On Monday, October 27th, 2014 I had a closing with a first time home buyer. The pressure was on to close because not only was this a buyer’s first experience purchasing a home, but one of my best and closest friends. The home was real estate owned (a bank was the property owner). I had shown bank owned property in the past and was expecting the worst. Overall the home showed well. The carpet had been replaced, walls painted and the hot water heater was new. One feature that I will never forget was in the walk-in closets. The closets were lined with what I thought looked like wood chips. I had never seen this before and commented to the buyer how odd they were to me. The buyer explained that this is considered an upgrade as they are cedar closets. I nodded like I understood, but knew I had to go home and Google that. To my surprise, cedar closets are America’s best kept home improvement secret. They are often found in expensive and older homes. The benefits include an elegant look, a wonderful scent and they help to repel pests and mildew.
Everything about the transaction process was untraditional. A mentor once told me, “banks are governed by their own government”. I had to keep the deal together by sticking to what I know and going with the flow. I walked the buyer through negotiations, introduced her to my network, kept up with her contract timeline and got her to the closing table. In the end, this was something to celebrate. I was proud of my girlfriend and myself!
I need to give credit and appreciation to those who helped me along the way including the listing agent. The seller’s Realtor was informative and actually seemed like he enjoyed educating me on what could be expected. He has a lot of experience in real estate and REO sales. I appreciated his friendly approach and hope he appreciated mine. Real estate is viewed as a heavily competitive business. I enjoy working with others so I can observe their style, which helps me perfect mine. I prefer to work together so we can both get paid.
The girls at Fidelity National Title handled stressful last minute changes to the HUD with grace. Because of this, I was able to make the buyer feel more comfortable during the closing.
I had a running theme with the buyer, “expect change in real estate” and “I don’t have a crystal ball”. The overall experience was nothing to be nervous about. The bank followed the contract and held up their end of the deal. It was an untraditional experience for me, and it felt great to get it closed!