My First Transaction - Could it have been any more complicated?

By
Real Estate Broker/Owner with NoVa Brokers LLC 0225 094634
https://activerain.com/droplet/4Wxm

 

My first transaction was in 2005, of course I had no idea that it was the beginning of a downward spiral of a collapsed market but that is for another blog.  I had my license for 2 weeks and then it happened. I was working at a law firm full time and just got my license when one of the attorneys asked me if I was interested in listing a sale for a client of his.  Of course I was like, uh yea! This was great, my first deal and it will be easy since it is a listing (I had heard listings were so easy by seasoned real estate agents). Well needless to say, it wasn't just any listing, it was 

1.  Guardianship sale

2.  Court approval was needed for everything

3.  Must sell for appraised value or close to the value of the appraisal 

4.  County commissioner had to approve the sale

5.  Court had final say on everything!

 

So needless to say, the "easy sale" turned into a rookie nightmare.  I still had to impress the lawyers so I am gathering everything I ever learned in real estate class to see what extra knowledge I can gain about any of this that was needed.  NOTHING that I could use.  I was so frustrated with the entire transaction already and I had not even started.  I decided to start again from the beginning.  I gathered all of the facts and the players of the transaction and set up a notebook. I was very careful in keeping great notes as I go along since this was the first transaction ever.  Once I had everything together, I knew I would need my Broker! Next step, Broker assist.  Of course my broker is surprised that I would get a transaction like this as my first (so was I).  With his help and lots of "minor" mistakes made through the process because of lack of experience, we all got through it but this was not an easy deal.  I had to coordinate everything with the lawyer because everything had to go with Motions to the courthouse.  Until there was an "ORDER to approve" signed, I had no deal.  Oh yea, forgot to order appraisal.  Start over again with all of the motions. I tried my best in staying organized and making sure my deadlines did not expire.  This was really a difficult transaction but we made it through it and I was a "PRO" at Guardianship sales by the time we were done. The greatest feeling I got was getting that check from my broker after all of the months of hard work and everyone was pleased with my work. I was always grateful for the help I received from my Broker and before we knew it, another request from the attorney . . . Can you list a sale for a bankruptcy sale for us?   On to the next one!

Posted by

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
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Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

I have been a Realtor for 32 years...and I tell seller...if real estate was actually easy, anyone could do it. You're first transaction proves it's not always easy...more to the point it in more often "never" easy.

Oct 09, 2016 01:44 AM #1
Rainmaker
3,390,852
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

I agree with Steve...great story and lessons learned...

Oct 09, 2016 02:20 AM #2
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Stella, working with attorneys involved in the deal can teach us a lot.  I had a number of transaction with a great real estate attorney at my elbow.  It was like having my personal law professor!  I think that working in a law firm is a great background for a Realtor.

Oct 12, 2016 01:29 PM #3
Rainmaker
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Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

I agree with Pat. Working with lawyers can give you a wealth of experience, especially with estate sales, guardianshipships, and bankruptcies. It gives you an edge! But certainly not easy. 

Oct 19, 2016 10:40 AM #4
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Rainmaker
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Stella Barbour

Principal Broker, Serving Virginia and Maryland
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