they thought it was all right to move in before closing.
While the buyers did not get to move in early, they did transfer the utilities to their name well before closing. The agents worked together to explain that the buyers could not turn on the utilities in their name until escrow closed. “I don’t think they ever really understood why, but they did comply,” the seller’s agent said.
Fraudulent Buyers
A real estate agent was representing sellers whose property had remained on the market for several months without any offers. The sellers were elated to receive a $400,000 all-cash offer from a couple, who provided a proof-of-funds letter from a brokerage firm. During the home inspection, numerous members of the buyers’ extended family attended, creating an atmosphere reminiscent of a holiday open house. Subsequently, the brokerage firm informed the agent that the proof-of-funds letter contained a forged signature. The prospective buyers then disappeared without a trace. As a result of this experience, the agent now diligently verifies all proof-of-funds and pre-qualification letters to ensure their authenticity.
Homes Not Researched
In a transaction without the involvement of real estate agents, a woman purchased a rural home. She found out two years later, at the time she went to list the home, that it had once belonged to a person who was in jail for producing methamphetamine on site! The revelation also obligated the homeowner to take the necessary steps of decontaminating the home and ensuring it was fit for resale, costing her a whopping $16,000 in the process.
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