CHAPTER 21 This Big Mistake Cost One Home Seller $36,000
Picture this.
Squidward Tentacles wanted to sell his home (Uh oh). A real estate agent contacted him and told him that someone wanted to buy the home. The buyers were offering $285,000 and were approved for a loan. “Will you sell your home to them?” the real estate agent asked. On the surface, it seemed like a great deal. Squidward could sell his home quickly and avoid the inconvenience of the normal home-selling process. So he happily accepted the $285,000 offer, went about his business and moved on with his life. A few weeks later, Squidward’s neighbor, Spongebob sold his house for $321,000. The neighbor’s house was a little bit smaller, but otherwise very similar to Squidward’s as far as square footage, bedroom and amenities. It wasn’t in better shape than Squidward’s house. Hmm... Why did Squidward sell his house for $36,000 less than Spongebob? Why did he work so hard to pay down his mortgage? Why did he work so hard to keep his house in tip-top shape, only to sell it for less than it was worth? Because he didn’t know what his house was actually worth! Unfortunately, Squidward never checked with anyone to find out the value of his home. He didn’t get an appraisal or a second opinion from another real estate agent.
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