Eddie Sheeley, Assistant Vice President at Choice Financial in Fargo, doesn’t normally negotiate real estate deals for clients. But when he heard Kelly’s situation, he knew he had to help.
The problem was this. Kelly, a local small business owner, wanted to buy the commercial building she was currently leasing. The seller, however, had asked for a large earnest money down payment of $50,000 which was nonrefundable if the deal fell through.
Negotiating complicated contracts and purchase agreements typically involves hiring an attorney, but because this was a time sensitive deal, Eddie knew he could help.
“In this situation, I thought offering my help was the right thing to do,” he said.
Eddie offered to meet with the seller. The two sat down one afternoon and Eddie explained exactly how the approval process works and how much risk is placed on the buyer, much of which is out of Kelly’s control.
“I told him, if it was him purchasing this building, I wouldn’t recommend that he buy it with the risk of losing the earnest money,” Eddie said. After that, they were able to come to more reasonable terms.
Eddie found his inspiration to help Kelly in one of Choice’s core values, “know when to ask for help and when to offer help.” “I just offered help,” Eddie said.
“That’s Eddie’s way, “said Kari Rutten, Loan Assistant at Choice Financial in Fargo. “He is always going out of his way to help those who need it.”
In the end, due to circumstances beyond Kelly’s control, the deal fell through. But because of Eddie’s help in re-negotiating the new purchase agreement, she walked away with minimal loss.
Kelly has since decided to move all of her banking to Choice Financial. Not only that, but she’s referring colleagues in her small business network as well.
“I appreciate having a good banker to work with,” Kelly told Eddie. “This has been my first experience working with a banker who actually cared.”
*Name changed for anonymity.