CHAPTER 20 This Big Mistake Cost One e Cost One Home Seller $36,000
Chuck was interested in selling his home and told a few people he knew. A real estate agent contacted him and told him that someone wanted to buy the home. The buyers were offering $1,685,000 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. This price was much more than his current mortgage loan balance. Chuck could sell his home quickly and avoid the inconvenience of the normal home-selling process. Chuck accepted the $1,685,000 offer and moved on with his life. A few weeks later, one of Chuck’s neighbors sold his house for $1,821,000. The neighbor’s house was a little bit smaller, but otherwise very similar to Chuck’s. It wasn’t in better shape than Chuck’s house. Why did Chuck sell his house for $136,000 less than his neighbor? 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, Chuck 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. Here’s how to avoid having this happen to you. Obtain a second 96
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