Florida Foreclosures And Foreign Clients – Christopher Nolan
On this episode of The Closing Table, we sat down with Christopher Nolan!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Christopher Nolan…
The conversation began with a this or that icebreaker on home equity loans, cash flow, and more. Christopher, the lead leader of the Nolan Group, introduces himself outside of real estate. Originally from New York, he had a diverse background, serving in the Marine Corps and working in the DC US Capital Police. However, he realized that his true passion lay in real estate. Making the switch, he never looked back and found himself in the perfect place at the perfect time.
Christopher’s team initially started in Maryland and gradually expanded to their current location in Florida about five years ago. Geographically, their market encompasses notable landmarks and attractions in these areas. Economically, their market is thriving despite limited inventory. The rising interest rates have prompted homebuyers to make reasonable offers, allowing them to secure favorable loan conditions. As a result, first-time homebuyers are returning to the market with confidence, no longer having to settle for whatever is available.
Christopher then reflects on the unpredictable nature of life and shares a personal story that shaped his decision to become a real estate agent. Originally, his business plan involved him, his brother, and his best friend, as they envisioned building a sales team since their teenage years. However, tragedy struck when his brother did not return from the army and his best friend returned a changed person. This left Christopher as the sole remaining member of their envisioned team.
After serving in the Marine Corps, Christopher found himself in the DC area, working as a capital police officer, a secure job. However, after 11 years in that position, he attended a retirement seminar to plan his next steps. It was during this time that he realized his unhappiness with his current job and the restrictions imposed upon him. The realization dawned upon Christopher that real estate offered an avenue through which he could help people build wealth and make a significant impact. With no constraints other than his own abilities, he saw the potential to scale his business and create various programs, such as those catering to veterans and redistributing unused furniture to those in need. The past years have been truly interesting as they have pursued these endeavors.
Next, Christopher recounts a recent situation involving a challenging client. The client approached him with multiple properties and the desire to sell the first one. However, there was a complication. The client had previously made promises to three different people, informing them that the property would be sold. Despite the property’s deterioration, its highly desirable location made it a sought-after asset. When the client finally decided to sell, Christopher anticipated a problem due to the promises made to the three individuals. None of them had proof of funds or the necessary financial capabilities. Consequently, the property was listed on the market, leading to numerous angry phone calls directed at the seller, who became emotional.
Christopher stepped in and explained to the client that he was hired to handle such situations, requesting her phone to manage the conversations. As it turned out, none of the three individuals had the means to afford the property. Christopher diligently carried out his responsibilities, resulting in a successful cash sale that closed 22 days later. The client was pleased with the outcome, and they are now moving forward with the sale of the second property. Throughout the process, Christopher maintained professionalism, ensuring a positive resolution for all parties involved.
Being licensed in Florida with clients from diverse cultures, Kevin asked Christopher to speak on a time when he had a client with an accent or language barrier that posed obstacles during the transaction. Christopher emphasizes the extensive range of clients they have assisted in Florida, including individuals from 50 different states and 15 different countries. To cater to their diverse clientele, Christopher’s team consists of members who can speak Spanish, Portuguese, Russian, and Ukrainian, enabling effective communication. Additionally, they have cultivated a network of trusted advisors and are open to working with interpreters whenever necessary. Christopher’s previous occupation has also exposed him to people from various cultures, making him well-accustomed to navigating language barriers and cultural differences.
When asked to describe a scenario when it took longer than expected to sell a client’s home and identify the factors that affected the timeline, Christopher recalls a specific instance where he was referred to a client involving three parties. During a busy period with multiple offers, they managed to secure 17 offers for the property and promptly signed a contract. The buyers, first-time homebuyers with excellent credit and a down payment, were thrilled. However, halfway through the transaction, one of the sellers tragically passed away. Despite this unfortunate event, the market was still on the rise, and the remaining sellers expressed their desire to proceed with the sale, as they were satisfied with the buyer. To accommodate everyone, it was agreed that both buyers and sellers would undergo probate together. Though it took four and a half months, they successfully sold the property. Remarkably, a few months later, the sister of the deceased seller reached out to Christopher to list the same property in the same neighborhood. She assured him that she wouldn’t replicate her sister’s situation. Despite the setback, the subsequent transaction proceeded smoothly and closed within 27-28 days.
Following that, Christopher shared a time when the closing day had to be pushed back because of him. He acknowledges an incident earlier in his career where he was at fault for a closing day delay. It involved a USDA loan, and although he reported the inspection, he overlooked the requirement to order a well inspection. This oversight resulted in a two-week delay. Recognizing his responsibility, Christopher took ownership of the situation and worked diligently to resolve the issue. This experience taught him the importance of thoroughness and attention to detail in every aspect of the transaction, ensuring a smooth closing process for future clients.
When asked about elaborate gifts, Christopher emphasizes that the most valuable gifts he has received are the long-lasting friendships he has formed with his clients. He mentions that some clients initially expressed their dislike for realtors but eventually became reliant on him and entrusted him with all their real estate needs. The genuine connections and trust built over time have proven to be the most meaningful and cherished “gifts” in his real estate career.
The two then talked about the significant changes in the foreclosure market over the past decade. Traditionally, foreclosed homes were distressed properties taken over by the bank, often requiring extensive repairs and being available at lower prices. However, the availability of such properties has diminished over time, with a limited number of investors in comparison to the available properties. Banks have realized that disposing of properties in poor condition is not financially beneficial, resulting in a shift in their approach. Currently, a large percentage of foreclosed homes listed on the MLS (Multiple Listing Service) have undergone refurbishment by the banks, making them move-in ready despite their foreclosure status. While some foreclosed homes may still require cash or hard money loans due to system deficiencies, many are now in good condition and eligible for regular financing.
The conversation wraps up with Christopher sharing the most challenging aspect of the real estate industry. He believes that the most challenging aspect of the real estate industry is dealing with people and the lack of effective communication. He asserts that every problem in the industry has a solution, but the key is to find clients and realtors who are willing to maintain open and transparent communication throughout the process. By emphasizing the importance of communication, Christopher acknowledges that challenges can arise when there is a lack of effective communication between parties involved in a real estate transaction.
Check out Christopher Nolan:
Facebook: https://www.facebook.com/RealtorChristopherNolan
Facebook Business Page: https://www.facebook.com/TheNolanGroupOfExpRealtyFL
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