Are you having trouble making those W-2s look real? Shirley Matlock, REALTOR® of 28 years and Certified Residential Specialist, recently had a deal fall through because the client admitted he couldn’t make his W-2s look real! Luckily, the lender Shirley used was an honest one, and they weren’t going to let the client negatively affect himself and others. Listen in to find out the lessons Shirley learned through this experience, and find out how to build yourself and your network so you know how to avoid – or get out of – these sticky situations.
Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting leighbrown.com.
Time Stamped Show Notes:
- 00:35 – Introducing Shirley, a Maryland Howard County REALTOR® of 28 years and Certified Residential Specialist
- 01:45 – A “CRS” is like a real estate PhD; you must have taken certain courses and sold a certain amount to qualify
- 03:30 – Shirley’s CSIRE story
- 03:45 – The most current one is a referral story; a client’s neighbor wanted to buy the house he was renting
- 04:10 – She went to the property and came up with a value; she called the landlord and the landlord said the owner was out of town for a month
- 04:45 – She called back and the same man said the property management company owns the property; he was the property management company
- 05:05 – They came up with a price but couldn’t get the clients W-2s; the client committed fraud and made fake pay stubs
- 06:20 – The deal fell through; the man had never paid income taxes and couldn’t figure out how to “make a W-2 look real”
- 06:30 – What happens next
- 06:40 – The client had filled out an application with a lender; it’s up to the lender to report it if they want to
- 07:30 – People are harmed when people cheat the system; this is an example of why you need a good, honest lender
- 08:40 – When you apply for a mortgage, you need valid documents proving your income; the banks aren’t always at fault for foreclosures
- 09:30 – Advising buyers to use the trusted resources you have
- 10:00 – Shirley gives her clients a few lender options to choose from and makes sure first-time buyers get their benefits
- 11:40 - REALTORS®, get as much education as you can in a variety of settings; you can never learn enough
- 12:40 – Buyers and sellers, ask your REALTOR® what they’re currently learning and when they’re taking their state continuing education
3 Key Points
- Find an honest, reliable lender who will play by the rules.
- It’s best for realtors to work with people they know and have a relationship with.
- Get as much education as you can!