 months late on the mortgage due to the wife being laid off before.  They just could not get caught up and was going on 4 months late.  She wanted to file bankruptcy. I told her that she may have value in her house and she can sell the house and move somewhere cheaper because they did not want to be house poor and wasn't sure when things would be back to normal because it was difficult to find a job.  Since there was no foreclosure notice yet with a sale date, just a threat, I called the mortgage company and asked them to hold off while they put the home on the market. The mortgage was $250K.  The home value was more, but I wasn't sure, since I was not an agent so I asked her to contact a real estate agent and sell the home and in the meantime, we will hold off your mortgage company from foreclosure, just send us a copy of the listing agreement so we can show good faith to the bank.  Within 2 days, she said a real estate agent said she will buy my house for $400K because that is all it was worth (This was by a well known brand real estate company, so she trusted the agent).  I said, great that will get you out of the mortgage and have some money in your pocket.  The sale took place.  Within the same month, the agent that bought the home had the house listed for $750K and it went to sale for $735K.  Our client found out she was taken advantage of because she was going through a bad time.  I felt sick to my stomach. Within the next month after all of this happening, I signed up for real estate classes and decided no one will ever take advantage of anyone I know or anyone that crosses my path asking for help.  I became an  agent then a broker and have always taken care of the law firm's clients and today, I take care of more than one law firms clients needs.  My real estate business is mostly referrals from the law firms that I work with.  I feel this career path was meant for me and I have helped so many people during the worst times and made it easier to deal with through bankruptcy sales, short sales, etc.  The more complicated, the more rewarding at the  end.  So one failure turned into a great thing. 

 

p.s. By the way, the real estate agent that took advantage of our client, did not get away with that, she was sued and reported to the board and her license was revoked.  

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FOR ALL YOUR REAL ESTATE NEEDS

 

STELLA BARBOUR

NoVa Brokers LLC

1483 Chain Bridge Road Suite 103

McLean, Virginia 22101

571-814-3002 OFFICE

703-999-6104 CELL

571-281-2866 FAX

www.novabrokersllc.com

stellabarbour@yahoo.com

Licensed in Virginia & Maryland

 http://www.novabrokersllc.com/

 

 

 

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Rainmaker
3,830,469
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Stella. This is good and interesting and surely a lesson learned. Well done. I would however find it easierto read if you posted at 14pts or more. Just saying....old eyes.

Jun 18, 2013 08:36 PM #1
Ambassador
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Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Glad to hear that the agent was held accountable ... I always hate to hear stories like that.

Jun 19, 2013 11:28 AM #2
Rainmaker
186,410
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Hi Sheila.  You are right.  It looked really small.  Thanks for pointing that out.

Jun 20, 2013 09:09 PM #3
Rainmaker
186,410
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Hi Richard.  Yes, she was held accountable. These situations do happen and there are times where people get away with the crime, but not this time. 

Jun 20, 2013 09:09 PM #4
Rainmaker
812,652
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Hi Stella, I really enjoyed your story and thank you for getting into the real estate business!  We certainly need more ethical and caring agents!!!  I thought of an agent who did the same thing with a listing client as I was reading your post! 

 

Two things to learn from this:

 

1.  Do NOT take advantage of an individual who has a benefactor who works in a LAW firm!  ^_~

2.  Be honest and caring!!!

 

 

Jun 22, 2013 05:00 AM #5
Rainmaker
186,410
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Thanks for reading my story.  I think that homeowners are more savvy these days with the help of the internet, which helps because a lot of homeowners will now tell me what their home is worth :)

Jun 22, 2013 10:35 PM #6
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Holy cow!  First of all, I am glad that the agent didn't get away with that.  And what a great reason to get involved in real estate.  Thanks for the entry.

Jun 25, 2013 10:40 AM #7
Rainmaker
186,410
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

Thanks Chris.  One bad thing ended and something good started.  Isn't that how it always happens. 

Jun 25, 2013 09:30 PM #8
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Stella Barbour

Principal Broker, Serving Virginia and Maryland
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