1st deal as an agent closed last week!

[Ryan Billingsley]

I just completed my first deal as a real estate agent last week.  I represented a buyer looking for a primary residence.  It started off great, the buyer came to me with the house already picked out.  I just had to show it and then put an offer in.  The seller accepted the offer we made which was thousands lower than asking and also agreed to pay a healthy portion towards closing cost.  Everything was going smooth!  The buyer chose to get pre-approved through US Bank (where his family banks) and we started the process to get the loan commitment.

Here is where it went south.  US Bank was a nightmare to deal with.  My client was in HI active duty military and was dealing with the US Bank call centers to get the loan completed.  We had all paperwork submitted 5 weeks before loan contingency deadline.  Long story short US Bank was not able to get the loan commitment before deadline and we were about to lose the deal.  The seller was not willing to move the dates because he to was out of town and already bought plane tickets to come in for closing and finish moving and the listing agent was also very rude and hard to work with. 

US Bank call centers could be the worst customer service experience I have ever dealt with.  I spent hours a day talking to underwriters, managers, and loan officers, located all over the USA.  Thankfully I was able to convince the buyer to transfer his file to a local mortgage company that was able to get the loan commitment taken care of in 1 week and somehow we made it to closing after dealing with an irate listing agent and horrible experience with US Bank.  I invested 2 months and over 100 hours working on this deal while making just a couple thousand in commission.  

During all the stress and work we received a call from our direct mail campaign, put it under contract, found a buyer, and we closed yesterday profiting $9,500.  This deal took 6-7 hours of work to complete and we closed in less than 1 month.  

So moral of the story:  I LOVE INVESTING!  :)  Working as an agent is HARD WORK!