priced home in her area. When buyers looked at the comparable home prices, Sue's home had become the worst value proposition in their price range. It cannot be stressed enough how important it is for a seller and their agent to continually monitor the market and make necessary price adjustments promptly.
HOME SALE “HORROR STORIES”
Any real estate transaction can go awry. Out of ignorance, mischief, or larceny, issues can arise to complicate selling the home or cost the seller money. Having a competent and experienced real estate professional involved in the transaction will help avoid costly mistakes.
• Closing Delay
A couple buying a seller’s home deposited $8,000 in cash into their checking account three days before closing. Their father had given them money to buy new furniture and appliances for their new home. To source the funds properly, their mortgage company required a gift letter for the large deposit. Unfortunately, the father had just gone to Michigan for a fishing trip, and no one could reach him. This delayed the closing by two weeks.
• · Fraudulent Buyers
A real estate agent was working for sellers whose house had sat unsold for several months. They were thrilled to get a cash offer for the $400,000 house from a couple. The buyers offered a proof- of-funds letter from a stock brokerage firm. The buyers’ extended 69
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