Would you tap into your network to scrounge up $1.2M in 48 hours for a client looking to convert on a short sale? That’s what this week’s guest Tim Hur did! Listen as Tim explains how he was able to orchestrate the miraculous deal all the way to close.
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Time Stamped Show Notes:
- 00:43 – Introducing Tim Hur
- 01:33 – Tim is a licensed realtor
- 01:52 – Tim’s crazy story
- 02:07 – Tim had an independent firm working with international clients and celebrities
- 02:31 – Tim won a bid where his client was paying cold hard cash
- 02:47 – Everything that could go wrong did
- 02:53 – 72 hours before closing, client informs Tim he needs another week for the money
- 03:29 – Tim was frantic and the seller was upset
- 03:51 – Through networking Tim was able to get $1.2M in 48 hours
- 04:33 – Tim went to the attorney’s office and closed the deal
- 05:02 – Seller stayed for a few extra days
- 05:34 – Tim’s client was amazed at Tim’s efforts
- 05:39 – The interest for the $1.2M was $200K
- 06:05 – Tim got a call from the attorney saying the lender rejected the short sale
- 06:33 – Then there was a title policy issue
- 06:37 – The seller found out about the title issue and refused to leave the house
- 06:54 – Tim, his client, and the seller’s attorneys had to get involved
- 07:05 – In two weeks, the lender gave up
- 08:26 – The fun part? The client doesn’t speak English!
- 08:36 – On the 30th day of the 30 day note, Tim’s client finally pays
- 09:23 – During the final walkthrough, Tim realized the seller took every single chandelier out
- 10:54 – Working with international clients can be a headache
- 12:05 – Remember to maintain good relationships with your network
- 13:50 – Relationships last far beyond deals
- 13:57 – Tim was able to get a few more sales from his client
- 14:30 – Reach Tim on Facebook, Twitter, and Instagram
- 17:07 – Are you a listener with a crazy story to share? Ping Leigh at www.crazyshitinrealestate.com
3 Key Points
- Networking, in any industry, is key.
- Remember to keep good ties with your network –they can save you someday, somehow.
- There will be times that going the extra mile isn’t enough—you need to go the extra 100 miles.