Crazy Sh*t In Real Estate Episode 61: Brian Whitta

Summary:

It is extremely important for those in real estate to stay vigilant at all times, especially in this day and age where technological crimes are at its peak. Imagine the pain and heartbreak a realtor goes through when he tells his elderly clients they’re put on hold at closing because of possible fraud. That’s what Brian Whitta, a realtor from the micropolitan city of Findlay, Ohio, experienced and he shares his story with us today.

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Time Stamped Show Notes:

00:33 – Today’s episode isn’t just crazy, but heart-breaking, too
00:44 – Leigh introduces Brian Whitta
01:00 – Brian is located in Findlay, Ohio
01:14 – He got his license in 2005, but has only been full-time for the past 3 years
01:37 – A micropolitan is an honor bestowed upon a city when they are not tied to a metropolitan area
01:54 – The criteria for receiving the honor includes having growth projects – Findlay is the world headquarters for Marathon Petroleum, Cooper Tire, with the largest dishwasher manufacturer plant, Whirlpool
03:04 – Brian’s story starts with Bob, a family friend who asked him some real estate questions
03:11 – Brian went to Bob’s house and the questions were about the sale of their home
03:24 – Bob had medical issues and they were considering moving to a condo unit
03:36 – Mary was adamant about their moving to the RIGHT condo
03:44 – Both Bob and Mary are nearly 80 years old
03:51 – The first day of their house being listed, they had 5 showings
03:57 – One agent quickly submitted an offer above the list price
04:04 – The appraisal was low and the couple decided to not go through with the sale
04:12 – The couple already had a condo in mind, but they couldn’t make the sale go through
04:34 – Bob needed to sell the house for the sake of their health; so, the other agent and Brian negotiated a reduction in their commission to help with reducing the closing costs
04:48 – They made the sale go through
04:54 – The seller of the condo decided they wouldn’t pay a realtor
05:04 – Brian and the other realtor needed the proceeds from the sale of the house to cover the costs for the purchase of the condo
05:14 – Bob and Mary decided they would pay Brian for the purchase of the condo
06:27 – At closing, the attorney mentioned about the option of wiring the proceeds to Bob
06:48 – Brian interrupted the attorney because they were supposed to get a cheque
07:23 – The attorney explained the benefits of the proceeds being wired as opposed to receiving a cheque and Bob and Mary agreed
07:56 – At 9am the following day, Bob called because the proceeds were still not in his account
08:20 – The title office assured them that the wire transfer would come that day
08:28 – At 11, Bob called Brian because the money wasn’t there yet
08:42 – Bob didn’t call at noon so Brian thought things were okay
08:50 – At 2pm (wire cut-off), he got a call that the money still hadn’t arrived
09:02 – Brian called the title office
09:20 – The owner advised that the wire had already been made at the account number Bob provided
09:47 – The owner read the email to Brian and provided the account number, the address, the names of the parties involved, and the dollar amount
10:18 – Brian told the owner that this was not Bob’s email address or his bank account numbers
10:25 – The owner said he’d call back and hung up
10:44 – Brian called his attorney and called Bob back regarding the wire fraud
11:39 – Brian informed them the title office is liable for the loss
11:48 – At 8pm, the office informed them the wire couldn’t be stopped and that it went through
12:02 – They were on hold for the closing
12:22 – After 13 hours, Brian got a call that the money was rejected and had been returned
12:57 – The title office and bank fraud department coordinated with each other
13:12 – The owner of the title handed over the cheque and they were able to close the condo
13:21 – They later learned one of the emails of the transaction was hacked
15:30 – Processes and policies do not eliminate the risk for fraud
16:00 – Wire fraud is NOT only in big markets, it can happen anywhere
17:24 – It takes a different level of care to look after elderly clients
18:21 – Call Brian at 419-701-4040
18:31 – Connect with Brian on Selling Findlay
19:18 – Tweet Leigh Brown for your very own crazy story in real estate

3 Key Points

There is a different level of care and concern needed to support your elderly clients.
Be vigilant with fraud by having your policies and process in place, but remember, it can happen to anyone.
Going the extra mile—in this case, negotiating a reduction in commission—is just part of getting the job done and looking out for the interests of your client.

Credits

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