My team regularly reaches out to past clients which was the case with Bob. He originally started looking for property at the beginning of the year and was prequalified with us. At the time, he wasn’t finding what he was looking for and stopped looking for a while. His realtor moved on. However, my team kept in contact with an email or phone call every month or so. His situation changed many months later and was again ready to go. We contacted his realtor and within a few days were in escrow. It’s situations like these that are a huge value to our realtor partners who do not have the bandwidth to do it all.
I was referred to a couple that was prequalified by their local (big) bank to purchase a property. Shortly after opening escrow, the bank stopped communicating and would not confirm an approval for their loan. Of course the sellers of the property wanted to ensure that they could collect their loan contingency fee and wanted a release of it as this was happening. The listing agent then called me in to help save his transaction. I immediately contacted the bank, confirmed that they weren’t going to be able to close the loan, had them release all documents including the appraisal, and then contacted the sellers to explain the situation. After speaking with them, they were happy to extend the contingency. Often times the person at the bank helping people with their loans don’t have the experience necessary to help people that don’t fit into their little box. This was the case with these clients. Their taxed income had been decreasing due to a medical challenge. We were able to easily maneuver around this and get them the loan they needed. Happy clients!
Another similar challenge was with a client looking to expand his business by buying an adjacent commercial property including the business inside. The sellers of this property wanted to have this closed in 3 weeks! Commercial loans typically donâ€™t close that quickly. However, we were able to help this client by getting him a quick bridge loan, pulling out cash from another property closing on time, then completing the permanent financing in the following 30 days.
We also can help you determine an appropriate offering price like we did with a retired widow in Arcadia. Based on the rents of the listed property she wanted to buy with her 1031 exchange funds, the transaction would have cost many 10s of thousands of dollars more of a cash down payment. When my commercial real estate agent friend showed me the facts of the transaction, we immediately realized that the rents were way under market and hadn’t been raised in many years. We recommended that the offer stipulate that the seller immediately raise the rents and allow the escrow to be extended for those rents to go into effect. The result of this simple advice saved my client’s 1031 transaction, as the seller was not willing to come down on the price at all.
When looking for a real estate partner, you want to find someone with the experience to handle everything, no matter what you throw at him. That’s me, 25 years of experience, I’m your guy.