With the renewed interest in Short Sales, Wendy Haisley and Attorney Jeff Zweifel have participated in a number of Zoom meetings. On one of these recent meetings, they discussed the importance of knowing what is on title when an agent is listing a short sale. The posture of foreclosure and other liens and judgments could impact whether a short sale is possible for that property.
We recommend that agents obtain a title search, so the property can be evaluated for short sale suitability. If your seller is represented by our office in the short sale we will obtain the title search.
If your agent’s seller is not represented by our office and the agent is obtaining a title search, we want to caution agents that if they receive a title search from a title office at no charge this may be a violation of RESPA. Title offices generally charge a fee for a title search, so if the agent receives the title search at no charge that is a thing of value. The receipt of a thing of value by the real estate agent from a title office may be a RESPA violation (if the agent refers customers to close at the title office).
Ever play the telephone game? You say something and it gets repeated down the line – what the last person hears may be something entirely different than what was meant…
At Christmas time, Dad says to Mom – Honey, if I die before you do I want you to have all of my earthly possessions, maybe you could set aside a little something for the grandkid’s college education. If I get sick and am in a vegetative state, I don’t want to be kept alive by artificial means. I’d also like to have a priest come and perform Last Rites. Please donate my organs. After I pass, I would like to be cremated and have a Memorial Service where everyone tells funny stories about things we’ve done together, maybe even a few stories about how much I loved my family and even our old dog Rocky. Then I’d like to have my ashes scattered by the family in a few of my favorite places like our cabin at the lake, hole number 7 at my golf club, and the park where I asked you to marry me all those years ago. Thinking back to the day we met in high school, when our eyes met for the first time in science class to where we are now, I realize that I’m the luckiest man alive to have been blessed with a wonderful life with you and our kids.
Mom relays the conversation to their oldest son – Dad and I had an interesting conversation a few days ago while sitting around the Christmas tree. He mentioned that if he passes before me, he wants me to have everything, and to set up a college fund for the grandkids. If he’s in a vegetative state he wants the priest to pull the plug and donate his organs to science. He’d like to be cremated and have a memorial service where we tell stories about him and his dog Rocky. Then he wants to have his ashes scattered at the lake, a hole at the golf course and the park where he asked me to marry him. He said he’s really lucky and has been blessed with a wonderful life and that he only has eyes for me.
Oldest son relays the conversation to his youngest sister – Mom said that when Dad dies he wants everything to go to the grandkids. Don’t pull the plug if he gets scatter-brained. That she should donate his eyes to science and he wants to have a funeral at the golf course by the park, serve vegetables, and watch “It’s a Wonderful Life”. Then he wants to be buried next to Rocky the dog…
Moral of the story – Estate Planning makes sure that your wishes are heard. Give us a call to avoid a rocky outcome.