Striking It Rich and Lessons Learned

Reblogger Roy Kelley
Real Estate Agent with Realty Group Referrals 16766

He told me he had long admired a house and was excited when he saw a for sale sign being installed that morning.  

Original content by Michael Jacobs CalBRE #01165532

Striking It Rich and Lessons Learned

 

This morning I read a post by Mimi Foster. You can read it here.   My response was rather lengthy -- sorry about that, Mimi -- and I thought that my comment might make a good post. In fact, I find that many of my posts come from my personal experiences. Combine that with the magic of this forum(posts, comments, questions, answers) and I experience a wealth of inspiration on a daily basis.   Now onto the story...

 

Lessons Learned In Real EstateI was fairly new to the real estate business(but not new to life, mind you) and was taking floor time. An older gentleman walked into office.  He told me he had long admired a house and was excited when he saw a for sale sign being installed that morning.  After a brief conversation regarding his wants/needs, budget and ability to pay, I made an appointment to show it to him the next day.  Only one house -- no need to show him any others.

 

I was a bit apprehensive since the home was on a busy street and somewhat of a fixer.  He obviously wasn’t concerned(after all he told me again he had long admired this house) and promised to bring along his proof of funds since he stressed to me it was going to be an all cash transaction.   There were some other red flags. I was eager to be of service.

 

I met him the next day.  Even though I was early, he was there first.   That was a good sign, right?  I showed him the property.  He liked it.  A lot.  In fact, he wanted to complete an inspection so his offer could be an especially strong one.   All cash - remember.  Proof of funds? I will bring it to the inspection.  I checked with the listing agent and received an written approval that it was okay with the seller for an inspection.   

 

Inspection day came and I arrived to open the vacant property.  Again the gentleman was there when I arrived.  My, how prompt he is, I thought.   The inspection revealed some issues but  nothing major and he said this house fit his needs perfectly..   So I asked him about making the offer and again asked about his proof of funds.  Well, that’s where experience comes in handy.  That and learning to ask the right questions. Trust - yes --- verify even more so.  I am  leaving out some details of the story but suffice it to say -- you get the gist of it.  

 

Well, you see he “knew” the house. In fact, he saw it on a daily basis.   Because he saw it while riding on the bus from his home on the way to historic Santa Anita Park - a race track. He was waiting to strike it rich so he could afford the house.  You can imagine how I felt. Stupid.  Very stupid.  How could I fall for such a thing?

 

Lessons Leared in Real Estate

 

This was not a busy market so he would check in with me on a weekly basis until the day I told him the house was in escrow.  He followed up until I informed him that it had closed.   I really wanted that house he told me. I could tell.  He was a nice man.  

 

I still don’t know if he struck it rich but the lesson learned from that experience was a very valuable one for me.

 

Striking It Rich and Lessons Learned

 

Michael Jacobs

Coldwell Banker Residential Brokerage

BRE # 01165532

2065 Huntington Drive

San Marino, California 91108

Cellular:  818.516.4393

Office:  626.685.5246

Office Fax:  626.568.9507

michaeljacobs@coldwellbanker.com

www.camoves.com/michael.jacobs

 

 

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Ambassador
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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good morning Roy Kelley . Thank you for this re-blog as I missed it earlier. Make it a great day.

Apr 09, 2016 07:10 PM #1
Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Roy. Michael Jacobs did such a good job with his post and is a food example of you don't always know what motivates a buyer for any home that hits the market.

Good choice for a re-blog.

Apr 09, 2016 08:08 PM #2
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good morning roy. Thank you for the reblog. I missed the original one.

Apr 09, 2016 09:03 PM #3
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Please be sure to leave comments at the original blog by Michael Jacobs

Apr 10, 2016 02:13 AM #4
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Roy -- thank you very much for the reblog of my post.  I appreciate your support.

Apr 10, 2016 02:19 AM #5
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Roy -- I just checked my Home Page -- and it shows you reblog this post "today" but I know you did it last year.  Hmm -- a glitch or something else?

Anyway, thank you.  Again.   

Jun 24, 2017 07:44 AM #9
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