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Should I have Just Picked Up The Check?
By Ken Montville
Recently, a past client of mine called me with a referral. His brother and sister-in-law wanted to buy a house. Normally, I would have been doing cartwheels with news like this. I live for referrals and a family member referring another family member is the very best kind. But, there was more to the story. It turns out my client's brother had a foreclosure in his background as well as some other bad credit. His sister-in-law wasn't working so she had no income to qualify for a mortgage. So it was up to my client to take on a mortgage to pay for a house for his brother and sister-in-law. My client and his wife already owned a house and were paying the mortgage on their own house. He had a car payment. He also had a five year old daughter. I was wondering if he really understood the amount of risk and responsibility he was taking on to help out his brother. I talked with him at some length to explain that he was, in reality, purchasing a second house. If his brother ever stopped making payments, my client would be fully responsible to pay the mortgage. To make a long story short (and I have a four and a half minute video on YouTube explaining the story), my client ended up by calling me to tell me his brother was "holding off" to get his act together a little bit. I could hear it in his voice that he was trying to let me down easy. Oh well. I could have just gone ahead and did the job I was being asked to do - find a house for the brother and sister-in-law - pick up my commission check at the end and hope for the best. But the more I thought about it the more I really didn't want to be the one to put my loyal client at risk. If something went wrong two years from now he probably wouldn't remember I tried to warn him. He would remember I led him down a path to huge debt. Check out the YouTube video, if you get a chance and let me know what you think.
Ken is the Realtor Extraordinaire of the MD Suburbs of DC. Personable and knowledgeable with a great sense of humor. You can find out what he knows, what he thinks and what he can find out on his blog - www.MDSuburbs.com
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You Tube video
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You did the right thing, Ken. You displayed integrity. That is what's the most important.
Yep, you've got the ethics that many bankers, realtors, mortgage cos., seem to lack. Bless you.
I'm sure this kind of situation has the potential to lead to bad feelings because you didn't go ahead with it as well. Fortunately that didn't happen.
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