Any real estate transaction can go wrong. Due to ignorance, mischief, or theft, issues may arise that complicate the sale of a home or result in financial loss for the seller. Involving a real estate professional in the transaction offers expertise, reliability, and proactive support.
Pre-closing Error: Buyers Moving in Too Soon
A homeowner represented by an agent was selling a house in a small town in Washington. She accepted a buyer’s offer, moved, and was waiting for the transaction to close. The seller discovered that the buyers were moving in before the closing date. She contacted her agent, who reached out to the buyers’ agent and pointed out that the buyers should not have had the keys and definitely should not have been moving into the house. (There are numerous legal reasons for this.) The buyers informed their agent that they believed it was acceptable to move in before closing. Crazy!!! While the buyers were not supposed to move in early, they transferred the utilities to their name well before closing. The agents collaborated to explain that the buyers could not activate 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 working for sellers whose house had been unsold for several months. They were excited to receive a cash offer of $400,000 from a couple. The buyers provided a proof-of- funds letter from a brokerage firm. The buyers’ extended family showed up for the home inspection, turning it into a festive gathering.
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