You have CASH? Prove it!
I was a single mom and sole support of five young girls. Three months of having a real estate license, working at a local Re/Max office, I was hustling to make deals happen. Excited and motivated but still naïve to the intricacies of “protocol,” I was excited to get a referral from an old friend.
The prospective Buyer had $350,000 cash, and wanted to move as soon as possible. They needed a house big enough to accommodate my client, her daughter, mother, sister and grandkids, all of whom took turns each day riding along in my new car in the blazing heat of summer, looking at potential homes.
Hot and tired on our third day out, having looked at dozens of houses with a swarm of people, I pulled in to a local 7-11 to get something to drink. I asked my “client” if she would like for me to get her something. She said, “Oh, yes, Mimi, would you be a dear and get me a lottery ticket? It’s the only way I will ever have an opportunity to purchase one of these beautiful homes.”
While we learn the basics of contracts in the classes we take, our real education in real estate starts after the exams are over. Believe me, no one gets in my car now to look at houses without proof that they have cash in the bank or the potential for a loan.