Moral of today’s story: don’t ever share your title with your boyfriend or girlfriend. Belinda saw the frustrating effects of such a scenario play out while dealing with a short sale that just got WAY too complicated. In this episode, Leigh welcomes Belinda Fulton, a realtor with 25 years of experience working in the Cleveland area of Ohio.
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Time Stamped Show Notes:
- 00:21 – Introduction for today’s episode
- 00:35 – Leigh introduces Belinda
- 00:49 – Belinda started in real estate in 1994, marking her 25th year in the practice
- 00:55 – Belinda is in the Cleveland area
- 01:07 – Belinda also lectures in real estate law and pre-license education
- 02:20 – Belinda is sharing this story as a precautionary tale
- 02:23 – “You should never give a title to your boyfriend or girlfriend”
- 02:26 – There are short sales where foreclosure can happen at the same time
- 02:40 – The banks called Belinda about a foreclosure they needed to sell
- 02:47 – Upon checking the listing, it had a lot of issues
- 02:57 – The owner was alone on his mortgage, but he gave half of the title to his girlfriend
- 03:10 – Then, the owner met someone on the internet and went to California
- 03:17 – The girlfriend was left behind and she got married to someone else
- 04:04 – Leigh calls the story crazy plus two
- 04:14 – Belinda got a buyer with a good offer and was just waiting for the bank’s approval
- 04:25 – Belinda got a call from the title company, telling her that there’s a new name on the title that has lien and that it needs to get paid first
- 04:31 – It’s an IRS tax lien that belongs to the new husband
- 05:20 – The Dower law applies to the new couple
- 06:14 – The bank is holding some of the inventory of the house and it still hasn’t been fixed
- 07:00 – In the past, it’s easier to communicate with the local bank regarding short sales
- 07:39 – Leigh recommends that realtors to educate themselves before handling short sales
- 08:00 – As a consumer, ask other realtors about the situation before engaging in a short sale
- 08:42 – Belinda recommends for you to learn the agency relationships
- 08:51 – Take advantage of your on boarding training
- 09:56 – Belinda always tries to be in the buyer or seller’s position
- 10:18 – Reach Belinda by email
- 10:47 – Tweet Leigh Brown for your very own crazy story in real estate
3 Key Points
- Before getting involved in a short sale, make sure you are knowledgeable about the stipulations so you’ll be able to handle the ins and outs of the transaction.
- Girlfriends and boyfriends should never have a part of the title as you’re not legally together.
- As a realtor, understand agency relationships by heart.