Robby has been looking to move up to a bigger home. For 90 days we've been in an Internet relationship as Realtor and client. I send Robby an automatic message each time a property that meets his parameters is listed for sale. When a new property is entered into the MLS, within minutes Robby knows about it. In a competitive market, you need to have information quickly.

Robby wants to capitalize on the buyer's market by moving up to a bigger home with a pool. He's owned his small Las Vegas home for 10 years. Just like almost anyone who bought their home before 2003, Robby knows he can buy a nice home at a low price today, and rent his current home for enough to cover the payments on his home equity loan. Someone else will pay off his current home, and he'll improve the quality of his life while building wealth.

I was really excited for Robby when he finally found the home he wanted yesterday. It took him 5 minutes to decide he wanted this REO. Not because the home was outstanding; Robby is just comfortable with making quick decisions. Unfortunately, Robby wasn't quite as ready as I thought he was, and being unprepared to move quickly just caused him to lose the home that took us 3 months to find.

Within minutes of meeting to view the home, we agreed to write an offer for $210,000. This was several thousand under the asking price, but the home was definitely in need of a $12,000 rehab. As I whipped out an offer form, I asked Robby to write a check for the earnest money deposit. But Robby doesn't carry checks, I learned. Okay, no problem; we rushed to the bank together to get a cashier's check.

Since we were at the bank, why not kill two birds with one stone? I asked Robby to get a statement so I'd have the proof of funds we would need to submit the offer. Robby has a prequal letter, but decided at the last minute that he wanted to pay cash. No problem; the banks used to like cash ... let's just get a statement to show the bank the $210,000. But Robby couldn't get a statement without making arrangements with his stockbroker.

I can put together a complete offer with all disclosures in less than 30 minutes. In this market, you need to submit your offer quickly. Often we rush and are forced to wait 7 days for a response while the bank's agent plays little games. But still, the goal is to get the offer submitted quickly in hopes that the bank will accept your offer before other offers start pouring in. This home had only one offer on it.

By the time Robby was able to provide his proof of funds, the home was gone. The bank quickly accepted another offer. It didn't matter how fast I moved; my prequalified buyer couldn't provide his proof of funds until this morning. Between late yesterday and this morning, the house was sold to someone who undoubtedly had no problem getting a bank statement and an earnest money deposit quickly.

I don't think Robby will make that mistake again.

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