Monday, March 09, 2015
The Realtor has two brand new experiences. Neither of them were good.
First, a seller client passed away in the middle of our escrow. I represent the buyer on this one. This essentially puts a hold on the sale until all title issues can be cleared up. It was a complicated deal to begin with as the seller was a FSBO (for-sale-by-owner). What did I do on this one? Nothing, and let the estate take care of everything so we can close.
Second, I was blithely invited to commit loan fraud. A potential buyer on one of my listings wanted to get a loan for x-amount of dollars, but also wanted to give the seller a lot of money outside of escrow so he wouldn't have to pay property taxes on the whole amount of the sale. (A property gets re-assessed by the County Tax Assessor when it changes hands. In a normal sale, it is assessed at the purchase price.) I pointed out that this is loan fraud, it's a federal crime, and I don't want to go to jail and neither does this buyer. The buyer plainly didn't care. What did I do on this one? I refused to write the offer, which would have been much lower than what the seller would have accepted anyway.
Sheesh! What will this week bring?